Is m-commerce just an extension or a subset of e-commerce? Will it tum out to be just more hype? In this paper we discuss the realities of m-commerce and the major differences between mobile commerce and Internet-based e-commerce. Based on this understanding, we identify key factors that must be taken into consideration in order to design valuable m-commerce applications. We emphasize that the success of m commerce relies on the synergy of three driving forces: technology innovation, evolution of a new value chain, and active customer demand.