Mobiles to work as virtual wallets

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Can a shopaholic do without a loaded wallet? Yes, s/he possibly can. With a mobile subscriber introducing the concept of virtual wallet for mobile and utility services, paying through mobiles is becoming the new reality.
Loop Mobile has recently launched an SMS-based mobile money service, in partnership with Zipcash card services, and its subscribers can now use their mobile phone as a virtual wallet for payment of electricity bills, online shopping, prepaid recharges, digital TV recharge, buying movie tickets and more. Not just this, one can also book travel tickets, avail gift vouchers or local deals and offers, all directly via the convenience of one’s mobile phone.
A recent study conducted by ASSOCHAM and global consulting firm Deloitte states that mobile wallets for electronic payments through smart phones are set to grow fast with nearly 100 per cent mobile penetration in four years and a booming retail market with annual transactions worth USD 410 billion (`18.50 lakh crore).
ASSOCHAM communications convergence committee chairman T.V. Ramachandran has been quoted as saying, “The need of the hour is to develop an innovative mobile payment system which is customised to the Indian ecosystem requirements and has a mass appeal.”
Delhiites couldn’t agree more. Talking about the pros and cons of the concept, some share their views. Harleen Singh Pahwa, senior executive ad sales, Oye 104.8 FM, says, “No doubt, it’s a great concept as it not only would help save time, money, effort and standing in long queues, but we would have the option of not having to look at the surly faces of employees at the electricity bill counter. Last, but not the least, I wouldn’t need to carry extra money in my wallet.”
A mobile phone is literally an extension of our hand and advertising professional Avinash Nair couldn’t agree more. He says, “A reality of not carrying money, what could be more exciting? I certainly wish other mobile service providers take a cue and offer this facility to their subscribers who are going to lap it up for sure. But I hope there are no hidden charges with this facility.”
Freelance writer Lakshmi Nair has her doubts about the concept. She says, “I wouldn’t trust the technology just yet. Because anything virtual will also run the risk of hacking. Also, the Internet laws in the country are not equipped to handle litigation or any malfunction with respect to concepts like virtual banking, bill payment etc. I feel it’s still a long way to go for India. I could try this service for travel purposes, but not in respect to payment of bills.”
Agrees artist Boishali Sinha Massot, who says, “Any sufficiently advanced technology is indistinguishable from magic. Well, it is obvious a step ahead, but this will raise questions about security, convenience, feasibility, any surcharge etc. For any urgent situation, where one may not have money in hand, this is certainly a great option.”
For shopaholics it’s a boon, avers Shweta Sarkar, professional, “Not just online shopping but anytime shopping is a reality. It’s a welcome change in our country. Everyone carries a mobile and now being allowed to pay for things with it is fantastic. Now, no more hurried trips to the ATMs, also no fear of carrying huge amounts of cash.”