All My DigiWallet Ideas pasted together for reference
Author: QUESTIONS - - 2010-12-18 7:27pm
E-commerce consumers most often make payments using credit cards, or even paypal. How does having your smartphone act as a digital wallet potentially change this transaction?
Yes Mary, it will transform the way we look at money. Money will lose the lustful value it has in the form of paper money. People will become more prudent as they wont be tempted by the physical form of the money. It will enable you to be always in reach of your money. Why should you not be able to spend if you have a fortune lying in your bank. Why must one need to visit the ATM so many times, it is one of the most monotonous tasks nowadays. No one likes to wait even 2 minutes in a queue outside the ATMs. If the person inside takes even 30 seconds more than he/she should, one begins to get tense and wonder if the person inside is playing a video game on the the ATM machine or trying to do banking?
Hello Grace, i think they will add invisible encryption on the images, so that when they are scanned more data that only what is visible will be sent. And there are softwares today too which can easily identify if any image enhancement has been done because photoshop modifies pixels in a very identifiable way
Yes colin, the digital wallet should be everything that a wallet carries, all the visiting cards, business cards will then be digitized, even normal paper cards would be scanned (there are android and iphone apps for that already) and stored in digital format. All id card files will be more than just jpg images of course a new encrypted secure file format will be used for those. Even when you want to go to the atm you will not need to use the ATM keys (boon for those OCD types who can't stop thinking about the germs on the ATM keypad), you can simply use the ATM interface on your phone. In fact you can also use it remotely and give cash to people who may be in an ATM, while you are in another place. That would be awesome. Ill post this as a separate idea too.
Currently e-comm and online shopping is considered as something you do when you are in front of the computers. But the computers are hand held now, with 1GHz plus processors in smartphones, tablets, digi cams, iPods, MP3 players, etc. So now you can be on the move and still use electronic payments even for the shopping that you always did through cash and physical cards. You will not need to tear off coupons anymore, you will always have 100s of coupons that you own stored handy, electronically, in your device. Your device will be the centre of your commercial world. Your own income and most of your expenditure will be done through the device, most of your accounting and expense tracking will get done automatically. Paper and plastic will be obsolete because it does not make sense anymore. There will be devices even for teh tech challenged, to pay they will simply need to use the fingerprint recognition on their phone.
It's already here, different cell providers, Paypal, different banks are all coming up with their own system. Intuit will have to offer a superior system that is all inclusive of them all. Net banking has been done on WAP-GPRS phones since over 5 years with Wap Apps. Now WiFi, GPS and 3G enabled phones should be able to do the same much faster, smarter and in a much better interface.
Yes Colin, i think proverbs and words of wisdom will help consumers prevent impulse purchases. In fact people can use their own prerecorded videos to stop their impulsive behavior. Maybe some people have an impulse to buy discount video games online or some may have an obsession with buying new sandals. They can not only get words of caution and wisdom from their device but they can set videos they have recorded of themselves to play at such times, which they must have anticipated. People will listen to their own words more than the stored quotes and words of wisdom from the machine.
Yes Grace there could be pros as well as cons for this. People might spend without realising how much they are giving away. But also on the bright side, people will always be assured that they have money lying in the bank and they can use it anytime without worry of how much is there in their wallet or purse or if they are carrying their card. A lot of transactions will happen through ECS (auto debit) like paying your utlity bills, paying back borrowed money from friends (i mentioned this in another post) etc. On the bright side people would be less lured by the vile lustful look of crisp banknotes. It will become very difficult to bribe people and the anti-social black economy will take a big hit. Money will always be traceable. The movement of money right from the mint through 1 million transactions will be traceable. A new breed of economists will tackle this explosion of data and help formulate better policies for everyone's good. I think the future is very bright with demat money.
Im posting this idea again here, as an earlier posting i made on the home page is not visible anymore, i dont know why
The mad floors of stock exchanges can be made to look like a library with the use of digital wallets and digital stocks. Stocks can also be digitised as demat stocks already exist. The stock traders will simply use the "give one hand take from the other hand" principle and simultaneously exchange cash and stocks on the floor simply by touching their phones together. A special device could be installed on the phones specially for stock traders - it could be called TouchExchange, which will seal the deal upon contact with the other device. This so, because stock traders need even more speed than normal Digital Wallet transactions, they will talk their talk, make a deal, then feed the entries on their respective devices and simply touch them (like a "cheers" of glasses) and the transaction will be done. This will exponentially increase the speed of stock exchanges.
The mad floors of stock exchanges can be made to look like a library with the use of digital wallets and digital stocks. Stocks can also be digitised as demat stocks already exist. The stock traders will simply use the "give one hand take from the other hand" principle and simultaneously exchange cash and stocks on the floor simply by touching their phones together. A special device could be installed on the phones specially for stock traders - it could be called TouchExchange, which will seal the deal upon contact with the other device. This so, because stock traders need even more speed than normal Digital Wallet transactions, they will talk their talk, make a deal, then feed the entries on their respective devices and simply touch them (like a "cheers" of glasses) and the transaction will be done. This will exponentially increase the speed of stock exchanges.
Well Colin, i think most new smartphones, tablets, iPods and other handhelds will have the required security features needed by a software like Intuit DigiWallet. Basically though it will be an app that can be installed even on older phones and any device with a net connection. If your smart refrigerator has a capable processor and net connection then it will be able to install on that too. I dont think it will be a different device like a think card or something, any mobile device could become a "smart wallet" so to say with Intuit's app
Colin, i just saw Wall-E the other day and in it there was a scene of one of the fat people of the future who looks at a real book for the first time and goes wooooow. If you've seen wall-e then you will know what i am talking about, basically in the future robotic scene, everything will be done by robots and people will move on hovering chairs with their face constantly pointed at a screen, they will be using the screen to chat with to another person seated right next to them, this is what the animated movie shows which is hilarious and quite scary too, as we are almost getting more and more virtual everyday. I mentioned this because you mentioned e-books. what i wonder is how much tech is optimum, will we go overboard? How much is decent? If everything gets done by buttons and voice commands, will people care to move at all? In the next post i want to write a bit about the irony of the Matrix trilogy
In the Matrix movies and the animated movie "Animatrix" the entire story of how humans first did chores, then they invented robots to do the chores, thus humans became more and more machine-dependant, virtual and artificial, then the AI got more advanced and became more real, then the AI turned the tables, then the machines became more and more human with human emotions, then the machines depended on humans, etc is quite interesting. Like Wall-E, which is comic, the Matrix also gives many hints to the human dependance on machines, on how it is wonderful in the beginning but then the grass on the other side of less-machines and less-automation becomes greener and greener. Maybe 200 years from now, people will love to stroll to the bank (as a picnic) and as a break from their usual Digital lifestyle.
oh i didn't know that, i thought the people on the floor did some discussion then they called their people in the surrounding cabins to make the deals on their computers, so i thought why not give the people on the floor the power to do the computing
Mobile payment and promotions are the top 10 advertising ideas of 2010
Author: Karan Bhatia - 2010-12-24 11:18pmAn excellent read - a book on the future of the Digital Wallet - written by Sam Pitroda, Tech advisor to India's Prime Minister. I have just ordered this book online and will read it in a few days.
Yes Al, as many as 25% of transactions are abandoned because customers get frustrated by all the different "steps" and the time lag, it should be as simple as pushing a button and then forgetting about it, the transaction code, success message, shipping address, confirmation etc can all happen using the stored info on the smartphone/software, no need to ask the same info again and again. But unfortunately such an ideal system somehow doesn't seem to be successful. There is OpenID, a single log in username for all sites but not all sites employ it. I hate typing in my user name and password again and again, even though browsers allow for saving form info, there are so many diff types of forms that one has to go through all the fields anyway
My Dream Computer Store
I have had this idea for a long time. Whenever i want to build a PC the process of finding the best component at the best prices is a very difficult one. I had thought of creating a very large warehouse where there are sections for all peripherals: Monitors, Keyboards, Processors, Memory, Mice, Graphic Cards, etc. Each section would have 1 sample each from all the models and all the sellers. The customers will be given barcode scanners. Full details about the product will be listed on a print out below the product display. People can see and compare products and up to date prices. The scanner would help them pick items and do permutations and combinations of various products and besides adjusting the full machine to their budget it will tell them if one device is compatible to another or if it creates a bottleneck (i.e. pairing a very large amount of RAM with a weak processor). Now the DigiWallet can do this, no need for the scanner and maybe even the warehouse
I have had this idea for a long time. Whenever i want to build a PC the process of finding the best component at the best prices is a very difficult one. I had thought of creating a very large warehouse where there are sections for all peripherals: Monitors, Keyboards, Processors, Memory, Mice, Graphic Cards, etc. Each section would have 1 sample each from all the models and all the sellers. The customers will be given barcode scanners. Full details about the product will be listed on a print out below the product display. People can see and compare products and up to date prices. The scanner would help them pick items and do permutations and combinations of various products and besides adjusting the full machine to their budget it will tell them if one device is compatible to another or if it creates a bottleneck (i.e. pairing a very large amount of RAM with a weak processor). Now the DigiWallet can do this, no need for the scanner and maybe even the warehouse
I wanted to post this as a separate idea but something is still wrong with the site as this got posted as a reply to an already posted comment. So i am reposting this.
DigiWallet will redefine Cash On Delivery. If you wanted to buy an item online and two sites gave you the same price, you would go with the one which offers Cash On Delivery. Why pay until you get the item in your hands. The DigiWallet id will be entered when you click on the item for purchase online. Your account won't be charged but this will immensely add to your credibility for the seller. For now he is sure that you are a verified buyer with a DigiWallet account whose details match up with your Shipping Address. When the courier delivery person comes, he will wait until you tap a few buttons on your cell, instantly he will get an SMS saying that payment has been received and he will hand you your product.
DigiWallet will redefine Cash On Delivery. If you wanted to buy an item online and two sites gave you the same price, you would go with the one which offers Cash On Delivery. Why pay until you get the item in your hands. The DigiWallet id will be entered when you click on the item for purchase online. Your account won't be charged but this will immensely add to your credibility for the seller. For now he is sure that you are a verified buyer with a DigiWallet account whose details match up with your Shipping Address. When the courier delivery person comes, he will wait until you tap a few buttons on your cell, instantly he will get an SMS saying that payment has been received and he will hand you your product.
Bryan, you have to be at home or whereever you specify your shipping address, in any case, you pay once you get the product in your hands physically, and you only pay after that
Intuit powered RFID/Wireless technology can not only help in transactions but also help in using the confirmed identity as a logging in password/user id for websites. WHen you sit on the comp and open www.gmail.com instead of entering user id and pass, you can click the Intuit Log In option then simply place your thumb on the Smartphone screen for fingerprint id and/or voice recognition. The computer can have a wifi radio which would help but even this can be worked around if both devices are net connected. When you click the Intuit Log In icon, it will send a message to Intuit Server that "Adam's Home PC wants to Log Into Gmail", Intuit will instantly forward that message to Adam's Intuit Smartphone and if he places his thumb on the screen and/or uses the voice recognition command the smartphone will send message "verified" back to the Server which will forward the confirmation to Google, thus logging onto the website with minimum fuss.
I am a freelancer, and some clients make excuses of needing to be infront of the computer in order to send payments. For one thing, if Intuit payments catches up and becomes as big as Paypal, then people will not have an excuse to delay payments, they will always have their cell with them. Payments will be as simple as sending an SMS.
This is a line from the below Wikipedia article on Digital Wallets "Upwards of 25% of online shoppers abandon their order due to frustration in filling in forms"
I was trying to research the existing concepts of a Digital Wallet online and ran into some very complicated articles on the Digital Wallet concept (but from some very reputable sources).
DigiWallet will redefine Cash On Delivery. If you wanted to buy an item online and two sites gave you the same price, you would go with the one which offers Cash On Delivery. Why pay until you get the item in your hands. The DigiWallet id will be entered when you click on the item for purchase online. Your account won't be charged but this will immensely add to your credibility for the seller. For now he is sure that you are a verified buyer with a DigiWallet account whose details match up with your Shipping Address. When the courier delivery person comes, he will wait until you tap a few buttons on your cell, instantly he will get an SMS saying that payment has been received and he will hand you your product.
Author: Karan Bhatia - 2010-12-27 9:24pmthis is supposed to be posted to a reply way above but due to cannot comment bug im posting it here
if the software enables a smartphone to make payments im sure it will also enable it to receive payments, so i most probably don't think any special investment will be required except a high powered smart phone capable of running Intuit's software and a 3G internet connection
if the software enables a smartphone to make payments im sure it will also enable it to receive payments, so i most probably don't think any special investment will be required except a high powered smart phone capable of running Intuit's software and a 3G internet connection
oops this was supposed to be a new thread but got posted as a reply to a comment above, i am reposting this, please delete the duplicate of this above
Intuit powered RFID/Wireless technology can not only help in transactions but also help in using the confirmed identity as a logging in password/user id for websites. WHen you sit on the comp and open www.gmail.com instead of entering user id and pass, you can click the Intuit Log In option then simply place your thumb on the Smartphone screen for fingerprint id and/or voice recognition. The computer can have a wifi radio which would help but even this can be worked around if both devices are net connected. When you click the Intuit Log In icon, it will send a message to Intuit Server that "Adam's Home PC wants to Log Into Gmail", Intuit will instantly forward that message to Adam's Intuit Smartphone and if he places his thumb on the screen and/or uses the voice recognition command the smartphone will send message "verified" back to the Server which will forward the confirmation to Google, thus logging onto the website with minimum fuss.
Intuit powered RFID/Wireless technology can not only help in transactions but also help in using the confirmed identity as a logging in password/user id for websites. WHen you sit on the comp and open www.gmail.com instead of entering user id and pass, you can click the Intuit Log In option then simply place your thumb on the Smartphone screen for fingerprint id and/or voice recognition. The computer can have a wifi radio which would help but even this can be worked around if both devices are net connected. When you click the Intuit Log In icon, it will send a message to Intuit Server that "Adam's Home PC wants to Log Into Gmail", Intuit will instantly forward that message to Adam's Intuit Smartphone and if he places his thumb on the screen and/or uses the voice recognition command the smartphone will send message "verified" back to the Server which will forward the confirmation to Google, thus logging onto the website with minimum fuss.
This idea that i want to outline might require multiple posts.
Today smartphones are so powerful. Already the 3G internet connections on smartphone are faster and more expensive that the broadband net connections at home and office. It irks me that we need to pay for so many different internet connections when we can use only one at a time in person. And we always carry our smartphone with us in person. So why not make our internet connection travel with us in person everywhere we go. Why not use only out smartphone's connection for all out devices - our laptop, our computer, our internet radio, our Google TV, everything! Instead of paying small amounts for mediocre net speed connections why not pay a big amount for 1 monster 3G net connection on our cell which we can share on all our devices as and when we please. Also we could have the ability to do a sort of "pay per view" of internet speeds, we could order 20 MBPS for 30 minutes when we just want to download something immediately
Today smartphones are so powerful. Already the 3G internet connections on smartphone are faster and more expensive that the broadband net connections at home and office. It irks me that we need to pay for so many different internet connections when we can use only one at a time in person. And we always carry our smartphone with us in person. So why not make our internet connection travel with us in person everywhere we go. Why not use only out smartphone's connection for all out devices - our laptop, our computer, our internet radio, our Google TV, everything! Instead of paying small amounts for mediocre net speed connections why not pay a big amount for 1 monster 3G net connection on our cell which we can share on all our devices as and when we please. Also we could have the ability to do a sort of "pay per view" of internet speeds, we could order 20 MBPS for 30 minutes when we just want to download something immediately
so basically we could choose our internet speed and change it frequently to suit our usage. If we are at the office and only want to use email then we choose the lowest and cheapest net. If we reach home and want to order a movie from Netflix (or download it ;) hint hint) then we use the fastest available 20mbps connection for getting hte movie in 10 minutes. Basically our phone becomes our single use-at a time internet router. I believe it will be power consuming so there would be a dock required placed at various places - work desk, living room desk, bedroom side table, etc where the phone continuously gets charges and never runs out. With Intuit people will be able to use pay per view content more as they have their payment system ready, TV channels will be happier with this way of spreading an Internet TV than the Google TV way. So much can be done with the Smartphone as the internet router. People will see the smartphone as their magic universal remote to life, one that controls
...sort of like the one ring to control them all :)) People will see it as the single reference point for everything electronic, digital and information related. Im sure it irks many other people to when they think about buying a separate connection for their Internet TV and a separate one for their computer and yet more a separate data plan for their Smartphones. Im sure many people use routers but everyone knows that sharing speed is just not the same as using all the speed on one device. Given all your net connections are unlimited plans, your 3G data plan lies wasted while you use your computer, so does your TV net conn. It shouldn't be like this. Your internet connection should travel with you.
Yes Grace CoD is very popular in India, a lot of people here are still in fear of internet shopping and mistrustful (never mind India being an IT superpower). So CoD works great for them, they pay only when they get hands on the product. This convinces them to go for internet shopping and is very convenient too, they need to enter less data and don't need to bother with trusting a little known website with their credit card, paypal or net banking info, which they are not aware that the sites cannot really access anyway.
Author: QUESTIONS - - 2010-12-18 7:31pm
Finish the above to spark a discussion around the potential benefits of the digital wallet over the conventional wallet
1) I won't get robbed
2) I won't misplace money
3) I don't have to worry about change or running short
4) It's way too cool
5) So compact, i will never get wallet pain in the back again
6) Because we are a smarter society and smarter planet now and not using one would be stupid
7) Quickly pay, no queues
8) Smarter buying decisions
9) More informed
10) Within budget and set limits
11) Never will worry about pickpockets and losing my wallet
12) Will almost never forget to carry my wallet, or my keys
13) WIll never need to carry keys, as cars, homes, offices, shops will have Digital Keys using the same WiFi encryption technology as the Digital Wallet
2) I won't misplace money
3) I don't have to worry about change or running short
4) It's way too cool
5) So compact, i will never get wallet pain in the back again
6) Because we are a smarter society and smarter planet now and not using one would be stupid
7) Quickly pay, no queues
8) Smarter buying decisions
9) More informed
10) Within budget and set limits
11) Never will worry about pickpockets and losing my wallet
12) Will almost never forget to carry my wallet, or my keys
13) WIll never need to carry keys, as cars, homes, offices, shops will have Digital Keys using the same WiFi encryption technology as the Digital Wallet
yes you get wallet pain, even if it is not filled with money, sometimes when you drive or sit down on a hard chair with the wallet in the backpocket, not only do you sit like the leaning tower of pisa but you get one sore #$% in a very short time :) People try to refrain from keeping their fat wallet in their front trouser pockets (especially i do) since it spoils the look of the clothing and makes me look even more clumsy
Here's a blogger who mentioned this concept over 3 years ago. Maybe we should invite him to join us on this discussion
And another one of his great posts on money and digital wallets
yes im sure he will have a lot of valid ideas to add, i put a comment on his blog letting him know about this project. NL admins, pelase take note and try to invite this guy.
i think ATMs will still serve an important need, sometimes people just need cash fast, i don't think at anytime in the future that cash will become totally obsolete. Even in the next 10-20 years it will start with the high-end and volume stores (wal-mart) because not everyone will initially find it feasible to invest in the tech. Slowly it will trickle down to other businesses but Cash will never be replaced and so ATMs will always be needed. In fact ATMs might start reducing their numbers and start charging customers more as this service will become less used. This will push customers to start relying on e-money more. BTW Banks will absolutely love it if there was no paper money, notes and cheques. Their business will become 100 times faster and so will their earning, so technically ATMs are more beneficial to customers than banks.
Yeah Andrea i agree, the tech will spread slowly and i think its best for everyone. If it just breaks out and then if something goes horrible, even one series of bad press and headlines about hacking of bank money, then people will let go of it as fast. The natural course would be that the high-end outlets and the mass volume outlets like Wal-mart along with other already digitally inclined services such as tickets will adopt it first and then it will trickle down to the majority. Slow and steady should be the mantra for Intuit. Maybe a little bang at the launch to accelerate won't hurt but after that it should be slow and steady, they should ensure that not only they but all other vendors and merchants provide adequate support and customer service to make it easily understood and smooth for the early adopters. Word of mouth will be paramount for this tech to spread rather than multi-billion ad campaigns.
yeaaah Japan is way ahead, there the Cellphone is everything. I think maybe 2 people in Japan might be without a cellphone and most maybe having more than 2. Although they are too electonified most of the rest of the world would prefer a little less technology. Japan is so compact in all their aspects because of their space constraints, they just have no space and they make the best use of every square foot. Thus they prefer carrying all their things in their smartphone.
im sure Intuit will keep a backup of data and customers need not worry as they will keep the data sensitive (like a safe deposit vault), whenever you lose your phone, you can get a new one and flash it to instantly make it as good as old ( :) the old cell i.e. with the data and all, not the physical mechanism) Losing a cell will thus only pain you for the loss of the cost of the phone, all your money and data will be stored and instantly retrievable. Losing a wallet will still cause as much heartburn.
Absolutely on the dot Andrea, this is the pro digital topic. Besides i think the pros highly outweigh the cons db. It's like a heavyweight vs featherweight fight.
Yes Mary, convenience is the key. Having it all in one place as you put it is what will drive more customers to opt for this technology. I just had a harrowing experience at the bank. And what i realized there was that even though i was Giving them money on an overdue loan and had handed over the cash to the people, they returned it to me just because i forgot to carry an ID proof. I showed them the other bank's ATM card with my name on it, besides i was putting money into my own overdue loan account. But what i realised was that they were not taking it without the id proof not because of lack of logic (why would anyone want to pay someone else's loan?) but because they were too afraid to divert off from their inflexible training and procedures. If a manager had intervened im sure he would have said it's okay, just take the man's money, after all he is GIVING us money not WITHDRAWING it. So they gave away their money back to me from their hands just because of a missing xerox of my id
The day isn't far when we will be able to see holographic 3D beams emanating from the top of our cell phones to create star-wars like communication devices. Still this may be far. But what is surprisingly near is Projector Phones. Samsung has pioneered DLP technology to project large screen images through Cell Phones. This will change the way we see smart phones and offer a whole lot more features and Apps for Intuit to put in their Intuit Suite
yes you need to sign in again if you face bugs in posting, i've put this problem for review on their "get satisfaction" page, they have taken notice too and i think are working towards a fix in the API (whatever that is) :)
I would prefer to use a digital wallet over a conventional wallet because ________it saves me from the need of going to the ATM to refill my wallet. Why pay in cash when the place accepts credit card/debit card/online payment/DigiWallet. Because if you pay in cash then you will finish the cash in your wallet sooner and then will need to withdraw money from the ATM, as compared to paying digitally at as many shops as possible and paying cash only at places that do not accept digital payments.
Plus it is hard to account for cash spent. Many a times i come home from a short outing and try to recollect on what and how much i spent at the various places, because i have this little nagging fear that i must have dropped a note here and there ever since i was a kid and lost a really big denomination note that Mamma had given me. The DigiWallet will tell me in the exact order and details where and how much i spent the money on the shopping trip.
Plus it is hard to account for cash spent. Many a times i come home from a short outing and try to recollect on what and how much i spent at the various places, because i have this little nagging fear that i must have dropped a note here and there ever since i was a kid and lost a really big denomination note that Mamma had given me. The DigiWallet will tell me in the exact order and details where and how much i spent the money on the shopping trip.
yes and this is the reason why it should be a software that is added to your smartphone instead of being another hardware device in addition to your smartphone. Besides i don't think Intuit is Apple, they make only software and no hardware. The most i think hardware would be required, is maybe a small security chip or wifi, or RFID chip that can be inserted anywhere inside the casing of the smartphone.
The idea of waving your cellphone like a wand in front of a product to buy does sound very inviting though. I mentioned gestures as a way of password protection and payment authorization just the way each person has unique signatures, maybe they can do the same signature in the air with their cell in hand or maybe they can create some creative gestures if they want. Also i remember a scene from Minority Report where Tom Cruise enters the store and is greeted by the store virtual salesman on the big screen by the name of some Japanese person because he has implanted that person's device inside him or something, but how cool would it be to enter a store and be greeted with your personal name and guided on to your preferred section, because your Intuit smartphone could send your in-store greeting to the store computer as soon as you enter.
Author: QUESTIONS - - 2010-12-18 7:35pm
Finish the sentence above to spark a discussion around the benefits of the conventional wallet over the digital wallet
your electronic device can be flashed with backup back to normalcy much easier than wet soiled bank notes
if the DigiWallet is down, then there would be no transactions done through it till it is repaired, thus nothing will be missing between the crash and the reload.
yes, people are divided today among those who refer to the newspaper versus those who primarily read it online. Same way with the DigiWallet, those who prefer speed, up to date results, etc. will go for the DigiWallet, others will use it sparingly and continue their real wallet too. There will be different degrees of dependance on one form or other. I am guessing that no one will not use the DigiWallet at least a little, but many will completely stop using the physical wallet completely. The upsides are many the downsides are nostalgic and habit related.
there are more downsides in the physical books, paper money, cheques than there are in e-books, e-paper, e-money, e-cheques. We should instead look at the upsides which clearly overshadow the downsides. Getting the feel of paper is just an added requirement some may have. Most will be happy that their tablet has the entire US Library stored in it which they can ready anywhere, anytime.
yes it's true, Caveat Emptor will apply, with added speed, there will be some cases of overspending too with those who don't act prudently and use circuit breakers in their spending. But it all depends on a person, you can as easily withdraw a huge amount of cash, or use your credit card to do the same. The process of limiting your credit card is not that easy as compred to teh DigiWallet which is interactive.
in that case, still, your e-money will be in safer hands and so will you, mugger attacks will reduce, bank robberies will cease. As for hackers, well i'm sure Intuit will employ plenty of ethical-hackers and counter-hackers to hack the hackers :) The disadvantage of location will be removed. On one hand police needs to reach the place of attack and on the other hand the ethical-hackers will always be within striking distance of hackers.
Im sure the tech Intuit will launch or inevitably develop will include biometrics, they are much harder to fake (almost impossible if you are required to swipe your finger on the store machine as well as on your device). It is not just about passwords anymore, the dependence on passwords is important today because buyers and sellers are in different locations, connected electronically, and so faking identity is easy. While in the case of stealing a DigiWallet, or even just its Data, you will still need to produce the person in order to transact in many cases.
The device would be useless without biometrics. Like a gun that fires only by the owner. There would be some people at the store of course, at least a guard. And i don't think muggers will go through so much trouble to steal some food at an all night 1 guard WalMart. Places like jewellery stores, yes there will be people. It is the same as credit cards as far as cancellation goes. The phone will get locked if it is one of the new special phones, but people carry their phones around even today and they get mugged for cash while phones are left behind because phones can be traced. Im sure the system intuit will employ will be one where your vitual cash also has currency numbers, that way its movement will be tracked, not just for security but for better economic knowledge about the commerce industry as well.
The device would be useless without biometrics. Like a gun that fires only by the owner. There would be some people at the store of course, at least a guard. And i don't think muggers will go through so much trouble to steal some food at an all night 1 guard WalMart. Places like jewellery stores, yes there will be people. It is the same as credit cards as far as cancellation goes. The phone will get locked if it is one of the new special phones, but people carry their phones around even today and they get mugged for cash while phones are left behind because phones can be traced. Im sure the system intuit will employ will be one where your vitual cash also has currency numbers, that way its movement will be tracked, not just for security but for better economic knowledge about the commerce industry as well.
Al, you would carry significantly less amount of cash in your real wallet, maybe you won't carry a wallet at all and just store a few notes in your pocket just in case.
I would prefer to use a conventional wallet over a digital wallet because ________I am a n00b, overtly cynical of digital theft and i am afraid of technology (not my response, just filling in the blanks with an appropriate response of someone who would rather use a conventional wallet in places that allow for digital payments)
since i am getting the error "cannot post any more replies to that comment" i am posting my praise of Patricks mugger-proof scenario comment posted way above, over here
excellent argument Patrick. Objection overruled in favour of e-money. The mugger can get away with cash robbery, but not with e-money. they cant just stash it away in anonymity, it will always leave a trail. Thumbs up to above answer.
excellent argument Patrick. Objection overruled in favour of e-money. The mugger can get away with cash robbery, but not with e-money. they cant just stash it away in anonymity, it will always leave a trail. Thumbs up to above answer.
Peter, if receiving payments is made as simple as making payments on Intuit then i think merchants would not hesitate for even 1 second. The grocery stores and gas stations in USA would certainly jump to the first in queue to this technology, they suffer too many shoot outs and would love to reduce the amount of cash in their register as much as possible and increase the amount of cash transferred directly to the bank as much as possible.
solar charge, emergency battery, low-power barely survivable mode, - but all these will be technologies that smartphones themselves will add, and Intuit need not bother about them. If your cell fails you can always use the shopkeepers cell and use the more-encrrypted password entry system and Intuit will ensure that the one time log in from the vendors cell will get password-changed after a duration of let's say 24 hours.
Author: ACTIVITIES - - 2010-12-18 7:38pm
Post a video, series of picturse, or even a storyboard sketch of a day in the life of your current conventional wallet. Extra points for creativity (and maybe we'll send you a sticker in the mail!)
Honestly it just lies in the drawer all the time unless i go out of town then i take it with me. For day to day stuff i just take out my debit card go to the nearby ATM and take out a little cash for whatever i need to buy. Then the debit card goes back into the wallet. I just have a big fat wallet (filled with bits of paper, not money) and thus i don't like to carry it around. Only when i need to use the IDs inside it or go out of town then the wallet is useful. Otherwise the ATM has long ago reduced the importance of the wallet, and now Digital Wallets will make cash as well as plastic money cards completely obsolete
This is a picture from the net but it very closely resembles my wallet (in black and without so much money)
" This is also a great GREEN initiative and cost savings for merchants to cut back on ink and paper. " [Peter Waters]
Heyy i just learnt how to use the "RESPOND" command, simply select the text you want to reply to and the RESPOND button pops up :) Yep there will be a great importance for going green. But people will do it more for the convenience of not having to worry and arrange bits of paper every now and then.
Heyy i just learnt how to use the "RESPOND" command, simply select the text you want to reply to and the RESPOND button pops up :) Yep there will be a great importance for going green. But people will do it more for the convenience of not having to worry and arrange bits of paper every now and then.
Author: ACTIVITIES - - 2010-12-18 7:48pm
Use videos, storyboards, and sketches to describe the way a digital wallet will help you pay for things, prove your identity, and do whatever other magical things you want it to. Don't let reality be a barrier to your imagination, just have at it!
Hello Lyndsay, iPhone has an attachment which can swipe credit and debit cards. But i think the cards themselves will become obsolete and so there would be no need to swipe. The cards will come on the screen and how it is swiped depends upon Intuit. They can use it like a real card and optically swipe it over a reader, use RFID (radio frequency identification which is stuck on items at clothing stores), use wifi, bluetooth, fingerprint swipe, passwords, so much is possible. But cards will definitely cease, why use an older form of virtual money when you have a new one. In case you don't even want to carry your phone i think your fingerprint will suffice too if they develop this Tech, provided you authorise Intuit confirming purchases with just your fingerprints alone, but then you won't be able to use the info displays and other functionalities, still it would be cool, the ability to purcahse and pay using just fingerprint
A smartphone itself will become a large part of a persons daily life so i will not get into its benefits upon waking up etc. I will start off from breakfast time. So we are out of milk, bread and butter. No problem, touch touch touch tap. All paid, items delivered by neighbourhood store in 4 minutes. Whether you take a cab, bus or train or even your own car, you need not carry cash to run it. Cab and bus fares will be paid, train monthly pass will be stored on the phone and will allow you to pass the entry gate, your gas and petrol station will accept payment from your phone too. You reach office and you need not use the key or take out any sort of card. Your phone can scan your fingerprint too to ensure that no imposter is using your phone to gain entry. You need to apply for a new bank account? No problem, just lean in your chair as all support documents get sent through your phone, your picture is taken, your fingerprint scanned, your digital signature sent, your contact details
...details sent and voila, you receive your new banking account number and you don't even have to worry about remembering a pin number or password. Since people will hardly be carrying cash, neither shoppers nor storekeepers, thus the street thugs will become desparate, they will need to then rob ATM visitors, thus many ATMs will go mobile (of course standard ATMs will also remain), but you can simply call for money using your phone and digi wallet and an ATM guy with armed guards will visit you as your are on his route within 5 minutes. At the cinema, at the restaurant, you will walk in and out as if you own the place as you will pay through your phone and even tip the waiter electronically and give a quality score feedback too. Cash will become obsolete, and it will not make sense for anyone to suffer delays in payment when they have cash in the bank. If you have it and are willing to buy and spend, you simply will be able to without any hassel.
I like the way you succinctly mentioned all the good benefits of the ideal DigiWallet Jonathan. I especially like the point that the device could be worn like a watch, a bracelet, a ring, a necklace, maybe even goggles.
Colin i think that most probably, the DigiWallet won't be a separate device, as Intuit is not into hardware manufacture. It would be an app that is usually installed on cell phones but one that can also be installed on other handhelds. The most i think it would require hardware would probably a SIM card like attachment, or a small secure RFID strip stuck inside the casing of the phone.
Al i like the suggestion you made that the DigiWallet app be not linked to the bank account but instead come as a postpaid bill like the ISP bill, phone bill etc. Also it could be a prepaid top up card. Maybe amusement parks would especially install this app as it removes the need to print different tickets etc. You can buy a 300 dollar Intuit Top Up Card and that money shows in your app, then you can spend money for buying tickets for whatever rides you want one by one.
Peter the idea about end of month spending projection is great. A lot of people (including me, especially in the student days) work the budget month to month, and need to ration the spending, if the app intelligently calculates the spending patterns and cautions me if i am spending way too much too soon that would be great instead of constantly calculating it manually.
My ideal DigiWallet would also track my cash expenses. Either it will feature a full fledged text recognition engine or like a QR code an industry standardisation code could be printed on all bills. Then the cell phone will simply scan that bill and get it in digital format (if the cash outlet is connected to the Intuit billing network) or the code will simply tell my cellphone the details of the bill and the device will add the details in the respective fields, so as to keep my expenses account completely updated and without any "cash-holes". If it is a truly Mom&Pop operation that hands out handwritten bills, then i will need to scan the bill and save the image, and manually enter the amount and particulars.
Is there any way to upload .swf flash animations here directly? I made a flash animation for 12 hours in the life of my ideal DigiWallet, please open the link below, but i would have liked if i could have posted it to display like a YT video, when i use the video upload option and choose the flash file it hides the publish button
Author: QUESTIONS - - 2010-12-18 7:55pm
We all know holiday shopping is a trying (and sometimes borderline traumatic) experience. Think back to how and where you purchased all your gifts this year, and how a digital wallet might have improved ANY part of that experience
So basically a digital wallet is named so, because it is like a wallet (i.e. something you carry with you always), but digital. It maybe currently considered to be only extending to Smartphones, but basically any electronic hand held (whether iPod old, iPod touch, PSP, MP3 Players, tablets, netbooks, etc) can all be used as digital wallets and be used to pay and collect money. But for the sake of convenience and easy picturisation let us consider to be using a smartphone as our digital wallet. Apart from paying it will allow me to see my bank balance and ensure that i do not overspend, a credit or debit card doesnt not show the balance. It will even let me search the product i want and show me places where i will get them at the best price. It will list all offers available in my vicinity, in online stores and for products of my interest. It will manage warranties and guarantee certificates very easily. I won't have to stand in line to pay anymore as i can pick up the product from
...as i can simply pick up the product from the shelf, scan its barcode on my own smartphone scanner and pay for it instantly with a touch. Then the check out counter will simply quickly run through the items and ask me to pay only if i forgot to pay something earlier. Since cash will slowly become lesser used there will be fewer cash counters and fewer queues, it will be more like an airport scanner where your supermarket shopping cart of 100 items gets invoiced in 5 seconds. If you have already paid for an item yourself, then you can self service and use a self service store barcode which will print out a bill for you to exit the store without any hassel. Once people start using this big time, the fear of internet shopping will decrease, and people will hardly go to the store to buy standard items like an iPod or PSP which they are sure in details about model number, size, colour, so they will simply pay for it through their smartphone and have it delivered.
yes the number one embarrassment associated with credit cards will be extinct - i.e. having funds yet getting declined due to weird and inexplicable reasons
Javid, apples and bananas would need to be packed in packages containing many units, any attempt to peel off the RFID sticker will result in beeping and the security guard will reach at the spot. Even CCT cameras could be programmed to focus on the areas from where the RFID signal is coming. Cashiers will be there but a fraction of the present amount, 2 instead of 10, 5 instead of 20, etc. As there will be people who want to pay with cash or other means. Loyalty cards at supermarkets will become very convenient with the DigiWallet. If a person only wants one item, it would be so convenient if he pick it up, scan it, pay and then get out. While they are exiting they will pass through the RFID detector field which will confirm that the product has been paid for and they can take out and return the sticker (for which they will get 50 cents back in their account). And a printer will give them a receipt like an ATM receipt.
Yes, and we should look it as a liberating tech, instead of working at monotonous and dull jobs they should be looking at more intelligent careers. If all the dull jobs of the world got mechanised then the general well being of the populace will improve. If the jobs are mechanical, machines must do them.
Yes Grace, by having digital bills and receipts, you will be transferring them to the person you gift, so they can easily return the gift and get another one. Otherwise they would have to ask you for the physical bill which would be embarassing
Hello Lyndsay, i had posted another idea in the Google project. That could be very applicable here. The DigiWallet cell/tab/iPod will probably have a camera at the back and it will be able to scan the barcode and tell me my purchase history of the product and if its prices have gone up, but more than that it will help me by giving me all info about competitive products, display their ads, offers etc. A Layar app in the device will also help me around the aisles and help me locate the product i want by way of an instore GPS map (seriously some really big stores can be daunting to navigate). Thus you won't even need to ask the shop assistants, basically no counter, no assitants, there can be unmanned supermarkets that are open 24/7. There would be rfid stickers on each product that you cannot detach without sounding an alarm, unless you pay for them first. This way you can know your shopping bill while you shop and prevent you from loading extra items in your cart
Hello Grace, yep old people and many young ones too are too allergic to digital, so for them an absolutely basic version of the software will be created where the seller will simply ask them to point to what they want to buy and then use their DigiWallet to scan their fingerprint. That's it done.
absolutely Joshua, the holiday season should be spent in quality family time (sifting through raving shoppers in a packed mall certainly doesn't qualify as quality time). Maybe like FM broadcast traffic alerts, you can enter the item you want to pick up and pay for it too while you are on the way if you see that it is one of the last ones in stock, then go pick it up. Basically you reserve the item for yourself and no one reserves an item during holiday season for you unless you pay for it. Restaurant reservations too will be done only if you prepay a certain amount during peak hours. Why keep other guests waiting for some guests who have made a reservation and are late, unless they have paid for it. Also like traffic alerts, the device will guide you to the most pleasant outlet which has the least crowd and the item that you are looking for.
Grace, actually we are all deviating from the core functionality of the Intuit Software - which is the make payment easier. Other than paying at counters, smartphones can do everything to be like a wallet. ---Cut restaurant lines, buy the cheapest item possible, avoid traffic...---- all can be done by a smartphone. I can make online banking transfers and use online e-comm sites on a smartphone, what will intuit offer that adds to this? I am thinking it will store virtual currency notes just like a wallet does. They will come with legal numbers like a currency note. I can transfer 200 dollars to my friend sitting next to me in a pub if he wins a bet, right then and there, without any accounts or online banking, without any internet too. Our phones connect through bluetooth or wifi and the Intuit software on both phones makes the transaction. This new transaction gets added to my bank account whenever i get the internet bank.
Yes Colin businesses find it better if the money gets to their bank account immediately instead of just an account entry made at the cashier terminal while the cash still lies out of reach, prone to employee stealing and mugger attacks. The process is faster. I get discounts when i buy movie or bus tickets through my mobile, companies give a small discount if you opt for an e-bill instead of a regular mailed envelop at the end of the month.
Andrea, it is a trend that is catching up. Instead of everyone giving a small gift each, people pool up money to buy a big and very useful gift instead. It is much more prudent. Newly weds get vacations, furniture, etc rather than small items. Intuit can make pooling money together very simple. It can then also help people poll on the best gift idea.
Yeah Andrea, i agree paying (Dutch Bill Payment) bills as a group will certainly get easier, people can pay together sitting on a table without having to worry about who ate what and how much each individual's bill is, everyone will automatically get their separate bills which will then be combined as 1 bill and paid to the restaurant with room for adding tips (even credit and debit cards have a space on the slip you sign on for giving tips). Or they can all simply choose to pay a flat equal amount each. If someone doesn't have money in the bank yet (end of the month impending salary blues), the someone else can lend them the money and it will show on each of their accounts and the money will automatically be sent back as soon as the broke person gets his salary, no one will ever forget or need to ask for return of borrowed money
People are now shopping during commute to save time
Author: MISSIONS - - 2010-12-18 8:03pm
From grabbing your transportation and providing health insurance details, to proving you're over 21 when you order wine at dinner, you pull your wallet out for more than just buying stuff.
You might be surprised at all you do with it, now what would it take to go completely digital?
(and don't let 1 day stop you if you're feeling ambitious!)
You might be surprised at all you do with it, now what would it take to go completely digital?
(and don't let 1 day stop you if you're feeling ambitious!)
Well the digital wallet will never be able to store a condom for one thing :) So let's say all the uses for a waller in a day - its the first thing you ensure you are carrying on you when you leave the house, even before you check if you have your mobile. In it you ensure that you are carrying enough cash and the plastic card is there too. Also you check if your drivers license is there. Many people keep their office RFID entry cards in their wallets and they just bring their wallet in close proximity of the door lock rather than pull out the card. Then the wallet is used many times to proove to your friends that you have a reason for not buying them lunch or throwing them a party (you show them look it's empty). Important bits of paper, visiting cards, business cards and other id is stored in the wallet. At lunch it is about who flips out their wallet first and pays the lunch bill (at least it is made to appear this way). Your wallet carries the picture of your Mamma, or Wife or Kid
Hahaha peter, sure any electronic device can display pr0n but a DigiWallet will take pr0n to a whole new level of paid content. Anyway more on this on another thread if this topic catches fire. Even if a DigiWallet cannot store a condom it can certainly show you the nearest vending machine and help you buy at the pharmacist without even saying what you need (great for the shy people and first timers).
...while some others might carry pictures of their dream, dream holiday destination, dream car, etc. Some might even carry pics of hot chicks. People store passport pics, stamps and use the wallet to keep safe little things like SD Memory Cards and SIM Cards if they are taken out from the cellphone. There are at least 7-8 different kinds of plastic cards (debit card, employee card or gate pass, voter card, driving license, tax Pan card, some club membership card, apart from lots of visitng cards) There are many different useless as well as useful bits of paper. Bills, phone numbers, details, to do lists etc. Coins are there is a small pouch opening. Now basically the Digi Wallet can hold everything listed above except condoms if lets say it was an app on your mobile. It can then point you to the nearest condom vending machine or pharmacy and even let you buy one without you having cash.
Mostly i think people will start using inspirational videos, whichthey can do that on their cells even today. But yeah!! self-coaches will have a field day with custom inspirational videos and telecalling, psychiatrists, psychologists, trainers will charge based on the call duration of teh video call and get paid instantly. And if you are just asking him a quick problem that takes only 2 minutes then you need to make an appointment and spend 100s of dollars, a 2 minute consultation will cost only 20$, same goes for doctors, lawyers, business consultants, etc. This industry could be revolutionaised with Instant Speak&Pay. Inspirational stuff can be written and stored in cell phones even today, this new Intuit tech will help people pay faster and better and get services faster and more efficiently. It will in itself, reduce a lot of unnecessary stress.
Yes Matt, i think this is one of the very suitable uses for a DigiWallet powered Phone. Since you can immediately pay, you need not be physically present. Also Virgin Mobile in India had started a scheme where you would get paid for incoming calls from other Virgin Cells (a promotion scheme to get more people to pick Virgin cell service) But i think this can also be nicely carried to a DigiWallet Powered Phone. You can charge someone if they call you, and so it would be like a collect call, if someone really wants to speak to you and is ready to pay for it (maybe you give good love advice, maybe you give instant ideas (like meee ;))) and so when they call they will get a voice on the other end "the person you called will charge $5 a minute for this call, do you accept? This can become the next big link on YouTube and Internet Forums. People deperately look for solutions to solving bugs on their computers, they search online and desperately message the person who seems like they can help
Yes lyndsay, i think the software will primarily work on the cellphones as they have net connectivity for sure, even if they don't have 3G, and even if they don't have WiFi, and even if they don't have GPRS, and even if they don't have WAP, they can still act as DigiWallets provided they have cell connectivity at least. The Intuit DigiWallet software will be able to run on most devices that can install apps (cell phones, tablets, netbooks, iPods, PSPs, etc) And Intuit will obviously build for all platforms (Apple Apps Store, Bada, Android, Windows Mobile, Blackberry, and others)
And the best part of the DigiWallet will be that you will never lose bits of paper that you jam in your wallet. Whether they are important or not, whether you get digital copies or not, you can always scan and store them for eternity and throw away the physical copies. Enormous paper savings will result, i guess entire forests will be saved using this tech. Everytime i look at strewn around train tickets i think that this is a bigger wastage of paper than unnecessary printouts.
Author: QUESTIONS - - 2010-12-18 8:04pm
All this talk about "digital wallet" and we haven't even told you what we mean!
Well, let's just say we don't want to sully your brilliance. So tell us what it means to you!
Author: Colin Cronin - 2010-12-23 9:46pm
Imagine travelling to a developing country or simply to rural Montana. In a place with "limited or no connectivity," how would one be able to use a digital wallet?
A digital wallet could have an LCD screen on it which would allow it to display information stored in the wallet's memory as opposed to on a network. The wallet could also work well if it could connect to satellite-based networks such as the GPS. Imagine using your wallet to find your way through the middle of nowhere.
If you were able to "store" a certain amount of money in the wallet itself rather than on a network, that could come in handy in a pinch if the network connection fails, or if you end up stranded on a road trip and need to buy parts/gas/etc. for your car at a place that is a little behind on the times.
Other thoughts?
A digital wallet could have an LCD screen on it which would allow it to display information stored in the wallet's memory as opposed to on a network. The wallet could also work well if it could connect to satellite-based networks such as the GPS. Imagine using your wallet to find your way through the middle of nowhere.
If you were able to "store" a certain amount of money in the wallet itself rather than on a network, that could come in handy in a pinch if the network connection fails, or if you end up stranded on a road trip and need to buy parts/gas/etc. for your car at a place that is a little behind on the times.
Other thoughts?
Author: QUESTIONS - - 2010-12-28 3:04pm
The perception of technology is that it leaves us vulnerable, but does it? Let's suspend this notion for a moment and explore the ways in which technology, and most specifically your smartphone, could provide ADDED security to the contents and services of your digital wallet.
Author: QUESTIONS - - 2010-12-28 3:06pm
Pictures, videos, and experience maps are best for this question, but we want to know how your shopping experience would change with the presence of the digital wallet
Author: QUESTIONS - - 2010-12-28 3:37pm
It could be for any number of reasons, just tell us the first thing that pops into your head.
Cheers!
Author: QUESTIONS - - 2010-12-28 3:40pm
Security is a big one, but dig deeper than that. Walk yourself through the experience of using a digital wallet. Does anything make you uncomfortable? What would be the biggest concerns for you and how could they be assuaged?
Author: MISSIONS - - 2010-12-28 3:43pm
Share a story, picture, or video of an extreme case of someone using a smartphone for a transaction:
Define "extreme" however you want. We're looking for rich examples of early adoption!
Copy Pasted Ideas on Notepad for Safety against NL bugs
Print Ad Coupon Ads. Print ads can use QR code to give promotional coupons to consumers, this will also aid in tracking how effective promotional buying through promotional ads has been as compared to brand building ads. There is a very strong debate in the advertising world on the use of quick-fix promotion schemes vs. slow and steady brand building advertising. I guess with digital coupons collected through advertising, the debate will finally be put to rest.
No more cut marks, and "cut this coupon to get 10% off"
roadside food stalls, beggars and homeless, corrupt civil servants
(bribes), cobblers and other small service providers
Hello Lyndsay, i had posted another idea in the Google project. That
could be very applicable here. The DigiWallet cell/tab/iPod will
probably have a camera at the back and it will be able to scan the
barcode and tell me my purchase history of the product and if its
prices have gone up, but more than that it will help me by giving me
all info about competitive products, display their ads, offers etc. A
Layar app in the device will also help me around the aisles and help
me locate the product i want by way of an instore GPS map
(seriously some really big stores can be daunting to navigate). Thus
you won't even need to ask the shop assistants, basically no
counter, no assitants, there can be unmanned supermarkets that
are open 24/7. There would be rfid stickers on each product that
you cannot detach without sounding an alarm, unless you pay for
them first. This way you can know your shopping bill while you shop
and prevent you from loading extra items in your cart
real time bill display, in store GPS, layar app, barcode scanner, info
display, ad display
Mostly i think people will start using inspirational videos, whichthey
can do that on their cells even today. But yeah!! self-coaches will
have a field day with custom inspirational videos and telecalling,
psychiatrists, psychologists, trainers will charge based on the call
duration of teh video call and get paid instantly. And if you are just
asking him a quick problem that takes only 2 minutes then you need
to make an appointment and spend 100s of dollars, a 2 minute
consultation will cost only 20$, same goes for doctors, lawyers,
business consultants, etc. This industry could be revolutionaised
with Instant Speak&Pay. Inspirational stuff can be written and
stored in cell phones even today, this new Intuit tech will help people
pay faster and better and get services faster and more efficiently. It
will in itself, reduce a lot of unnecessary stress.
doctors, lawyers, psychiatrists, psychologists, quick consult, pay as
you speak
http://mashable.com/2010/12/23/tech-advertising-innovations/
Al i like the suggestion you made that the DigiWallet app be not
linked to the bank account but instead come as a postpaid bill like
the ISP bill, phone bill etc. Also it could be a prepaid top up card.
Maybe amusement parks would especially install this app as it
removes the need to print different tickets etc. You can buy a 300
dollar Intuit Top Up Card and that money shows in your app, then
you can spend money for buying tickets for whatever rides you
want one by one.
Peter the idea about end of month spending projection is great. A
lot of people (including me, especially in the student days) work the
budget month to month, and need to ration the spending, if the app
intelligently calculates the spending patterns and cautions me if i am
spending way too much too soon that would be great instead of
constantly calculating it manually.
DigiWallet will redefine Cash On Delivery. If you wanted to buy an
item online and two sites gave you the same price, you would go
with the one which offers Cash On Delivery. Why pay until you get
the item in your hands. The DigiWallet id will be entered when you
click on the item for purchase online. Your account won't be
charged but this will immensely add to your credibility for the seller.
For now he is sure that you are a verified buyer with a DigiWallet
account whose details match up with your Shipping Address. When
the courier delivery person comes, he will wait until you tap a few
buttons on your cell, instantly he will get an SMS saying that
payment has been received and he will hand you your product.
since i am getting the error "cannot post any more replies to that
comment" i am posting my praise of Patricks mugger-proof
scenario comment posted way above, over here
excellent argument Patrick. Objection overruled in favour of
e-money. The mugger can get away with cash robbery, but not with
e-money. they cant just stash it away in anonymity, it will always
leave a trail. Thumbs up to above answer.
Colin, i just saw Wall-E the other day and in it there was a scene of
one of the fat people of the future who looks at a real book for the
first time and goes wooooow. If you've seen wall-e then you will
know what i am talking about, basically in the future robotic scene,
everything will be done by robots and people will move on hovering
chairs with their face constantly pointed at a screen, they will be
using the screen to chat with to another person seated right next to
them, this is what the animated movie shows which is hilarious and
quite scary too, as we are almost getting more and more virtual
everyday. I mentioned this because you mentioned e-books. what i
wonder is how much tech is optimum, will we go overboard? How
much is decent? If everything gets done by buttons and voice
commands, will people care to move at all? In the next post i want
to write a bit about the irony of the Matrix trilogy.
In the Matrix movies and the animated movie "Animatrix" the entire
story of how humans first did chores, then they invented robots to
do the chores, thus humans became more and more
machine-dependant, virtual and artificial, then the AI got more
advanced and became more real, then the AI turned the tables, then
the machines became more and more human with human emotions,
then the machines depended on humans, etc is quite interesting.
Like Wall-E, which is comic, the Matrix also gives many hints to the
human dependance on machines, on how it is wonderful in the
beginning but then the grass on the other side of less-machines and
less-automation becomes greener and greener. Maybe 200 years
from now, people will love to stroll to the bank (as a picnic) and as a
break from their usual Digital lifestyle.
I definitely think that to be more like an actual wallet, the DigiWallet
should be able to function without a net connection. Just like you
have your bank balance/atm balance and choose to "withdraw" a
certain amount of money and store it in your wallet, you could do
the same and store "withdrawn" virtual currency complete with
currency numbers and note design as files in your device. This will
come in handy when no net is there. Even when net is there you
can simply choose to pay from this "current account" kinda
electronic money or "in wallet" cash as opposed to "in banl" cash.
This transaction will process significantly faster as there will be no
need for confirmation from the bank, or the need to enter extra
passwords.
in wallet cash, in bank cash
yep i dont think cash will ever disappear completely. There are ATMs
available but many people still prefer to go to the withdrawals
counter of the Bank and take their money, they are just used to it
and don't want to change. Not everyone will have a mobile in the
future, and all those who have might not be using Intuit or other
Intuit like DigiWallets. I have a funny scene to add though, in the
shady dance bars of India (like strip joints without any strippers at
all) the drunken men (as shown in movies) hold a bundle of notes in
the left hand and do a rapid flicking motion, flicking one note in the
air at a time using the index finger of their right hand, i was just
picturing a guy doing the same motion with an Intuit powered touch
screen smartphone and i chuckled, it MIGHT happen actually
cash will exist
Yes Matt, i think this is one of the very suitable uses for a DigiWallet
powered Phone. Since you can immediately pay, you need not be
physically present. Also Virgin Mobile in India had started a scheme
where you would get paid for incoming calls from other Virgin Cells
(a promotion scheme to get more people to pick Virgin cell service)
But i think this can also be nicely carried to a DigiWallet Powered
Phone. You can charge someone if they call you, and so it would be
like a collect call, if someone really wants to speak to you and is
ready to pay for it (maybe you give good love advice, maybe you
give instant ideas (like meee ;))) and so when they call they will get a
voice on the other end "the person you called will charge $5 a
minute for this call, do you accept? This can become the next big
link on YouTube and Internet Forums. People deperately look for
solutions to solving bugs on their computers, they search online
and desperately message the person who seems like they can help
collect calls
so instead of putting their business links and website addresses
such Techy Guys and Online Sellers will start listing their Intuit ID
(maybe a special VoIP phone number like Skype) and the people
who call them will be seeking solutions for all types of problems and
because they will be desperate to get a quick answer they wont
mind paying a little money for the quick call and solution.
this is supposed to be posted to a reply way above but due to
cannot comment bug im posting it here
if the software enables a smartphone to make payments im sure it
will also enable it to receive payments, so i most probably don't think
any special investment will be required except a high powered smart
phone capable of running Intuit's software and a 3G internet
connection
Yes Al, as many as 25% of transactions are abandoned because
customers get frustrated by all the different "steps" and the time
lag, it should be as simple as pushing a button and then forgetting
about it, the transaction code, success message, shipping address,
confirmation etc can all happen using the stored info on the
smartphone/software, no need to ask the same info again and
again. But unfortunately such an ideal system somehow doesn't
seem to be successful. There is OpenID, a single log in username
for all sites but not all sites employ it. I hate typing in my user name
and password again and again, even though browsers allow for
saving form info, there are so many diff types of forms that one
has to go through all the fields anyway
form filling, open id, single id
Intuit powered RFID/Wireless technology can not only help in
transactions but also help in using the confirmed identity as a
logging in password/user id for websites. WHen you sit on the
comp and open www.gmail.com instead of entering user id and
pass, you can click the Intuit Log In option then simply place your
thumb on the Smartphone screen for fingerprint id and/or voice
recognition. The computer can have a wifi radio which would help
but even this can be worked around if both devices are net
connected. When you click the Intuit Log In icon, it will send a
message to Intuit Server that "Adam's Home PC wants to Log Into
Gmail", Intuit will instantly forward that message to Adam's Intuit
Smartphone and if he places his thumb on the screen and/or uses
the voice recognition command the smartphone will send message
"verified" back to the Server which will forward the confirmation to
Google, thus logging onto the website with minimum fuss.
intuit powered website logging in
Glenn you can do periodic backups of your smartphone on the
computer, so if you lose it you don't lose your data. If you want to
switch off the cell and not be "on call" always you can always use
the "offline mode" feature in cell phones. Of course if you want to
go without any device at all, then if fingerprint payment tech existed,
then i guess there would be no need for Intuit at all, if you could go
to the ATM, WallMart and the Movies and simply use your thumb for
paying then that would be the best, i do wonder why such a tech
has not been tried. But in the case of Intuit, at least you won't have
to carry your wallet too, your cell could be everything - a computer,
a phone, a music player, video player, camera, wallet, and if you
have electronic locks on your house , then it could also be your
keys. I think though in the far future, Intuit will become obsolete too
to plain and simple biometrics that you are born with - fingerprints,
retina, voice, no need for gadgets or passwords
backup, obsolete intuit, future fingerprint
Happy New Year everyone! Im saying it now because everyone
must have received their monies for the Google Project. Andrea, i
think in future the ability to display smart thinking through the use
of wireless computing like the example you and i mentioned will
become the new "flaunting" style. In the past people have flaunted
their wealth, their beuaty, their gold and diamonds and their money.
Sure they will continue to do it but another kind of flaunting
"flaunting your smarts" will get added and im sure Intuit DigiWallet
and Other Smartphone apps will be part of it.
The day isn't far when we will be able to see holographic 3D beams
emanating from the top of our cell phones to create star-wars like
communication devices. Still this may be far. But what is surprisingly
near is Projector Phones. Samsung has pioneered DLP technology
to project large screen images through Cell Phones. This will change
the way we see smart phones and offer a whole lot more features
and Apps for Intuit to put in their Intuit Suite
holographic 3D, projector
internet through cell phone primarily
This idea that i want to outline might require multiple posts.
Today smartphones are so powerful. Already the 3G internet
connections on smartphone are faster and more expensive that the
broadband net connections at home and office. It irks me that we
need to pay for so many different internet connections when we
can use only one at a time in person. And we always carry our
smartphone with us in person. So why not make our internet
connection travel with us in person everywhere we go. Why not use
only out smartphone's connection for all out devices - our laptop,
our computer, our internet radio, our Google TV, everything!
Instead of paying small amounts for mediocre net speed
connections why not pay a big amount for 1 monster 3G net
connection on our cell which we can share on all our devices as and
when we please. Also we could have the ability to do a sort of "pay
per view" of internet speeds, we could order 20 MBPS for 30
minutes when we just want to download something immediately
so basically we could choose our internet speed and change it
frequently to suit our usage. If we are at the office and only want to
use email then we choose the lowest and cheapest net. If we reach
home and want to order a movie from Netflix (or download it ;) hint
hint) then we use the fastest available 20mbps connection for
getting hte movie in 10 minutes. Basically our phone becomes our
single use-at a time internet router. I believe it will be power
consuming so there would be a dock required placed at various
places - work desk, living room desk, bedroom side table, etc where
the phone continuously gets charges and never runs out. With
Intuit people will be able to use pay per view content more as they
have their payment system ready, TV channels will be happier with
this way of spreading an Internet TV than the Google TV way. So
much can be done with the Smartphone as the internet router.
People will see the smartphone as their magic universal remote to
life, one that controls
The idea of waving your cellphone like a wand in front of a product
to buy does sound very inviting though. I mentioned gestures as a
way of password protection and payment authorization just the way
each person has unique signatures, maybe they can do the same
signature in the air with their cell in hand or maybe they can create
some creative gestures if they want. Also i remember a scene from
Minority Report where Tom Cruise enters the store and is greeted
by the store virtual salesman on the big screen by the name of
some Japanese person because he has implanted that person's
device inside him or something, but how cool would it be to enter a
store and be greeted with your personal name and guided on to
your preferred section, because your Intuit smartphone could send
your in-store greeting to the store computer as soon as you enter.
in store computer, grestures, digital air signature, creative gestures
Yes Grace there could be pros as well as cons for this. People might
spend without realising how much they are giving away. But also on
the bright side, people will always be assured that they have money
lying in the bank and they can use it anytime without worry of how
much is there in their wallet or purse or if they are carrying their
card. A lot of transactions will happen through ECS (auto debit) like
paying your utlity bills, paying back borrowed money from friends (i
mentioned this in another post) etc. On the bright side people would
be less lured by the vile lustful look of crisp banknotes. It will
become very difficult to bribe people and the anti-social black
economy will take a big hit. Money will always be traceable. The
movement of money right from the mint through 1 million
transactions will be traceable. A new breed of economists will tackle
this explosion of data and help formulate better policies for
everyone's good. I think the future is very bright with demat money.
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