Skip to main content

Mobile Phone Morphs into a Mobile Wallet

As many as 25 million wireless phone subscribers in North America could be using their mobile phones as mobile wallets by 2011, reports In-Stat.

Unlike M-commerce, the mobile transaction concept touted in the 1990s that never took hold, the mobile wallet is a much more versatile application that includes elements of mobile transactions, as well as other items one may find in a wallet, such as membership cards, loyalty cards, and other forms of identification.

"In-Stat believes that the market can grow only by adopting a technology that offers the most versatility by providing both transaction capability and content discovery," says David Chamberlain, In-Stat analyst. "There are several technologies that could enable mobile wallet operations of handsets, including Near Field Communications (NFC), Radio Frequency (RFID), bar codes, and visual recognition. Standardization efforts around NFC may give that system the edge."

In-Stat found the following:

- Attitudes of US users towards mobile wallets are at best, lukewarm, with roughly one-third of respondents interested, one-third indifferent, and one-third uninterested.
- The most frequently mentioned barrier to the mobile wallet is added fees for its use (72 percent of respondents), followed by security concerns about loss of the phone and privacy.
- Survey data found that mobile wallet was most appealing to technology innovators and early adopters as well as subscribers who already rely heavily on their wireless phones.

Popular posts from this blog

How GenAI Transforms Mobile Messaging

Mobile communications applications continue to evolve in response to new technology use cases. Telecom service providers and software vendors are now exploring applications for Artificial Intelligence (AI) capabilities. Generative AI (GenAI) is a type of artificial intelligence that can create new content, such as text, images, audio, and video assets. Applications of GenAI within the communications sector include generating personalized messages for each customer, chatbots that can answer customer queries, and creating targeted marketing campaigns to generate leads and sales for brands and enterprises. Telecom GenAI Market Development According to the latest worldwide market study by Juniper Research, enterprise spending on GenAI over mobile messaging channels will grow by 1,250 percent over the next four years -- that's from $830 million in 2024. Juniper predicts that the ability to automate the personalization of content, including marketing efforts and customer interactions ov