The idea of dispensing money from oneâ€™s cellphone has been simmering for many years, but itâ€™s only now that itâ€™s beginning to gain acceptance. A growing number of banks in the U.S. are allowing clients to pay bills and transfer funds using the ubiquitous mobile phone.
Wachovia, Americaâ€™s fourth-largest bank, made the move in December, allowing its more than 4 million online clients to view their account information and transfer money via cellphones. Bank of America will follow next month, and Citigroup will soon offer similar banking services.
A number of banks tested the technology in the late â€˜90s but it never caught on. This time, as security concerns are being addressed, cellphone banking appears to be catching on and becoming widespread. But still, beware.
[Via: Yahoo News]