An electronic wallet that works!
You probably have never heard of Moneycell. It is the major product of Quebec DH International Ltd. It has developed a Near Field Chip (NFC) solution that has just finished a 6 month pilot project at Montreal’s École de technologie supérieure (ÉTS).
All the various businesses and other locations on or near the downtown campus of the Montreal engineering school were equipped with the necessary equipment to process transactions. Then Moneycell signed up around 400 students, about 7% of the student population for the trial. Each student put the Moneycell NFC on the back of their phone and installed the necesary app. Each spent an average of $51 per month and the average transaction was $5.98. For small transactions like that you want it to be simple.
I can do that with my credit card..you are thinking..and yes you can. The feature of Moneycell that makes it interesting is the smatphone app and PC software that allows you to track your transactions in real time. You can also collect and use coupons and do money transfers.
The company feels this trial proves that Moneycell works and is attractive to consumers..the uptake at ETS for example was almost double the normal average for a new product.
When can you get your hands on Moneycell..well, it will be a while. The company will first start commercialization of the product on University campuses.
At the same time Moneycell will be signing up retail partners with large numbers of locations in order to build a critical mass of places where people could use the system before a general launch. That could come in 2012.