Online banking is continuing to increase. There has been at least a 10 percent increase since 2010. Online banking provide features where you could access and manage your account. You can check your balance, account activity, or search your statements and payment history from a desktop computer, laptop, tablet or smartphone. You can pay your bills through online banking and make transfers online between accounts from your home, school, office, or wherever you can connect to the internet. A couple years ago, I went to a grocery store and shop for what I need. Then I went to check-out. After I swiped my debit card, I was told that my card was declined due to insufficient funds. I did not have another card on hand. So, I had my smartphone and transfer money from another account. Then, I was able to purchase the item. This is an example of mobile banking. Online banking is getting a boost from mobile technology.
The advantages of online banking is that it is convenient, no lines, the availability, and the innovation itself. Some people regular work schedule is Monday-Friday from 9am-5pm. Banks often closed at 5pm on weekdays, shorter hours on Saturday, and closed on Sunday. Making a trip into town after work can be a hassle. By using online banking, you can avoid waiting in line.
The biggest concern of online banking is identity theft, but the Internet does offer potentials for safe and convenient online banking. For more information, visit FDIC: Safe Internet Banking.
Sources:
https://www.bankofamerica.com/onlinebanking/online-banking.go
http://www.fdic.gov/bank/individual/online/safe.html
http://www.accountnow.com/content/online-banking/4-advantages-of-online-banking-2/
http://media.ally.com/2013-12-04-Online-Banking-Continues-To-Increase-In-Popularity-According-To-Annual-Ally-Bank-Survey
http://www.bizjournals.com/sanantonio/blog/2013/05/survey-shows-online-banking-getting-a.html
Wednesday, April 16, 2014
PayPal Digital Wallet
PayPal is an international e-commerce allowing you to make payments and transfer money through the Internet. In 2013, $180 billion global dollars was processed by PayPal. It is a form of digital wallet. It is entering mobile payments via encrypted card reader that accepts debit and credit cards with the PayPal Here app. It is available for both iOS and Android.
PayPal developed an app that might be the most fully featured payment app to date. PayPal's vision of the future is "no wallet, no credit card, and no waiting for anything". The app enables you to store your credit cards, send and receive money, and could also open a credit line on your behalf. The only thing about this app is that it's not going to give you the simple and easy feeling of swiping your credit or debit card.
The way PayPal app works is that you use the 'Local' section of the app to find shops and restaurants nearby which accept PayPal payment. Then, you would choose one and you can ‘check in’ to the store. You can order food ahead of time, before you arrive.
I think the PayPal app is a brilliant innovation and have some good features to it, but it is still not quite as simple as carrying a credit card. The system is still quite slower than using a credit card. Shops accepting PayPal is severely limited at the moment. We also pay for things in many different ways. Meanwhile, we would have to buy things the old-fashion way until developers find a more simpler way to use the app and more shops accepting PayPal payment.
PayPal developed an app that might be the most fully featured payment app to date. PayPal's vision of the future is "no wallet, no credit card, and no waiting for anything". The app enables you to store your credit cards, send and receive money, and could also open a credit line on your behalf. The only thing about this app is that it's not going to give you the simple and easy feeling of swiping your credit or debit card.
The way PayPal app works is that you use the 'Local' section of the app to find shops and restaurants nearby which accept PayPal payment. Then, you would choose one and you can ‘check in’ to the store. You can order food ahead of time, before you arrive.
I think the PayPal app is a brilliant innovation and have some good features to it, but it is still not quite as simple as carrying a credit card. The system is still quite slower than using a credit card. Shops accepting PayPal is severely limited at the moment. We also pay for things in many different ways. Meanwhile, we would have to buy things the old-fashion way until developers find a more simpler way to use the app and more shops accepting PayPal payment.
Sources:
Mobile payments is on the rise
It seems like everything is going digital. Mobile payments
is growing and will continue to accelerate. More people are making purchases
online. During Black Friday in 2013, mobile commerce accounted for more than 20%
of U.S. spending.
In 2013, $15 trillion of retail transaction were made, and $1
trillion of that was via e-commerce. Smartphones and tablets are continuing to spread across the
market. By the end of the third quarter of 2013, 63% of U.S. consumers owned a
smartphone and 35% owned a tablet.
Another trend, the number of U.S. smartphone
users using e-coupons increased from 7.4 million in 2010 to 29.5 million in
2012. Coupons are being redeemed at
groceries stores, department stores, and clothes stores. This year, mobile commerce will account for a third of
holiday shopping.
Sources:
http://www.forbes.com/sites/stevenbertoni/2014/02/12/can-paypal-beat-apple-google-amazon-and-icahn-in-the-wallet-wars/
http://www.businessinsider.com/the-big-digital-payments-trends-in-2014-2014-1
http://www.businessinsider.com/mobile-retail-and-commerce-trends-2014-1
Sunday, April 13, 2014
The security concerns in digital payment system
Although all
different kinds of digital payments make our life much easier, there are still
many problems about it. The main drawbacks are concerns over privacy and the
possibility of identity theft. Cyber crime is a major threat to the US payments
systems. Online databases can be hacked and important information can be
stolen. And if that happens, it can be a very serous financial loss.
Over the past
few years, some people experienced a card cancellation due to a data breach.
15% consumers saw fraudulent charges to their account because of a stolen
account number. Such events have a significant impact on consumer attitudes.
They are caring their concerns into the emerging world of mobile payments.
Generally, emerging payment forms are less secure than traditional ones, and
research shows NFC payments are the least secure method.
The truth is
doubts about safety issues are the key barrier to all different kinds of
digital payments. According to the article Top Ten Payment Trends To Watch,
“63% of consumers said they believe that mobile phone signals are easily
intercepted by criminals, and 39% believe that payment cards can be read
through a wallet”.
To prevent
these crimes from happening, the credit card companies such as Visa and
MasterCard cooperated to develop the secure EMV chip, which is embedded in
credit cards. EMV chip card transactions improve security against fraud compared
to magnetic stripe card transactions that rely on the holder's signature and
visual inspection of the card to check for features. Further developments
include the Chip Authentication Program where banks give customers hand-held
card readers to perform online secure transactions.
Sources:
http://www.smartcardalliance.org/pages/publications-emv-faq
http://www.vantiv.com/Insights/Vantiv-Insights/Insights-Resources/Research-Papers/Vantiv-Insights-Top-10-Payment-Trends-to-Watch-In-2013
Wednesday, April 9, 2014
Credit Cards
Since I came to
America, I realize most of people use credit cards when they pay something. It takes
me a while to get used to it. Even if people use credit cards in my country,
they still use cash a lot. Because there are a lot of small shop that do not
take credit cards. Another reason is some people are worried their credit
information may stolon by somebody.
However, it still has some advantages for
using credit cards. First of all, people do not have brought a bunch of money
to go out. When they pay something, they just swipe their cards. Second, some
credit cards offer additional benefits such as discounts and cash back. Third,
using credit cards can build a good credit history. It is not only good for
applying credit cards, but also applying for things such as loan, rental
applications.
Picture source
Since I came to
America, I realize most of people use credit cards when they pay something. It takes
me a while to get used to it. Even if people use credit cards in my country,
they still use cash a lot. Because there are a lot of small shop that do not
take credit cards. Another reason is some people are worried their credit
information may stolon by somebody.
However, it still has some advantages for using credit cards. First of all, people do not have brought a bunch of money to go out. When they pay something, they just swipe their cards. Second, some credit cards offer additional benefits such as discounts and cash back. Third, using credit cards can build a good credit history. It is not only good for applying credit cards, but also applying for things such as loan, rental applications.
However, it still has some advantages for using credit cards. First of all, people do not have brought a bunch of money to go out. When they pay something, they just swipe their cards. Second, some credit cards offer additional benefits such as discounts and cash back. Third, using credit cards can build a good credit history. It is not only good for applying credit cards, but also applying for things such as loan, rental applications.
Picture source
Wednesday, April 2, 2014
Linden Dollars: Second Life.
Linden dollars in the virtual game of Second Life, (similar to Sims but is an online virtual world), are defined by the government as virtual currency. Through the game, you can purchase items in the game as well as locked premium features with Linden dollars and it even has a value in real currency because it can be bought or exchanged to virtual currency. You can earn Linden dollars through Second Life or you can easily purchase Linden dollars with real currency. There is an exchange system called Lindex for this type of transaction made by the game makers. You are not allowed to use real currency for the game. To use Lindex or to purchase Linden dollars, you just need a credit/debit card or a Paypal account. There are even ATM's in Second Life where you can withdraw your Linden dollars.There are many benefits to playing Second Life. You can get started with very little Linden money and earn your way up or spend five bucks to get some Linden dollars and go from there. Either way once you earn Linden dollars, you can then exchange them for virtual money. Why not have tons of fun AND earn money?
Would you like to give it a try and get started? Technology really is stepping it up. Even with games, there are lots of different virtual currency and ways to earn money even when you don't a job in real life. Hence, Second Life. Second Life can be anyone's second chance to living the life they always wanted if you play it right and dedicate your time to earning big. You can only live it up once you've earned and get a good job. But, you can also be anyone and if you're a bit into fantasy, Second Life is perfect for you.There are tons of ways to earn money in Second Life. You can practically sell anything you have in the game, play to win the lottery, play to win in the casinos, play skill games to earn coins, buy land and get money, buy stocks, play other games offered in Second Life like "The Second Farm" or simply get a job! Jobs are very realistic in this game.....you could even be an escort or a stripper if you' like to.
In 2009 when Second Life was first introduced, it was the most popular among PC games. It attracted a wider range of people to play the game. I have never heard of the game until recently researching digital currencies. But it's interesting that games now even have digital currency. Games have stepped it up and have become extremely realistic these days. Would you guys play the game and get involved? Comment below! Share your thoughts. Have you also heard of Linden dollars or played the game? If you have, tell me about it. I would like to know without playing the game.
http://secondlife.com/destinations/realms
http://www.hypergridbusiness.com/2013/04/could-linden-dollars-become-real-money/
http://personalweb.about.com/od/virtualworlds/a/sl_makemoney.htm
Tuesday, April 1, 2014
Can your Smartphone replace your wallet?
Nowadays, we
find ourselves carrying cash less and less because you can just as easily make
your purchase with cards. But do you ever feel there are too many cards in your
wallet, or it takes you forever at checkout counter to find the right card?
Perhaps it’s time to swap again, and this time, for something you have always
been carry around-your smartphone!
There are
different apps in your phone that can hold your payment and card information.
Google wallet and Iphone’s passbook are two of the most popular ones by now.
All you have to do with them is just scan your smartphone or tap it to make the
payment.
However, payments
in the real world are more complicated than online. There was someone named Steven Bertoni, he did an experiment
– left his wallet at home for one day to see how far he could get with a
smartphone. As a result, he found out mobile payments offer some pretty cool
perks, but there were very few options to choose from and it had no access to
public transportation or pharmacies. The gaps and shortcomings in mobile
payment system are still huge. So
basically Steven suggested to do not lose your wallet just yet.
Do you agree
with him? Tell us what do you think.
Purdy, K. (2011, 03 15). How to replace your wallet with
your phone. Retrieved from
http://lifehacker.com/5782017/replace-your-wallet-with-your-phone/all
Bertoni, S. (2014, 03 28). Mobile payment experiment.
Retrieved from http://www.forbes.com/sites/stevenbertoni/2014/03/28/mobile-payment-experiment-can-an-iphone-replace-your-wallet/
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