Will mobile banking apps make debit cards obsolete?

New mobile banking innovations

In the UK mobile banking is coming on in leaps and bounds, and we are beginning to see many new mobile banking innovations. NatWest and RBS are releasing their new app, GetCash which allows customers to withdraw funds up to £100 from an ATM by means of a 6 digit pin code, without using a debit card. As this service is provided directly by the bank, customers may feel it is more secure than mobile wallet services. While there is nothing like this in America, Chase is developing a way to deposit checks via a banking app. The customer photographs the check and sends the image to Chase through the app.

While these methods attempt to offer more convenient banking services, some consumers may still be uncomfortable using them, as are some experts. The executive director of the Identity Theft Counsel, Neal O’Farrell, gave a talk to warn consumers of the flaws present in eight out of ten mobile banking apps. While trusting in these services in these early stages may be risky, this is the ways payment is headed and competition is sure to be fierce.

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