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E-Commerce + Mobile Phone = M-Commerce

by admin on June 24, 2008

M-Commerce is a word most folk have never heard of before despite millions of people using it already, but it’s growing at a staggering rate. The term M-Commerce is the next wave of buying goods and services, paying bills and sending money using your Mobile Phone. M-Commerce as the name suggests is an abbreviation of Mobile E-Commerce.

According to a Nielsen Poll, 9 Million U.S. Mobile Phone subscribers have participated in M-Commerce by using their cellular devices to conduct transactions for goods and services and this is expected to double in the next year.

The reason it’s gaining traction so rapidly is because it’s very safe, convenient, and consumers don’t need to exchange physical cash for their goods. The transaction is simply recorded in the consumers mobile phone bill, itemized and paid for after the transaction when paying the regular cellular bill.

Not only can goods and services be paid for using the data network, RFID technology is being implemented in to cell phones which allows short range data transfer directly between the mobile device and the transaction device. This is being used in instances such as bus tickets and vending machines.

Obtaining Ringtones is an example of M-Commerce, the consumer generally sends a text message with a code for a specific ringtone and it’s then delivered to the mobile device instantly. The transactions are fast, convenient and very safe because vulnerable information such as credit card numbers, real names, addresses etc are not transmitted.

The future for mobile transactions looks very promising, have you ever been in a long line waiting hours to purchase tickets for a flight or sporting event and thought there has to be a better way? There is, with an M-Commerce enabled venue you could park your car and send a text message while walking up to the venue paying and granting you access within minutes.

Also cash transfers are possible with the same mobile technology, if you have ever had a friend or relative stuck and in need of cash to get them out of a bind you will know the hassle involved with inter-bank transfers and the time it can take to transfer money. With financial transactions on mobiles, it can be as fast as a text message.

The future of Mcommerce is very bright indeed, and with bio-metric enabled phones which require the users thumb print to be used to unlock the device a cashless and fraud free society is only a matter of time.

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