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
The Hawaii Attorney General has issued proceedings against major creditcard issuers citing misleading information has been promoted to Card Holders. Here is a link to the Notice issued which details the alleged breaches and the claims made. This is the start of something that could be significant for Card Issuers as the law suit alleges that major Card Issuers such as Bank Of America, Barclays, Capital One, Chase, Citi, Discover, HSBC and subsidiaries have been improperly charging customers and/or that customers have been charged for products that have not delivered as advertised.
Bank Of America refuses to take cash for a mortgage payment on the YouTube upload – link below (18.30 mins. in). Indicating a preferred card system and tracking with inbuilt microchips or tags inherent with NFC.