Technological advances streamline the smartphone and your wallet

User makes purchase using smartphone.
Source: AP Photo Erich Risberg

It seems that the term cellphone is no longer applicable to describe that computer consumers carry around in their back pocket eighteen hours of the day, as it is far from just a telephone anymore. Today the cellphone has not only added, messaging, touch capabilities, games, email, photos, and a personal assistant (Siri), but now your wallet. Apple has dominated the new technology, and their new line of iPhone will certainly make pulling out your phone to pay for morning coffee more feasible. What was once not even imaginable ten years ago, let alone 1973, is becoming commonplace in today's world. News outlet ABC reported that in 2014 alone, more than 220,000 stores were participating in Apple's pay program. The new wave of digital banking will forever change the technological landscape.

Businesses are increasing accepting mobile
payment. Courtesy: Boston Retail Partners

Although electronic payment is nothing far-fetched, today with online and mobile banking, it would not be possible without technological convergence. Convergence is not new for the cellphone. Every adaptation from an antenna, to a keypad, a touch screen, and the addition of a lens has enhanced the abilities of the once simple cellphone. It was only natural that the next phase is to integrate online and mobile banking with the well-established smartphone. A great deal has changed from the invention of the first cellphone with technological convergence at the core every step of the way.