Banking Model Transformation
0 view | +0 today
Follow
Your new post is loading...
Your new post is loading...
Rescooped by Enrique Titos from Banking Model Transformation
Scoop.it!

Apple, Always the Elephant in the Mobile Payments Room - Banktech

Apple, Always the Elephant in the Mobile Payments Room - Banktech | Banking Model Transformation | Scoop.it
Apple, Always the Elephant in the Mobile Payments Room
Banktech
Some are looking for a solution to this issue: CIBC says that it is working with partners on developing a sleeve that is NFC-enabled that would fit around the iPhone.

Via Paulo Gervasio, Enrique Titos
more...
Paulo Gervasio's curator insight, September 26, 2013 10:34 PM

My initial thoughts on the matter was that Samsung and all other android phones got the better of Apple by introducing NFC early. NFC makes te phone ready to interact with contactless payment terminals that are already pre-existing.  However after a few months I began to see that the smartphones can actually do more to resolve current issues with fraud concerning payment card, and just putting NFC to allow the phones to interact with the payment terminals like they were contactless smart cards is a terrible waste of opportunity to correct the flaws in our current way of cashless payments and perhaps the fact that Apple did skip on NFC for 2 versions now was not dumb after all. A new payment transaction model is required and is possible using the smart phones, and as hard as this is to implement, this should really be the way to go.    

 

To summarize what I am saying, NFC is a neat and cool technology, the problem is the payment system itself - layman thinking would be - if my payment card can be cloned during the occasional times that I use it, how easier will it be for the same thing to happen to me if the numbers are on my phone which is accessible to the network 24/7.   ---   

 

Assuming that the payment system gets fixed (this is controversial since EMV compliance is exactly about this, however it was about making the cards as secure as possible, With a 24/7 connected smart phone it should  be possible to theoretically request payment for your purchases through the bank or credit agent, and for the credit agent/ bank to just notify the retailer that an amount has been credited to his account. This resolves multiple things namely any transactions against a particular account will always come from a single device or a set of registered devices simplifying security, also no disclosure of account numbers or credit  information to any third party except your creditors.) ,  in all probability NFC will still be most efficient comm to use in  payment transactions and I think it should continue to be part of the phone of the future.

Rescooped by Enrique Titos from The Future of Banking
Scoop.it!

Financial services in developing countries

Financial services in developing countries | Banking Model Transformation | Scoop.it
Access to traditional financial services, such as deposit-taking accounts and automatic teller machines (ATMs), in developing countries has expanded in recent years....

Via Jorge Barba
more...
No comment yet.
Rescooped by Enrique Titos from QR Codes, Beacons & NFCs
Scoop.it!

Apple, Always the Elephant in the Mobile Payments Room - Banktech

Apple, Always the Elephant in the Mobile Payments Room - Banktech | Banking Model Transformation | Scoop.it
Apple, Always the Elephant in the Mobile Payments Room
Banktech
Some are looking for a solution to this issue: CIBC says that it is working with partners on developing a sleeve that is NFC-enabled that would fit around the iPhone.

Via Paulo Gervasio
more...
Paulo Gervasio's curator insight, September 26, 2013 10:34 PM

My initial thoughts on the matter was that Samsung and all other android phones got the better of Apple by introducing NFC early. NFC makes te phone ready to interact with contactless payment terminals that are already pre-existing.  However after a few months I began to see that the smartphones can actually do more to resolve current issues with fraud concerning payment card, and just putting NFC to allow the phones to interact with the payment terminals like they were contactless smart cards is a terrible waste of opportunity to correct the flaws in our current way of cashless payments and perhaps the fact that Apple did skip on NFC for 2 versions now was not dumb after all. A new payment transaction model is required and is possible using the smart phones, and as hard as this is to implement, this should really be the way to go.    

 

To summarize what I am saying, NFC is a neat and cool technology, the problem is the payment system itself - layman thinking would be - if my payment card can be cloned during the occasional times that I use it, how easier will it be for the same thing to happen to me if the numbers are on my phone which is accessible to the network 24/7.   ---   

 

Assuming that the payment system gets fixed (this is controversial since EMV compliance is exactly about this, however it was about making the cards as secure as possible, With a 24/7 connected smart phone it should  be possible to theoretically request payment for your purchases through the bank or credit agent, and for the credit agent/ bank to just notify the retailer that an amount has been credited to his account. This resolves multiple things namely any transactions against a particular account will always come from a single device or a set of registered devices simplifying security, also no disclosure of account numbers or credit  information to any third party except your creditors.) ,  in all probability NFC will still be most efficient comm to use in  payment transactions and I think it should continue to be part of the phone of the future.

Rescooped by Enrique Titos from itsyourbiz
Scoop.it!

4 People, 4 Strategies: How I'm Using Credit Cards To Reach My Money Goals

4 People, 4 Strategies: How I'm Using Credit Cards To Reach My Money Goals | Banking Model Transformation | Scoop.it
From racking up rewards to budget tracking, we delve into how real people use plastic to help reach their goals.

Via Skip Boykin
more...
No comment yet.
Scooped by Enrique Titos
Scoop.it!

Fixing the eurozone is a labour worthy of Hercules - FT.com

Fixing the eurozone is a labour worthy of Hercules - FT.com | Banking Model Transformation | Scoop.it
If he were alive today, Hercules would have much sympathy with the eurozone’s crisis-fighters.
more...
No comment yet.
Rescooped by Enrique Titos from Gold and What Moves it.
Scoop.it!

A giant global fraud that could destroy your wealth (Part II of II) - Of Wealth

A giant global fraud that could destroy your wealth (Part II of II) - Of Wealth | Banking Model Transformation | Scoop.it

“Quantitative easing”, or “QE”, when you boil it down, is simply the process of printing money and then lending it to the government at zero interest. It’s just the same as if the central bank printed up fistfuls of notes and then send them over to the finance ministry to be spent on buying votes…er, sorry…I meant on “essential investment”.

 

But because the cash is routed through the bond markets it creates artificial demand for bonds, which drives up prices and reduces yields. In bankrupt countries that are overloaded with debt (a.k.a. “developed countries”), the idea is that this will stimulate the economy by keeping interest costs down. This market manipulation has a knock on effect on all kinds of lending, from corporate loans, to mortgages, to credit cards.

 

If that sounds too good to be true as a way to get out of debtors jail, then that’s because it is. As an example, take a look at this chart which I put together using official data. It shows the percentage of UK gilts (the local name for UK government bonds) owned by different types of investors at each quarter end, going back to second quarter 2003 and ending first quarter this year. ...

 


Via Hal
more...
No comment yet.