Five UK banks sign up to hook up customers' ACCOUNTS to their MOBILE DEVICES British banks HSBC, First Direct, Nationwide, Santander and Metro Bank have all signed up to Zapp's mobile payment system, allowing their customers to pay using a tablet or smartphone. The announcement comes just days after O2 snapped shut its Wallet service. The five banking firms together provide services to around 18 …
I don't really see how it'll be less secure than your debit or credit card. In fact, I don't really see how it can't be more secure.
Get phone out. Unlock phone (PIN or face or pattern or TouchID etc). Open banking app. Log in to banking app (however needed for your bank). Pay.
At least two levels of security there. There's no way that they will release it in such a way as you can just start up the app with no authentication and pay money out of the account.
Compare to card. Get card out. Swipe and sign or insert and input PIN.
Just the one level.
Or worse if you have an RFID enabled card where many transactions do in fact need no security.
I'm not sure how old you are but this also stinks for me. A smart phone is about the most useless thing I have ever seen. It goes flat, does not do what I need and now can be a spigot to flow money out of an account.
Except that since the damned thing is useless I will not be subscribing.
None of my banks have been stupid enough to sign up, phew!
Whilst there was enough of an uproar to reverse, at least for the moment, the recent proposal to do away with cheques, I fear that this is the thin of the wedge with regard to the demise of cash altogether. Cash is apparently expensive to print, distribute and count, so banks would love us to give it up all together and embrace entirely digital transactions. Although cash might 'cost' the banks something it appears to have no affect whatsoever on their beloved bonuses etc, so it can't cost them that much can it. Apart from the security issues, which will probably end up costing the banks a lot more than cash ever did, despite counterfeiting etc, it is a worrisome thing indeed.
Well, the debit card destroyed the cheque system, and anybody under the age of 35(ish) I doubt has ever written a cheque. But they all use PHONES to do other stupid things than make a telephone call.
Makes sense now for the less intelligent population.
Now, now, we probably have ourselves to blame for any broad swathes of poorly educated masses 'sexting' with their mobile devices by letting blooming hippie teachers start rearranging the desks into little 'groups' in the 70's.
That aside, digital transactions of this type will most probably be lapped up by younger generations and that is to be expected after all. All we can do is remind them of the 'old ways' and encourage the brighter ones to absorb a wider range of historical knowledge such that they might come up with new, and improved, 'ways' compared to our old ones. I just hope they keep cash around for a few more years.
Got to go, my smart-home, I.O.T., app says my slippers are at optimum temperature are are to be removed from atop the wood burner forthwith ;)
"I fear that this is the thin of the wedge with regard to the demise of cash altogether."
Whilst the banks, HMRC and others with some self interest keep predicting the demise of cash, it hasn't happened and it won't happen. If the government of the day decides to stop printing notes and minting coins, people will simply use other currencies for cash transactions - they might even invent their own currencies or swap commodities.
My cash works when my phone is lost, stolen, has a flat battery or is otherwise incapacitated.
When I buy stuff for cash, HMRC, the banks and "their selected marketing partners" have no idea what I have bought.
Bank payment systems have to be paid for, which is why some traders offer a discount for cash.
"Just think how much more special a £50 note feels than three £20 notes."
Just think how special it will feel when those green measures your overlords love so much really start having the intended effect and your economy goes so far down the shitter that the only thing that you'll be able to do with your money is wipe your arses with it. That's gonna feel really special!
Interesting biometric. I guess it would work. It would definitely have a positive effect on general health. But I don't see the public carrying around a lot hoops just so they can pay for a latte. Even cutting it down to repeatedly jumping through one hoop is unlikely to win them over.
Ever heard of it ?
Since moving to Dorset I can no longer do much of the Internet Banking I used to do when I lived in a city. Why is this, you say ?
Well, since my bank decided it would be more secure to send a 4 digit pin to my mobile phone I can no longer set up a new payment or cancel an old one on-line, simply because my mobile doesn't work when I am at home, there is no signal ! I have to travel about a quarter of a mile to get a signal. I bet they never thought of this one.
Also, if my mobile phone is nicked and the perps try hacking into my bank account, Santander very kindly send them the 4 digit pin, making the process easier for them and harder for me, as the bank still insists on sending my mobile a PIN, even if I am doing telephone banking from my landline !
Fucking smart arses..........
Santander's online banking is generally a crock of s**t anyway... possibly the most user unfriendly system anyway and awful to try and set up.
I must have tried a dozen times to set up my online access and in the end I gave up and we both used my wife's access (it was a joint account).
The piss poor online service was one of the reasons we upped sticks and moved our account to First Direct, far more user friendly.
That aside I wouldn't use this system as to be honest it seems a real faff compared to just swiping a card or entering payment details.
For a quick transaction it sounds like a PITA.
'Oh hang on, I know I left my phone in my handbag SOMEWHERE'
'Oh here it is'
Unlock code.
Find and launch the app.
No 3G. Error
Wait for 3G to lock.
Still Error
Quit and Re-launch App
User ID
Secret code (8 characters long, but characters 4, 3, 7 please)
Wrong Try Again
Wrong Try Again
'So sorry, I get flustered when I'm in a rush'
Correct code
'How much was it again?'
QR code generated, trying to get it in frame and photographed.
Insufficient Funds
'Oh, wrong bank account, hang on, I need to launch my current account App'
So banks are whinging that cash is expensive? And in what way is this NOT expensive? I don't have a mobile phone of any description, yet it seems more and more that we're heading into a situation where life will be difficult if not impossible without one.
Mobile phones are simply not the answer to everything.
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