MOBILE BANKING ADDICTION

Posted on March 16, 2015

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The constant transformation of communication is changing in today’s world that how people interact with others. Today everyone seems connected digitally. When it comes to pay the ground breaking change was noticed since the Plastic card was introduced. The quick adoption of plastic card was convenience to use. In this century convenience is the only reason which drives people toward using Mobile Banking. This clearly shows in a recent press release on 3rd MARCH 2015 from Master Card (news.mstr.cd/18vQ7mw) that consumers are shifting their focus from questioning the security of mobile payments to now discussing the possibilities of enhanced digital experiences on devices. This result drive from a study tracked 19.1 million global social media posts where MasterCard in partnership with Prime Research surveyed a huge conversation on Mobile Payment system across well known social media annually for past three years. The immense amount of posts since 2012 grown from 85000 to 19,100,000 in 2014.
Impatience is not ending here neither Mobile Banking Technology pulled its hand brake. So many things are happening right now across us. Few of them jaw-dropping news are for you.
Wave your Mobile phone at front of ATM and ATM will spit out the required cash for you. It means that you need no plastic card. That sounds futuristic (http://tinyurl.com/p8bj2nu).
Commercial Bank of Africa Mobile banking product M-Shwari has hit a major milestone by reaching 10 million accounts, just two years after the virtual banking product was launched. The Bank has extended unsecured loans totaling Sh29 billion, processing an average of 50,000 loans per day based on a mobile phone based credit scoring system (http://tinyurl.com/pwv6c2a).
Unlike APPLE PAY and GOOGLE WALLET, with the launch of Samsung Pay, along with the Galaxy S6, it has an advantage: Its magnetic transmission technology allows the phone to pretend it’s a credit card, meaning more merchants will be able to accept mobile payments (http://tinyurl.com/ongmyn9).
However it is unfortunate that Mobile Banking application don’t not have alternative authentication solutions, such as multi-factor authentication, this definitely help to mitigate the risk of impersonation attacks
The banking apps adapted for mobile devices, such as smart phones and tablets, have created a significant security challenge for worldwide financial firms. It seems that financial industries should increase the security standards they use for their mobile banking solutions and the developers of mobile banking apps need to ensure that all connections are made using secure transfer protocols; enforcing SSL certificate validation; encrypting sensitive data stored by the applications
The growing numbers of Mobile users are increasingly showing their dependence towards Mobile Banking. In Pakistan the addiction has the same pace as the growing numbers of Mobile users in the real world.

Fortunately in Pakistan as an undeveloped country, it is a magic for us that people are paying to around 25+ companies ASAP without standing in queue. This is possible with the help of Easy Paisa, Mobi Cash and the Upay. These are the well known names in Mobile Banking industry.
Last but not least the explosion of Mobile devices and the curiosity of Mobile users towards Mobile Banking are the huge opportunities where Software houses can work on.

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Posted in: Tech News