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Create a phone that has a wallet built in that taps into your bank

a phone that has a wallet built in that taps into your bank and allows you to use your phone to make quick purchases at stores. make some kind of ID program to store data for identification. eliminating any daily needs for a wallet.

9 replies

Userlevel 5
Hey florian im pretty sure apple has already come out with this on the new ios6 🙂 but yes shoudl be avaliable for all phones
Userlevel 1
Yes this is good news for people that love use phones, Microsoft and google and other companies came with Phone wallets that use Windows and Google Wallet app, it supports all your credit and debit cards. Carry them with you on your phone or computer. Shop faster, smarter and safer, in-store and online, All your credit and debit cards are stored on highly secure Windows and Google servers. Use them on your phone or computer.
Florian Ogasa wrote:

really? so you can walk into a beer store and buy beer with your phone?

I believe banks are already working on this too, be wary, this is practically begging for identity theft... way too easy, bank at banks, pay with cash/cards... just sayin can't believe people WANT this, no offense, but seriously this is so far from secure
and what about ID, can the ios6 perform identification. or do you still need to carry a card?
Userlevel 1
Hey Florian At this stage, IOS6 uses Passbook to store your digital id, so, Apple has come up with a possible solution to this called Passbook, which is a digital wallet, It keeps store loyalty cards, coupons, movie tickets, boarding passes, and just about any other type of ‘pass’ that a company can think up. Companies have to build files that you can then download. Once you click on one of these files, it will automatically be opened by Passbook and available for you to view.
As a slight tangent - the iPhone 5 also lacks NFC (Near Field Communications - http://www.computerworld.com/s/article/9231257/iPhone_5_Why_no_NFC_). Which is a small chip between the back of the phone and the battery which provides communications over a short range area. NFC is the technology which is used to offer billing to credit/debit cards through your cellphone. Rogers and CIBC recently launched this service in Canada with a reasonable list of shops that will support it initially. In order to use this service however, NFC is required, in addition Google wallet also requires a NFC chip(Granted Google wallet is not available in Canada at the moment...) There are a large number of phones which currently do have these chips in them - the iPhone 5 however is not one of them. @Florial: As near as I am aware there is no form for an iPhone to perform verification at a point of sale system using a touch based authentication.
Userlevel 7
Mark wrote:

As a slight tangent - the iPhone 5 also lacks NFC (Near Field Communications - http://www.compute...

And as of right now, the iPhone won't be approved like BlackBerry was to use mobile payments. BlackBerry meets the security standards but iPhones lack it.
Userlevel 4
A network in Austria had a system like that running for a while. They are now in the process of shutting it down. The checkout systems at McDonald's and many other places are being removed. The whole thing was too slow, so people didn't use it. I have a "touch" thingy on my creditcard. It only works only about half the time - and then my shopping often is above the limit (which seems to fluctuate from store to store). Google Nexus has such a Wallet built in. Its awfully buggy and convoluted. Often the app doesn't start, etc. If you put in a different SIM card, like while travelling, nothing works anymore. Its a mess. Personally, I think that it is an interesting idea, but it should not be connected to a network. (Of course the network providers think otherwise and hope for extra revenue in transaction fees from merchants.) Then again if it is connected to a device you'd have to change that setup everytime you change your phone. And I switch between phones quite a bit. 🙂 Furthermore, it introduces extra steps into the checkout process: If you have several payment cards, you'd want them all connected to the device - but then you'd have to select the card everytime you use the phone to pay. This takes time, and time at checkout is what merchants dread the most. These days you just use the card you want to use, no selection on a menu necessary.
Great news! If you own an NFC enabled smartphone, as of June 15, 2015 you can purchase an NFC Sim for $5 from any Koodo Shop that will allow you to tap and pay for purchases with your phone where available. For details visit https://www.koodomobile.com/mobilepayment.