So it is back to reality this week after the Easter holidays. I had a meeting with my dissertation tutor this morning with the first full draft of my research and all went really well. I am not where near finished yet but i can see light at the end of the tunnel now. I have around a week to finish my dissertation with a weeks allowance for binding and prining…it has come round so fast!
Since being a business student i have regularly been watching and reading the news and i found an interesting article which i wanted to talk to you about. According to the BBC News consumers will now be able to use mobile phone numbers to make bank payments from 29th April 2014.
The changes mean that account holders will be able to pay friends, family or traders without having to ask for their bank details. In stead, they will only need to ask for their mobile number, according to the payments council. However, both parties involved within the transaction, will have to register to use the service, known as Paym-pronounced "Pay Em".
I don't know about you but it almost seems too good to be true and almost like an open opportunity for frauds to strike. However, the payments council, which supervises bank transactions in the UK, has rejected fears about fraud.
According to Neil Aitken, from the payments council,"the only thing that people would be able to do if they got you mobile number is pay you - it will be integrated in to your existing banking app so it;s password protected".
Those wishing to make payments via mobile phone numbers will still need to use their banking apps, which require customers to long on to their accounts. Account holders will need to visit their own banks website for more details. Similar systems have already been introduced by Barclays and RBS NatWest.
Hmm, sounds quite interesting right?! What are your thoughts on this new payments method?
Speak soon!
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