This blog contains information related to electronic and mobile commerce.

Sunday, January 09, 2005

Mobile Phone Wallet

Here is an interesting article about mobile phone wallet (a possible expansion of mobile phone functionalities we discussed last seminar): link or PDF file.

In line with time, mobile phone is more than just a phone. With added features like camera, scheduler, PDA, radio, and many more, it becomes a versatile device. Because of its personal and mobile nature, manufacturers are trying to add in more features such as wallet, key, movie player, and many more. The point is that mobile phone will act as disruptive technology to sustaining technologies such as credit card, video/mp3 player, and digital camera.

In the article, Japan's NTT DoCoMo has sucessfully integrated mobile wallet feature that can store up to 50,000 Yen (US$ 450) limit for daily transactions (shopping, buying from vending machines, eating in restaurants, playing arcade, etc) by just flashing your mobile phone to the reader machine. It's so easy, quick, convenient, and no keypressing needed.

The use of mobile wallet phone in Japan has contributed much in terms of efficiency and speed. It is observed that so far the technology is still safe. There has been no attack from hacker. Also, in case people lose their handsets, DoCoMo will lock the phone so that no one can use it for calls or transactions.

However, experts are concern for further issues of security and privacy. Problems may arise when hackers develop software that can steal the virtual money instantly. In addition, government or telecom company could track individual spendings and physical movements which may disturb privacy.


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