Comments on: Mobile phones and banks, banking transactions future trends

By: FocusIndia

FocusIndia — Tue, 24 Feb 2009 11:58:05 +0000

Suggesting the …
Suggesting the concept of using the mobile phone in place of credit cards or for trading the money.Excellent idea which can happen soon. But we do need banking system to run this concept in financial setup one needs a system like banking and ready network to in place like banking sector which can take the advantage of this new technology like internet banking.Good idea.

By: pjvdixon

pjvdixon — Tue, 24 Feb 2009 11:58:05 +0000

But I think there …
But I think there are opportunities for new business models eg phone companies without banks - look at remittances. 10s of millions of dollars starting to move across national borders as SIM card credits - buy credits in one country and family member pays for food with them in another.

By: rssbroch

rssbroch — Tue, 24 Feb 2009 11:58:05 +0000

Yup…..there are …
Yup…..there are always issues and there always will be, they are conducive to business.

By: pjvdixon

pjvdixon — Tue, 24 Feb 2009 11:58:05 +0000

Well there are many …
Well there are many banking and technology issues here.

By: rssbroch

rssbroch — Tue, 24 Feb 2009 11:58:05 +0000

This is sure to …
This is sure to happen, just look at the dollar signs in their eyes! As usual it won’t be done properly, there will be the obligatory novel exploitations of the new system. The banks will figure out how to keep charging you, but now you will also have to pay the phone company. Robbers will now only need to cut off your thumb and/or clone your sim to steal all your cash. What happens when the network goes down? This is just going to be another invisible hand in all our pockets.