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Changes Around the Corner for Mobile Banking

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In addition to storing account information for multiple accounts, consumers can use their “digital wallets” to make payments and receive discounts. (Photo: David Playford)
In addition to storing account information for multiple accounts, consumers can use their “digital wallets” to make payments and receive discounts. (Photo: David Playford)

BUSINESS

  • Better technology and new services will soon be launched for mobile banking
  • Visa's digital wallet service will let customers send and receive money via mobile devices
  • 14 banks will launch the digital wallet service in the fall

Consumers will soon be able to use their phones for an increasing number of mobile banking services, including money transfers across different types of accounts.

Many customers are already taking advantage of mobile banking services to make deposits, check their accounts and pay bills online.

However, not all banks have special applications designed for banking; the technology available is often limited to the type of phone that a consumer owns and/or specific applications and services that are offered by the bank. Other services, like the ability to deposit checks using a phone, are currently available only by limited providers.

But as smartphone take-up continues to explode, all of that will soon change. Financial institutions are searching for ways to lure even more customers to mobile banking, freeing up live customer service.

Digital Wallet Service

To start, Visa has revealed an online “digital wallet” service that can be used on any digital device to let users keep their credit card account and banking details in one place. So far, 14 banking institutions are onboard for the wallet's launch, according to Near Field Communications World.

In addition to storing account information for multiple accounts, consumers can use their “digital wallets” to make payments and receive discounts or special offers from merchants. Users will also be able to make payments to friends and family members who use the wallet service.

The digital wallet includes security alerts and is expected to launch this fall in the United States and Canada.

Key Statistics – Mobile Banking Industry

  • About 12% of people use their smartphones on a regular basis for their banking needs, according to Forrester Research.
  • In a study asking people why they did not use smartphones to bank, 38% of respondents stated that they were concerned about security issues, according to Javelin Strategy and Research.

Key Players – Mobile Wallet Market

  • BB&T Corporation, Card Services for Credit Unions, Barclaycard US, ICBA Bancard, First Financial Bank of Ohio, Nordstrom FSB, PNC Bank, Pentagon Federal Credit Union, PSCU Financial Services, Regions Bank, Royal Bank of Canada, Scotiabank, TD Bank Group (US and Canada), US Bank

By C. Williams for
C. Williams is a journalist based in the United States. She has been covering the news for over a decade.

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