31 July 2014

Payment and Identification

Antti Larvala - CAL360 Degrees

38 | posts 146,938 | views 67 | comments

Online Banking

This community is for discussion of developments in the e-banking world, including mobile banking. This can include all the functional, business, technical, marketing, web site design, security and other related topics of Internet Banking segment, including public websites of the banks and financial institutions across the globe.

Is mobile phone only alternative for banking?

25 April 2012  |  4098 views  |  1

Since first trials of WAP mobile banking from late 1990s, several players has forced banking to mobile phone. There has been a hype around this white wedding paradigma over 15 years. 

Why mobile wedding with mobile phone and online banking has been around? To me reasons are:

  • Mobile phone was first portable device, which was easy to carry
  • Mobile phone was affordable for consumers. 
  • It has required data connection

But if we take a closer look how fast online banking penetration has speard around world vs. mobile banking, there is a clear winner. Still basic online banking rules over mobile banking.

Why is that? Could it be:

  • Online banking is easier to use
  • With mobile banking consumers always are unaware of hidden data costs
  • There are less limitations which devices work with online banking

If banking industry really wants to move to mobile banking, we should rethink what mobile means. But also what payment cards look like.

If we think word mobile, could it be something else than phone. In the early days there were PDAs. Could it be tablet devices or easy to enter devices like electronic key ring devices containing mobile phone data technology, like Meego or Symbian? Or could it be electronic card with data connection and easy to carry in a wallet. Why it has to be always mobile phone and usually smart phone. Also if we think card payment, why it has to be real card. It could be PayTag type sticker, which is planted inside device.

Just curious why mobile banking is only associated to mobile phones. As card industry is also asking is plastic only option, should mobile banking open eyes and see if there are other devices we carry every day and are easily and affordable to change as mobile data device. 

Final thing what we should understand, how current payment terminals can be transformed with less than 5 € investment per terminal to use near field communication. If price tag is higher, merchant is not ready to make any investment. That is still the main reasons why merchant don't want to use near field communication.  

TagsOnline bankingMobile & online

Comments: (1)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 27 April, 2012, 16:56

With NFC, even a proximate card transaction risks attracting the higher CNP interchange. This is one more reason why merchants may not be too enthusiastic about investing in NFC terminals.

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Antti

SEPA ain't ready yet

04 June 2013  |  2790 views  |  0  |  Recommends 0 TagsPaymentsTransaction bankingGroupPayments strategies 2015-2020-2030

Still missing universal reference numbers in SEPA

12 April 2013  |  2801 views  |  0  |  Recommends 0 TagsPaymentsWholesale bankingGroupOnline Banking

Fingerprint vs. PIN code

11 April 2013  |  2808 views  |  0  |  Recommends 0 TagsMobile & onlineInnovationGroupPayments strategies 2015-2020-2030

iTunes payment app

02 April 2013  |  2528 views  |  0  |  Recommends 0 TagsMobile & onlineInnovationGroupPayments strategies 2015-2020-2030

Google class- payment

25 March 2013  |  3299 views  |  4  |  Recommends 0 TagsMobile & onlineInnovationGroupPayments strategies 2015-2020-2030
name

Antti Larvala

job title

CEO

company name

CAL360 Degrees

member since

2011

location

Brussels

Summary profile See full profile »
When it comes to e-commerce, online payments, online banking or online identification- that is my...

Antti's expertise

What Antti reads
FOA Ltd Finnish version
Antti's blog archive
2013 (7)2012 (5)2011 (26)

Who is commenting on Antti's posts