Will MCX & Mobile Wallets Kill Cash & Credit Cards?

Kohl’s department store has now joined other big retailers Walmart, Target, Best Buy, Shell, Gap and CVS in signing on to Merchant Customer Exchange (MCX), who’ve created their own mobile wallet technology and mobile payment app. This in response to our increasingly mobile world in which shoppers rely on theirs phone to help them shop.

The MCX app will debit a shopper’s bank account rather than allowing shoppers to upload credit card account info and is a way for them to store, in one spot, offers, promotions, and loyalty card information from places you frequently shop at. The customer will either take a photo of a barcode when making a purchase, or the cashier will scan the barcode that the app generates itself.

So, in the near future, will you be able to leave your wallet at home and just use MCX when you shop at Kohl’s or anywhere else? A recent article in LAPTOP Magazine had some interesting observations about what changes this could bring about. In a nutshell, it states that it will mean:

  • An end to “Tip Jars”

  • An end to panhandling

  • Big trouble for exotic dancers

  • Life becomes difficult for muggers & bank robbers

  • Church collection plates become less full

  • Vegas installs swipers and NFC readers at gaming tables

  • ATMs eventually disappear

While not all of these possible futures are bad, we will all be looking at big adjustments in how we pay for goods and services sooner than later. But luckily, the death of cash does not mean the death of discounts offered from places like Kohl’s for you. In fact, there’s a good chance they could increase, thanks to deals being stored digitally. Let’s hope so, anyway. On a final note, start thinking about how you’re going to describe “cash” to your grandkids, because odds are they aren’t going to have a clue what it was.

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By: Peter

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