Abstract
This paper discusses the potential of the mobile phone as an electronic payment tool that would replace cash and even the plastic credit card. Many argue that mobile payment (m-payment) could develop into a complete digital wallet, with the mobile phone replacing no just cash but also season travelcards, gym membership cards, student cards, and even house and car keys. While m-payment is technically feasible, there are several key issues that first need to be addressed. One is the need for backing of partners from outside the mobile industry such as banks and credit card issuers that could lend these programs the trust associated with electronic payments. Another vital issue is the agreement of a unified m-payment specification. Unless these issues are first resolved, m-payment programs cannot be expected to reach their full potential.
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