Mobile Wallets – Plausible?

Remember the early days, in the 1980’s, when the “mobile” phone was about the size of a stone and nearly as heavy? Hardly any folks had the opportunity your can purchase one in those days, 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 very own phones. The personal mobile phone is becoming a product we just cannot live without. If you’re like the majority of people, it’s probably among the first things you check in the 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 the years, our personal/mobile phones have grown to be “smart “.They could do a lot more than just make phone callsĀ create passbook passes. They could buy your meal, open the door to your car, start the security system at your property, 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 use them to take pictures, text quick messages to friends or colleagues or use their QR reader or the phone’s camera to read a signal to get more details about an item 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, mobile phones have begun to be properly used, 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 many merchant services providers are offering FREE cell phone POS devices. But all of that’ll be addressed in a future article.

However, with all nevertheless, the main purpose of this short article is to speak about making use of your phone as a “mobile wallet “.Let me be described as a bit clearer on exactly what it is when we’re talking about a “mobile wallet “.Basically it will allow us, as consumers, to displace 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 within 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 to you 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 not likely anytime soon that consumers will soon be prepared to expose themselves to the potential risk. Developers for this technology assure us that the data used in your mobile phone is encrypted and therefore safe. Use of the stored data can just only be accomplished by the utilization of a six digit pin number. So, while this brings a degree of comfort, in my own mind, still the gear essential to even process transactions, making use of 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 very limited today.

In Europe, as an example, 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 may be the direction we’re headed, as a society, don’t try to find it to occur anytime soon on a grand scale. So, in the meantime, just take 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. 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, on the subject of credit card processing with NO SOLICITATION or HYPE. You can enroll by visiting the following website:

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