Tuesday, May 31, 2011

Computing the cloud - Smartphone "digital wallet"

Cyberspace is set to whirl into another phase of the brave new world with the advent of the digital wallet – Visa's potential market share: - $1.38 trillion cash flow in the last quarter alone.

Though the measly American market share of 20% of mobile financial services lags behind Asia's 61% and Europe's 45%, according to Credit Suisse, Visa's quarterly take hovers somewhere around $2.2 billion and is expected to crack $10 billion in revenue next year.

Smartphone technology is serious business in the emerging mobile electronic diversified financial services market – and rising.

Market analysts advise buying shares of Visa and MasterCard in anticipation of the predicted profit taking that will follow in 2012 and 2013 from their pennies on the dollar share in digital banking.

AT&T and Verizon are slated to get a boost from the new method of bill paying, purchasing power and balance transfers.

Google splashed into the market last week with the announcement of its Android digital wallet on Sprint. Swipe your smartphone at any store or retail outlet and pay for your purchase, make automatic payments of monthly bills, or place deposits on reservations and accomplish securities trades.

Eventually, marketers predict, the driver's license and passport could wind up embedded on the smartphone using the near field communication technology (NFC) introduced by Google and Sprint.

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