Wallet Phones Are Coming:Visa Should Jump On Board

Wallet Phones Are Coming:Visa Should Jump On Board Author: Eric Everson, Founder MyMobiSafe.com

I have touched on the subject of wallet phones (a mobile handset capable of eliminating the need for a wallet) in the past, but the Japanese are pursuing this technology with vigor. I am admittedly fond of being able to trade in my leather wallet for a wallet phone, though as a Harley-Davidson loyal the handset better come with an officially licensed bar and shield logo to match my current wallet.

With such technologies emerging in the way of wireless handsets, this seems like a particularly good time for credit card brands like Visa to jump on board. The foundation for the future of mobile banking is being laid today, so naturally wallet phones are the next great gateway therein. Imagine the leap forward that wallet phones would get if they were accepted everywhere Visa is accepted. After all, hasn’t Visa built their global marketing success on the “everywhere you want to be” campaign?

My pocket real estate is monopolized by my phone and my wallet; if these two could come together the market potential of the “v-Phone” (a.k.a. the Visa Phone) would likely make the iPhone success look like a grain of salt in the Morton’s Salt shaker. The perfect wallet phone should accommodate ones plastic necessities (drivers license, Blockbuster Video card, Gym/Fitness ID, etc) too. Likewise, the Internet capability of the wallet phone would have to be conducive to the luxuries that mobile banking has introduced. If I can’t do my mobile banking from my phone, then I should just carry an ATM/Debit card and forget the whole wallet phone thing anyway.

In essence, I see great potential in the future for wallet phones. Getting the features and security issues all inline is the first step, but connecting a credit card brand to this technology likely remains the catalyst for mass market adoption. If all goes well, I may find myself trading in my Harley-Davidson wallet one day.

Eric Everson (Mobile Security Expert and Wallet Phone Hopeful)

Eric Everson is the founder of MyMobiSafe.com and remains connected to the latest trends of the mobile industry especially those involving mobile security. To contact Eric regarding matters of mobile security or mobile industry developments email EricEverson@Hotmail.com.

Article In Ref: http://www.cnn.com/2008/TECH/ptech/08/19/japan.technology.ap/index.html