Mobile Wallets — A chance?
Posted On May 24, 2021
Remember the early days, in the 1980’s, once the “mobile” phone was about how big is a stone and nearly as heavy? Very few people had the chance your can purchase one during those times, 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 very own phones. The personal cell phone is now something we simply cannot live without. If you’re like the majority of people, it’s probably one of the first things you check in the morning and the final thing before you hit the sack for the night. Nevertheless now, phones are far more than just phones, aren’t they?
Over the years, our personal/mobile phones have become “smart “.They can do a lot more than just make phone calls create passbook passes. They can 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 can access the internet 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 read a signal to get more information about a product 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 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 smart phone POS devices. But all of that will be addressed in a forthcoming article.
However, with all that said, the main purpose of this informative article is always to talk about utilizing your phone as a “mobile wallet “.Allow me to be a bit clearer on what it really is when we’re speaking about a “mobile wallet “.Basically it will 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 kind technology within 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 your requirements here’s this… does it seem sensible to position all of your personal and financial information on your own 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 anytime soon that consumers will be willing to expose themselves to the potential risk. Developers because of this technology assure us that the info utilized in your cell phone is encrypted and therefore safe. Access to 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 necessary to even process transactions, utilizing your phone is pretty scarce. Mobile wallets can only just work, with current technology at the very least, on NFC (Near Field Communication where you only wave your phone in front of 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 solid foothold there. So, while this may be the direction we’re headed, as a culture, don’t search for it to take place anytime soon on a great scale. So, for the time being, just pull out the plastic, keep spending and do your part to maneuver 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 relative to the acceptance of credit/debit cards in your company I also offer my comprehensive, FREE, email course, about them of bank card processing with NO SOLICITATION or HYPE. You are able to enroll by visiting the following website: