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Wallet Cell Phone

Cell phone wallet is a new way to do money transactions. The credit card has been the standard for cashless dealings the past decades and with along with this is the rise of credit card theft. A lot of establishments has stepped up their security procedures but it always has left holes for opportunistic people to take advantage of.

With the inception of 3g technology, a new form of cashless transactions is born. It has taken advantage of the capacity and speed of how data can be transferred over a wireless cellular network. Though new and is also being used in some parts of Asia, the idea of using your phones to buy things is very appealing to consumers specially those concerned about security. Early noticeable processes of these are being offered through gsm networks wherein the sim card stores information about the users account wherein you can load credits to it to be used not to make calls or for data transfer but actually for commercial transactions.

Its easy to use cellphone as a wallet. Establishments such as department stores, theaters and groceries are equipped with special computer add on, pretty much like a credit card reader, to make the transaction. Other phones have embedded micro chips to hold the information of your account. Loading credits to your phones is done through banks or other facilities that is linked with the cellular network or through internet banking.

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