We are currently living in the modern world, where technology has obviously taken over everyone. Almost every single person in this world has more than five electronic devices in their houses, and most people own a mobile phone. These are hand-held electronic devices that are used to be able to communicate to other people no matter how far they may be. However, it does more than that, because you can now use it as a wallet. Yes, for the benefit of the doubt, smartphones now have a feature wherein you could connect to your bank and access your money so that you would be able to use it to buy something online or at stores who accepts mobile wallet. But then again, just like everything else in this world, no man-made object is perfect, so that …show more content…
This is one major disadvantage of having your money in your phone. That is why it is always ideal to have some back-up cash or credit with you despite having your phone. Mobile wallets are not accepted in every single store in the world since it is still practically new and advanced. • Expect some glitches and error With electronics, there will always be some glitches and errors, that is why they often update everything. This is another major disadvantage of mobile wallets. There are a lot of cases wherein people suddenly lost their money because of some door of glitch, some of them got it back but some didn’t, so this is a major risk you have to take. • Extra fees to pay Unfortunately, there will be online fees involve in almost every transaction, especially if you are purchasing something. The shipping isn’t the only thing that is expensive when you buy something online, but the transaction fees as well. So this is what you need to look out for, if you think that the fees are ridiculously high, then it is probably best to spend just a couple of bucks on petrol and get it
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Frankly, shipping costs are usually determined by the weight of the shipment and how fast you expect your order to be shipped. Normally, shipper uses UPS and USPS for heavier items.
New technology has spurred innovative ways to spend money. As mobile payment systems continually develop, consumer financial and personal information risk exposure. Industry officials state the technology is growing, but security specialists argue growth of will inevitably attract fraud. Smartphone owners must treat their phones as a miniature computer and equip proper anti-virus and malware software. Enacting preventative methods will help thwart security breaches over mobile networks. (Ladendorf, 2013)
According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.
Technology is all around us. Almost every person in the country owns some form of technology. Whether it’s a television, a computer, a laptop, or a smartphone most Americans own at least one of them. People use their phones for business and personal uses. There is so much information is on your phone. You may think that, that information on your phone is safe, but you are wrong.
Other than keeping my schedule organized, my cell phone also allows me to access my bank account where ever I may be. My bank offers an application that lets me view my account, deposit checks, and transfer money, without having to go to the bank. This keeps my financial life in order as well as my academic and social life.
Therefore, it is essential to address issues like security of the banking transactions that are executed from a distant place and transmitted over the air. Besides this, it is also important to ensure the security of financial transactions, if the device is stolen by hackers. If these concerns are properly addressed, then it would help increase the popularity of mobile banking by instilling a sense of trust among the customers.
In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.
Outside of the classroom and the office, technology is still omnipresent. The internet, like most advancements and perhaps the best known example of modern technology, began at a military level (“Information Technology” 2) and wound up eventually landing in the laps of businesses and the common person. With this, the normal way of conducting business changed dramatically. Instead of physically exchanging money, it is now possible to use a website like PayPal to make transactions (Friedman 84). This transaction can occur from a computer, smart-phone, or some other electronic device, possible because an extraordinary amount of people, especially young adults, now carry them around constantly (Champy 1). It may have been inevitable, but it is still staggering to see how much these advancing technologies has become commonplace.
The cellphone made saving and spending money easier. In countries and cities where there are no banks or financial help centers, the cell phone is able to help people secure their money. People are also able to invest, start businesses, and know that their finances are in good care (Higgins 1). For example, a family in Tide Land were hurting for money, and the dad just could not find a job, but he was given a cellphone by the government in which he used to secure the money which he had made while he was employed. Through securing the money an opportunity arose for him to be able to invest in a small company. Through the investment he made over the phone, he was able to furnish a house for his family, and he ended up becoming a partner of the now large company. The cell phone saved this
Attention Getter: Other than our car keys, our mobile devices have become something that we can’t leave the house with. This includes our smartphones, laptops, tablets, USBs, and digital cameras.
The following tips according to the U.S. Department of Homeland Security can help users enhance the security for mobile devices and potentially prevent them. The first one is to consider the security features when purchasing a mobile device, make sure that the service provider offers encryption when sending data through the network, ask if the provider can find and wipe remotely a mobile device and delete malicious apps. In addition, check if the provider offers authentication features like passwords.
The reception rate of portable innovation has been fast. You can take one glance around and see the clear majority are utilizing advanced cells, iPads, and tablets. Portable innovation is not new to social insurance either. Even though it may not be as universal as it is economical, numerous doctors and medical attendants utilize iPads and advanced mobile phones to help healing center adjusts, convey and direct patients in treatment proposals.
Payment processes have evolved from the traditional cash or cards to innovative electronic wallets on smartphones. Consumers are accepting this new form of convenient payment and imputing all of their personal data including their full name and credit card information onto apps such as Apple Pay, Samsung Pay, Pay Pal, etc. These apps are available on both the Apple Store and Google Play and have their own way of using various forms of mobile payment. According to forecasted reports, mobile payment volume will bring in $503 million by 2020 compared to the current $75 billion this year (Bakker, 2016). As always, with new technologies come new challenges and risks. Mobile payment apps are not an exception. Due to the
Mobile money is the money stored using the Subscriber Identity Module in a mobile phone as an identifier as opposed to an account number in conventional banking. Notational equivalent is the value issued by Money Network Operator and is kept in a value account on the SIM within the mobile phone that is also used to transmit, transfer or payment instructions, while corresponding cash value is safely in a bank. The balance on the value account can be accessed via the mobile phone, which is also used to transmit instant transfer or payment instructions.
Mobile banking is well utilized in countries of Europe and even Japan, yet it is slow to catch up in America. A study by Forrester Research found that only 10% of Americans like the idea of m banking while 35% already bank online