"Mobile Wallet" Concept: Viable? Interested?

Hi All,

I'm becoming more and more fascinated by, and interested in, the concept of the Mobile Wallet, where all of your financial transactional data is securely stored in your mobile device to be used like you would use a plastic credit card today. I still don't fully understand all the operational details and how you interact with retailers, restaurants, etc., but to me it seems like a logical next step as everyone continues to merge their lives into their smartphones.

I don't know how to create a Poll on CB but I'd be interested in hearing general feedback about the likely viability and future acceptance of the Mobile Wallet concept, and whether you personally would ever be comfortable enough with that much sensitive info in your BB to use the Mobile Wallet instead of carrying plastic. Also, any personal experience stories or insight from anyone?

If the topic seems interesting enough then maybe the CB Admins could create a poll thread or a Blog question/poll since Mobile Wallets seem to have some momentum, so it would be interesting to use the CB community as a representative sounding board to see if the MW concept has legs (that is, if BB enthusiasts like those on the CB forums don't intend to use it then I'd think it would be a very long time before everyday Americans begin to adopt it).

I have all kinds of sensitive information on my BlackBerry (including financial). I'm totally comfortable with the information being stored there; it's safe. Mobile wallet wouldn't work for me, because I'm 40 years old, and I haven't had a bank account or credit card for more than a decade. I'm a cash only kind of guy, lol.

Posted from my CrackBerry at wapforums.crackberry.com

i think its a good idea. i dont like having to carry a lot of stuff around with me so to me able to have all my cards localilzed on my bb would be amazing. though until it becomes really popular, i'd feel like a total tool walking into somewhere and pulling out my phone to pay.

Would be a great thing since I do most of my banking on my bb so wouldn't hurt to make it much easier.

Posted from my CrackBerry at wapforums.crackberry.com

I believe there are already 2 BB's that have the capability and there was a bank that was testing it. I think the nextgen of BB's will all have the capability to do this.

Originally Posted by pbflash

I believe there are already 2 BB's that have the capability and there was a bank that was testing it. I think the nextgen of BB's will all have the capability to do this.

What are the capabilites that are required for MW?? I didn't know that any relatively new smartphone couldn't accommodate it.

The phone needs to be able to use Near Field Communication (NFC). Bank of America was testing it on some BB's. Here's the thread about it: http://forums.crackberry.com/f40/ban...device-589007/

I like the idea in general. And with something like Blackberry Protect, SmartGuard, etc available, I could be swayed into trying it.

But I just don't know.

Originally Posted by pbflash

The phone needs to be able to use Near Field Communication (NFC). Bank of America was testing it on some BB's. Here's the thread about it: http://forums.crackberry.com/f40/ban...device-589007/

So do you think the new card/door that's mentioned in the thread means your phone ends up being larger in the back? That would be a big downside for me.

I hate all banks, but I wouldn't mind an application that stores all these damn store discout cards.

Posted from my CrackBerry at wapforums.crackberry.com

I would be interested. Only thing is living in the UK. For some unknown reason tools like certain financial aid apps (better not name them) appear totally unable to connect to UK banks. Just the good old USA ones. Somewhat frustrating. BB is secure and as such I would have no problem holding sensitive material on my phone. How long will it be before some wacko attempts to place some malicious software on the system is another thing, especially as it wuld become common knowledge as to what can be stored on the phones. That said, still interested.

Anyone know if the MW idea is popular in Japan? They're way ahead of the US in using and scanning QR codes, so I'm wondering if they might also have already embraced Mobile Wallets and if the retailers and restaurants have also taken the plunge into accepting MW payments.

Just as an update, I just came across this relatively recent online article/video blurb from a UK news organization:
BBC News - Touchless payment coming to mobile phones

And further down on that same page was an article saying:
RIM confirms BlackBerry's commitment to NFCWed, 16 Feb 2011 | By Ronan Shields at Mobile World Congress 2011
Most BlackBerry handsets will be shipped with near-field communications (NFC) technology from later this year, according to RIM co-CEO Jim Balsillie.

Will be interested to see what develops as NFC and Mobile Wallet concepts grow.

And another news story related to the Mobile Wallet and RIM's adoption of NFC technology in its new phones:
RIM Aggressively Pursuing NFC in 2011 BlackBerry Devices, Mobile Payments for U.S. on the Horizon?

I want it. I also want to be able to open my home doors & start my car without a key. And I want my phone to function as a remote control for television, etc.

All this stuff exists or is possible, just need to get it all in one device.

Posted from my CrackBerry at wapforums.crackberry.com

Originally Posted by Midnight Barbecue

I want it. I also want to be able to open my home doors & start my car without a key. And I want my phone to function as a remote control for television, etc.

All this stuff exists or is possible, just need to get it all in one device.

Cool ideas. Hadn't thought about that stuff, but with RFID and NFC in phones it could definitely happen sooner than later, along with lots and lots of other similar applications.

I remember the first time I got a loaner car that had an RFID key -- I accidentally started the car (push button Start) and drove away without having inserted any key into the ignition. Then for a moment I was stunned and befuddled as I looked at the key fob laying in the passenger seat while also wondering how I could be cruising down the highway without the key in place. :D Nobody at the dealership had "warned" me about the key functionality, so it took me a minute to realize what was going on.

Just saw this on USA Today. Interesting that the wireless carriers are wanting to create their own collective Wallet app rather than use Google's. Hopefully that means they want to present a single Wallet concept that works universally out of the gate rather than having everyone fight it out until one Wallet becomes the default preference anyway.
Verizon nixes Google Wallet in new phone

To answer the original question, I'm not the least bit interested in this whole mobile wallet thing. I have a single bank debit card, and the rest I deal with in cash. That alone makes things a lot simpler.

Wouldn't use GW, I already have two ways of paying from my device (DMB-Direct Mobile Billing & RFID). Most of our major credit cards already have NFC enabled chips, and more and more Canadians are already using NFC, some without even knowing it. Someone else mentioned the mobile payment strategy ISIS (Which Google and Sprint are not partnered with) seems to be splitting carrier/manufacturer/some financial institutions down the middle and everyone wants to get on the MP bandwagon.

The only thing I want to remind some people, is that the device you buy this month or next, will not necessarily be the same device you start your Mobile Payment adventure on. It's funny how carriers will tell you the hold up or non-support is for their customers' safety and concern. Meanwhile, they just want to see where their share of the cash is coming from.

@BBMINI Yeah, Japan has been doing the Mobile Payment thing for about a decade. First through premium SMS payment systems, then on to WAP payments and on to SIM prox apps and so forth. Their payment methods are just as crazy, but they diff in that they manage to keep their banks and credit unions out of the picture. They have methods that may be filled with actual money. Either 'loaded' from a merchant, or bought in the form of a card. Other systems include apps that are downloaded and installed on user's SIM cards. Use these for transit system payments. Using the top up method, but money may be directly xfer'd from a credit card, or online banking portal.

In Canada, all I know for sure is that we have zoompass (current RFID payments and NFC trials) and RBC (Bank) has stated they will have an NFC enabled mobile banking app at some point in 2012. Other than those two, we have many places that would accept a mobile payment, just few options to use them. Where Japan says; "You want to spend you money with us? Please let us help you" The States seems to say; "Yeah, we have to be paid before you can use this" If the carriers and banks get in on it, it's not out of the goodness of their hearts, they are in business to make money. I hope we follow the friendlier Japanese version.

If I was an Android user, I would probably opt for something like Google Wallet as it would make more sense to have those services tied in.

I am going to wait and let others be the US testers. I want to see if there will problems with lost or stolen phones.

Apprarently mobile wallet will happen whether you like it or not, and I don't think store all these information on your mobile device is a proble. if people would like to hack your information, it doesn't really matter where you keep them.

I would love to be able to somehow receive and use store giftcards or replenishable prepaid cards through a NFC mobile payment feature. Rather than having to keep (ie, not lose) the actual card, the value could just be deducted from the "card" on my BB similar to some of the things oniberry described above. It might also be a way to introduce the mobile payment concept to the public without asking them to connect their bank account info to a mobile wallet quite yet.

For example, if you have a prepaid card to your favorite coffee shop that you routinely add $20 to as needed, why not make that a NFC wallet application so you could pay with your phone and replenish it via a phone menu option? And I'd love to get a gift card (physical or emailed) that would allow me to load the value into my phone and then toss the physical card while also being able to see the remaining value on the card as it was used.

Maybe there are apps and companies that are already doing this stuff, but I sure havent heard much about them if theyre out there.