Saturday, March 05, 2005

How our mobile phones are evolving…

Michael C. Pousti, Chairman and CEO of, Inc. has some interesting ideas on where the ubiquitous cell phone is taking us:

Isn't it interesting how our mobile phones are evolving? Just a couple of years ago, handsets were used exclusively for voice communications. Now, we are seeing the latest mobile phones also utilized as digital cameras, as personal music players and even as personal computers. What's next? Get ready, because your mobile phone is now morphing to become your personal banking system.

Imagine, in the foreseeable future, there will be no need to carry a wallet or purse. Every transaction you make will incorporate your mobile handset. When you purchase groceries at the local market, you will simply input a few dedicated numbers into your mobile keypad (called a short code) and the applicable charges will either appear on your monthly service statement, or they will be immediately debited to your pre-paid phone card.

When your favorite musical artist is performing in town, you'll buy concert tickets and CD-quality music using your phone. And as for your personal banking needs, you will be able to manage everything directly from your mobile phone! All of this and more is possible because mobile operators are positioning themselves as being the banking institutions of the future. Mobile operators have always been master micro-billers and as they are able to extend their expertise to include higher tariffs, they will become non-expendable as an extension of what was once your wallet or purse.

I am making a rather bold prediction that the use of mobile phones as a payment mechanism for consumers will render the traditional credit card obsolete within 10 years. In the meantime, you will see more and more purchasing opportunities arise, using your handset.

Stay tuned, as continues to change the way the world communicates. Perhaps you saw the news that International Data Corporation (IDC), one of the world's premier market intelligence and advisory firms covering the information technology and telecommunications industries, recently named, Inc. to its prestigious "10 Emerging Wireless Players to Watch" list for 2005. will continue to travel around the world, representing you as host to the largest community of mobile phone users on the planet.


jbv's Competitive Edge 


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