Smart-phones are capable of doing most anything now thanks to the multitudes of applications available. So it stands to reason that subscribers are beginning to think they should get even more from their phones. Fidelity National Information Services Inc is among those that believe the capabilities of smart-phone applications are going to change the face of social and business norms in society.
Mobile banking is taking a foothold in the industry and gaining ground. This includes using your cell phone to make a purchase. It wasn’t long ago when the novel idea of banking online was greeted with enthusiasm and now that same attention is being layered onto mobile banking. It is only expected to grow as the years go by. People will opt for the convenience of mobile banking over the traditional methods of online, using credit cards and the outdated practice of writing checks.
Currently out of the 30,000 banks in the U.S. only about 1,000 offer mobile banking. So the room to grow is still there. Many feel that as technology progresses many banks will join the ranks of those that offer mobile banking to its customers.
Bank of America has decided to join the ranks of those offering mobile banking opportunities. The largest bank in the U.S. has teamed up with Visa Inc. to allow those who have smart-phones the ability to use their devices in some stores for purchases. Bank of America isn’t new to mobile banking as they first joined the market in 2007 with bill payments and account transfers. That industry alone is $15 billion in transactions for the banking giant.
From September until the beginning of 2011 Bank of America and Visa will be testing out their new payment system in the New York area. Visa will be placing tiny chips in phones and stores that will allow this to transpire. These small chips will emit radio signals. When a consumer wishes to make a purchase they will simply wave the phone over the chip. This will transmit their banking data and finalize the purchase. This makes each transaction quick and simple and reduces the need to carry cash or credit cards when doing shopping.
This new technology could be the shopping of the future. Soon many consumers will simply be scanning their phones rather than their credit cards.
Similar Credit Card News:
- [August 12, 2010] Metrobank Expands Mobile Banking
- [August 20, 2010] Bank of America To Try Smartphone Payments
- [March 7, 2011] Online Bank Fees A Turn Off
- [December 16, 2011] Retailers See Huge Surge In Mobile Payments
- [September 9, 2010] MasterCard Offers MoneySend for Blackberry Users
- [May 11, 2011] Visa Opens Payment Network to US Marketers
- [April 28, 2011] Discover Launches New P2P Service
