Comments on: 3 Things the Mobile Wallet Needs to Replace the Real One http://gigaom.com/2011/03/16/3-things-the-mobile-wallet-needs-to-replace-the-real-one/ Thu, 20 Jun 2013 00:15:26 +0000 hourly 1 http://wordpress.com/ By: David Eads http://gigaom.com/2011/03/16/3-things-the-mobile-wallet-needs-to-replace-the-real-one/#comment-609939 Fri, 18 Mar 2011 16:21:29 +0000 http://gigaom.com/?p=318029#comment-609939 There’s no debate that NFC has the potential to make the mobile wallet a reality, but as you mention, widespread consumer adoption is vital for this technology to meet its potential. Fortunately for NFC advocates, there are tangible advantages that NFC offers over traditional credit cards – most important, perhaps, are the increased security features. I work for Kony, and NFC technology offers the closest thing to “airtight security” that we have seen so far due to its use of encryption. Along with this, many NFC systems are using time-based tokens for security, meaning the credit card number changes every few seconds. Once more retailers adopt this technology, and consumers are made aware of the security enhancements NFC offers, it will likely only be a matter of time before it begins to fulfill its potential and make the mobile wallet a reality.

]]> By: Katie http://gigaom.com/2011/03/16/3-things-the-mobile-wallet-needs-to-replace-the-real-one/#comment-609780 Thu, 17 Mar 2011 20:16:56 +0000 http://gigaom.com/?p=318029#comment-609780 I think the biggest thing mobile wallet apps need to do is offer concrete value to consumers, and the best ways that comes to mind to meet that end is to make it as easy as possible and as rewarding as possible (coupled with what you’ve outlined above). Whether this is through personalized coupons and offers based on shopping history or incentives for using mobile apps, I think we’ll see continued adoption as all involved parties figure this whole mobile wallet thing out!

]]> By: Brian http://gigaom.com/2011/03/16/3-things-the-mobile-wallet-needs-to-replace-the-real-one/#comment-609703 Thu, 17 Mar 2011 16:29:30 +0000 http://gigaom.com/?p=318029#comment-609703 Like the idea in theory as it makes carrying around money or loose change non-existent. Will help people from getting assaulted on the streets for change? Sadly that’s the first thing that popped into my head.

The bump in the road is, obviously, the security measures that need to be implemented and the cost it would take to incorporate NFC into everything. Restaurant chains, ballparks – that’s easy. How about vending machines and smaller mom and pop shops that can’t afford NFC?
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http://www.techviva.com

]]> By: Kate Schackai http://gigaom.com/2011/03/16/3-things-the-mobile-wallet-needs-to-replace-the-real-one/#comment-609615 Thu, 17 Mar 2011 12:54:56 +0000 http://gigaom.com/?p=318029#comment-609615 I wonder actually if some pressure won’t come in the form of negative developments for other payment methods. Specifically, if the new debit card fee regulations go through, I’ve heard grumbling about banks setting transaction caps (as low as $50 or $100) for debit card users. If mobile payment can tap into checking accounts w/o being roped into those kinds of limits, it might be an attractive alternative.

]]> By: Sam http://gigaom.com/2011/03/16/3-things-the-mobile-wallet-needs-to-replace-the-real-one/#comment-609311 Wed, 16 Mar 2011 20:45:12 +0000 http://gigaom.com/?p=318029#comment-609311 Some ideas tossed off the top of my head:

1. automatic (perhaps even crowd-sourced) categorization of purchases for personal financial management. equivalent of in-app purchases of physical goods, for example, how about a collectible card game that can be played in person or online. automated databases for your collections.

3. beating the security of a credit card is a pretty low bar. several protocols already exist and have even been fielded, extending to a mobile phone shouldn’t be hard… hopefully no-one will try to reinvent the wheel, but realistically speaking several will (and almost certainly create broken protocols)

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