Concerns linger over mobile credit cards

It appears to only be a matter of time before mobile banking becomes mainstream across Australia and beyond, but concerns still remain.

Recent statistics compiled by the National Australia Bank showed that a growing number of Aussies are using their plastic to buy items online and with technology evolving all the time, it is likely that mobile payments will be common in the very near future.

Indeed, a number of companies have already set up smartphone applications that utilise near field communication technology, which essentially turns their device into an extremely convenient credit card.

However, concerns over security continue to linger and Elaine Moore from FT Money in the UK believes that people will remain sceptical of the service until it becomes clear to them that it is safe to use.

"Mobile phone banking is something that has been talked about for a long time and it is supposed to be the brave new world of banking," she remarked.

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