Mobile Wallets : The possibility?

Remember the early days, in the 1980’s, once the “mobile” phone was about how big is a brick and nearly as heavy? Very few folks had the opportunity your can purchase one during those times, 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 our grandparents, are sporting their own phones. The personal mobile phone is now an item 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 past thing before you hit the sack for the night. However now, phones are far more than just phones, aren’t they?

Over the years, our personal/mobile phones have grown to be “smart “.They can do a lot more than just make phone calls¬†create passbook passes. They can buy your meal, open the entranceway to your car, turn on the security system at your property, book a college accommodation and on and on. They can 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 see a code 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 the “deal” for the day.

In most recent times, mobile phones have begun to be properly 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. There are products like Square, PayPal’s Triangle, Intuit’s GoPayment and many others. We’re also seeing that numerous merchant services providers are offering FREE smart phone POS devices. But all that will be addressed in a forthcoming article.

However, with all that said, the main intent behind this article would be to discuss utilizing your phone as a “mobile wallet “.I’d like to be described as a bit clearer on just what it is when we’re referring to a “mobile wallet “.Quite simply it allows us, as consumers, to replace 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 kind technology in the US? Really, the idea of utilizing 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’s this… does it make sense to put all your personal and financial information on your phone? Could we potentially move into 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 unlikely anytime soon that consumers is going to be ready to expose themselves to the potential risk. Developers because of this technology assure us that the data used in your mobile phone is encrypted and therefore safe. Use of the stored data can only just be accomplished by the usage of a six digit pin number. So, while this brings a level of comfort, in my own mind, still the apparatus essential to even process transactions, utilizing your phone is pretty scarce. Mobile wallets can only just work, with current technology at the least, on NFC (Near Field Communication where you simply wave your phone before a payment device) enabled phones which are very 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 powerful foothold there. So, while this may be the direction we’re headed, as a community, don’t search for it to take place anytime soon on a grand 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 current capacity, I write informative, articles in accordance with the acceptance of credit/debit cards in your business I also provide my comprehensive, FREE, email course, about them of charge card processing with NO SOLICITATION or HYPE. You are able to enroll by visiting the following website:

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