PLEDGE NOW
Mobile Money

When your smart phone is your wallet.  Swipe the phone.  Pay the bill.  We’ll look at life and cash in the age of mobile payment.

A person tries a smartphone loaded with Google Wallet at the National Retail Federation, Tuesday, Jan. 17, 2012 in New York. (AP)

A person tries a smartphone loaded with Google Wallet at the National Retail Federation, Tuesday, Jan. 17, 2012 in New York. (AP)

“Cash in hand” is a phrase with a certain ring to it. It may soon sound antique. The world of banking and retail, of Google and smart phones, is gearing up to say goodbye to cash. Mobile payment is the big new buzz. No coins. No bills. No credit card.

Just step up in the store and wave your smartphone. Transaction complete. The money gone, from your account to theirs.  It’s already fully on in Europe and Asia.  It’s about to go big in the USA.  With all kinds of implications.

This hour, On Point:  the smart phone as your new wallet.  Mobile payment, and the end of cash.

-Tom Ashbrook

Guests

Michael Copeland, senior editor at WIRED, where he focuses on all things related to the business of technology.

Ed McLaughlin, chief emerging payments officer at MasterCard.

Hilary Cherniss, owner of Devil’s Teeth Baking Company.

From Tom’s Reading List

Wired “Square releases the total dollar amount of sales that go through the system, not the total number of transactions. The most recent number puts total Square-enabled sales at more than $5 billion per year. That gets you to about $14 million per day. Since this snapshot captures a high activity part of the day across the entire U.S (not much being sold between midnight and 5 A.M.) this one hour likely represents several million dollars in sales. Square’s take in a hour? About $60,000.”

Fortune “Café Grumpy is the kind of hipster hangout that wouldn’t deign to trumpet itself. Tucked away on a quiet street in New York’s Chelsea neighborhood, it’s easy to miss. There’s no sign out front, just a frowning face stenciled on a large shop window. And yet when I walked in for the first time, I immediately felt like one of the regulars. “Charge it to Miguel,” I told the barista after ordering a cappuccino, and charge it he did — to my phone.”

US Banker “The use of mobile payments among U.S. consumers has grown dramatically in the past year, an IDC Financial Insights study released yesterday has found. A third of consumers — 33.9% — make purchases with their mobile phone, according to the survey of 2,663 U.S. adults.”

Video: Square In Action

In this commercial, you can see the two types of Square transactions.

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
May 27, 2015
Two persons are reflected in the FIFA logo at the FIFA headquarters in Zurich, Switzerland, Wednesday, May 27, 2015. Swiss prosecutors opened criminal proceedings into FIFA's awarding of the 2018 and 2022 World Cups, only hours after seven soccer officials were arrested Wednesday pending extradition to the U.S. in a separate probe of "rampant, systemic, and deep-rooted" corruption. (AP)

Top officials at soccer’s international governing body FIFA arrested in Switzerland today on charges of racketeering, wire fraud, money laundering and bribery. We’ll dig in.

May 27, 2015
The logo from the new film, "(Dis)Honesty," which is also the logo for the Dishonesty Project. (The Dishonesty Project)

Are we natural born liars? Is it human to lie? Inside the new documentary, ” (Dis)Honesty: The Truth About Lies.”

RECENT
SHOWS
May 26, 2015
The saola is an exceedingly rare mammal found in the mountains of Southeast Asia. (Wikicommons)

Endangered species and the search for one of the world’s rarest creatures deep into the wilds of central Laos.

 
May 26, 2015
Blogger and activist Pamela Geller speaks at a conference she organized entitled “Stop Islamization of America,” in New York on Sept. 11, 2012. (AP)

Two new books on free speech–one by a former New York Times correspondent, the other a Fox News contributor. They don’t see eye to eye—and tell us why.

On Point Blog
On Point Blog
A Former Bike Gang Member Explains "The Life"
Tuesday, May 19, 2015

Larry called in from Lawrenceburg, KY and told us he was once a member of the Pagan’s Motorcycle Club, a mid-Atlantic biker gang. He didn’t sugar coat the facts as he explained the draw of the brotherhood and what makes the outlaw motorcycle corner the underworld go round.

More »
Comment
 
Our Week In The Web: May 15, 2015
Friday, May 15, 2015

We cancel a few hours and suddenly all of you get convinced of a global radio conspiracy! Plus, dragon zoos.

More »
1 Comment
 
Caller: ‘It Doesn’t Always Turn Out Okay’
Wednesday, May 13, 2015

One caller shares her own story of an extremely premature birth. Her daughter, born at 22 1/2 weeks in 2012, was taken off life support after seven days.

More »
Comment