» The Mobile Commerce Revolution is Upon UsTelecommunications Industry News

Telecom News Editorials Reports Glossary

The Mobile Commerce Revolution is Upon Us

8:10 am on January 23, 2006 | Category: Business, Mobile Devices, Telecom Services

In recent years, many major banking and telecommunications companies have begun laying the groundwork for a world where banking, commerce, and numerous types of financial transactions can all be carried out from the palm of your hand.

Financial institutions around the world have already started to roll out a wide variety of wireless banking solutions that allow customers to carry out basic financial management functions on their mobile phones. The mobile commerce revolution, however, goes a lot farther than that.

Major wireless carriers in both the United States and Canada are innovative enough to see a world where people could use their cell phones for almost anything. They already pack more advanced features into a tiny handset than would have been imaginable only a few years ago, and one feature that is currently under intensive development is the ability to make payments from a mobile phone.

Ultimately, cell phone owners will be able to use their handsets in much the same way as they would a credit or debit card. Virtually any business you could think of would have some way of accepting payments via a mobile phone. This might sound futuristic, but it actually isnâ€™t very far off.

In fact, a company by the name of BlackLabMobile already offers a fully functional mobile payment solution called BillMyCell. To make use of this service, subscribing customers simply need to call a special 1-800 number and say the name or customer ID of the participating merchant that they wish to buy from. Once the transaction has been authorized, the buyerâ€™s credit card is charged, and both parties receive a special e-receipt. SMS confirmation and secure PIN codes are in place to prevent identity theft and other forms of fraud.

The BillMyCell system is unique in that it uses existing technology to capitalize on a very advanced and innovative concept. Thatâ€™s why, as a customer, you donâ€™t need any high tech equipment to take advantage of BillMyCell. It is fully compatible with any existing cell phone, regardless of which network you use.

The fact that innovative companies such as BlackLabMobile are working to provide secure, efficient, and convenient payment solutions is making mobile commerce a very real option, not just in the future, but today. As technology improves in the coming years, it is amazing to think how much more advanced these services will become, and how deeply the common cell phone will become integrated into the world of everyday banking, payments, and finance.

None Found

4 Comments »

RSS feed for comments on this post.

Excellent article Jeremy.

Cheers,

Colin
416-267-9347

Comment by Colin A Campbell — January 23, 2006 #
Hi – there is a compnay in South Africa, which we represent, called MTN Banking that is using the mobile phone as the primary communication point between the client and the bank. Accounts are opened via mobile phone, and transactions are verified via mobile, there is a debit card attached to the account which allows the mobile phone user to verify transactions personally.

Comment by Angelo Coppola — January 24, 2006 #
Whilst the article is useful, the BlackLab solution is retarded in comparison with what is happening in other jurisdictions.

In New Zealand for example, M-Com has enabled real-time mobile payments to take place through SMS, WAP and Java channels without needing to call anyone.

Comment by Serge van Dam — January 26, 2006 #
i wanna to know more about the organizations and companies that use mobile commerce services and about the such services which are used.
please if you know any thing about this subject send me so quickly so you can….

thanks alot

Comment by nibal — March 22, 2006 #

About this Site:

TeleClick.ca

Telecommunications Industry News