Wireless May Have Few Takers in Corporate Payments Arena Bank Technology News (07/00) Vol. 13, No. 7 p.43; Murphy, Patricia A.
According to research by Yankee Group, over 500 million
mobile phones will be sold around the world next year. By the
end of the year, the group expects about 15 million people will
be using wireless phones to access and retrieve data from the
Web. One wireless technology application is the eCheck, which is
exchanged directly between the initiators and receivers of
payments via e-mail. The information is entered directly into a
bank's check processing and settlement systems without the need
for reformatting. RDM, a company that helped develop the eCheck,
is also developing an e-deposit processing service to be used
with mobile devices, but like eCheck, there is not expected to be
much demand for such applications at the corporate level. One
major setback is the problem of security. To overcome the
security issues, Motorola has introduced its Timeport phone,
which is designed to read two smart cards, one containing
applications and the other issued by a third party (like a bank).
WAP, or Wireless Application Protocol, is used extensively in
Europe and developing countries where telecommunications
infrastructures have slowed the adoption of the Internet. WAP
devices are digital and provide faster connection than
traditional services. One drawback is that Internet applications
are not easily translated to WAP.