Banking apps, mobile payments and NFC technology

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The other day I went to change my expired credit card with a new one, and my bank account manager told me that now I can access my transactions directly from my smartphone. Of course, I was already using apps from services like PayPal, but seeing that my good old bank from the neighborhood decided to upgrade to the next level sparkled an idea in my mind: I had the topic for my next article…

Everything moves fast, and banks try to catch up with things

There is no surprise that everyone is using the Internet these days to connect with friends, to learn new things, to play games and even to buy things from online shops. Everything is faster through “the wire”. Before the Internet was here, every time you needed to use a bank account, you had to go to a physical bank, wait in line and talk your way in it. Nowadays, even the smallest banks followed the trend and they’ve build mobile banking apps and even entire platforms to meet the standards imposed by evolution of technology.

If you think that this trend is adopted only by important countries like U.S., you are wrong. Most bankers in the world saw the mutual advantages and benefits of mobile banking websites and apps and they’ve started to build them and to convert their loyal customers to these types of services. Young people love mobile banking, and they will probably use it more and more in the following years to come.

Why should I use mobile banking?

Well, the first reason is because it’s done by using a smartphone. I’m always carrying this device with me, so there is no need to carry an additional device (like a PIN generator). Using a mobile app to manage your bank account is really easy, like “1-2-3” (literally). Most such apps allow you to check your credit status, to view the transactions and to make payments. Some apps even allow you to manage the deposits or to create specific tasks (like pay a bill). There are also apps that are not necessarily linked to a specific bank, but they are rather credit card information holders. And this takes us to the next topic I wanted to write about…

NFC Mobile Terminal

Where the new meets the old

As you may now, there are 2-3 years since the smartphone manufacturers decided to implement the NFC technology in their devices. Now, there are apps that will store all the information on your credit cards, and they allow you to make mobile payments by using specific NFC terminals (like the one in the image above). Google Wallet is such a service, but if you’re having privacy issues you can test others similar apps that offer the same services. Most mobile banking apps have their own security that implies using a passcode or even fingerprint scanning (if the device is capable).

How does such a service work?

In short, you start the app, you enter your password and you select the credit card you want to pay with. Approach the device to the terminal and you’re done. Seems easy right? Well, because it is!

Conclusion

I remember the days when my father told me that he will never use a credit card since he likes to keep his money in his wallet. After he lost the wallet couple of times, he understood the advantages of having that item around him and being able to put all the transactions on hold before everything bad happens to his money. People like my father will also understand the advantages of having a mobile banking app in their smartphones, but I’m not expecting everyone to use these apps over night. It takes time… Until then, we, folks interested in cool gadgets, should at least give them a try. Who knows, we may even like them…

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