Cash-less Payment System @ NYC

Last Saturday, I was walking down the street and I discovered a nice ice-cream trunk. Unfortunately, as I don’t have any cash with me, I have to walk away sadly. Does this scenario sound familiar to you? If yes, have you thought about the implementation of a cash-less mobile payment system in NYC?

Cash-less mobile payment system will improve both the convenience and efficiency of our daily life, reducing the pain of handling coins and credit cards. In China, AliPay is the largest mobile payment systems. You can use AliPay virtually everywhere, from small retailers to big department stores. All you have to do is scanning the QR code, entering the amount you want to pay, click pay and you’re all set. Over the past years, AliPay has improved the convenience and efficiency of people’s life in China.

From my perspective, I believe a similar system can be implemented in NYC. Without any doubts, a mobile cash-less payment system makes paying the merchant like a breeze. Moreover, since people now have access to an easy payment method, the number of transactions will be greatly increased . Accordingly, with the easy mobile payment system, we can foresee a booming in the economy.

However, such mobile payment system will also have some problems. For instance, security and privacy issues are the top concerns of such system. Only after successfully solve those problems can a cash-less payment system truly contributes to our society.