Cell phones have been integrated into our daily lives for a while now and with cell phones being used by 82% of U.S. households it isn't surprising that they are becoming wallets.
Blaze Mobile Wallet is a program and service which works with several cell phone companies to provide a connection to your credit and debit accounts, allowing you to track spending as well as pay for items using a small sticker on your phone.
The contactless payments are compatible with the PayPass payment systems, which have been popping up at stores nationwide. Blaze costs $5 per month and $20 to get a contactless payment sticker, but these costs may be well worth it if you can avoid even one overdraft fee by having your banking info on your cell phone.
The money management system built into the Blaze Wallet has some really cool features, which should make managing your money not only easy, but available wherever you are. The program allows you to hook your account into your bank and other accounts which allows you to check balances and transactions as well as transfer funds between accounts. Blaze also provides a way for parents to give their kids digital allowances straight to their cell phone for use at PayPass locations. Users of Blaze will also be able to make payments directly to other cell phones if the person is using Blaze, letting you pay a friend back for dinner at the really cool cash only restaurant you just hit up.
I am always excited to read about new mobile technology, especially something which helps me remove another item from my pockets. Unfortunately, I can't use Blaze Mobile Wallet on my phone, which is running Windows Mobile.
Any time new technology comes out to deal with money, security is always a question, and thankfully Blaze appears to have taken several steps to secure your information including SSL, no local storage of information and the ability to lock the wallet remotely. Unfortunately if it is using the same PayPass technology as the RFID enabled credit cards it may have similar vulnerabilities in making mobile payments. Besides all of that, I don't know that I want my financial information linked to a sticker!
Anyone out there used this service? How do you like it?
Now Manage your money via your cell phone