Is your Wallet Obsolete in Japan?

Tokyo,

More than half of the cell phone users in Japan now have the ability to use their mobile phones as payment for everything from McDonalds to electronics stores. The phones work as a wireless credit card which electronically chareges your purchase. This new blend of technology and convenience opens so many new business opportunities. The credit phone already offers discounts and perks with many retailers, but the possibilities for cross-promotion with other organizations are endless.

Japan has always been a technological leader around the globe, and this new advancement is proof of the Japanese ingenuity. The strong consumer pull for the service is drawing top banks and creditors to gain the consumers "share of phone wallet." Mastercard is already in talks to become the mobile leader.

The only draw back to this service is the high cost of phones chips to adapt your current phone to a walelt phone. However, mobile companies are begining to install these chips automatically in cell phones,  which allows the phones to be competitively priced. This new technology opens doors for new and exciting products in the future from Japan. What is next for the Japanese?

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