Can Phones Really Replace the Wallet?

In the article, "Your Phone Will Replace Your Wallet at the ATM, Too", the idea of mobile phones becoming the most common form of payment and banking is discussed. Already phone innovations have been made where consumers can upload their credit and debit cards onto their phones and pay for items at different vendors by simply tapping their phone against the card reader. For many Americans this form of payment is still considered foreign, but soon consumers will be able to use their uploaded debit cards at their bank's ATM as well. Already in China this is considered quite normal. It is actually more uncommon for someone to use a physical card than to use their phone for all financial transactions.

This type of innovation is a huge project for the different phone designers and programmers. As discussed in class if new projects are not executed at high levels they are very likely to fail. If phone companies are hoping for American consumers to adopt this form of payment, they need to make sure that the software and technology on the phone as well as the card readers are working efficiently and seem secure. This is where MIS workers are extremely important. Companies need to hire MIS individuals to analyze and work on the security of this entire process both during production and while the transactions are being made. By being able to ensure security for consumers this project is less likely to fail.

Although banks want to roll out cardless banking very soon, there are many possible bumps along the road, that hopefully they have planned for in their project planning. If they have done this I feel that this will be a huge movement in the technology world and will open up many different areas of future technology use.

Citation:
http://www.wired.com/2016/01/cardless-atms/