Cell Phone Use For Mobile E-pay Becoming Widely Deployed | AltaireCon

Near Field Communications is an emerging technology that permits ?contactless? communication between a client and recipient of an electronic transaction. That may seem to be a mouthful of technological jargon. But the idea is simple: wave your device at my device and pay me or get paid.

Cellular telephones already have a payment relationship established between the cell phone owner and the cell phone carrier. That usually is a monthly payment from the cell phone owner?s bank account or credit card to the cell phone carrier for airtime.

The carrier already has an authorized debit access to your account. Contactless or NFC Near Field Communications capitalizes upon that relationship and allows you to ?charge? other goods and services to your bank account via your cell phone.

Near Field Communications usually refers to electronic Bluetooth communication in the ?near? Bluetooth field around your cell phone. It is, therefore, ?contactless?, without physical contact such as swiping your credit card through a terminal or handing over cash.

This technology is similar to and indeed in some cases, overlaps RFID ? Radio Field Identification Device ? technology, such as is now commonly deployed with corporate ID badges to access locked doors by waving the badge over a receiver box by the door. Your are ?near? the ?field? and the electronic verification is ?contactless?.

Within the mainstream cell phone market, a major hurdle to getting users to accept and utilize cell phone payment technology has been the need to download applications and/or having those applications pre-delivered and installed on handsets at purchase.

Nokia has been at the forefront of contactless payment technology for at least a decade. It has long been common in Finland, nokia?s home, for a cell phone user to be able to purchase a soft drink from a vending machine by pointing their cell phone at the machine and pressing a button. (This example is factual but simplistic ? Nokia offers a wide range of payment targets, including payment of fares upon public transit, etc.)

Nokia has recently announced that it will begin hard-wiring payment technology applications into its phones, and other companies will soon offer these in their own handsets.

As an example of a technology implemented into cell phones that has become ubiquitous, take the camera. Five years ago it was a less-than-standard option. Today, their cell phone camera is many owners? main camera and has been the source of many snapshots and videos uploaded to newsrooms as documentation of live events. Virtually every phone has a camera now, absenting the ultra-cheap models.

Mobile banking technology is now set to follow a similar path to acceptance and utilization. Imagine the possibilities:

Owe a fellow diner some money after dinner? Send it to them from your cell phone to theirs instantly and they can use it to pay the dinner tab.

Eventually, walk into a store, wave your phone at what you want to buy and walk out ? it?s paid for!

Like VHS versus Betamax, the creator and implementer of the payment technology that becomes the standard will garner an incredibly profitable position against banking institutions forced to pay usage fees. The shakeout has begun and the consumer will will ultimately benefit from the increased convenience!

Source: http://www.altairecon.com/cell-phone-use-for-mobile-e-pay-becoming-widely-deployed

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