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The days of simply using a phone to talk are long, long gone. Now we have text messaging, FaceTime, AngryBirds, and tons of other applications. Our phones have transformed from a simple accessory to an extremely important and vital part of our everyday lives. And like the times, our phones are becoming more technologically advanced, helping us out in areas that matter the most to us.
The newest technological trend to hit the banking and personal finance industry, are mobile banking applications and platforms.
Just this May, Google released its new eWallet platform which aims to provide cardholders with better payment options and save cardholders’ time and even money. Google is blazing the trail, but PayPal, MasterCard and other systems are on the mobile payment bandwagon.
MasterCard has a eWallet platform called PayPass that allows consumers to check out at any retailer that is equipped with the PayPass technology. MasterCard promises users that PayPass allows consumers to check out faster than traditional check-out methods.
Using your phone as a credit card can save you the time and the hassle of digging through your pocket or purse for your wallet. And once you get your wallet, it saves you the hassle of finding the perfect credit or debit card to fund your purchase. And what about those days when you forget your wallet at home or in the car, or worse it gets stolen? If you sign-up for an eWallet platform you could use your phone to pay for those items.
Enlisting the help of a mobile payment solution can be helpful as many credit card issuers and banks have created Smartphone applications to help consumers’ better monitor their money and personal finance matters. These applications can help you in more ways than one.
There are a variety of apps to choose from, some that will tell you when you’re getting close to your preset spending limit, some that will tell you when you’re overspending in a certain category, and some apps will even allow you to scan barcodes at the register to see if you are getting the cheapest price in your area.
Mobile technology is revolutionizing the banking and personal finance industry, and it would be in your best interest to take part. Credit cards and payments can be very cut and dry, but by taking part in new mobile banking trends and technologies you may propel yourself to the next level of financial wisdom.