Mobiles phones to be converted to digital wallets

Mobiles phones to be converted to digital wallets

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Asia Bizz: Consumers will soon be able to shop and make payments with the help of their cell phones. The new technology will allow the mobile users to ‘wave and pay’. The new technology is likely to be unveiled this year, but the question arises if the consumers are really interested in such a technology.

In January McDonalds had said that they would be installing devises, which would accept contactless payments in 1,200 branches this year. The reader will allow the consumers to make payments through contactless cards and later the consumers can also make payments through their cell phones.

The technology of making payments through text messages is already familiar to the Britons. The charges of the service are paid through the mobile bills. The next step towards the development is to turn the mobile phone in to a digital wallet.

The new system is designed to purchase low valued items. But for this one has to install a chip in the mobile phone similar to the NFC card. However, when asked the consumers, they are not so keen on the new technology, as they do not see any benefit in it. However, if at all the bank provides some benefits to its consumers then the technology may work in future.