Promo Magazine writes:
A customer walks into Wal-Mart and buys a set of dishes by swiping their cell phone which has been loaded with the shopper’s credit or debit card information past the checkout scanner. A day later, a text message arrives: a coupon for $20 off a new set of silverware redeemable at Wal-Mart.
Sound like something out of Back to the Future? No so, if Motorola has anything to say about it.
The company is developing a new service, called M-Wallet, that will allow cell phones to double as credit or debit cards. Credit information, downloaded to subscriber’s phones, will let people make purchases with their mobile phones.
Motorola says the technology will offer two main benefits to consumers: financial and lifestyle capabilities.
As for financial benefits, users can pay bills, manage their finances, transfer money to friends and make purchases.