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"Digital 'wallets' proliferate at CTIA cellphone show"

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Author Topic: "Digital 'wallets' proliferate at CTIA cellphone show"  (Read 476 times)
Kilika
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« on: May 19, 2012, 03:04:55 am »

And it just keeps growing. I think the trend is becoming very obvious. Just follow what goes on at the tech trade shows.

Quote
Digital 'wallets' proliferate at CTIA cellphone show
Published May 11, 2012
Associated Press


NEW ORLEANS –  Cash, coins and credit cards are so Twentieth Century.

At least, that's the opinion of the electronics manufacturers, phone companies, banks and credit card issuers that expect cellphones to be the main way consumers pay for purchases in the not-so-distant future.

The trouble is, that vision-of-tomorrow is somewhat blurry, as evidenced at the U.S. cellphone industry trade show held this week in New Orleans. There are a lot of ideas, but little agreement.

The stakes, however, are high.

"Eighty-five percent of the world's transactions are still made with cash and checks. We have a wonderful opportunity to convert those," said Gary Flood, MasterCard's president of global products and solutions, in a keynote speech at the show.


'The idea behind this is: How do we get more wallets and more innovation?'
- Ed Olebe, MasterCard senior vice president


One concept that gets a lot of attention is the "digital wallet" -- a virtual repository for our credit card numbers, receipts, coupons. It's not much different from a PayPal account, which can be linked to different cards. A lot of companies see the wallet as the key to influence in the world of mobile payments, especially if it sits on a cellphone, not just on a PC. Google introduced its Wallet last year. It's available on a few phones that can be tapped against certain payment terminals to complete a payment.

Andrew Lorentz, a lawyer at Davis Wright Tremaine LLP who works with the payments industry, said at the show that if he had a dime for every digital wallet that's been announced, he'd be rich.

"I can have more wallets than cards," he said.

At the show, MasterCard announced a service that could speed up wallet proliferation even more. The company's idea is to let any company that wants to set up its own wallet.

"The idea behind this is: How do we get more wallets and more innovation?" said Ed Olebe, MasterCard's senior vice president of e-commerce development.

Consumers trust their banks, he said, and might want to keep their cards in a bank-branded wallet. Banks, meanwhile, want to extend their relationships with customers, tying them closer. Stores may also want their own wallets, taking the step up from issuing loyalty and credit cards. (cont.)


Read more: http://www.foxnews.com/scitech/2012/05/11/digital-wallets-proliferate-at-cellphone-show/#ixzz1vIhgNjkD
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« Reply #1 on: May 19, 2012, 10:28:11 pm »


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"Eighty-five percent of the world's transactions are still made with cash and checks. We have a wonderful opportunity to convert those," said Gary Flood, MasterCard's president of global products and solutions, in a keynote speech at the show.

It's only going to take one little spark or 2 to bring this entire system down, which will bring the masses to their knees begging for ANY solution.

Rev 13:9  If any man have an ear, let him hear.
Rev 13:10  He that leadeth into captivity shall go into captivity: he that killeth with the sword must be killed with the sword. Here is the patience and the faith of the saints.
Rev 13:11  And I beheld another beast coming up out of the earth; and he had two horns like a lamb, and he spake as a dragon.
Rev 13:12  And he exerciseth all the power of the first beast before him, and causeth the earth and them which dwell therein to worship the first beast, whose deadly wound was healed.
Rev 13:13  And he doeth great wonders, so that he maketh fire come down from heaven on the earth in the sight of men,
Rev 13:14  And deceiveth them that dwell on the earth by the means of those miracles which he had power to do in the sight of the beast; saying to them that dwell on the earth, that they should make an image to the beast, which had the wound by a sword, and did live.
Rev 13:15  And he had power to give life unto the image of the beast, that the image of the beast should both speak, and cause that as many as would not worship the image of the beast should be killed.
Rev 13:16  And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
Rev 13:17  And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
Rev 13:18  Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.
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