Cell phones to serve as wallets.
In addition to its existing role as a camera, radio, television and much more, the cell phone is all set to be one’s virtual wallet too. Sam Pitroda’s America based technology firm, C-Sam Inc, in a seminar held in New Delhi, India on ‘New Vistas of e-Payments’ gave a presentation on how cell phones could be changed into transaction platforms.
The company presented the concept of ‘one wallet’, which is a virtual wallet on an end user’s cell phone.
India has a huge potential in terms of online payment scenario and after the mobile boom the country has seen in the recent past, nothing is impossible, feels Sam Pitroda’s America based technology firm C-SAM. Negotiations are on with Jet Airways, Indian railways and also with some of the leading banks and service providers for conducting electronic payments through cell phones.
During the presentation, C-SAM demonstrated a live mobile payment transaction. C-SAM identifies the consumer’s need of conducting and managing a secure electronic payment system in the mobile and the physical world.