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Shama.Tv: The Future of Mobile Money Management

Money management on the go is this week’s Hot on the Horizon trend. Which are the hottest apps when it comes to managing your digital wallet? Watch to find out.

Imagine that the next time you leave your house all you have to take with you is your phone and your keys. No wallet necessary. Let’s look at three apps which are changing the way mobile money management works.

The first app we’re going to look at today is Lemon, the digital wallet that wants to get you one step closer to leaving your real wallet behind. You can back up credit cards, loyalty cards and receipts. The best part is it gives you a great infographic which showcases your spending habits, so you may find you’ve been spending a little more on lattes than you realized. The great thing like an app like this is it brings us one step closer without our wallets and just taking our smart phones.

The second app we’re taking a look at is the Square app. Square has been around for a while but really as a credit card processing technology for mobile vendors. Now, they’ve teamed up with Starbucks. This is the beginning of something huge. Now when you go to Starbucks you can pay for your latte using your smartphone. More importantly, as this trend grows what we’re going to see is a rise in retailers better understanding their consumers long before they even walk into the store.

Third is the Google digital wallet that uses NFC, near field communication. Two devices in close proximity to each other can create a transaction. The way it works is you save a credit card or debit card with Google and when you use your device it’s automatically charged. The beauty of this is you only need two devices that have that technology and many Android devices already have that.

So you see this progression we’re going through. You’ve got Lemon, which is a digital wallet and fantastic for really examining your spending habits. Then you have Square, which is a mobile payment processor, which allows you to accept payments on the go if you are a business, and also to make purchases on the go. Then you have Google digital wallet, which puts it all together.

My prediction is in the next 24 months, you’ll have the option of leaving your real wallet at home and taking your smartphone as a digital wallet. And for businesses, you’d better be ready to accommodate a new breed of consumers who are ready to pay with their smartphone.

Do you agree with my prediction? Have you used your smartphone lately to make a purchase? Let me know in the comments below!

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