9 Year Mortgage On the Dangers of Mobile Banking
Mobile banking is super convenient but it comes with privacy issues and other threats. Mobile banking, also known as, “digital wallets” let consumers pay with just a swipe of a smartphone and could make the plastic credit card obsolete. However, the technology could also chip away at our privacy and tempt us to spend more than we really would. Read on and 9 Year Mortgage will discover the good and the bad of digital wallets.
9 Year Mortgage Takes a Look at “Digital Wallets”
Most people when using their “digital wallets” would being using a technology known as near-field communications (NFC), which allows consumers to be able buy items by simply passing their phones in front of a sensor at the checkout counter. Even though NFC is not available for all smartphones, a number of companies, including Google, are rolling out programs to adopt NFC. 9 Year Mortgage estimates that by 2014 70% of American consumers will have smartphones and 52% of those will be NFC-capable. With this app developers, wireless carriers, banks, and card companies are racing to shape the potentially lucrative mobile-payment ecosystem.
This is how it would work; A man on his way home gets a notification on his phone, reminding him that it is his wife’s birthday. The phone knows that the man has yet to buy her a gift, so it sends him a coupon for roses at a nearby florist where he has shopped a few times before. The coupon lures him into the store, where he of course buys the roses and probably ends up spending more money than he intended.
So what is the problem with this? 9 Year Mortgage says that according to critics, the ability of merchants, coupon services and others to get information about where consumers shop and what they purchase, amounts to an invasion of privacy. If you don’t want to share information about what you buy then you shouldn’t have to. 9 Year Mortgage thinks that coupons should not be automatic and data-sharing should only happen on an opt-in basis.
9 Year Mortgage Talks Google and its “Digital Wallet”
9 Year Mortgage expects Google to launch its NFC-based wallet this summer with MasterCard Inc., First Date Corp. and Citigroup Inc. This mobile service will be compatible with MasterCard’s PayPass payment system which is already in place in 124,000 stores. Google is working with 16 retailers, which include American Eagle Outfitters Inc., Walgreen Co., Macy’s and Subway, to come up with their own point-of-sale service, called Single Tap. With this system, consumers will be able to pay with credit accounts that are on the phone, redeem promotions and earn loyalty points. 9 Year Mortgage says that Google will now requires users to opt into any service that would use or store their data.
Wrapping Up With 9 Year Mortgage
9 Year Mortgage suggests that consumers concerned with how their information is being used should look carefully at the default privacy settings on their phones and on the apps they download, and customize them to their needs. The bad news with opting out is that you could be missing out on some of the benefits of NFC payment systems which could include highly targeted coupons from frequented merchants or personalized reminders. 9 Year Mortgage wants you to be cautious, because some of those coupons will simply serve to reinforce a likely characteristic of the digital wallet, its tendency to have you spend more money. When you see your dollar bills coming out of your pocket you feel the loss, however when the only thing you have to do is swipe your device the feeling of loss is delayed and you don’t think about it. Some companies understand this about consumers and in effort to help they have started to formulate tools that allow you to monitor and limit your spending. 9 Year Mortgage suggests you look at your spending habits before you go into the digital wallet age, especially if you are prone to spend a lot of money and are not very good at controlling what you spend. Don’t miss out on great money-saving videos from the 9 Year Mortgage Youtube channel.
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