MobilePay May Be The Death Of The Wallet. Yes, For Real This Time. | Hacker News Reader

MobilePay May Be The Death Of The Wallet. Yes, For Real This Time.

techcrunch.com

12 pointsJereCoh14 comments

It's unlikely to be faster. I can pay with cash or credit card in much less time than my iPhone takes to get a GPS fix & 3G connection indoors.

Also, credit cards are very reliable. I've had mine fail (mag stripe wear, etc.) maybe 3 times in 20 years, but even then it's still usable the old-fashioned way. My iPhone fails (low battery, weak signal) at least weekly. Being occasionally unable to pay is a Really Bad Experience that users won't forgive.

Slower and less reliable. I predict it won't take off.

Also problems with entering in the amount you are paying them instead of that being automated. What if you mispress and over/under pay by a cent, a dollar, 10$...?

The trick for any service like this is mass adoption. The service needs to be available in enough places so you don't need to carry your credit card. That seems unlikely.

>>(but don’t worry, it isn’t stored on your device, it’s securely stored in the cloud)

Wow, I thought the decentralized way was better, since it makes it very hard for malicious people to get to a significant amount of info, and keeps the data in your control. It's interesting how the notion of security is being flipped over completely.

I came here just because of that line. How is that any better? "Don't worry, your info won't be securely kept in your phone, instead it'll be saved on the server of some guy you've never met".

That was my first thought too but as I think about it storing the info in the cloud is probably better for me. Sure on a large scale if the company stores the data on your phone the data that company stores is decentralized; however look at it from an individual perspective my smartphone is an extremely centralized "life storage device." If someone gets your phone they get your contact list, your emails, text messages, calender, social network info, etc. Why add credit cards to the list?

Additionally if you keep everything on your phone you need to spend more effort making sure your phone is secure. If I keep my CC's on my phone I need to make sure my phone is as safe as my wallet, and anyone who sees my phone will know that they can take my phone and get my credit cards.

If the info is stored on the company's servers than they are responsible for keeping it secure. Given the value of the data they have security would (hopefully) be an integral part of the system. On top of that, if a breech does occur the company is responsible for anything that happens, and the odds of the criminal using my specific info is less than if someone took my phone.

You stole the quote I was gonna use!

Besides storing all your important information remotely, how about the fact it won't work in areas of no connectivity or when your battery dies.

My credit card and dollar bills do not suffer from the aforementioned dependencies.

I waited in line for 30 minutes today - and then discovered that I forgot my wallet. I had my phone though.

My phone died yesterday and I forget my charger cord, but I still had my wallet.

This alone is reason enough for me not to use it. I'd much rather have a pre-paid system to replace cash (< $500.-). For larger purchases I'd still use my card.

I love the implementation . . . I feel like this is a much more likely winner than the solutions that require you to house your phone in some sort of RFID-enabled case.

Not sure how they are getting away with charging merchants only 1% + 30 cents, but it's a great deal for merchants, for sure.

I assumed the 1% + .30 was on top of the merchant fees charged by the credit cards, which would make it not as nice for the merchants.

Why not a card, then, that can talk to a phone app? Is bluetooth too power hungry to fit on a device approaching a credit card in thickness?

What do the merchants install?

Surely they don't trust us to simply show them the confirmation page on our iPhones?

I absolutely hate carrying around both my phone and my wallet in my pocket. What if I could just carry around my phone and my driver’s license?

Why stop at eliminating the wallet? I expect someday -- perhaps quite soon -- some state will allow a mobile with the right app(s) to serve as a Driver's License.

And why not? It could contain digitally-signed info which includes the photo and everything else appearing on traditional cards. For better or worse, police could even check it at a distance.

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