Mobile wallet services are gaining ground in India. Soon you will be able to use your cellphone as your ATM and credit card. From voice to wallet…the mobile phone has come a long way!

The wallet phone was pioneered by the Japanese telecommunication major NTT-DoCoMo way back in 2004. This device has the functions of a cell phone and credit card with the help of a multi-application built-in smart card. This means that all your financial transactions involving ‘debit and credit’ cards can be performed wirelessly through your mobile. Show the phone with the smart card to a reader installed at a store, and your mobile phone is charged for the payment. The smart card uses the prepaid concept.

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