'Bump' technology transfers money via smartphones
Sun, 22 Apr 2012 6:23p.m.
By Simon Shepherd
The days of worrying about your wallet may soon be over, as long as you have your phone.
New banking applications for smartphones are being developed. The latest lets you transfer money just by bumping two handsets together.
From a bricks and mortar branch to banking without a teller, now it's time to "bump bank".
“You just need to put your account details in and the TSB customer can then bump with your device and, voila, transaction done,” says Marie Collins of TSB.
It is so simple it makes you worry .
“Can I accidentally bump all my cash away?” ask Ms Collins. “No, you can’t accidentally bump your cash away. You have to go through an approval process. You get the chance to confirm before it goes, so you are secure.”
There is also a $100 a day bumping limit, which makes it suited to splitting the bill.
While the bumping is unique, most banks have apps.
ANZ is promoting its "Go Money", where you can send money to your phone contacts and they can retrieve the payment via a website.
“We are actually at a tipping point with this digital technology,” says banking analyst Sam Shuttleworth. “What that means is there are a lot more customers on the go. They are on the move, they are used to social media and access straight away, so they want their banking information right there at their fingertips through their smartphone.”
Most of these apps are for iPhones, but all banks are working on Android versions.
The technology does not spell the end of bank branches, especially if you want to get a mortgage.
But it might put an end to the excuse “sorry, I forgot my wallet”.
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