No need for cash money with your wallet in your cell phone..
Monday, September 06, 2010
If you have ever been to Japan, you’ve certainly noticed people waving their high-tech looking cell phones in front of soda machines, metro sensors and at cash registers in grocery stores. No fumbling with cash, no card swiping, effortless and classy.
Very soon, hopefully, your mobile operator will slip in a new service called something in the realms of “mobile wallet”, or “wave&go”, or whatever the marketing department has brainstormed. Will it be a sweeping change on the way to a cashless society, a convenient add-on, or a gimmick for hip early adopters? It all depends on how the current competing technologies and alliances play out.
We will delve into the world of contactless payments through your one and only convergence device – your cell phone, and let you decide for yourself if you would enjoy the "mobile wallet" convenience. Or will privacy/security issues freeze your decision until it's clear how those early adopters do before you pour your wallet into your cell phone?
Although mobile payments take various forms (text messages, cases that allow you to swipe a credit card, barcode scanning, etc.), we will focus on the one that involves Near Field Communication (NFC) chips embedded into cell phones, since it is where most likely the big players will end up.