Smartphone to be a Wallet — Are Businesses and Customers Ready?

Apple’s announcement of its iPhone 6 and Apple Watch is getting a lot of attention. Apple Pay, a technology that makes it easier to pay for goods or services via mobile devices, was however overshadowed. Is this too early — even for Apple?

It is evident that credit card companies must rethink how they handle personal information of consumers, especially after this month’s credit card breach at Home Depot.

Apple Pay, which relies on near field communications (NFC), will connect a consumer’s smartphone to a retail store that is NFC-enabled. NFC technology has been highly praised for its security, convenience, and privacy. However, analysts claim that mobile payments will suffer as consumers aren’t yet comfortable using their phones to pay. Merchants also find that NFC technology is more costly than traditional debit or credit cards.

Concerned individuals need to look towards the future. A company called MovoCashNFC technology will be used to fill in the gaps.

“MovoCash is a transformative way to think about payments,”Eric Solis is the CEO and founder. “What we’re doing is serving as a convergence technology designed to help consumers bridge the gap between old-world payment systems and new technological advances.”

According to Solis, MovoCash is a bank-agnostic payment platform that allows consumers link their bank accounts with their MovoCash account to make mobile payments. There are no restrictions on the number supported banks. MovoCash can be loaded from any bank account, credit card or debit card. This eliminates the need for a direct link like NFC technology.

This is because there is no direct relationship between the merchants and consumers’ bank information or personal credit. The MovoPlastic card’s dummy number will not reveal personal information if it is hacked. You can load it with as much or as little money as you like. In addition, the company’s redemption tech differentiates it from Venmo (or PayPal) by unlocking peer to peer payments for merchant purchases.

“We believe MovoCash addresses consumers’ desire for a more integrated payment experience using a mobile device without changing their comfort level of using a mag stripe on the back of a plastic card,”Solis.

You can find more information about this new technology at www.gov.au. www.movocash.com.