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Business: The smartphone of the future and mobile money

EFTPOS_ProductsServices_mPOSBanner1For most of us, it’s impossible to imagine our lives without our smartphones. While disconnection from them every now and then could bring some respite and perspective, there’s no doubt that our lives and businesses have evolved because of smartphone technology. For instance, a business owner is effectively able to operate their business from almost anywhere on a small screen with rich functionality and multiple capabilities. This was incomprehensible a decade ago. What’s certain is that smartphones are going to become more sophisticated, with the future holding interesting possibilities for the business owner. We take a closer look at some of the things in store, including mobile money features that will improve your business.

As we rely more on devices to perform business functions, our phones and computers will become one

Instead of lugging around multiple devices, many people, especially in high economic growth areas, have opted for a ‘phablet’ – a device that combines the capabilities of phones and tablets. According to Extremetech, India and China have embraced phablets, which now account for more than 30% of all smartphone sales. Those regions has experienced a decline in tablet sales. But, a phablet is bigger than a traditional smartphone, and it may feel awkward to hold to your ear to make a call. However, the development of flexible screens may solve this size issue.

Your smartphone could have a flexible, ‘fold-out/fold-in’ screen

A phablet combines functions, but technology will progress to where smartphones will remain pocket size, but fold out should the user want to watch something or work on a document. Samsung has confirmed that it will produce a smartphone that can be folded in half.

Across the ocean, two professors from Queens University in Canada have revealed their “paper-fold” smartphone

This smartphone changes shape, allowing users to fold open up to three flexible electrophoretic displays to provide “extra screen real estate when needed…Displays are detachable such that users can fold the device into various shapes that can range from an ultra notebook shape to a foldout map. In PaperFold, each display tile can act independently or as part of a single system. It allows multiple device form factors, providing support for mobile tasks that require large screen real estate or keyboards on demand, while retaining an ultra-compact, ultra-thin and lightweight form factor.”

From 3D functionality to holographic projections

From advanced screen resolution to 3D and possibly holographic projections, smartphone technology is really breaking through the ceiling. Holograms will be formed by a combination of 3D future-features-smartphones and projections from a smartphone. Hongkiat explains that 3D displays can be integrated with elements of movements when it comes to user interactions with the phones.

Instead of a passcode or a fingerprint, your eyes could unlock your phone

Just think that by 2018, your phone could recognise your eyes or retina to unlock your phone. “Eye vein biometrics” are currently being developed by EyeVerify. In future, you may not need to key in a password to access your mobile money or e-wallet. 

Smartphones just as important as ‘wallets’

In addition to the use of cash and credit cards in paying for goods and services, eWallets and mobile money are becoming more popular payment methods. These alternative ways of making payments provide businesses with opportunities to increase their target market and as a result, revenue.

Smartphones can now be transformed into credit card machines

Previously, businesses accepted credit card and debit card payments via a traditional point-of-sale machine. Even though portable credit card machines are very useful and can be used anywhere within the place of business, they lack the mobility that can now be provided by a fully mobile card machine such as ZipZap – a sophisticated mobile money solution. The ZipZap card reader can connect to any smartphone via Bluetooth. This means that payment can take place anywhere, at any time. Data captured on the reader is encrypted using modern payments technology and is sent securely via point-to-point encryption to a certified gateway.

Find out more about how ZipZap turns your smartphone into a mobile money machine, here.