Mobile Wallet: Shop Using Your Phone

This is guest post by Nitesh. If you wish to write one, kindly check out the guidelines to write a guest post.

Mobile WalletWe very well know about the latest features of an iPhone. We can play music, watch videos and many more applications are also available.  Another feature is going to be introduced in the iPhone users is the Mobile Wallet. A Mobile wallet is going to help you shop using your credit card built inside your iPhone.

How does it work?

There is going to be a Tiny Chip with an Antenna inside your iPhone which is connected with the Handset owner and the bank related with your credit card. When you purchase an item and use your mobile wallet, a signal is passed from the antenna which is recognized by the scanner and authorizes the payment and deducts it from the users bank account. It is highly secured since only you will be using the phone and you will be having all the records of your transactions.

Your subscription would be comprised of a prepaid deposit system. So you need to top up your account and your e-money will reside in your phone. Whenever you purchase somethings, the Mobile Wallet checks for sufficient balance and then makes the transaction. You can make purchases via SMS or Internet also 🙂

Reasons to Worry

There are few drawbacks such as if u use it often then you will be charged for the interest by the bank. And the only problem is that you will have to worry only when you have lost your phone. You will loose all your money in it if you loose it. Unless you don’t  call your bank person and tell him to cancel your phone number and mobile wallet. Here each and every customer having mobile wallet will be given only one number to contact for his services and complaints. After you loose your mobile you have to contact only that customer service to block all your transactions.

So this technology can be “The Future of Shopping” and a better alternative to carrying your credit cards in your wallets and making it very heavy. Try this if you have an iPhone 🙂

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