Banks encouraged to go Global..

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The power of the smart phone or mini-computer is being realised by some mobile-payment conscious innovators.

Swift are calling on Banks to initiate an open Global service api – funny that?  Heres a link to the article at Finextra and the downloadable whitepaper . Problem is the Banks prefer to work with Cards all the time and the unsuspecting consumer and  retailer is expected to follow lead and upgrade. Its a win win for Telco’s and Banks – or is it?. Mini-computers and or smartphones are much more intelligent than using NFC.

What makes SMSGlobalExchange distinctive?

  •  Flexibility – no requirement for any card present related transactioning, the ability to transact in other forms of reward other than the promissory note eg TimeBanks.
  • Even the text formats offline aspect is changing with smartphone use of voice activation technology – text by speaking into the handset microphone, the term is VEXT . An article by Amanda Kooser highlights an application developed on secure password authentication using VEXT technology.  ANZ trialled a product using NFC but it turned out to be a failure in Australia where mobilephone covers were used to house the software. Heres what Apple co-founder Mr Wozniak thinks about the future of computers in a recent television interveiw while in Australia. FairGo gave an insight into creditcard fees also.
  • Text only formats for non-smartphone users
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