Mobile Wallets Becoming a Reality

Its true, Apple and Google have been looking into designing a phone that lets you use it as a credit card. As if we don’t have enough uses for our cell-phones already. Google’s biggest step to date is their latest design of an Android phone that is equipped with an NFC chip. This chip is the one inserted into credit cards that lets you pay by waving it over a wireless reader. It would also enable you to make purchases online. As for Apple, the NFC chip might be an added feature to the Iphone 5.

Both companies are currently trying to design this plan. It would let consumers buy items by simply placing or waving their phone in front of a register at checkout. One of these chips is able to hold all of your financial information including coupons, gift cards, and point card balances.

All the big companies want this to become a reality, but it is still a long way from being complete. The chips must be put into many mobile phones, and the merchants must need to install chip readers at their checkout. The expense for the merchant in this project is a big obstacle.

Although this all sounds pretty cool, would you actually use this application?

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Friday, January 7, 2011