Even though most consumers don’t use their smartphones to pay for anything, some of the world’s largest financial institutions and dozens of small tech start-ups are making big bets on the adoption of the so-called mobile wallet.
Many of them gathered Wednesday at Harvard University to hash out the future of buying and selling via smartphones and other Internet-connected gadgets during a two-day forum that includes MasterCard, PayPal, and the Boston mobile payments start-up Scvngr Inc. Even a former vice president showed up: Al Gore, whose new book, “The Future: Six Drivers of Global Change,” deals with the worldwide impact of technological innovations.
Comments
I would love to ditch my wallet. It would be one less thing to carry around and as far I am am concerned it would be the killer app we have all been waiting for. But we also need some form of digital ID so that I don't have to carry a drivers license around either.
Right now, the lack of standardization is the reason why most of us don't bother. LevelUp is nice idea, but too few merchants participate for it to be practical. Until that happens, it's easier to just swipe plastic whether that be debit or credit and that is what I will continue to do until something as universal as plastic comes along digitally.
I won't be using a mobile wallet anytime soon. Simply put, the most insecure operating system of anything I use is on my phone. I don't do anything there that could expose my financial information. Until it's a secure platform I'll continue to pay for everything with plastic and rack up frequent flier miles.
I don't see how pulling out my smartphone to pay could be easier than pulling out my debit card.
I'm largely free of paper cash and paper checks already without using a smartphone.
So I'm broke when my battery is dead? Only those who can afford $60 - $100 per month for a smartphone and data plan wil be able to buy coffee at Starbucks? This is a model of economic efficiency? Pleaaaase.
Excellent observation! As someone who is tech comfortable -- and has a smartphone -- I confess I had completely forgotten about the financial "carrying costs" -- purchase of a new phone and monthly charges -- one would incur with the proposed system(s). Those costs might indeed be a barrier to some relative to using the technology.
I love the statement, "every device will be a commerce device". A really smartphone would pay me to use their stupid system. When they cut the consumer in on "benefits" I might consider it. When will American consumers smarten up?
And how are these Harvardian geniuses going to pressure me into starting use of a cellphone, whether a smart one or a dumb one, when I prefer a wired landline and have no idea how to like on facebook or tweet on a twitter? Maybe they will wait until the Angel Gabriel ecorts me to my eternal award?
I had to buy a special wallet to deal with this card and that card everyone pushes on you. Having it all on the phone would be a tremendous improvement, but only at reasonable or no cost and with bulletproof security.
Have you also check out looped in (http://areyoulooped.in/) they just signed a three year aggreement with Fenway Sports Management. Check them out! http://www.marketwire.com/press-release/pxt-payments-forms-partnership-with-fenway-sports-management-promote-mobile-payment-1768977.htm Also Level Up just announced: LevelUp: "We're an Advertising Network" | Not Quite a Payment App at All http://www.pymnts.com/briefing-room/mobile/mobile-payments/2013/levelup-chief-we-re-tackling-an-infrastructural-problem/
Guess what? They just came out with this new truly mobile wallet with a payment system that doesn't even require a phone - it is a physical object that contains other standardized universally recognizable and acceptable physical objects you can just pick up and carry with you! In your pocket! They even came up with a flexible version!