Have you heard about the idea of combining your smartphone and credit card?
As technology progresses businesses aim to make our lives easier, provide better products and make everything faster.
Australia has embraced PayWave (the tap and go payment option). No need for your pin number or a signature for amounts under $100 in most cases. It took some decent incentives to get people using it, but now most places have this as a payment option, making paying for things even faster.
Now, companies such as AMex want to combine your smartphone with your credit card so you need only take your phone with you everywhere. Since most people now use internet banking and have the banking apps on their phone, it seems a logical and easy step to make this happen.
I like the advances in banking I have seen in my lifetime. When I first started banking it was at school with my little bank book. As a teen I got a job and my first debit card. Later as an adult I acquired a credit card which required a pin. Throughout this time all my banking was done by going into the bank. I loved that as an apprentice I was paid in cash so I never had to go to the ATM. (I also paid my rent and things in cash.) However, it wasn’t as great for saving money.
When I got the internet and finally started using online banking I was nervous. I was worried about security and while others I know have had issues, most of them were not vigilant with their security measures (e.g. logged into their banking using public wifi, used an easy password they used everywhere etc).
When PayWave as introduce I did not like it at all, until I read about it, understood it and knew how I was protected and how to keep my card and money safe. I still don’t use it a lot, but I am no longer against.
Combining your phone with your credit card seems to be the next logical step forward to simplifying our banking and making our lives easier. I would want to know exactly how my account would be protected and what security measures were in place before using it, but I think it is an interesting concept.
What are your thoughts on combining your smartphone with your credit card? Would you use this option if it was available?