Different Ways To Pay - The Rise Of The Smartphone
The mobile phone has long since moved on from just being a portable way of making telephone calls
. Today people use their aptly named "smart-phones" for just about everything. You can call, text, email and even video chat with your friends and family through your mobile phone. Surfing the internet, taking pictures or videos and playing games are also hugely popular ways that people use their phone. However, what has come very much to the fore in the past year or so is using your mobile phone in dealing with money matters.So what is already available to the general public in terms of money on a smartphone? The most straightforward and traditional is, of course, paying for something over the phone. This can be done in exactly the same way as if you were paying for something over a landline. However, with a mobile phone, you will have to be acutely aware of your surroundings. Having to read your bank details out loud is not something that you will want to do in public places as anyone could overhear you.
You can also organise and manage your money on the move with a smartphone. Most banks now offer internet banking to their customers that can be accessed through a computer. If your mobile phone has internet connectivity you can also access your account through your phone. This can be done by simply going to your bank's webpage on your phone's browser. Alternatively many banks now offer apps or more accessible versions of their website to make mobile internet banking much easier for their customers. There are some restrictions as to how much you can do on your phone but in the majority of cases you can check your balance and make payments to other people.
There are 25 million regular users of internet banking in the UK and it is growing more popular by the day. Like you would with internet banking on your computing, you will need to make sure that you are being safe while internet banking. Make sure that you are using a secure Wi-Fi connection and only use official banking apps or websites. You should also ensure that you log out when you are finished and that you have changed any default passcodes or PINs. In a similar vein you can also shop online using mobile internet - the transaction will be carried out in much the same way as online shopping on a computer.
You can also pay for small purchases through text message. In recent years it has become a popular way of quickly and easily donating to charity, entering competitions and buying games and ringtones. You can simply send a text to a specified number and it will be charged at the value of what you are paying for. This has lately been adopted by businesses for small payments. For example many car parking companies are now giving you the option of paying for your parking by text. The idea has also been picked up by local authorities, businesses and train companies. Other small payments can also be paid by 'app'. Some coffee shops, for example, have created apps that will let you pay for your coffee.
There are already a number of ways that you can manage your finances and make payments. However, in the very near future, these processes could be even easier. By the end of this year many banks will be able to offer a system that allows users to make payments to other people using just their phone number. A central database will link mobile phone numbers with account details in currently being built by the Payments Council. The payments are likely to be made through an internet browser or an app and will be protected with a passcode or something similar. The system will be instantaneous and will be good for making payments to people whose bank account details you do not know.
Finally, due to the rise in contactless credit and debit cards - with at least 19 million contactless credit and debit cards in the UK - the technology has started to be applied to mobile phones. Though as of right now there is only one model of phone that is able to use the Near Field Communication technology to make contactless payments, it is predicted that the number will increase very soon. This will mean that for small payments of 15 or less you will be able to simply hold your phone up to a reader and make a payment without needing to enter your PIN or sign for it. These upcoming changes to the way that you can use your smartphone to pay for things will make transferring money much easier and simpler. The fact that you will not have to know the bank account details of the person you are transferring money too could add an extra level of security to transactions.
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