discussion Mobile Phone Interac

[enaberif]

First INTERAC Flash? debit transactions made from a mobile phone

I personally think this is pretty neat and how far technology has come. I personally love the tap feature of my bank card and can really make those small purchases go a lot faster.

But to be able to do this stuff without having to take my wallet out? Nice!

 

[supaflyx3]

Meh. Flash will be cool if you can do direct consumer to consumer transfers over NFC though, great for businesses.

 

[JD]

I find myself using Interac less and less since it offers no tangible benefits for using it. All that it means is that I instantly lose money. Credit typically gives you rewards for usage as well as providing you 21 days to pay.

 

[enaberif]

I find myself using Interac less and less since it offers no tangible benefits for using it. All that it means is that I instantly lose money. Credit typically gives you rewards for usage as well as providing you 21 days to pay.

Some of us don't have that option and have to use Interac of which has been very useful to me with my virtual visa debit.

 

[ShinraCorp]

<P>well first things first, they still need to add Visa paywave and Mastercard Paypass on NFC enabled phones because right now the only thing that allows it is a Blackberry Curve on Rogers with a CIBC visa account....</P>

 

[chrisk]

I love that our mobile phones are going to replace our wallets. If Interac can get this setup properly then its a big step.

That said, there are going to be downfalls to this that are anticipated (ie. security), and some that are not.

 

[sswilson]

Heh... am I the only person on the planet who still uses cash for the great majority of my public purchases? I doubt I do more than 3 debit transactions in any month of the year, with most months being zero.

 

[Shadowmeph]

in a perfect society this would be a great thing but unfortunately society will never be this way lots of thieves out that and since it is very easy to clone a phone I wouldn't use interac that way and as it is I prefer Cash only

 

[chrisk]

Heh... am I the only person on the planet who still uses cash for the great majority of my public purchases? I doubt I do more than 3 debit transactions in any month of the year, with most months being zero.

in a perfect society this would be a great thing but unfortunately society will never be this way lots of thieves out that and since it is very easy to clone a phone I wouldn't use interac that way and as it is I prefer Cash only

I would suspect that if your info gets stolen then any fraudulent transactions will be refunded, similar to debit and credit cards now.

The real question if you are paranoid (and I use that term respectfully) is the tracking of spending habits by even more institutions.

By using debit and credit cards a lot (as I do), its just the banks and various vendors who have primary access to my data. Once I log in to web banking, then I have potentially introduced Microsoft/PC vendors, browser vendors, etc.

By adding mobile payments, now I have added my carrier, phone manuf, phone OS vendors, etc. as potential snoopers and privacy leaks.

To be honest, I have given up worrying about this stuff. I have truly decided that all these entities will get me in one way or another eventually. I'll take the convenience and deal with problems as they arise.

You folks who continue to use cash primarily are just delaying the inevitable. The main advantage I see to your approach is that 'early adopters' will simply iron out the problems first, before you are forced to use these technologies in one way or another.

 

[sswilson]

I would suspect that if your info gets stolen then any fraudulent transactions will be refunded, similar to debit and credit cards now.

I'm not so sure that's going to be true going forward... I'm reconsidering my own online banking usage since ScotiaBank seems to have changed it's TOS to require the installation of a program I consider to be a rootkit onto PCs that will access online banking. I have no intentions of installing it, so I'm now unsure of what they will cover.

The real question if you are paranoid (and I use that term respectfully) is the tracking of spending habits by even more institutions.

By using debit and credit cards a lot (as I do), its just the banks and various vendors who have primary access to my data. Once I log in to web banking, then I have potentially introduced Microsoft/PC vendors, browser vendors, etc.

By adding mobile payments, now I have added my carrier, phone manuf, phone OS vendors, etc. as potential snoopers and privacy leaks.

To be honest, I have given up worrying about this stuff. I have truly decided that all these entities will get me in one way or another eventually. I'll take the convenience and deal with problems as they arise.

I feel differently and do not believe convenience is a fair tradeoff for allowing marketers to get access to my private information. I look at it much the same way as I do cell phone access.... I use a cell phone strictly for traveling and dialing out. It's not turned on any other times. It's convenient for me in that manner and I have absolutely no intention of reversing the convenience to folks/orgs who might want to be able to call me 24/7 at their convenience.