Mobile phones will revolutionise banking sector

Whether we like it or not, it seems that mobile phones are increasingly shaping the way that we do our banking.

Some credit card providers have already launched systems that enable people to pay for items with their smartphone and banks across the country are being forced to move with the times.

Speaking to the Australian Financial Review, executive general manager of the Commonwealth Bank David Lindberg said that the take-up of smartphones has been "extraordinary".

"Everybody has to prepare for a world where the mobile phone is the dominant channel for banking and payments," he told the news provider.

Many Aussies are concerned that mobile payment technology is not as safe as using their plastic, but MasterCard Australia's head of innovation Matt Barr says this is not the case.

He suggested mobile payment systems are actually more secure than credit cards because more PIN numbers are needed and the information can be remotely wiped if a phone is lost or stolen.

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