MSE News: 'Mobile wallets' plan outlined

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"Plans for a new payment system allowing people to use their mobile phone as a "digital wallet" were outlined today ..."

Read the full story:
'Mobile wallets' plan outlined

grumbler

Those who sign up for an account with US-based payments company Boku will receive a sticker for the back of their phone that allows them to pay for goods at participating shops by swiping the handset on a reader.

Firstly, I don't want to stick anything to my phone. Secondly, I don't understand why it is the phone that I have to sick the sticker to.

IMHO the article is far too superficial and hence premature.

jrawle

grumbler wrote: »

Firstly, I don't want to stick anything to my phone. Secondly, I don't understand why it is the phone that I have to sick the sticker to.

If it's the system I've heard about before, it uses an RFID chip that's embedded in some newer phones. The sticker would contain this chip for people without one of these phones, although of course it would still work if stuck somewhere other than a phone.

gjchester

Has to be one universal system not a bundle of them (ie Paypal, Googles, Oyster, Barclays) and so on or its going to fail.

Anyone remember Mondex??? Same idea, that failed back in the 80's but we are more used to mibile tech now.

I also understand that the "control" of that chip is an issue, is it the phone provider, network or bank who controls access to what can and can not access the data.

im-lost

destined to fail, really who wants to keep another seperate account with money in
incase they wish to buy something with it? contactless cards havent really taken
off, so will this? I doubt it.

Something like this would be better set up with the likes of paypal, but a separate
account within your paypal account that isn't linked to your cards / bank, really nearly
everybody I know has a paypal account for one reason or another.

Considering you can already send funds between paypal accounts on some smartphones
by 'bumping' them together if they have the right hardware, then its only a small step to
be able to purchase in a shop / bus / train etc with the same bump, or say over bluetooth
or something.

For all its faults, paypal would be a better vehicle to roll this out if visa / mastercard etc
don't feel the need to roll something out.

wantmemoney

http://www.boku.com/

It appears just another version of a 'premium rate' payment platform. Your real money for their virtual goods and services.

Also another thing people may want to bare in mind is that these companies if they are using phone accounts will not be subject to the UK Laws and Regulations that protect us when we use our cards and bank accounts.


Look at the merchants that you can purchase from...do we really need another route to our bank accounts.
http://www.boku.com/merchants/

narika

ok....imagine a case
one had this sticker/nfc enabled phone all they need is to swype....great is not it.
but if i had lost my mobile and got into the wrong person's hands.....is not it easier for them to take money/buy things by just swyping?
am i missing something?
sorry if i did not understand this system properly

23n1th

Not interested in this at all, whats the difference between this and carrying cash?

With this I need to remember to top the account up. With cash I need to remember to take cash with me/withdraw it.

Why does it have to go on your phone? This has nothing to do with your phone, it would make more sense to stick it in your actual wallet and swipe that instead.

Is this even anything to do with mobiles??? The link is tenuous at best, the only link I can see between this and your phone is that they tell you to stick it on your mobile.

Waste of time.

Just my opinion of course, I don't have a paypal account either but thats because I don't trust paypal.

Azari

Does anyone know why they abandoned making Oyster cards more widely usable?

They are a proven system that works brilliantly so it is a great shame that they cannot be used for other small purchases.

23n1th

Azari wrote: »

Does anyone know why they abandoned making Oyster cards more widely usable?

They are a proven system that works brilliantly so it is a great shame that they cannot be used for other small purchases.

Its all about the mobile. With oyster you're carrying a sooo 2000s card! Soo last decade!

Azari

23n1th wrote: »

Its all about the mobile. With oyster you're carrying a sooo 2000s card! Soo last decade!

LOL, yes but mobiles are soooo last century!