The Next Step in Mobile
Both mobile banking and mobile payments are gaining favor among U.S. consumers, who crave an all-inclusive solution for remote transactions. One allows users to access financial accounts via cellphone or smartphone in order to complete various functions and the other involves making payments through a mobile device, but analysts say the two are beginning to converge. The trend is being driven by software-based technology that lets multiple payment cards communicate with a point of sale system through QR codes scanned by a smartphone, reducing reliance on phone and POS hardware capabilities and thus stimulating consumer use of mobile payments.
From “The Next Step in Mobile”
Independent Banker (11/12) Vol. 62, No. 11, P. 35 Canright, Collin