Are We Ready For Money Transfer By Smartphone?

[K12beano]

Pingit announced today:

http://www.bbc.co.uk/news/technology-17040702

Is it now the right time for the great unwashed to take this up?

[ZOLLAR]

Might give it ago, I'm with barclays so will download it later and do a test transfer.

[Marf]

I just wish First Direct would pull their fingers out and make an Android app.

[K12beano]

ZOLLAR said:

.... do a test transfer.

Ah - you'll be needing someone to transfer £££ to......

[ZOLLAR]

K12beano said:

ZOLLAR said:

.... do a test transfer.

Ah - you'll be needing someone to transfer £££ to......

[Marf]

K12beano said:

ZOLLAR said:

.... do a test transfer.

Ah - you'll be needing someone to transfer £££ to......

"I just need your bank details Saahhh, I assure you, its totally legitimate!"

[Oakey]

So now when you lose your phone not only do you have to worry about someone running up your bill but also emptying your bank account

[P-Jay]

Don't see why not, I already send money via Paypal on my iphone and I guess I could do the same by logging into my online banking via Safari.

[JonnyFive]

HSBC should make an app for online banking, the others have one..

[Spanna]

Anybody with internet on their phone and online banking can do this anyway.

I've done it a few times, even as long as 2 years ago.

[AJS-]

No major problem with it, but I don't see it replacing cash. However much politicians may want this.

[Webber3]

I like it, it looks very simple to use and it could take some market share from Paypal, which is not a bad thing. I'd like to be able to set my own payment limits though.

[okgo]

Spanna said:

Anybody with internet on their phone and online banking can do this anyway.

I've done it a few times, even as long as 2 years ago.

As said, I've been doing this for about 18 months, its nothing new, and no different to doing it on a computer surely?

I pay all my bills and rent etc by phone app.

[Ozzie Osmond]

Another rich seam of opportunity for muggers...

[mrmr96]

P-Jay said:

Don't see why not, I already send money via Paypal on my iphone and I guess I could do the same by logging into my online banking via Safari.

This.

It seems to be a similar system to paypal? Where a bank account is linked to an email address (on the basis that all email addresses are unique) but instead it's linked to a phone number, which is also unique.

The only thing I'd need more assurances of are the security, and "what if" scenarios.

Like what if you change mobile provider? (with or without porting your number)
What if your phone is lost or stolen?
What if your phone number is hacked/cloned etc?
What if there are trojan apps which could be installed on your phone and make false payments?
Etc.

Just needs to be properly secure, but still easy enough to use that people go for it. A fine line to tread I reckon.