If My Phone Was My Wallet: Reflections from NACHA Payments 2010

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29 April 2010


  • A stylus, really? That’s in the category of a Jeff Foxworthy joke “I don’t believe ida told that to anyone!”

    But seriously, I am with you on the mobile wallet thing. I've sat through numerous "mobile banking" vendor demos, and 80% of it is hype about mobile wallet. I've seen this before . . . with Internet banking. All of the initial hype about Internet banking was fixated on "futurist, non-traditional" activities - shopping, account aggregation portals, etc. Fifteen years later, consumers have voted, and more than 75% of all Internet banking activity is around traditional things: balance inquiry, paid check/item inquiry (with image, perhaps the best thing we've done for consumers in a long time) and funds transfer. Bill pay has not even taken off, with a few exceptions. Mobile banking, for me, is just an extension of Internet banking to the handheld platform. That will no doubt be successful, and is worth investing in.

  • […] a bit of a curmudgeon when it comes to mobile wallets. My skeptical attitude reached an apex when I dropped my smartphone in a glass of merlot several years ago and hasn’t recovered. Had my smartphone been my mobile […]

  • not to long ago i lost my wallet in seattle and i was totally sol . it was sat. so i couldnt go to the bank on sunday and get a replacement card at least you local att/tmo store is open everyday for you to go and get a replacement. Plus all you data will be stored in the cloud.

  • Agreed, I prefer my phone to be a online interface independent of NFC chips etc. Cell phones are to unreliable and bulky to become my non-cash replacement. Give me a NFC chip in a ring format, so if I want to exchange funds I just shake hands with the other person...I worked on chip program back in Guelph,ON for the Royal Bank years ahead of the market.. we had a neat device that hung on your key chain that allowed you to exchange funds between chip cards..pretty handy. I like the CPNI system which doesn't rely on propitiatory web accounts to exchange funds. Allows you to push funds to anyone with a cell number or email account straight from your bank account or credit card of your choice...Receiver gets a message and then tells the system where to put the fuss no muss.