Wireless Phones Could Soon Double as Credit Cards
As part of the ongoing effort by the wireless industry to make the mobile phone the Swiss Army knife of daily living, Motorola announced yesterdays its M-Wallet Solution, mobile technology that could make carrying your credit card unnecessary.
?Mobile phones are no longer just about conducting conversations, they are now emerging as a center of people?s lives for every day transactions,? said Navin Mehta, Motorola?s vice president of Applications Management. To that point, Motorola’s M-Wallet Solution allows consumers to store credit card numbers on the phone, conceivably allowing retailers to allow transactions with just a wave of the phone in front of specially-equipped scanners.
M-Wallet also allows for electronic transfer of money between people, even in different countries, and could allow merchants to transfer gift cards and coupons straight to a consumer’s mobile phone.
At present, Motorola has a technology without a host, as no wireless carrier is currently supporting M-Wallet. However, Motorola expects to have deals in place later this year.
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