Mobile payments threaten retail banks / credit cards
www.globalchange.com New non banking payment systems using RFID, mobile devices, personal organisers, mobile phones. Remittances, ticketing, retail payments, passports and travel documents. Paying bills, foreign currency transactions, loan agreements. End of back-end processing for banks. End of credit cards and direct debit cards. Pre-approved loans for purchased goods. Loyalty fees and other transaction payments could create consumer revolution. Threat to traditional retail banking. Will …
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no threat, just compliment each other system.
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What countries are currently using this? Japan? Do you see a cash system ever disappearing?