If the technology generation, or whatever we’re called these days, could predict the future, that forecast would call for all of us to embed a small micro-chips in our wrists so Target’s check-out would be so much faster and, most importantly, convenient. But why not make that an online experience? Then, we wouldn’t have to worry if World Tour was out of stock; at least we didn’t have to move from our laptops.

 

Not only would we not have to worry about receipts, or signing credit card slips, or coupons, we would be in a shopping experience with which we are comfortable.

 

Now, our parents, the baby boomers, have decided to join the Dark Side and embrace technology as we know it. In fact, a recent survey by the Cisco (News - Alert) Internet Business Solutions Group suggests that baby boomers actually trust online payment systems more than traditional banking facilities. Or are they just getting lazier?

 

Quite simply, though, today’s is a much faster paced time than three decades ago. Who has time to get in the car, drive to the bank, get a deposit or withdrawal slip, fill out the slip, wait in line, talk to a perfect stranger, wait for that stranger to do his job, walk back to the car, and then drive back home and log back onto eBay (News - Alert). George Tubin, senior research director of Tower Group said, “In this changing landscape, banks must continually evaluate their long-term competitive position to take advantage of new opportunities and mitigate threats presented by the connected consumer at point of sale.”

 

What? Does anyone even pay attention to the perfect stranger earning minimum wage scanning our purchases? Microchips, end of discussion. The numbers don’t lie — mobile banking users want technology put in place that provides in-store shoppers the same convenience they get online (think Capital One’s no hassle credit card).

 

The PELORUS Group, an independent market research and consultancy company, conducted a survey and found that 23 percent of respondents would use their mobile devices to make payments in physical stores. Furthermore, they found two-thirds of current mobile banking users would consider swiping a device embedded with a chip at the point of sale. The PELORUS Group expects payments made by on-the-rise methods, such as radio frequency identification (RFID), Short Message Service (SMS), and biometrics, will reach up to $400 billion by 2010.

 

What this all means is that consumers need flexibility, security, and, perhaps most of all, speed — “You should have been done with my transaction two milliseconds ago.” Of course, it doesn’t hurt that we can get points for purchases that give us incentive to return and spend even more — as long as we don’t have to talk to another human (thank goodness for self checkout at supermarkets).

 

But really, who cares if consumers don’t want any human contact — that’s their prerogative. So, as long as they can do everything electronically, maybe the economy isn’t in quite as bad shape as some think.