Smartphone replaces wallet

The app "Tapit" enables contactless and cashless payments and thus replaces the wallet. "The smartphone is the central object in our lives," says Swisscom CEO, Urs Schaeppi, at the presentation of the new app "Tapit". Today, many people can no longer do without their smartphone. It has almost become a part of the human body. So it's not far-fetched that the mobile device will also mutate into a wallet, he continues.Mobile payment has been talked about for a long time, but until now there was a lack of compatible phones and participating partners. Not anymore - with "Tapit", derived from the English "keep it on", the time of mobile payment has arrived.Tapit is a joint development of the three mobile phone providers Swisscom, Sunrise and Orange. The app is free of charge and available immediately to Swisscom customers, with Sunrise and Orange to follow in the course of the year. The app basically relies on partnerships. These include Visa and MasterCard, UBS or Siemens, LEGIC and Coop.Quick and simpleThe principle is simple: credit cards can be saved on the app, and one can be selected as the default card. The next time a purchase is made, neither the smartphone nor the app needs to be switched on. All the customer has to do is hold his smartphone up to the reader - provided the amount is less than 40 francs. Over this amount, the customer has to enter his credit card pin.Safe"Security is ensured by the fact that this method works like two keys for one door," explains Britta Reinhardt Head of Mobile Services & Apps at Swisscom. One doesn't work without the other. Clever minds could hack the data, but it is of no use without the device. The data is on the SIM, but payment is made via NFC. If the cell phone is stolen, it's like losing your wallet: you call the credit card company and have the cards blocked.Not only a walletThe app also replaces the wallet in another way. The collaboration with Siemens and LEGIC makes it possible to replace the employee ID card. In the future, a badge will no longer be necessary to get through a door; holding out a smartphone will suffice. The smartphone will also replace the chip, card or cash at the coffee machine during breaks.Tapit's future plans also include collecting Superpoints at the Coop. Not only will people be able to pay at the checkout with their smartphone, but they will also automatically collect Superpoints without having to scan their Supercard in advance.And the iPhone users?The sticking point about the app is that Tapit only runs on Android devices for now, because the iPhone does not support NFC technology. Although about 43 percent of Swiss smartphone users own an iPhone. "iPhone users should also benefit, we are working on a solution," promises Urs Schaeppi.