The financial system may be teetering, but the area of mobile banking is piquing some interest.
In the U.S., mobile banking has only reached about 7.2 percent of working adults, according to recent survey by Compass Intelligence. Adoption is highest among young adults, frequent travelers and males. MasterCard has introduced an over-the-air service that allows cardholders’ mobile phones to be used for electronic payment at PayPass-enabled terminals. The points of sale, which allow cardholders to wave a credit card to process payment, can now link with personalized mobile phones to do the same. MasterCard has opened up the platform to credit and banking card issuers, which will have to enable the feature for their cardholders and make it available on their banks