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Mobile Wallets : Plausible?

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Categories : Business

Remember the early days, in the 1980’s, once the “mobile” phone was about how big is a stone and nearly as heavy? Not many people had the ability to own one at that time, simply because of the cost of over $3,000 a piece. Now, let’s flash forward to today where now virtually everybody from elementary school age kids to your grandparents, are sporting their own phones. The private cell phone is now a product we simply cannot live without. If you’re like the majority of people, it’s probably among the first things you check each morning and the past thing before you hit the sack for the night. However now, phones are far more than just phones, aren’t they?

Through the years, our personal/mobile phones have grown to be “smart “.They could do a whole lot more than just make phone callsĀ create passbook passes. They could purchase your meal, open the entranceway to your car, start the security system at your house, book an accommodation and on and on. They could access the web with lightning speed utilizing WIFI connectivity, 3G, 4G or whatever cell service. We also utilize them to take pictures, text quick messages to friends or colleagues or use their QR reader or the phone’s camera to learn a signal to obtain additional information about something or service. We could also receive mobile texts, once opting in, from merchants to alert us of these “deal” for the day.

In most recent times, cellphones have begun to be used, especially by smaller merchants, to process payments for goods or services. That is accomplished by attaching a “dongle” or mini POS type card swiper to the audio jack of the phone. You can find products like Square, PayPal’s Triangle, Intuit’s GoPayment and many others. We’re also seeing that lots of merchant services providers are offering FREE smartphone POS devices. But all of which is addressed in an impending article.

However, with all nevertheless, the key intent behind this information would be to talk about utilizing your phone as a “mobile wallet “.I’d like to be a bit clearer on exactly what it is when we’re talking about a “mobile wallet “.Simply it will allow us, as consumers, to restore the plastic cards inside our real wallet with some data stored on our phones “virtual” wallet. What’s the likelihood that we’ll see mass conversion to this type technology within the US? Really, the notion of using the phone as a “wallet” is nothing new in Kenya or Japan, for example. In other countries like Sweden and Canada, mobility is taking off. But the question that I pose for your requirements here is this… does it make sense to place your entire personal and financial information on your own phone? Could we potentially transfer to a cashless society and would consumers quickly adopt to the technology to use their phone like a budget?

With identity theft continually on the rise, it’s unlikely anytime soon that consumers is going to be willing to expose themselves to the potential risk. Developers because of this technology assure us that the info utilized in your cell phone is encrypted and therefore safe. Use of the stored data can just only be accomplished by the usage of a six digit pin number. So, while this brings an amount of comfort, in my own mind, still the gear essential to even process transactions, utilizing your phone is pretty scarce. Mobile wallets can just only work, with current technology at the very least, on NFC (Near Field Communication where you just wave your phone in front of a payment device) enabled phones which are limited today.

In Europe, like, talk of Mobile Wallets becoming more mainstream has been going on since 2004 and still, hasn’t really gained a solid foothold there. So, while this might be the direction we’re headed, as a society, don’t try to find it to take place anytime soon on a great scale. So, meanwhile, just take out the plastic, keep spending and do your part to go the economy along. See you next time.

My name is Michael Saum and I’m a 64 year old semi-retired, merchant services rep. In my own current capacity, I write informative, articles in accordance with the acceptance of credit/debit cards in your organization I also offer my comprehensive, FREE, email course, on the subject of credit card processing with NO SOLICITATION or HYPE. You are able to enroll by visiting the next website:

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