Wallet of the future? Your mobile phone

An interesting read from CNN on the future of mobile payments and why it's slow taking off in the US.

Mobile phones in the United States will be able to make electronic payments, open doors, access subways, clip coupons and possibly act as another form of identification.

These futuristic uses for phones are becoming reality in countries like South Korea and Japan, which typically are ahead of the United States when it comes to mobile technology.

... Gartner Inc., a technology research company, issued a report in May saying mobile payments will increase 70 percent in 2009, to 73 million people worldwide.

By 2012, the company says, 190 million people will make mobile payments.

Still, that adoption rate is relatively low. Only 3 percent of people in North America are expected to conduct mobile payments in 2012, Gartner says.

Read full article.

[via Raphael Hunold on Twitter]

emily | 9:44 AM | Mobile Payments |
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