by Heather Klein and John O’Malley, Giesecke & Devrient

Imagine a scenario where Joe Smith is leaving his house in the morning to head to work, grabbing his mobile phone as he heads out the door. Joe starts down the street, calling the office to check messages, and ducks into the local coffee shop. While still on his voice call, Joe pays for his morning java by waving his phone over the contactless point of service reader at the counter. The funds are deducted from the electronic purse stored on his (U)SIM card in his mobile phone. Moments later, Joe receives a text message indicating a low balance on his e-purse and reminding him to replenish his account. Joe searches the menu on his phone and, directly from his handset, checks the balance in his bank account and transfers funds to replenish his e-purse. He also quickly checks the train schedule and his stock portfolio from his handset’s menu.