Mobile Phone Technology
I recently read an interesting article in The Financial Review BOSS magazine (Vol 12 published in June 2011) about changing telephone technology.
Rachel Botsman discusses the future and the value of your mobile phone being an interactive device covering three key areas:
- Payments
- Banking
- Commerce
PayPal transactions via mobile have increased from 1% in 2010 to over 11% over the past year.
The NAB predict that with its current rate of mobile banking growth, by 2014 internet logins via mobile devices will exceed desktop logins which is being driven by ease, speed & choice.
The head of PayPal Australia claims your phone is more secure than your wallet – because of GPS tracking and the ability to lock the phone remotely (with the overriding comment that most smart phones offer this security but you need to activate it).Comments were made regarding a number of issues including:- Real time spending visualisation – ready access to your bank statement
- Wave & Pay – wave your phone across a store reader to make payment
- Bump Payments – e.g. one person pays the restaurant bill and the others reimburse via the bump of telephones
- Mobile phone credit billing
- Text payments
- Phones as credit card processors
- Remote cheque deposits
Open the attachment for the full article.
Peter Flemming
