Banking and Payment transactions with your cell debuts

First Wireless Carrier-Agnostic Mobile Consumer Banking Solution Debuts


Tyfone, Inc., a developer of next generation applications for mobile handsets, has completed trial-ready prototypes of a unique hardware/software co-design solution that will transform mobile handsets into secure mobile banking concierges. The hybrid solution is capable of conducting any existing form of banking and payment transactions, regardless of the wireless carrier service the consumer uses. It also gives banks and merchants the ability to deliver customized programs and services directly to the consumer's mobile handset.

Two years in the making, the solution solves the problem of directly connecting banks with consumer handsets, while leveraging the existing point of sale (POS) payment infrastructure. It addresses many significant interoperability, difficulty-of-use, and channel ownership challenges while preserving the relationship between banks and their customers.

Tyfone's solution includes a patent-pending memory card and software designed to enable banking and payments on the mobile handset. This combination forms a hybrid device capable of securely connecting to bank systems wirelessly, thus enabling financial transactions on existing magnetic stripe point of sale (POS) and emerging contactless terminals. The solution is supported by middleware that integrates the transactions generated by the hybrid device with financial services providers' and merchants' existing back-end enterprise application systems.

 

They do seem to be doing ok with this in Japan from all accounts that I have read.

As for loosing your phone & having this ability, They should (or at least I would hope they would) have a safeguard like a $50.00 limit or you would be only responsible for up to $50.00 if it was lost or stolen and reported right away, just like your CC has either a Not responsible for any or up to $50.00 for a lost or stolen CC.
If you look at the Exxon/Mobil Speed pass or the new Master card FOB like device, you only pass it in front of a reader to make your purchase & is the same concept, if it's lost or stolen people can use it until you report it.

I haven't fully evaluated if I like or dislike this idea yet, it is convienent yet security would be my biggest concern like everyone else.