Mobile Credit Cards?
The concept has been in use in the land of the ever technologically advanced Japan where people have been using their cellular phones to pay for everything from a can of soda, a bowl of noodles or a ticket to ride the trains as you go to and from work. Now, the concept is taking aim on a bit larger market, the micro-pay system called Boku. The system works by having you pay with your cell phone rather that having to pull out your wallet, look for your card, present it, it gets swiped and you sign the receipt for your transaction. Besides, we always seem to have our mobiles in hand, ready for the next call or sms, and it makes sense.
You use your mobile to send in a purchase request which is then confirmed with a message, that charged amount is then reflected onto your monthly phone bill for you to settle as if you were using a credit card. The system is quite enticing especially for parents who want a cash safety net for their kids who may be going out of town for a trip. Having a way of providing cash to purchase e-goods is safer compared to having cash or credit card extensions which have been stolen and used a lot for criminal activities. There is a lot of interest in the product with most mobile providers signifying intent to support the service.