Would you trust your mobile service provider to handle your money? Do you think it's a safe idea?
Monday, December 6, 2010
The App of All Apps
Imagine no more credit cards or debit cards. Imagine not having to worry about that little piece of plastic with all of that money. Envision a world where you can pay for drinks, clothes, gas, and movies, as well as call, text and email all from the same device. Verizon, AT&T, and T-Mobile are making that vision a reality. With the new Isis program, these wireless carriers intend to change the face of today's payment services. This technology relies on near-field communication, which is convenient because "Juniper Research forecasts that one in every six mobile users worldwide will have an NFC-enabled phone by 2014."
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It’s all a great idea, and frankly, I’ve been wondering when this would happen; that is, when we would start paying for everything with just one device. If it really works, then I think this would be extremely convenient and fantastic. Technology amazes me. However, safety IS an issue; putting so much personal information into a single mobile device makes me very uneasy. For that reason, I don’t have a smart phone that has my email and other personal information; I would be too afraid of losing it or getting it stolen, and all my personal information would be compromised. (Or, just like credit card theft, someone else could use my device to pay for their things, and I would get charged for them.) Although the idea of such a convenient device is extremely appealing, my worries about the safety of my information and money would prevail and I probably wouldn’t end up buying one.
Great. Another way to get Americans to spend above their means.
One thing I forgot to mention- I'm surprised that Verizon, AT&T, and T-Mobile are working together to do this. I'm so used to those companies competing and battling it out on advertisements that I was shocked to see them compromising. (Reminds me a bit of the compromise for the tax cuts that Obama and the Senate have just concluded.)
Well, Sarah, the unfortunate reality of capitalism is that most corporations will do just about anything to make money. A foray into the financial sector of this magnitude would yield HUGE dividends for any cell phone service provider. And the only way to legitimize such an endeavor is by getting a majority of the key players in a market involved. As such, the only reason that AT&T, Verizon, and T-Mobile are reportedly working together on this project is because they all know that the success of such a technology will reap monumental benefits for them all.
As far as Michael's original question is concerned, I, for one, am very concerned about the implementation of such technology at this point of time. Unfortunately, in today's day and age, cell phone networks are nowhere near the level of security necessary to facilitate such a technology, and this will only lead to more prevalent financial fraud. But if the security of cell phone networks were to evolve with this technology it seems like a fairly interesting venture, and also one that may serve to encourage more wasteful spending (as previously indicated by Aaron).
I feel we definitely have the means of perfecting this kind of phone service. Cellular network technology have already vastly improved. Many smartphones now have a remote wipe feature, which might ease concerns about lost or stolen phones. HTC and Apple are big proponents of this technology and the only flaw in this technology is the removal of the sim card.
On other note, PayPal and some other companies have already implemented a mobile bank system that allows users to scan the amount of money on checks directly into bank accounts.
Credit card encryption will definitely need to be stepped up a notch as recently Citi Bank's iPhone app leaked a lot of personal banking information. The GSM signal is also very easy to crack and tap into as well, Verizon does have a safer set of technologies with their CDMA protocal, but it is far from perfect.
With Google and Samsung as big proponents of this NFC technology, I am sure that adaption rate will increase (as announced today on the new Nexus S phone). The future looks bright for this new technology, but as with all technology their will always be security issues. If there is a lock, then there is always going to be a key. Even today's credit cards are not as safe as they should be, but on the same token neither is cash or a check for that matter. In the end, the question is about convenience and how willing you are to spend money. This will allow easier spending, but more as well. The technology I feel is definitely there, but just like hydrogen cars it is all about the perception.
Well I think these services are good, but they seem too much of a luxury. I mean credit cards aren't much of a burden--they're simply small cards that sit in your wallet. Although there is the risk of credit card fraud and the problem of paying interest, I'm sure this new Isis program won't be free for everyone to use--these mobile services will find ways to charge you more money here and there. Also, if you lose your phone, you're basically also losing your wallet.
Moreover, I feel that mobile service providers are just trying to get more and more of our money. If this program becomes more popular, many credit card companies may run out of business, resulting in unemployment. With the development of smart phones, it seems as if companies like T-Mobile and Verizon are just trying to dominate the future to come. Just goes to show how competitive some companies get just to get our money these days...
Just like how im old fashioned because i like to recieve mail though paper, i like my credit card and debit card. I like things that are tangible because you have solid proof if something goes missing or wrong.
Im pretty sure that the biggest concem for most people right now is safety and secureity issues, which are also my biggest. I dont think its safe because phones are so easy to hack as they are already. If a new "credit" app was added, the phone/web wouldbe even mroe unsafe with people trying to hack.
Atleast with a card, someone has to steal the actually thing to use it/ withdraw money. If you lose the card, you will be able to see that its missing and call the close the account. Unlike the phone/web, someone coul be stealing from you, and your totally oblivious to its occurence.
I find this as a lame excuse for our mobile companies to get more of our money. There must be some sort of interest fee that they would take out, and since the operation would be so easy to use, they would get a lot of our money.AT&T and such companies need to stick to what they do best: sell phones and mail us the monthly bill.
Time for hackers to target phones. Yay.
Although there may be flaws, I do believe that it is an overall good idea. I know that Japan has a product similar to this as well, and it seems to be pretty successful there (although the US may have more difficulties with this new application).
I really don't trust this. First of all, I'm not a big fan of online payments and a step up in our payment technology means a step up for hackers.
I know people love the whole "everything in one" (and the fact that it's portable) thing, but it's also easier for people to lose them. I think we need to slow down a little and back off of the technology surge because the current payment system does work in my opinion.
I think that this is not really a good idea. We should not completely depend on a single device for all of our needs. It makes the job of hackers,identity thieves, and the like, much easier.
The Isis program definitely shows how strong our world is becoming with all the new technology programs we are developing today. I mean, who ever though that one day we would start using our Iphones and Blackberrys to pay for our food and clothes? As much as this appeals to some of us because of the convenience we would experience in the near-future, I definitely would not trust putting my money into the hands of my T-Mobile carrier. If someone was to steal your phone or you dropped it somewhere and another person picked it up, isn't your life basically over..(being a little dramatic here)? Whoever has your phone now has access to your money and basically everything personal you keep on that phone. Credit cards aren't a burden to carry around; it's not like they weigh a hundred pounds or anything, so in my opinion, I think just sticking to what we're doing now, Iphone in one hand and credit card in the other, is probably our best decision.
I think it's a good idea... I love online shopping and it would be pretty nifty to have everything all- in one. However, like some have already mentioned, there is the risk of losing the phone, which would be a big hassle. But then again, we run the risk of losing credit cards everyday as well. And I mean, plenty of people already pay their bills and check banking statements from their cell phone... so there isn't much difference. I'm pretty sure there would be some type of customer protection service or password verification system everytime you make a purchase as well, if this service is being offered.
We are pretty much sacrificing security for convenience. I think it is a very bad idea. It really depends on the person. If they are the kind of person who is lazy and doesn't want to do much, he can get this new app for his new phone. Much more wiser people however will not take this app and stick to the old fashioned method of paying for their expenses.
I think this is a good idea, however I don't know how realistic it is. I lose my phone much more often then I do my wallet, and if this was implemented its another thing I have to worry more about. Although there are apps out there by Bank of America which lets you deposit checks with a snapshot. The difference is however I trust the bank more than I do my mobile carrier considering they always charge me for texts that I never send and all that good stuff.
I also agree with Stephen that companies are just trying to earn more of our money.
And even though this seems to be convenient I don't think it is all that useful. Okay, so I can use my phone to pay for everything...can't I already do that with the internet? and don't smartphones all have internet?
I got ass dialed twice today, i bet ass purchases would become common as well...
Yeah, i used to have the "bootycall" problem too with my LG enV Touch, then it phone broke and I went old school with a flip phone.. then i missed my qwerty keyboard.... blahh..its a good thing they don't sell them anymore, the touch screen was all messed up in all, its not like them new droids and iphones that got the heat sensitive touch screen.
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BUT!! the point is, in order for innovation to take place, you got to understand that it's a process before it can become useful.
remember the iPad and how like people were calling it too bulky, needs a camera, needs a flash player... etc?
so it wasn't perfect, but it definitely started a tablet craze that sent competitors a run for their money.
Not every new piece of technology is going to be a success. When paper money was introduced, its biggest flaw was the ability for counterfeiters to print their own money. Today, its not so easy anymore, but people still find a way to get around it.
what do you think people thought of credit and debit cards when they first came out? probably the same thing that were thinking right now about this app.
so maybe the first app won't be perfect, but its a start.
-Raymond Lim
I don't think that the phone companies should handle everything. I have enough phone problems as it is already, and I have had way too many in the past. I can only see a lot of things going wrong, and a lot of people being upset
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