Wallet phones are no longer an innovative new concept. A new mobile payment service called Beem has been launched in the UK, which will let the mobile phone users pay for goods and services without the need to carry cash in your wallets. Beem allows you to create an account that is linked to your mobile phone. You can transfer money into it from your regular bank account and then, make payments via text messages. You can also upload money back into your bank account. This service works very much like a PayPal account on your cellphone. The best part is that all the mobile phones could be Beem-powered and it doesn’t matter which network you are on or which bank you are with.
Unfortunately, the service is in use by a few pizza chains, taxi firms and university student unions. The idea is ingenious and it would be really interesting to see if Beem could cater to a larger audience.