Transferring money - The next cellphone trick

This is a step towards wireless money! You can send money on the phone even today, but with this collaboratuion you can actually 'store' money on your cell phone! And use the money in a wireless way. The end of Western Union?

The wireless card reader will accept payment from the card that is in a cell phone. How do we know if someone hacks into the cell phone and makes payments that we dont want to ? These security and safety issues of the financial transactions are something that this group has to address.

In an unprecedented show of collaboration, Canada’s three main wireless companies will unveil a service Monday that will let people exchange money through their cellphones.

The move is the first step in creating electronic wallets that contain not only cash but also other essentials such as credit cards and personal identification. Although mobile payment services exist in other countries, the Canadian phone companies say their offering is the first built through full industry collaboration.

But eventually, people will realize that all they have to carry with them is a cell phone, not a wallet

Source: rinf.com...

[edit on 29-6-2009 by sunny_2008ny]

This is a really bad idea. It opens you up to all sorts of problems and security issues. You know you can clone a cell phone right!? This will be the next wave of identity theft.

I just want to say this - i am almost a year without cellular, despite pressure from work,family and friends. And i feel great. Not radiation stuff - peace and quiet. You are available only when you are really available. You do not feel the urge to call someone every few minutes because nothing happens. You do not waste as much money.
And now they will corner me in with cellular wallet/credit card in a few years. Not good.

Obopay has been around for awhile.

Its set up so you can send and receive money via your cell phone.