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 6, 2016
President Barack Obama drinks water as he finishes speaking at Flint Northwestern High School in Flint, Mich., Wednesday, May 4, 2016, about the ongoing water crisis.  (AP Photo/Carolyn Kaster)

It’s Trump for the GOP. Clinton leads. Sanders hangs in. A Navy Seal killed by ISIS. Our weekly news roundtable goes behind the headlines.

May 6, 2016
Close-up of a Grauer's gorilla. Kahuzi-Biega National Park, one of the last remaining strongholds of the 
Grauer
’
s gorilla, the 
world
’
s largest gorilla subspecies. 
CREDIT: A.J.Plumptre/WCS.

Great gorillas being wiped out by war and poaching. We’ll go to the mountains of Africa. Plus, after the Ivory burn in Kenya- we look at the state of the world’s elephants.

RECENT
SHOWS
May 5, 2016
Rob Reiner with his son, Nick. [Courtesy: Paladin]

Filmmaker, actor Rob Reiner and his son, Nick, get personal in their new film “Being Charlie,” which takes on drug addiction.

 
May 5, 2016
Detroit teachers march outside the district headquarters, Monday, May 2, 2016, in Detroit. Detroit Public Schools transition manager Steven Rhodes says 45,628 of approximately 46,000 students were forced to miss classes Monday as 1,562 teachers called in sick. The mass sick-out has forced the district to close 94 of its 97 schools. Detroit's schools are expected to be out of cash starting July 1. The state earlier gave the district $48.7 million in emergency funding to keep it open through June 30 as the Legislature considers a $720 million restructuring plan. (AP Photo/Carlos Osorio)

Fixing Michigan- from Flint’s water crisis to failing schools in Detroit. Are state takeovers the answers or the problem?

On Point Blog
On Point Blog
Devoured: We Are What (And How) We Eat
Tuesday, May 3, 2016

From chicken wings to kale smoothies, we look at what we eat, and how challenging it is to eat well in America.

More »
Comment
 
‘Embedded’: How Violent Gangs Are Terrorizing El Salvador
Thursday, Apr 14, 2016

NPR’s Kelly McEvers on her reporting in El Salvador for the podcast Embedded, and how gang killings brought San Salvador’s bus service to a halt.

More »
Comment
 
That Cheap Dress On Facebook? It Isn't Worth It
Monday, Apr 11, 2016

Know those shockingly cheap clothes you see advertised on Facebook? There’s a catch.

More »
Comment