Re-evaluation

I was talking to Rob last week on my idea and quite quickly found out that this concept was far from new.  Rob introduced me to something called e-money which is widely used in many parts of the world.   

Electronic money (e-money) refers to money or scrip that is exchanged only electronically.  This usually involves computers and the internet but has recently progressed into being a function for your phone.  Based on a survey done in 2005 on how many people use e-money, then 28% of the population in countries that have e-money available are using the service.   This prompted me to thinking, if you used your phone to pay for your everyday items, how would you top up your credit on your phone?

I looked around for an answer and finally found this website http://buydirect.mmwallet.com/home/.  The process they describe of how to top up your phone credit is time consuming and complicated, not to mention you have to create a completely new bank account with the mobile company, so I tried to think of a new way to make this process easier.  What if you could withdraw money from your own personal bank (ie ANZ, commonwealth, St. George etc) right from your phone, to your phone?  

Gone would be the days of walking blocks just to find an ATM.  The way I am suggesting that these transactions would be secure is through either fingerprint or iris recognition.  I look on the net for some phones with this technology and I was relieved to find that this idea isn’t so far fetched.  Iris recognition is currently underdevelopment and already some phones have this security device and when it comes to fingerprint recognition, it seems as though a lot of phones have this security system as standard.

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~ by uellim on August 22, 2007.

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