Adrian - Infobit #7

Infobit #7 – Mobile wallet race

Article: http://www.fastcompany.com/magazine/161/smartphone-wallet

Twitter Summary: Which smartphone will edge out the competition and become the first Mobile Wallet

It’s been well documented how much mobile phones are becoming more and more a “mini-computer” than just a portable phone. With new smart phones your able to go on the internet, look at the maps, check your social media sites, and even yes occasionally call someone. The next big thing is to make the phone a mobile wallet.

People believe that within the next 7-10 years the mobile wallet arms race will be finished and people will be able to pay for everything with their smart phones. The key to this idea isn’t necessarily who is the first one into the market, but who has the resources and agreements with retailers to make this happen.

When the iphone 4s was in the development stage many people thought that they would have this technology implemented in this phone and be the first big name phone to offer this service. However when you step back and take a look at the big picture it was safe to say that this wouldn’t happen. For one even if they had the technology no retailer in the world had the proper equipment or resources to accommodate this change. Apple would not only have to sell the phone to its customers but also sell this new change to all the retailers and hope they are willing to pay for it.