The Cell Phone as an Electronic Wallet

Paper Summary:

Rapid advances in technology in recent decades have brought about a dramatic change in the way people work, transact business, and communicate. Yet, it is widely believed that there is still ample scope for technology to make life even more convenient and efficient. For instance, the cell phone is already showing the promise of functioning as an electronic wallet. This paper demonstrates that using the cell phone as an electronic wallet, will, in fact, add a great deal to convenience and safety, especially in the area of replacing plastic credit, debit, and smart cards.

Introduction
Current Trends
Role of the Cell Phone
Cell Phones as Wallets
Cell Phone-Based Services
Payment Safety
Security Issues
Payment Technology
Hurdles
Conclusion

From the Paper:

"Advances in Information Technology and Communication in recent decades have brought about a dramatic change in the way people live, work and play. Consider, for instance, the manner in which the Internet and the mobile phone have significantly changed the communication landscape or the way that ATMs and plastic cards have replaced bank tellers and the need for cash. In fact, it is now hard to imagine a world where one is unable to stay connected with family, friends, and business associates round the clock, irrespective of geographical location. Similarly, long queues to pay bills or withdraw cash are now pretty much inconceivable in a day and age when shopping, banking, and even tax returns can all be done online."

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