In this Money Matters report, Tara Lynn Wagner examines how tech companies like Apple Pay, Android Pay, Samsung Pay, and now Masterpass are bringing us to a cashless society.
A cashless society may be a long way off, but the roads to get there are expanding. Apple Pay, Android Pay, Samsung Pay, now add Masterpass to the growing list of contactless payment options.
"So when people are running around, busy with their daily lives they can tap and pay with their phone and get right on with their day," said James Anderson, Executive VP of Digital Payment Products at Mastercard.
Anderson says Masterpass was already available for online and in app purchases, something that has changed our daily lives. Instead of hailing a cab, for instance, he points to apps that let us order a car and pay for it all from our phones.
"We want to make sure that payment is as convenient as those other services," added Anderson.
At a recent event, they demonstrated apps that will you let you order and pay for everything from vending machine items, to paperless train tickets, to a pay at table feature that allow patrons at restaurants like the Cheesecake Factory to take care of the check whenever they're ready.
"No more waiting on your server. No more waiting for them to take your credit card away and bring it back and all that. They can leave when they want to," said Doug Benn, the CFO of Cheesecake Factory.
These innovations aren't just happening in the outside world. They could be hitting closer to home as well. Just finished the last drop of milk? You'll be able to order more right from your fridge.
And if that isn't futuristic enough for you, you should meet Pepper, a robot that will take your order, answer nutritional questions, and process the payment.
While Pepper serves up the cool factor, Anderson says more than fun, consumers want convenience, and are looking for innovations that will save them time.
"Paying isn't something that they take intrinsic pleasure in, so if we can make it quicker and easier and more convenient, we think we are going to be doing well by our customers, and that will do well by us," said Anderson.