In the last decade, financial institutions have been shifting their focus to online banking and bill pay options as more and more people gain regular access to the Internet. Yes, you can still go into a brick-and-mortar bank to make a deposit, or drive by an ATM to check your account balance, but many people are opting for the more efficient, safe, and immediate advantage of online banking. In even more recent years, smartphones, especially when cell phones are becoming cheaper and cheaper, have become more widely used by the public. Boasting mobile Internet availability and unique applications, smartphones are also becoming the hottest new way to manage your personal finances on the go.
The following are a few ways smartphones are changing the face of banking as we know it and how you can take advantage of them.
PayPass and Google Wallet. Google wallet is a free application Google offers for android phones which allows you to use your smartphone to store and access your credit and debit cards with a simple tap at an NFC-enabled terminal; PayPass is offered by Mastercard. NFC stands for near field communication, a technology which enables your android phone to wirelessly and instantly complete a transaction using your stored credit or debit card data. More and more retailers are offering this technology. The apps allows you to complete, verify, and store transaction information on your phone via your online account.
This form of payment is super easy and much more secure than using a plastic card, not to mention much more environmentally friendly than printed receipts.
Not only can you use Google wallet or PayPass from your mobile device; you can use your account online to make purchases, securing your credit card information and making online shopping that much smoother. No doubt other technological giants will jump on the bandwagon and create their own version of this cutting-edge technology in the near future.
Mobile Banking
Many financial institutions are now offering free applications for mobile devices; for instance, Bank of America, U.S. Bank, Chase, and Capital One and Citibank offer apps for your Ipad, Iphone, Android or Blackberry. Many of these apps use NFC technology to allow you to use your smartphone to complete transactions at the register, as well as allow you to check your account balances, process bill payments, transfer funds, and even deposit paper checks to your account through use of a scanner.
Smartphone savings
In addition to the fact that most banking apps are free and environmentally friendly, many institutions offer discounts and exclusive deals from participating merchants when you use their apps to make qualifying purchases, increasing your savings potential and freeing you of the hassle of coupon-clipping or remembering savings codes when you visit stores.
You might be hesitant to accept this new face of banking; after all, some people just prefer to deal with buildings, people, and paper rather than wireless, invisible electronic technologies. However, if you can acclimate yourself to this growing trend, you can instantly streamline your finances and save money, especially if you are already using a smartphone.
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