As technology advances rapidly, home phones are becoming less popular as smart phones rise in popularity. A new feature called Near field communication (NFC) allows the convenience of making mobile payment transactions from the phone. I believe this disruptive technology will change how businesses will handle monetary transactions in the future.
Although it is still in the development stages, it has the potential to be more reliable and economically cheaperthan using paper cash or cards for payment. With the NFC mobile payment things like paper cash, business cheques, receipts, petty cash funds, bank reconciliation and employee embezzlement will drastically diminish. The cellphones could allow businesses to access their bank balances, statements and current transactions directly from their cellphones. Whereas if you just had a card, you wouldn't know what your balance would be until you received your bank statement in the mail or check the online banking on the internet.
Although it is still in the development stages, it has the potential to be more reliable and economically cheaperthan using paper cash or cards for payment. With the NFC mobile payment things like paper cash, business cheques, receipts, petty cash funds, bank reconciliation and employee embezzlement will drastically diminish. The cellphones could allow businesses to access their bank balances, statements and current transactions directly from their cellphones. Whereas if you just had a card, you wouldn't know what your balance would be until you received your bank statement in the mail or check the online banking on the internet.
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