2. Allows the individual to tap his/her near fieldcommunication wireless technology (NFC)enabled Android device to pay with the GooglePrepaid Card or Citi MasterCard, whereverMasterCard Pay Pass is accepted. This also uses the NFC technology. It stores virtual versions of the individual’s debit and credit cards, allowing the user to tap and pay at ISIS ready merchants.
3. Many financial institutions have developed mobile apps Examples of some features: ATM & Branch Locator Access account information Manage bills Make payments Funds transfer Purchase stocks
4. Using mobile devices to book, purchase & download tickets Reduces paperwork for the retailer Increases convenience for the customerExamples of its use:Airport, Cinema, Concerts, Public Transit
5. LOCATION BASED SERVICESLocates whereabouts of the user & renders him/her with useful informationabout his/her locationExamples of information that can be provided:Weather, Traffic, Currency ExchangeLOCATION BASED MARKETINGLocates whereabouts of the user & markets specific products & servicesbased on the user’s location & purchase historyExamples of marketing/advertising: Providing the user with info about the nearest store (store locator) Offering discounts & promotions exclusive to the user’s location Providing user with info regarding product availability in nearest store Offering user new products that are similar to or complements his/her past purchases
6. Barclays recently launched a product in Europe calledPingit which makes mobile-to-mobile payments feasiblePINGIT FEATURES: Allows anyone with a UK current account & mobile number to send & receive money for FREE Eliminates the need for the recipient to reveal any bank info to the sender Protects recipient’s private & sensitive bank information User is able to set a 5 digit pin to protect the mobile application
7. For more interesting business related articles, please visit: http://www.businessvibes.com/blog