Now this system already exists in East Asia. Three years ago, I thought paying fare for public transportation via credit card was cool. Now my little cousins are paying for their lunches with their ultra-cute cell phones. Man.. why is the United States behind on the times.
I'm sure some U.S. mobile phone manufacturers, carriers, and banks are thinking about a similar system. Just imagine what it would mean for the financial services industry? Ideally, I would never have to go to the ATM because my cell phone would be my credit card to the world. I would not have to worry about cash flow problems while I'm studying or travelling abroad. This is especially important if I have to exchange currencies. No need for that!
If only such a technology would come to mass market in the United States. Of course, there is a problem with security and encryption that would have to be address. If my cell phone got stolen, the last thing I want to worry about is a thief accessing my bank account as well.
posted by Koh @ 7:03 PM
1 Comments:
I saw that here in that archaic RSS reader^H^H^H newspaper here a couple of days ago. It's pretty effective, actually, as a money transfer mechanism, but it's possible only because there are basically two actual providers, and 3-4 MVNOs. Not possible when you have four dominants, plus a dozen smallers.
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