Remember the early days, in the 1980’s, when the “mobile” phone was about the size of a brick and nearly as heavy? Very few folks had the chance to possess 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 our grandparents, are sporting their very own phones. The personal cellular phone is now an item we just cannot live without. If you’re like many people, it’s probably among the first things you check in the morning and the past thing before you hit the sack for the night. However now, phones are far more than phones, aren’t they?
Through the years, our personal/mobile phones have grown to be “smart “.They can do a lot more than make phone calls create passbook passes. They can buy your meal, open the door to your car, start the security system at your home, 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 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 code to obtain more details 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 newest times, mobile phones have begun to be 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 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 mobile phone POS devices. But all that’ll be addressed in a forthcoming article.
However, with all nevertheless, the key intent behind this informative article would be to discuss utilizing your phone as a “mobile wallet “.I’d like to be considered a bit clearer on exactly what it is when we’re referring to a “mobile wallet “.Simply it would allow us, as consumers, to restore the plastic cards in 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 here in the US? Really, the notion 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 for you listed here is this… does it seem sensible to position your entire personal and financial information in your phone? Could we potentially move into a cashless society and would consumers quickly adopt to the technology to utilize their phone like a budget?
With identity theft continually on the rise, it’s improbable any time soon that consumers is going to be prepared to expose themselves to the potential risk. Developers with this technology assure us that the info utilized in your cellular 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, within my 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 least, on NFC (Near Field Communication where you only 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 solid 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 grand scale. So, meanwhile, just pull out the plastic, keep spending and do your part to maneuver 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 company I also offer my comprehensive, FREE, email course, on the subject of bank card processing with NO SOLICITATION or HYPE. You are able to enroll by visiting these website: