CELL PHONE WALLET.

Hi guys, I found something interesting and I feel I should tell everyone about it. China as we know is developing rapidly in terms of technology. They have come up with something new again. Now your cell phone can be used as your debit card. This is a step to transform the way we shop. But is it that easy... let’s see....

Users only need to bring the phone to their service provider which will serve as the cell phone wallet, a valid ID, and about 22 dollars for a dedicated radio RFID card to replace their regular SIM. An RFID is also something new now and we carry these things or use them but we don’t know. The RFID refers to small electronic devices that consist of a small chip and an antenna. There is no extra service fee required.

The new SIM can be charged with cash at the site or by online banking. The whole process takes about 20-30 minute. After this, it begins to work like your debit card. Even now, People in Beijing can take the bus or subway by simply swiping their mobile phones.

Security Concerns.

Though, the new emerging technology sounds like a time saver and there is no waiting for charges or password typing but is it safe by not having all that?.The cell phone owner can check his cell wallet balance in the phone to see if the balance matches with what he buys. SMS will not be sent to confirm a transaction. When users recharge their balance, a password is required to transfer money to "My payment account" in the phone menu but no password is required either to further transfer to the virtual wallet or spend the money.

Though, it is interesting that people can swipe phones to make payments, so that they don’t have to go about with cards and stuff like that. If the phone is lost or stolen, are there safeguards to prevent a thief from going on a spending spree?

What do u guys think about this?. Do you want this technology in South Africa or not? .why?

watch out for my next blog on RFID..ALSO INTERESTING.