The UK government is to begin consultations on new legislation to permit the use of smartphones for remote cheque deposits.
Great move. Bump just joined the deadpool. For all the hype around mobile payments / wallets, the only mobile banking killer app seems to be Mobile RDC. I predict it will prove a big hit in UK as it has in USA.
I would hardly call using a smartphone to transmit an image of a cheque through a banking app revolutionary and trumping every other technological development in cashless transactions, such as Visa payWave, MasterCard PayPass, American Express ExpressPay,
or virtual wallets such as MasterPass, V.me etc. However, it is to be welcomed that mobile technology and Barclays Bank has come to the aid of all cheque account holders with this app.
© Finextra Research 2014