Motorola M-Wallet: Using Your Cellphone as a Credit Card
Sara Silver reports for the Wall St. Journal on plans by Motorola to add an "M-Wallet" to its cellular phones to enable payment using the phone at POS checkouts and the transfer money to others similarly equipped. According to the story, Motorola plans to distribute the service through wireless carriers who will price and market it to their customers.
A Motorola press release this morning contains more details on the M-Wallet:
Motorola Helps Subscribers Leave Their Wallets at HomeNew solution makes it simple to pay bills, conduct money transfers and complete point-of-sale purchases with your mobile phone
ARLINGTON HEIGHTS, Ill.- 08 Feb. 2006 - Paying bills on time, transferring money to a friend in the same or different country, or making a purchase at a retail store just got easier with Motorola’s (NYSE: MOT) M-Wallet Solution, announced today. Motorola’s M-Wallet features an easy-to-use mobile interface that gives the consumer quick access to the financial world virtually anywhere, anytime, in a secure and convenient way—eliminating the need to carry a credit or debit card in your wallet.
Motorola’s M-Wallet also addresses the needs of companies that wish to innovatively market their goods and services. For example, merchants can issue virtual loyalty or gift cards directly to their customer’s mobile phone. These cards can be redeemed via a mobile phone or can allow customers to conduct secure point-of-sale transactions, collect loyalty point, and obtain store receipts at existing retail merchant locations. M-Wallet users must opt-in to receive coupons or other promotional services, allowing them to choose preferred merchants who participate in the program and thereby reducing spam.
Mobile Payments, M-Wallet
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