Who Is Mike Farrell? Consultant & 'New Economy' Entrepreneur
I'm Social!
  • Home
  • About Mike
  • What I Do
  • Articles
  • Education
  • Contact
  • Mike's Blog
  • What Others Are Saying

Banking on Your Phone

11/29/2011

10 Comments

 
America has lagged behind much of the world in terms of digital wallets.  Elsewhere, people routinely use phones instead of credit cards.  There are several reasons for this.

Partly, it is because North America saw mobile phones so early.  When other regions finally rolled out mobile phones, infrastructures were more modern.  The larger reason, however, is that there is so much at stake.

Right now, there are a limited number of players in the lucrative payment network world.  Visa, MasterCard, and American Express would like to move to your phone.  They fear, however, that enabling electronic wallets in phones would allow aggressive young players onto their turf.  PayPal, Amazon, and Google, are, in fact financial networks, and they would love to do your banking.

So far, progress has been slow, but the emergence of Android is opening up new possibilities.  Work is being done by the Mobile Payments Industry Workgroup that would establish standards.  What we know for sure is that the established payment networks will do their best to keep out upstarts.  We also know they will fail.

Part of the reason for this is political; part is cultural.

The politics are that Wall Street and the major banks have never enjoyed lower public regard and support.  Consumers sense that the bailout profited rich bankers more than consumers.  The customer base is not going to support politicians who continue to put the interests of favored banking institutions above those of consumers.

Eventually, market forces always win. Currently, retailers are capable of dealing with only a few credit and debit card companies.  This limits competition and keeps prices higher than they would otherwise be.  A sophisticated mobile payments infrastructure, which is inevitable now that the Android has broken free, will arise.  In fact, it will arise before most people know it has happened.

The cultural factor I referred to is the difference between the old-school financial institutions and the new electronic services.  I have little confidence that Visa or MasterCard is going to do what is necessary to exploit the convergence.  They are too habituated and institutionalized.

PayPal, Amazon, and Google, however, are populated by people who want to transform the financial world.  They will find a way to force themselves into an industry that has lost serious credibility and clout due to its participation in the ongoing subprime mortgage fiasco.

Fortunes will be made by app developers that are knowledgeable about the financial world and are members of the emerging application ecosystem that is ushering in a paradigm shift in the way businesses are done.  This will include third-party developers, and new entrants, that design, develop, and provide their apps on different platforms like smartphones, tablet computing devices, Internet TV, social media sites, and other platforms connected to the web.

For example, one of the founders of PayPal was motivated by a goal to create a mechanism for financial transaction outside the reach of governments.  Taking it a step further, his objective was to create a new world currency, free from all government control and dilution – the end of monetary sovereignty as it were.

So far, he has not succeeded however we are moving rapidly toward developing an electronic infrastructure that would enable brand-new forms of banking.  Given our recent experience with the federally controlled financial system, the need is clear.

Expect to see completely transformed financial institutions arising from the current rubble.

I trust this post has provided some background and evidence of the power of banking on your phone and the resulting new forms of banking that will surface in the global economy that is enabled by advances in technology.

I favor a quote from Steve Forbes.  Forbes says that pursuing additional financial education and the resulting increase in our financial literacy (including the investment potential of the banking revolution) will open our eyes to alternative wealth creating strategies and this will be the key to resolving our global financial crisis.

To gain the necessary financial education, it is best to obtain association with, access to, and membership in a wealth creation community.  As a result, you will learn and have the knowledge to use alternative wealth creating strategies such as Bank on Yourself, debt reduction, and asset protection.  You will be exposed to wealth acceleration investments in areas (discussed in this and previous blog posts) such as the imminent banking revolution, the power of Compound Interest, new internal-combustion engine designs, the shale gas revolution, surfing the mobile wave, the space gun technology boom, the wireless data boom, the smart power grid, nanotech being applied to biotech, biotech and nanotech converging with the semiconductor industry, electric cars, new access to space, 3D virtual technology, atomically precise manufacturing, nuclear power generation, commercial space ventures, Carrier Ethernet technologies, nanotech lithography, robotics, nano-based next-generation battery technology, precious metals, water rights, oil, natural gas, potash mines, food commodities, and gold mines.  You will have the knowledge to consider investments in assets that are inherently useful like oil rigs, hydropower, or methanol plants; things that are hard to build, difficult to replace, and costly to substitute; definitely not financial stocks, definitely not retail stocks, definitely not commercial property.

Another benefit of membership in a wealth creation community is exposure to entrepreneurial leadership and business opportunities.  Many of these leaders suggest that if you don’t focus on being a digital entrepreneur, being self-employed, or being a small business owner, it will be a very tough road in the months and years ahead; actually it will be an uphill battle.  As a result, the innovative wealth creation communities provide education and training on B2B, and B2C, eCommerce enabling a new breed of professionals that are creating six figure second incomes. 

It is wise to monitor breakthrough technology as there are truly exciting developments underway as part of banking on your phone and related business activities.  I will continue to monitor developments and provide updates in future articles and at my blog.

I want to thank Patrick Cox of Technology Profits, published by Agora Financial, as he was the source of some of the materials about the technology advancements mentioned in this post.

Also, a create book to read would be Denationalisation of Money: The Argument Refined by Friedrich Hayek. 

In closing, be sure to Read More of my Posts on my Internet Marketing blog at aspenIbiz BlackBox; Obtain Some Tips About Being No 1 on Google at aspenIbiz My Go-To-Market Partners, my Affiliate website; Learn How to be Savvy with Your Money Like the Insiders at aspenIbiz The Conspiracy For Your Money blog, and How to Live Longer at aspenIbiz My Life’s Advantage Today site.

Finally, I would like to provide Best Wishes for a Happy Holiday Season and a Prosperous New Year!

Please be sure to share this post with anyone that you think would benefit from this message… thanks!
10 Comments
abercrombie uk link
1/31/2012 09:17:19 pm

This was very informative. I have been reading your blog a lot over the past few days and it has earned a place in my bookmarks.

Reply
Herve Leger Outlet link
3/1/2012 02:00:19 pm

High Definition O. near Headphones with ControlTalk Headphones Monster Headphones Cheap Monster Beats Outlet,

Reply
Coach Outlet Online link
3/8/2012 09:02:52 am

This is a very good choice. Because it can let you know more than with.

Reply
Tory Burch Outlet link
3/22/2012 03:45:05 pm

Choose one based above its glory, quality

Reply
Coach Factory link
4/5/2012 04:06:24 pm

Don't do may never be successful.

Reply
Tory Burch Outlet link
4/8/2012 01:36:39 pm

examine Tiffany motivated jewellery

Reply
Louboutin Outlet link
4/15/2012 11:53:11 am

2 All over the world,Science Fair Science and Space News - USATODAY.

Reply
Coach Outlet Online link
5/13/2012 04:13:11 pm

The best often the enemy of good.

Reply
toryburch link
6/10/2012 04:33:34 pm

"Where do you live?" he asked.

Reply
Tiffany and Co outlet link
7/2/2012 08:05:46 pm

As long as a person have willpower, and you will surpass his environment

Reply



Leave a Reply.

    Mike Farrell

    Former rocket engineer and management consulant undergoing a "reset" to generate multiple income streams.



    Archives

    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    December 2012
    November 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010
    October 2009

    Categories

    All
    Alternative Energy
    American Express
    American Manufactures
    App Economy
    Aspenibiz
    B2b B2c Ecommerce
    Bandwidth
    Banking Electronic Wallets
    Being Thankful
    Big 4
    Big Data
    Biotech
    Breakthrough Technology
    Broadcasting
    Christmas Holiday Message
    Compound Interest
    Computer Touch Haptics
    Crowd Funding
    Cyberwarfare
    Deloitte
    Deloitte Big 4
    Digital Entrepreneur
    Dna
    Economic System
    Economy
    Electric Cars
    Entrepreneur
    Entrepreneurialism
    Executive Temping
    Experience Economy
    Fiber Optic Technology
    Financial Education
    Fireworks Independence Day
    Free Agent Entrepreneur
    Fuel Efficiency
    Future Of Humanity
    Giving Thanks
    Globalized Economy
    Hackers
    Halloween Costume
    Halloween Spending
    High-temperature Ceramic
    High Unemployment
    Home Based Business
    Information Marketing
    Initial Public Offering Ipo
    Innovation
    Internal-combustion Engine
    International Space Station
    Internet
    Internet Infrastructure Updates
    Internet Marketing
    Jobs Act
    Labor Day Weekend
    Life Liberty Happiness
    Lithography
    Low Confidence
    Make Money Online
    Management Consultant
    Manufacturing
    Mastercard
    Mike Farrell
    Mike Farrell Aspenibiz
    Millionaire Operating System
    Mobile Marketing
    Mobile Payments
    M.O.S.
    Nanotech
    Nanotechnology
    Nasa
    Natgas
    Nation Of Builders
    Natural Gas
    Next Generation Batteries
    Nuclear Power
    Oil Patch
    Paypal Amazon Google
    Recession
    Relationship Marketing
    Robotics
    Robots
    Santa
    Second Income
    Second Income Opportunity
    Semiconductory Industry
    Shale Gas
    Smartphone
    Smart Power Grid
    Space Exploration
    Space Program
    Space Technology
    Spacex
    Stuxnet
    Superconductors
    Television
    Thanksgiving Day
    Tradeum
    Venture Capital Vc
    Verticalnet
    Virgin Galactic
    Virtual World Technology
    Visa
    Wireless Network
    Wireless Networks
    Work From Home

    RSS Feed