Mobile Wallets : A possibility?

Remember the early days, in the 1980’s, once the “mobile” phone was about the size of a stone and nearly as heavy? Hardly any people had the opportunity your can purchase one at that time, simply due to 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 the grandparents, are sporting their own phones. The private cell phone is becoming a product we simply cannot live without. If you’re like nearly all people, it’s probably one of the first things you check each morning and the final thing when you hit the sack for the night. But now, phones tend to be more than just phones, aren’t they?

Over time, 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 pay for your meal, open the door to your car, start the security system at your home, book a college accommodation and on and on. They could access the net 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 are able to also receive mobile texts, once opting in, from merchants to alert us of these “deal” for the day.

In latest times, cellphones have begun to be utilized, especially by smaller merchants, to process payments for goods or services. This really is accomplished by attaching a “dongle” or mini POS type card swiper to the audio jack of the phone. You will 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 will be addressed in a forthcoming article.

However, with all nevertheless, the main intent behind this article would be to discuss making use of your phone as a “mobile wallet “.I’d like to be described as a bit clearer on just what it is when we’re speaing frankly about a “mobile wallet “.Simply it would allow us, as consumers, to replace 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 kind technology in the US? Really, the idea 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 put all your personal and financial information in your 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 any time soon that consumers will soon be ready to expose themselves to the potential risk. Developers for this technology assure us that the info transferred to your cell phone is encrypted and therefore safe. Access to the stored data can only just be accomplished by the utilization of a six digit pin number. So, while this brings a degree of comfort, in my mind, still the apparatus essential to even process transactions, making use of your phone is pretty scarce. Mobile wallets can only just work, with current technology at least, on NFC (Near Field Communication where you simply wave your phone before a payment device) enabled phones which are limited today.

In Europe, for instance, talk of Mobile Wallets becoming more mainstream has been going on since 2004 and still, hasn’t really gained a strong foothold there. So, while this might be the direction we’re headed, as a community, don’t search for it to happen any time soon on a grand scale. So, for the time being, just pull out the plastic, keep spending and do your part to go the economy along. Help you next time.

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

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