Piers Fawkes: Will Pay-By-Phone Be An Albatross For The Banking Industry?
The rush to adopt the technology seems to mirror the electronic industry's desire to force 3D TV on viewers.
I’ve noticed that Europe is witnessing a lot of acitivity when it comes to large financial organizations getting into the pay-by-phone space. Recently PSFK reported the launch of the Pingit service from Barclays Bank. The service would allow customers to send money to each other easily using their phones.
Now Telefonica-owned O2 is planning to launch in the next three months a mobile money transfer app to rival Barclays’ service. This service would be offered to all banks to use. Visa is also planning a partnership with Vodafone. The new mobile wallet service to allow mobile phone customers to pay for goods and services using their handset. It will be available across all 30 countries that Vodafone operates in, starting with the UK, Germany, the Netherlands, Spain and Turkey. No doubt US financial corporations are watching and learning. Google is already testing its NFC service with a handful of retailers.