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New mobile technology is changing the way people like you and I shop and pay for things. Cash is now becoming a thing of the past as more and more people are using their mobile phone to pay for goods and services. With the entrance of Apple Pay into Canada, many shops have now setup contactless terminals and are able to accept mobile payments. Many merchants accept mobile payments under $100 but technology is moving forward toward a time when mobiles are the only way to pay for goods and services. No matter what phone or bank you use, there is an app that will allow for you to make payments with your mobile phone.

All that is needed to be able to make the most out of mobile payments a smartphone that is NFC enabled and a bank account. Don’t have a smartphone that is NFC enabled? The solution can be found with Mobile PayPass. The Mobile PayPass sticks to the back of any phone and can be used at any merchant that supports PayPass. The only downside to PayPass is that Mastercard is the only card that is supported.

If you have and NFC enabled smartphone, there are a number of mobile apps that allow you to make mobile payments including:

  • CIBC
  • RBC Wallet
  • Scotiabank My Mobile Wallet
  • Payso
  • UGO
  • TD Mobile Payment + Ugo

Many of these services simply allow you to access your bank account on the go. For example, RBC Wallet let’s you access your RBC accounts and pay in store. This is a simple replacement of carrying around all your credit and debit cards.

Have you ever wanted to text someone money? If yes, then have a look at Payso, a new kind of mobile payment system that allows you send money from one smartphone to another. It’s ideal for quickly sending your friend that $5 after losing a bet, splitting the bill at a restaurant or even receiving emergency funds from Mom and Dad. Payso works well for students who would rather text cash rather than write a cheque.

With all the mobile payment options that are available, cash will become a thing of the past and your smartphone will be the only thing that you need to carry when you are out and about. It is important to get the right app that works with your bank and your mobile phone but once you have the right app then money can become a thing of the past for you.