Would you like to pay by cash, card, or smart phone?

I read recently that during 2012, payments by smart phone will go mainstream.  No further need for wallets!

iphone wallet from annebaby on Etsy

The technology will work by using a QR code on your phone that you will scan at the till, eliminating the need for cash or cards.

I'm starting to consider what that means for small businesses with low cash takings.  Currently options for taking card payments are just renting a terminal, but this incurs a monthly fee on top of paying fees for a merchant bank account. It's just not worth it.

In the US they have been using the 'Square' for some time now.  A free little device that plugs into your iPhone and swipes credit cards.  No monthly fees. Just 2.75% of each sale.  It's not currently available in the UL, however, they have announced the Sir Richard Branson has become an investor in the company after noticing its novel technology, so hopefully he'll bring it home for us.

♥ Question: would you feel comfortable paying a market trader/trader at an event by card or electronic payment via their mobile phone?


xoxo

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