EVOLUTION OF BANKING
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MOBILE <strong>BANKING</strong><br />
cheque<br />
£<br />
cheque<br />
Mobile wallet<br />
What is it? – Mobile wallets are the<br />
smartphone versions of older online<br />
wallets. Storing your credit card details,<br />
shipping details, etc., on the mobile<br />
wallet allows a user to speed through a<br />
digital or real checkout. Mobile wallets<br />
often allow consolidation of merchant<br />
specific cards and apps, as well as loyalty<br />
programmes.<br />
Mobile Currency Cards<br />
What is it? – Mobile multi-currency<br />
cards – are increasingly used worldwide<br />
when travelling or shopping online. There<br />
are a number of examples already in the<br />
Australian market.<br />
Mobile cheque pay in<br />
What is it? – Available in the US<br />
for a number of years the UK is now<br />
investigating rule changes to allow<br />
the introduction of remote cheque<br />
deposits, via mobile phone cheque image<br />
processing over the next few years. This<br />
should reduce processing times from 6 to<br />
2 days. Over £840 billion of cheques were<br />
processed in the past year, accounting for<br />
over 10% of all payments.<br />
What this could mean for the Australian<br />
market has yet to be explored.<br />
40 | The Evolution of Banking and Financial Services
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