Mobile payment (making payment using handphone) has been a technology that many people were trying to develop and implement for the past few years, but without much success here in Singapore.
Sure, the technology is already available, but getting the masses to adopt it is another matter.
With smart phones and the ability to download phone applications easily, we are coming closer to the day where ATM and credit cards will be stored on the phone.
UOB has already launched an application where you can withdraw cash from the ATM without requiring your bank card. You can even authorize your friends or family to withdraw money on your behalf.
If banks are willing to develop these kind of applications, the future trend will be towards “cardless” as the younger generation are generally more savvy with using their phones for such matters. Instead of carrying five credit cards, we might have to download five applications from five different banks instead.
The relevant government agencies will have an important role to play to ensure that security and standards are not compromised.