Cellphone Banking is Gaining Ground

Cellphone Banking is Gaining Ground

The idea of dispensing money from one’s cellphone has been simmering for many years, but it’s only now that it’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, America’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 ‘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]

Chris Malinao

About Chris Malinao

Chris teaches Lightroom as workflow software to photography students at the FPPF, Federation of Philippine Photographers Foundation. He also teaches smartphone photography.

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