A cashless society with mobile payments and the mobile wallet

Last updated: 20 March 2014

A hub for all new innovation in digital security and identity, the CARTES 2012 Expo in Paris is in full swing. Wandering around the various demonstrations, I am seeing firsthand how the latest technology innovations will be impacting our lives. One such benefit that the smart card has brought to us is mobile payments, a topic discussed in a recent blog post by my colleague Tim Cawsey.

Many of you know the advantages of mobile payments – NFC or mobile banking, but what about a cashless society? Could it help the world economy? Miles Kimball an economics professor at the University of Michigan suggests that getting rid of paper money and moving towards a “cashless society,” a term coined by the tech community, might help revive the global economy. While this may seem too good to be true, it brings to light the idea that our society may have outgrown the need for cash, and it’s time for mobile payments.

The Pew Research Center estimates that “mobile payments could eliminate the need
for consumers to carry cash and even credit cards by 2020.” And it may be even sooner than expected since people are more and more comfortable with cashless commerce – almost 37% of on-the-go consumers have used a mobile wallet in recent months.

Good news for the StarHub SmartWallet that I saw in action on our booth at CARTES. The SmartWallet is designed to be mutually beneficial to consumers and mobile operators. Consumers have a new shopping experience with NFC, plus no more cutting and collecting coupons or loyalty cards. All your information is securely stored in the SmartWallet interface. For banks there are the advantages of mobile marketing; loyalty programs, alerts and updates. The SmartWallet App has already had success; it’s Singapore’s first innovative digital wallet

But there is much more that the Gemalto mobile wallet allows you to do: mobile banking, NFC payments, and remote payments to name a few. It gives you direct control over your finances so you can always have up to date information on your current account balance, transactions, and general account activity.
The StarHub SmartWallet and Gemalto’s mobile wallet are paving the way to a worldwide cashless society. What do you think about going cashless?