Remember early days, in the 1980’s, once the “mobile” phone was about how big a brick and nearly as heavy? Hardly any of us had the ability 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 own phones. The non-public mobile phone is now something we just cannot live without. If you’re like nearly all people, it’s probably one of many first things you check each day and the past thing before you hit the sack for the night. But now, phones are more than just phones, aren’t they?
Over the years, our personal/mobile phones have grown to be “smart “.They could do a whole lot more than just make phone calls create passbook passes. They could buy your meal, open the entranceway to your car or truck, switch on the security system at your house, book a hotel room and on and on. They could access the web 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 learn a signal to obtain additional details about an item or service. We could also receive mobile texts, once opting in, from merchants to alert us of their “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 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 many merchant services providers are offering FREE cell phone POS devices. But most of that will be addressed in a future article.
However, with all that said, the main intent behind this short article would be to discuss using your phone as a “mobile wallet “.I’d like to be a bit clearer on what it really is when we’re referring to a “mobile wallet “.Basically it would allow us, as consumers, to replace 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 sort technology in the US? Really, the notion 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. However the question that I pose for your requirements here’s this… does it sound right to place your entire 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 not likely any time soon that consumers is going to be prepared to expose themselves to the potential risk. Developers because of this technology assure us that the information transferred to your mobile phone is encrypted and therefore safe. Access to the stored data can just only be accomplished by the usage of a six digit pin number. So, while this brings an amount of comfort, within my mind, still the equipment necessary to even process transactions, using 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 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 strong foothold there. So, while this might be the direction we are headed, as a society, don’t try to find it to occur any time soon on a grand scale. So, meanwhile, just grab 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 current capacity, I write informative, articles relative to the acceptance of credit/debit cards in your business I also offer my comprehensive, FREE, email course, about them of credit card processing with NO SOLICITATION or HYPE. You are able to enroll by visiting the next website: