But guess what? This ‘new wave’ is not new at all. It is simply a realisation that its time has come.
The reality is that smartphones, near field communications (NFC) and contactless payments have been around for years. Getting excited about these technologies is like getting stoked about a new app on an iPhone when nowadays all phones have apps. It is like thinking SMS (texting) is awesome! NFC is so old that it is scary. And yet we as a community think this is the leading edge? Give me a break!
The real change is just around the corner. When contactless payments reach the commercial world and transcend simple iPhones to get into the business end of devices. When we realise we actually need to track and reconcile spend across these devices. That’s when technology comes to the fore. That’s also when business needs to wake up and understand that the world of yesterday, one of ledgers and printed records, will no longer be the case for tomorrow.
And the challenge is how do you manage and identify these transactions. Wouldn’t it be easier to have them all in one place on a single platform?