Mobile phones are getting more powerful and sophisticated. They are like little computers now and they can do a lot more than even today's smartphones. I have been using my phone to snap pictures of my driver's license, auto insurance certificate, AAA membership card, etc. I use it to store non-financial related records because of security concerns. It would be great if I can use my mobile phone as a true mobile wallet. In order to make that happen, two things need to be added to the phone. First is Near Field Communication (NFC) which is a short range wireless technology to exchange information. With NFC, financial transactions is make easy and quick. NFC has been used for a long time in public transport travel cards and payment systems. Second, a biometric verification like a finger print scanner to protect the access of the stored information in case the mobile phone is lost or stolen. Both technologies exist today. Phone manufacturers will need to add them so developers can start making innovative applications for the mobile wallet. Also, a standard must be adopted by the financial institutions and infrastructure put in place to process the financial transactions, much like what Visa and Mastercard are doing to day with credit/debit cards.
Some form of mobile wallet is already in use today. I expect mobile wallet taking off very soon. Then, gone are the days that we need to take a stack of IDs, credit cards, bills and coins with us.
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