Mobile banking seen as stage toward 'mobile account management'.

What's the next step after mobile banking? The answer is "mobile account management," according to Barry McCarthy president of Mobile Commerce Solutions at First Data Corp., Denver.

In a white paper, McCarthy argues the consumers ultimately will want an "electronic wallet" in which they manage their purchasing instruments and reward programs--in the same way that people today manage the cash, debit and credit cards they carry in their pocket wallets. And the electronic wallet of the future would be managed through a mobile telephone.

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First Data provides services in the areas of electronic commerce and payment.

McCarthy illustrates the way mobile account management would work by using an example of a couple, shopping at a home improvement store, who come across a marked-down new bathroom vanity. Even though they want the vanity, they realize that the expenditure doesn't have a place in their existing budget.

"They quickly open the electronic wallet application on their phone and gain access to a variety of accounts, including checking and savings accounts, credit card accounts, stored-value accounts, airline miles and other rewards accounts, their kids' school lunch accounts, and even a home equity line of credit account attached to a debit card.

"After checking balances, they decide the best way to pay for this bathroom set is to use a small balance they still have on an in-store gift card from last Christmas, redeem a few airline miles, then pay for the remainder out of their primary checking account."

Once they decide to make the purchase, they tap the phone at the register and enter a personal identification number (PIN) and the amounts are deducted from the designated accounts, explains McCarthy.

"Most of the technologies needed to support full mobile account management and a vibrant mobile commerce environment exist today," says McCarthy. "The greatest obstacles to putting a mobile commerce-enabled device in every consumer's pocket are the still-emerging business models between mobile commerce infrastructure providers. Partnerships, alliances and acquisitions happening right now will define the next generation of mobile commerce solutions."