Mobile Wallets — The possibility?

Remember the early days, in the 1980’s, when the “mobile” phone was about the size of a stone and nearly as heavy? Not many of us had the chance to possess 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 your grandparents, are sporting their own phones. The personal cell phone is now a product we simply cannot live without. If you’re like nearly all people, it’s probably one of many first things you check each morning and the last thing before you hit the sack for the night. Nevertheless now, phones are more than phones, aren’t they?

Over the years, our personal/mobile phones are becoming “smart “.They could do a whole lot more than make phone calls create passbook passes. They could purchase your meal, open the door to your car, turn on the security system at your house, book a hotel room and on and on. They could access the net with lightning speed utilizing WIFI connectivity, 3G, 4G or whatever cell service. We also use them to take pictures, text quick messages to friends or colleagues or use their QR reader or the phone’s camera to see a signal to obtain more details about a product or service. We are able to also receive mobile texts, once opting in, from merchants to alert us of their “deal” for the day.

 

In newest times, cellphones have begun to be utilized, 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 that will be addressed in a future article.

 

However, with all that said, the key intent behind this information is always to speak about utilizing your phone as a “mobile wallet “.Allow me to be considered a bit clearer on just what it is when we’re speaing frankly about a “mobile wallet “.Quite simply it would allow us, as consumers, to displace the plastic cards within our real wallet with some data stored on our phones “virtual” wallet. What’s the likelihood that we’ll see mass conversion to this sort technology here in the US? Really, the idea of utilising 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. However the question that I pose to you here is this… does it seem sensible to place all of 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 make use of their phone like a budget?

 

With identity theft continually on the rise, it’s improbable any time soon that consumers will undoubtedly be prepared to expose themselves to the potential risk. Developers because of this technology assure us that the data used in your cell phone is encrypted and therefore safe. Usage of the stored data can just only be accomplished by the usage of a six digit pin number. So, while this brings a level of comfort, within my mind, still the apparatus necessary to even process transactions, utilizing your phone is pretty scarce. Mobile wallets can just only work, with current technology at the least, on NFC (Near Field Communication where you just wave your phone before 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 powerful foothold there. So, while this may be the direction we are headed, as a community, don’t look for it to occur any time soon on a great scale. So, in the meantime, just pull 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. Within my 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, about them of charge card processing with NO SOLICITATION or HYPE. You are able to enroll by visiting the next website: