Mobile Banking has been this sort of floating, shapeless thing for awhile now. Some smartphones can do things like take pictures of Checks and deposit them to your account, where others have apps that go right to your account for various activities. Some banks aren’t doing more than just creating a mobile version of their site. Until Now anyhow. Bank of America has decided to pioneer the mobile banking front by launching a test concept for making your day to day purchases.
It’s a dangerous game. Someone has to put the money out and hope everyone will like it. It’s a calculated risk, but Bank of America is taking the smart route. New Yorkers will see a new technology in some stores next month that will allow them to “swipe” their phone instead of a credit or debit card. The trial run of this technology includes Walgreens, McDonalds, and even NYC taxi services and Home Depot in the NYC area will support the new payment method. This announcement by Bank of America generated interest from Visa, Mastercard, and several other financial institutions, who are quick to announce their support of the technology – provided it is successul of course.
This is a significant step in shaping how mobile banking will work with Smartphones. Rather than a trick or an app, providing a unique service that will hopefully be launched nationwide! I know I will be using this new technology – after all, I always have mu phone in my hand. How about you guys?