• Greg Horne, Client Development Director at RDF Resources Ltd


• 29.05.2015 01:00 am
payments

A brief history of what's in your wallet

The Credit Card and revolving balance concept arrived in the second half of the 20th century. Diners Club, American Express, Visa and Mastercard have all made their mark in the history of the Credit Card.

From John Biggins “Charg-it” card in 1946 to the modern day chipped rectangles of glossy plastic that reside in everyones wallet today, to the arrival of mobile and digital payments for most transactions we are still punching a 4 digit pin number into a POS device or an ATM.

With todays criminal gangs conjuring new ways of obtaining card data quicker than the security businesses, card schemes and banks can build systems to thwart them, the purchasing power in your pocket is at risk more today than it was yesterday. Today’s organised crime gangs invest more time, money and effort into getting their hands on your personal card or bank details than the card issuers and banks invest in protecting you by a factor of 10.

Just take a moment to think about that.

24/7/365

In todays world we have the ability to work, shop and play 24/7/365 thanks to the high tech world of smart devices. The move from plastic cards to mobile payments came at us like a high speed train out of a very long dark tunnel. Is the world really ready for it? Does the world really want it? What’s the alternative?

Physical Wallet versus Smartphone

2008 Say “Hi” to Frank. He’s a thirty something year old professional guy with the whole package. A wife, two kids a great job a nice car and a beautiful designer wallet to keep all his shiny plastic in. Hey, it’s designer because when he gets it out he wants the world to know it’s because he can afford it. He has at least one black card, two platinum cards and membership cards to two exclusive clubs. He has three loyalty cards, two airline membership cards an airport lounge card and his gym membership. Status is everything in Frank’s world of high flying sales. Frank’s designer wallet is big enough to choke a donkey and he loves the feel of that expensive leather. He doesn’t like the fat lump it leaves in his inside suit pocket but what the hell, his throttle is wide open 24/7and he never knows where he will be tomorrow.

2015 Frank’s over the moon. That smartphone he invested nearly £700 in has just opened up a whole new world for him. He can call whoever, whenever. He can surf the net, buy a suit, play poker, book a flight, check his bank balance, pay back that money he owes Bill, read his email and send a text message, check Facebook and Tweet to his hearts content - all from wherever he may be hanging. Hell, he can even buy and pay for all the things he needs with all the payment power his multi-functional device can muster. So long as it doesn’t get stolen and the battery keeps going it’s all gravy booby!!

Frank’s now on that high speed train I mentioned earlier.

What's the alternative to sexy beast

I guess I am pretty much an average guy with an average lifestyle and all the people I know are pretty average too. Average in as much as my wallet is sacred. Yes, it’s designer (I too love the smell of vinyl) and it’s full of purchasing power which, if handled properly, respectfully, cautiously -  can get me through my every day humdrum life. I can access cash, I can pay electronically from my current account or I can buy on credit or debit....the choice is mine and mine alone.

My glistening, high gloss smartphone lets me phone, surf, work and play and boy it does all of these with aplomb!! My phone spends sooooo much time in the sun it should wear factor 50. If it’s not up against my ear making a call it’s in my hand while I construct an email and god forbid I miss a call, text, email, voice message, Tweet or FB update so it sits right there on the coffee shop table......soaking up the rays.

Has anyone ever heard those immortal words as you spring your wallet from its dark tomb of a pocket to buy your friends a round of drinks “Hey, look out for the moths” Yep, we’ve all heard it at least once in our lives, but do you know what? My sweet innocent wallet only comes out to play when I need to pay for something unlike my cheap sleazy phone, bouncing around for everyone to see. Yoohoo – over here boys!! And that my friend is exactly how I like it. That very small but vital fact is a huge comfort blanket (or should I say suit inside pocket?)

Oh, hey, here’s another thing. I bumped into Frank on Wednesday night up town. He was a little the worse for wear as he had been out with clients celebrating a big deal. He had phoned the boss (his wife) and the team (his boss at the office) at least once to let them know his good news. Lucky for him he bumped into me as I had to lend him cash to get home, his phone was dead as was his spending power.

Lucky for me I didn’t jump on that high speed train.

My question to you all

You see, I have decided that I want the security of a payment device that only sees the light of day to make a payment.

I want a device that can store all my card data including membership and loyalty cards and replace the fat wallet outline that bulks-out my inside suit pocket and replace it with a sleek new profile (everyone will think I lost weight - BOOM!)

I want a device that’s battery won't burn out on me through over use and leave me stranded

I want a device with the capability to get cash from ATM’s

I want a device that if mislaid or stolen, I could delete the data remotely via my smartphone, PC or by a call or text to my card issuer or bank.

I want a device that I can connect to a PC to restore and/or back up

I want a device that can store my receipts and discount vouchers

I want a device that offers me versatility, flexibility and security

I want a device that does all this but I want it to be independent from my phone.

Does it exist and maybe I just haven't heard about it? Please let me know if does.