Mobile phones soon to be wallet, too

By Indo Asian News Service | Thursday, September 07, 2006 | 4:04:34 PM IST (+05:30 GMT) Comment 0 Comment

New Delhi, Sep 7 (IANS) After playing the role of a camera, radio, television and much more, the mobile phone is soon going to be your virtual wallet.

New Delhi, Sep 7 (IANS) After playing the role of a camera, radio, television and much more, the mobile phone is soon going to be your virtual wallet.

Sam Pitroda's US-based technology firm C-SAM Inc. Thursday gave a presentation here on mobiles being changed into transaction platforms in a seminar 'New Vistas of e-Payments'.

The company presented the concept of OneWallet, which is a virtual wallet on an end-user's mobile phone.

Sanjeev Patni, vice president, business development of C-Sam, told IANS, 'India has a huge potential in terms of online payment scenario and after the mobile boom that the country has seen, nothing is impossible.'

'We are working on this with Jet Airways, Indian Railways for the same and we are also in talks with some of the leading banks and service providers.'

During the presentation, C-SAM demonstrated a live mobile payment transaction.

'We identify the consumer's need of conducting and managing secure electronic payments in the mobile and physical world,' Patni emphasised.

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