And how will you be paying, sir? With cash or by smartphone?

http://money.cnn.com/2012/10/19/technology/innovation/isis-mobile-wallet/index.html

On 22 October, Isis, a mobile network founded by Verizon, AT&T, and T-Mobile, will release its mobile wallet app.  Partnerships with such major retailers as Foot Locker, 7-Eleven, McDonald’s, and Sports Authority give Isis "serious firepower.”

The network will support American Express and Capital One credit and debit cards, and will store payment cards, loyalty programs, and merchant offers.  Though the company has yet to reveal which smartphones will be compatible with Isis, we do know that its system functions with near-field communication chips and short-range wireless technology.

Unfortunately for Isis, its lengthy startup process permitted other web payment apps to capture consumers.  eBay, Paypal, Google, Venmo, and Square are a few examples of successful mobile payment applications/ services/ technologies.  However, “if Isis’ carrier partners work with handset makers to pre-install Isis’ software on new phones—a likely scenario—the upstart venture could quickly gain traction.”

A few weeks ago, I wrote of the cultural loss I associate with a coin-less and bill-less society.  Though this application isn’t harmful or silly in any way, it shatters yet another seemingly timeless tradition.  Unless you’re staggeringly wealthy, your on-hand cash and coins likely weigh very little.  That means we’re adopting these technologies to save time…so we can get home to Facebook?

Each day, we approach a Jetson civilization of sleek, colorless, personality-less metal.  Indeed, when I learn of applications like Isis, I begin the wearying process of staking my house to the lawn.

More White Squares, Fewer Green Rectangles

http://dealbook.nytimes.com/2012/08/31/can-square-remain-hip/?ref=technology

This article discusses Square, a payments company that permits all businesses, regardless of size or savvy, to accept credit cards by attaching a card reader to their Android, iPhone, or iPad.  Jack Dorsey, co-founder of Twitter, leads this company.

As the article notes, “Square charges merchants 2.75 percent of the amount transacted when a card is swiped, or $275 a month.  That’s at the low end of the fee scale.  But it may also be too low for Square to profit on payments below $10, which are a big part of Square’s business.”  Evidently, some speculate that Square’s profit margin is unsustainable, given the fees charged by credit card companies.  However, partnerships with such retailers as Starbucks offer hope to Square as it attempts to expand the popularity of its tiny, white payment device.

My two reactions to this article are seemingly contradictory.  Predictably, I am disappointed by the nearly universal rejection of traditional forms of paper currency.  Little by little, money is becoming more of an idea and less of a germy, clanking, graffitied, yet still satisfyingly tangible object.

Conversely, I do promote those technologies and devices that assist small businesses.  Because it is exceptionally difficult to compete with the power sellers that manipulate and define this global economy, I am pleased to read of a tool that specifically targets the world’s smaller scale companies.  From farmers to in-home manufacturers, Square will aid such overlooked businesses as they complete daily transactions.  For this reason, I view Square as a less superfluous technology than most others.

And thus, the double-edged sword stabs us once more.