Your mobile phone can now double up as your wallet!
[2] Data Transfer: Bluetooth, IR, SMS
Users need to point the mWallet-enabled phone or PDA at a Point of Sale (POS) machine, and click on the relevant tab. Alternatively, you can send an SMS to your bank to authenticate your password and user ID.
In the case of Standard Chartered’s OneWallet service, the POS machines (which swipe credit cards) are fitted with an infrared (IR) adapter. The adapter converts the IR beam from the mobile, to a series of magnetic pulses that replicate the swipe of the card through the slot. Once your account has been authenticated, the transaction is complete and an invoice will be printed.
Shopaholics need not worry about paying by cash or credit card. You can now use your smartphones, PDAs or Tablet PCs in place of your credit card. Standard Chartered’s OneWallet software, for example, can be installed on any J2ME or smartphone. Create a Virtual Wallet to store virtual debit or credit cards, ID Cards, tickets and other info.
[1] Authenticate Your mWallet Account
Once the customer installs the mobile wallet software on his phone or PDA, he receives a code and password from the bank. The mWallet software is authenticated by the bank’s server via GPRS, which allots a private digital key to the client’s application. The mobile wallet is now ready to use.
Forgot Your ATM card?
Use your mobile wallet at the ATM to validate account access. Step into the ATM centre, and point your mobile phone or PDA at the ATM. A message is then sent to the bank’s central server to authenticate your mWallet application. Once your request has been authenticated, the transaction can be completed.
How It Works: Local And Remote Services
Your mobile wallet can be local (using the software installed on your mobile phone) or remote (the service is dependent on the payment provider). Remote wallets require an “always on” connection with the server, and user data needs to be centralised. The server can be operated by the service provider or financial institution.