90.9 WBUR - Boston's NPR news station
Top Stories:
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
Sep 22, 2014
President Barack Obama gestures during a statement in the State Dining Room of the White House, on Thursday, Sept. 18, 2014, in Washington. Obama spoke after Congress voted to arm and train moderate Syrian rebels in the fight against the Islamic State group. (AP/Evan Vucci)

A tough, critical examination of US plans to take on ISIS. Strategy in the hot seat.

Sep 22, 2014
Demonstrators make their way down Sixth Avenue in New York during the People's Climate March Sunday, Sept. 21, 2014. (AP/Jason DeCrow)

Big climate protests in New York before a big UN summit. Activist and author Naomi Klein says change the economy or die. She’s with us.

RECENT
SHOWS
Sep 19, 2014
Joseph O'Neill (courtesy of the author)

Author of “Netherland,” novelist Joseph O’Neill is back, with “The Dog,” on globalization, capitalism, and self-discovery in Dubai.

 
Sep 19, 2014
No campaigners celebrate as results come in at the Scottish independence referendum count at the Royal Highland Centre in Edinburgh,Scotland,Friday, Sept. 19, 2014. Scottish voters have rejected independence and decided that Scotland will remain part of the United Kingdom. The result announced early Friday was the one favored by Britain's political leaders, who had campaigned hard in recent weeks to convince Scottish voters to stay. It dashed many Scots' hopes of breaking free and building their own nation. (AP Photo/David Cheskin)

ISIS and arming Syrian fighters. Scotland rejects independence. NFL turmoil. US troops and Ebola. Our weekly news roundtable goes behind the headlines.

On Point Blog
On Point Blog
Our Week In The Web: September 19, 2014
Friday, Sep 19, 2014

Lots of big, contentious topics on the show this week — from Zionism to early education, corporal punishment to development in the Grand Canyon.

More »
Comment
 
Talking Through The Issue Of Corporal Punishment For Kids
Wednesday, Sep 17, 2014

On Point dove into the debate over corporal punishment on Wednesday — as Minnesota Vikings running back Adrian Peterson faces charges in Texas after he allegedly hit his four-year-old son with a switch.

More »
2 Comments
 
Our Week In The Web: September 12, 2014
Friday, Sep 12, 2014

In which you had varied reactions to the prospect of a robotic spouse.

More »
Comment