OK. So what exactly is a mobile wallet? Will this concept begin to explode and move towards surpassing tangible currency? Will this idea be accessible through all phones? All retailers? – Let’s see if we can answer some of these questions, shall we?
Essentially, a “mobile wallet” is an in-depth, highly secure application which houses all of your banking cards. MasterCard, VISA, American Express, Debit and so forth… The idea is that when approaching a cash register to make a purchase, the consumer can simply pull out their phone and with a few taps select the desired card and scan it through. Afterwords, managing your finances will be easily accessible through the application. Coupons and discounts will also be incorporated into the app.
In recent weeks, the talks regarding the competition for mobile wallet supremacy has started to heat up. For instance: WalMart, Target and Best Buy have teamed up to create a joint mobile wallet service for their customers to use. This is an entirely different mobile initiative than other competitors in the market, such as ‘Google Wallet’.
Major retailers and Mobile Companies alike are competing for the dominant market share, which is slowing the process of the whole concept. Without a clearcut mobile solution, consumers aren’t sure which app to use. Likewise, retailers aren’t sure which mobile solution/company to partner with. In reality, not many people like the idea of carrying around 2 wallets. The same preference applies to the mobile wallet initiative.
We are not sure how this whole initiative will unfold, but we are very excited nonetheless! The shift towards mobile commerce is taking shape on many different fronts, and the potential for everything to be connected makes us look forward to the future with great excitement. The mobile wallet landscape will not only make in-store purchases easier, it will also make online payments simpler and even more secure. Here’s to the future.
To close, check out this video introducing Google Wallet.
Initially, this seems like a pretty straightforward question in that as technology develops, so in fact does all forms of news and entertainment. Yet – the question can be answered in much deeper detail, as this year marks the beginning of an era in which global interaction will be a primary feature of the Olympic Games in London, England.
First, let us take a look at how far technology has become since the inaugural Olympic games. Perhaps it is best to summarize the development by understanding that officials did not have cameras or stop watches to monitor results until 1932. As you can imagine, up until this time it was extremely difficult to measure results in real-time strictly through the human eye. With the advent of television and it’s continuous development, officials (as well as fans) can now re-watch any event to review any specifics. This of course ensures complete fairness, and eliminates any possibility to disobey the rules.
From a social standpoint, Facebook only had 100 Million users in 2008, and Twitter was in its infancy. Currently, Facebook sits at 1 billion users and Twitter has blown up globally. This opens an entire new world, one in which each and every person has the ability to express their opinion. This includes – athletes, officials, executives, fans, attendants, etc.. In addition to all of this, smartphone users have increased over 450% since 2008. This of course opens many different possibilities, but I would like to focus on the potential for interaction.
As a result of the rapid increase in the use of smart phones, people will be more linked in than ever at the 2012 Olympic Games. Through social networking platforms like Twitter, people all around the world will be able to communicate instantly. In anticipation of this, authorities have installed over 1,000 wi-fi spots to relieve the strain on 3G networks in London. There are also vouchers available for purchase for locals attending, as well as different rates for overseas visitors. It is expected that peak hours will produce up to 1.7GB per minute!
I’m wondering – how far away are we from having an app developed for the Olympics, but open to the world? There can be polls, forums, questions (with translation software) that allows people to support their athletes from their living room or at the actual games itself. Of course, we are already seeing live content being streamed through mobile devices, so that can be coordinated somehow as well.
Consequently, having a mobile commerce platform for fans to purchase exclusive merchandise and souvenirs opens another new set of possibilities.