Even consumers who ardently stick to their monthly budgeting may find it hard to be prepared with cash on all occasions. As a result, many individuals swipe their credit cards for small purchases, which can quickly add to their credit card debt.
However, a new service hopes to fill the gap left by traditional banking offers, allowing users to swipe their cell phone for these small expenditures.
mPayy, which was started in 2007 by independent investors, also allows customers to use their smartphones as a means to pay their utility bills and expenditures while on the go. With this ability, consumers have another way to make sure they don’t miss payments or add to their balances for small purchases, which could cause harmful delinquencies on credit reports.
“It’s a business model issue,” Conrad Sheehan, founder, president and CEO of mPayy, told the news source. “We see the mobile carrier as being an emergent dominant relationship you have in your life.”
A number of similar services are currently being developed for smartphones by both major cell phone carriers and financial institutions. However, while many have roll out dates in the coming months, none are currently available to the public.