There is a new push in the consumer world that involves using mobile devices to make financial payments. With this option consumers can possibly replace their cards and checks, even their PayPal account, with a simple mobile phone program. Read the following article about this advancement.
http://www.cnn.com/2010/TECH/mobile/12/03/gahran.mobile.payment/index.html
What do you think about this? Is it something that you think will end up becoming a reality? Would you feel comfortable using this system? What are three interesting things you learned from this article?
What do I think this is? Just a new way for people to spend money.
ReplyDeleteDo I think it will become reality? No, at least not very soon.
Would I feel comfortable using it? No
Three interesting things: Mobile payments are commonplace in other parts of the world, purchases wouldn't show up on a phone bill, purchases would show up on a credit card or bank statement.
I found it interesting, and I think it will happen, maybe not tomorrow, but in my life time.
ReplyDeleteAt this current point and time, I would not feel comfortable using this system, people can access your credit card information just by having the correct tech and being in proximity, this will be worse. Some of the interesting things I learned from this article was that-
1. this system is being used in Japan
2. they area aware of the security issues, but still pushing ahead with it.
3. that phone bills are about to get even more confusing than Japanese stereo instructions.
I don't really like the idea of this. And although it might become a reality, I don't like the thought of it. I lose my phone way too often as it is. I don't want to have to worry about someone using my phone to spend my money when I'm already worried about just losing my phone. Three things I learned in this article are:
ReplyDelete1)It would work kind of like MasterCard's paypass system.
2)This will make cell phone bills far more confusing than they already are.
3)But they say that the bill wouldn't show up on your cell bill.
I think this is a really neat system that could be big in the next few years. I do think this will become reality. I wouldn't feel comfortable because if you lost your cell phone someone who finds it could use it to buy items so it would be just like losing your credit card. I learned that you can even use this Isis through your paypal accounts, credit card companies are already planning for this, and cell phone companies may be using this as early as 2014.
ReplyDeleteI think that this is a decent idea however, it has a lot of flaws. In my opinion instead of offering a line of credit the user could be able to set up a link to their checking or savings account, or even just a paypal account to back it up. The country is already having problems with debt whether it be credit cards, car loans or even house loans. I do think it would become a reality. Everything today is about ease of use, and what could be easier than tapping your phone against a terminal to pay for those clothes you just have to have? It would be a little too easy if you ask me. I personally would never use this system. There are too many ways I can see already to steal your information and clean out an account or max out a line of credit. Three interesting things that I learned from this article are that there are many flaws, that it has potential as long as all fraud issues are addressed, and it will more than likely find popularity with the next generation.
ReplyDeleteI think don't think that this is a good idea, nor do i feel like it will be a part of our immediate future.
ReplyDeleteUntil security on this is amazingly secure, and until millions of stores can outfit their checkouts with this new technology there isn't a large consumer demand.
Personally, I would not feel comfortable with this, I would be afraid of my battery dying, losing my phone, and possibly being robbed via a bump connection.
Interesting things:
1. The whole idea of this new payment system.
2. The possibility of being pick pocketed just by a mobile terminal
3. Other parts of the world are already trying this idea.
I think it's a cool new way to pay your bills, but at the same time I don't think it's very safe. Before it can become a reality it needs to have many security issues worked out. It would need to be secure even if you lost your phone or someone took it. I would consider using it for some things but not all my purchases. I don't fully trust a cell phone provider to pay the right amount of money on some of my everyday purchase.
ReplyDelete3 interesting things I learned-
1.Verizon, AT&T, and T-Mobile are really pushing for it.
2.Isis- mobil payments system that wants to replace credit cards and debit cards.
3.Only will work if you have a ISIS equiped phone and shop at stores that have an ISIS checkout.
The idea is nothing new, for generations people have been talking about such things. In movies about the 'End Times', it is often a theme for the 'mark' itself to be what is used to pay for items; an embedded chip that holds an account.
ReplyDeleteNow Bob Egan said, "Can I trust my carrier to get the billing right? Can I trust that no one will be able to scam my account or steal my identity? All those questions need to be addressed,"
The simple answer is, maybe and no.
Near-field communication technology is easily hacked (not saying I know how) but current identity thieves often use a devise that is pointed at the credit card scanner when you swipe your card, doing so they can steal money directly from your card.
Like they mentioned in the article, someone 'bumping' into you could possibly be a way to steal money from you...from pickpockets to radio-hacker thieves hahaha
I personally think that allowing your mobile phone to be turned into a "credit or debit" card is a terrible idea. Cell phones were meant for texting, calling, and mobile web, and not made to be turned into an account you buy a pair of jeans with. Although this is a crazy idea, I'm sure we'll see it become a reality in future years. I, for one, would not be comfortable using this system. It would be so easy for someone to get ahold of your account that way (or at least for me because I'm always losing my cell phone), and then someone would rack up crazy charges I wouldn't be able to pay off. Three interesting things I learned from this article are that most of the smartphones already have this technology built into them, this idea could take decades because we Americans like the concept of using an actual card, and AT&T and Boku already started a "branch" of this joint mobile payment trial that is in effect for online purchases, although the 'brick and mortar' store possibility is not open yet.
ReplyDeleteThis sounds like a good idea to me because people are more likely to have their phone in their hands already. I really so see this happening in the near future because it will save people's time from having to pull out their wallet or go into their purse. Three interesting things I've learned from this article are mobile payments are commonplace in Japan, South Korea, and parts of Europe. Then, American Banker reported that while Americans ages 18 to 34 often have phones that can make mobile payments, they also tend to prefer to use debit cards as a way to manage their budget.
ReplyDeleteFinally, Isis payments will be available to Verizon, AT&T, and T-Mobile customers who have mobile-payment-enabled phones and who shop in stores equipped with Isis checkout terminals.
i think that this program will change the way people spend their money. it will make it easier for people to have some sort of money on them at all times. (how many people go places without their phones?) in all reality i don't think that we will see something like this for 10 years. there are a gonna be a lot of question to be asked. and people are going to have to see that it works good, before they'll risk their identity, and or credit card bill.
ReplyDeletethat by 2014 1 out of 6 mobile users will have a isis enabled phone.
I think using a cell phone as a credit card is another advance in technology. I don't see myself using this right away because I am sure there will be some glitches. I would feel comfortable once they get all the bugs out of the system and ensure the users safety. I learned that Verizon, AT&T and T-Mobile are the 3 companies that will have mobile-payment-enabled phones, mobile payments are common in Japan, South Korea, and parts of Europe, & they said the bill would show up on your credit card statement, not your phone bill.
ReplyDeleteI think it could easily become a reality, but not for a few years. With a system like that the number of problems that could be caused are so high that I would not feel comfortable using it. When it comes to things like credit and debit cards and money, people are nervous to use anything they don't already trust. There's plenty of people out there that don't even use cards or checks and rely solely on cash. Not only are wireless companies trying to make this happen, but credit card companies and paypal are even trying to get there foot in the door with this. Using a cell phone to make a payment for something and then having it show up on my phone bill just sounds confusing. Is it going to be a credit like system where you buy now and pay later? Or are they going to have it like a debit system where it pulls the money out of the bank account? How easy is it going to be for someone to steal my money using a computer or their mobile phones? What happens if my phone is lost or stolen? Can they get my information off my phone? This system just sounds like there's too many risk involved.
ReplyDeletePersonally, I think something like the cell phone method of payment could catch on, nut it make take some time. I probably wouldn't feel too comfortable using it, because cell phones are more easily broken then debit/credit cards, so if I were to drop it in the store and it decided to break, I would be paying with cash that day. There were a few interesting things I learned from the article: The mobile phone system is already in use in Europe, the payments will show up on a customer's bank or credit card statement, and 18 to 34 year olds prefer to use debit and credit cards.
ReplyDeleteI think that it could be a good idea, someday I think that it will happen it just wont be anytime soon. I am not sure that I would be comfortable using this right away because I don't know how safe it is and wouldn't want anyone getting my information. But over time as they worked out all the problems I would probably use it.
ReplyDeleteone thing that I learned from the article was that they are already using this system In over countries.
Another thing that I learned is that by 2014 1 in every 6 mobile users will NFC enabled phone.
Also that Google newest version of android will support mobile payments.
Although the idea sounds cool and is interesting, it doesn't sound completely safe to pay with your cell phone. It seems like theft would become easier this way and cell phones are easily broken or misplaced, which could cause complications. I think it could become a reality after they work more on their plans and make it safer, and work out all the questionable areas in the article. They would have to get people to believe this is better and easier for them and it would have to be used at more than just retail stores otherwise people will not want it if they still need a credit card for different stores. I don't think i'd feel comfortable using this yet.
ReplyDelete1. Wireless carriers want our cell phones to become or replace our wallets/credit or debit cards.
2. Mobile payments are already being used in Japan, South Korea, and parts of Europe.
3. The cell phone carriers may have extra fees and charges for purchasing items with our phones.
I think that this new type of thing is going to happen. It only takes time, it can benefit a lot of businesses that need to make just a couple of payments. Easier to keep track of, but for the common people it can be both bad and good i guess. Not everyone has a phone that can pay for stuff.I think everyone will soon become comfortable using it because its new but the more they use it the better they will become with it. The three things that I learned was that they already had this same type of deal over seas in different countries, like Europe, Japan, and South Korea. The second thing i learned was that Paypal already had some type of mobile payment option but no one really took any notice to it. The last thing is that the consumers and merchants are going to have to put away old habits for this to work in the United States.
ReplyDeleteWell i think its a start and a new way to pay bills but i dont think its safe. It might become a reality soon im pretty sure of it if phone companies like AT&T, Verizon, and T-Mobile are pushing for it. But i wouldnt feel comfortable because i dont think its safe because of its security issues. Not all things work correctly and goes as planned. The 3 things that interested me are this Isis idea, and it will only work if you have a ISIS equiped phone and major phone companies like Verizon, AT&T, and T-Mobile are pushing to make this happen.
ReplyDeleteI think this is an easy, convienient way to spend money.
ReplyDeleteYes, I do think this will come a reality if the system gets the flaws fixed and is user friendly.
I would feel comfortable useing the system if it was popular and others were useing it. I would feel better if it was on the market for a while before I opted in though.
I learned
-About the machinism. I had never heard of it before.(Isis)
-The phones have to have the mobile payment option- not all phones will be compatable.
-In order for this to become successful many people will have to give up credit and debit cards. The large cell phone companies are coming together to push this to happen.
I think that this a great idea that needs to be executed properly. Security is a big concern and losing a cell phone with this system installed scares me a little.
ReplyDeleteThree interesting things that I learned are:
1. Three big carriers are pushing this.
2. Within a year we will be hearing about these services.
3. There will be merchant fees for the system.
I’d go for it I like the idea to be able to make payments to your cell phone although for others who have bad credit it would be a scary idea. If they used debit cards instead of credit id feel a lot better about the idea. I would want to be the one to take care of the security. Cell phones are becoming more technologically advanced, verizon, AT&T and t-mobile are playing nicely, and I didn’t know Isis was a payment system.
ReplyDeleteI can see some good sides of this but I feel very uncomfortable with it personally. I think that we are all relying very much on electronics as it is and this is putting your whole budget pretty much on one electrical system. I would worry that someone could hack it or steal it. I know many people who lose their phones every week, often times getting them back because of a good Samaritan. I wonder how often that would happen if you could swipe the phone at some terminal and buy anything you wanted with it. I have a feeling it would be like finding a wallet full of cash. There are a few who would turn it in untouched and be happy if there was a reward but there are just as many that would take the cash and discard the wallet. Plus, so many people rely so heavily on their blackberry or whatever they may have. If you were to have this stolen what would that do? I know I would forget most of my appointments! As far as what I learned from this article, the whole thing was new to me. I did not know that this kind of technology was being looked at for the US let alone be a standard elsewhere. I'm not a user of PayPal so that was new information to me. I was not surprised by which cell providers were going for the new ISIS system.
ReplyDelete