I
think, the mobile payment is widely spread enough to mobile banking industries.
What will happen next? Encryption or panic? Who would pay for fraud this time?
Bank, mobile payment app developer, encryption provider, wireless operators, or
mobile OS? Mobile users should be excluded from this mess.
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>"RBC has rolled out its digital wallet to clients already, but has yet
to announce it with a splashy launch."<
>"The RBC Mobile Wallet works for Android and BlackBerry users on Bell
Mobility and Virgin Mobility networks. In late spring, a new version of the app
will become available to all Android users, according to an RBC
spokesperson."<
* So RBC already had digital wallets to pay by a mobile phone in Canada.
TD bank and BMO also offer payment by smart phones in USA.
Anyways when the fraud of getting credit card and ATM bank number/password
released/transmitted by smart phones would be huge enough to cause panic? I am
not saying that we're free of credit card's thief on traditional banking
systems.
> "The timing follows, by one day, Bank of Montreal’s introduction of
Mobile Cash, a new technology that gives customers in the United States the
option of withdrawing money from any of the 750 BMO Harris ATMs using
smartphones rather than debit cards – promising to cut down transaction times
and boost security, given that customer card information is not stored on the
phone." <
BMO doesn't allow card number stored on the phone, but their competitors did,
thus BMO would offer the same eventually.
So mobile phone users are carrying their credit card and ATM card
number/passcode around in their phones. It is up to hackers to remote login
into the phones and to get the information. Also kilometers around the payment
stations, hackers could eaves drop the wireless transactions and pick up card
info. Wireless transactions “could be” resolved by high encryption without a
master key -> let's them come up with something else to save their
innovation. Smart phone using a simple version of computer OS, thus it's also a
target of hacking.
Anyways technology firms love to innovate and keep law enforcement busy.
I recalled a statement about subprime mortgage in USA. Some business started
subprime mortgages to draw all customers, thus other business had to do the
same to lure customers even though they saw that subprime mortgage strategy was
silly.
Source: http://www.theglobeandmail.com/report-on-business/td-bmo-unveil-new-mobile-banking-features-courting-tech-savvy-clients/article23512204/
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The digital wallets were used in holding bit coins. I didn't pay attention to
the technology used by bit coin collectors. If they lost their collected items,
it's their issues.
* Btw, bit coins suck. It's good that people have trashed those.
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