A Mobile Wallet
Replying to an email, paying for groceries, taking a call – this is what is the future of mobile phones is all about!
During the 1990’s, the idea of making payments via mobile phones was introduced – like a huge credit card with which you could make telephone calls. Today, that idea has been expanded, and it now embraces what is known as the mobile wallet, which means that not only can mobiles be used as a payment device, but they can also be utilized to carry other important information (all that you usually find in pocketbooks) such as various forms of identification, membership as well as loyalty cards. Tomorrow, these phones might also be used for swiping and making payments for food and clothing or transferring money from one account to another, in addition to making calls and surfing the internet.
Those in favour of this idea are hardware companies, credit card companies as well as wireless providers. Credit card terminal firms also support the idea, as implementing this kind of a technology would need vendors to buy and install specialised machines that can scan as well as read the mobile for extracting information or payment. People who are opposed to the idea include advocates of security and personal privacy.
Although no one is sure as to weather this idea will materialize or not, there is a very high possibility that it will. Today, smartphones have become an essential part of our daily life. Mobile wallets are very likely to become a new way of life.