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.
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!