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Everything Everywhere (T-Mobile), is planning to introduce a wallet into our mobile phone SIMs.
Unlike the Oyster Card’ (pre-stored value for Travel in Greater London, UK), or Octopus (pre-stored value for Travel and small purchases in Hong Kong, China), this lets us purchase *everything* we want … *everywhere* we like. Now I get the change of name!
Teaming up with Telefonica and Vodafone, they want to quickly consumer test and deliver Near Field Communications (NFC) technology, for mobile wallet payments.
The aim of the project is to provide a single contact for advertisers, marketing partners, retailers and banks who provide anything from credit, debit and to transport tickets to be able to create secure mobile versions of their products. This will allow customers to pay for goods and services via their mobiles. Of particular interest is that loyalty ‘cards’ will also be included, so people will *always* have the masses of store-cards that they have signed up for – earning ‘coupons’ for the customers, and a complete picture of shopping habits for the marketing departments.
Globally, over 100 million people use mobile payments [Source: MSNBC], but only 3.5 million use the technology in the U.S. PayPal may start a commercial NFC service in the second half of 2011 [SOURCE: Business Week], which will store virtual versions of your credit cards, for use at a checkout when a PIN is used. This is similar to the Google Wallet app on the Android platform.
Is this going to be huge? Or is peoples' use of Google Wallet (or lack of it!), mean that the Mobile Wallet is not quite here after all.