FNB mobile payment device a step closer

[rpm]

FNB mobile payment device a step closer

UK company Powa Technologies Group, which has partnered with SA banking group FNB to develop a mobile payments device, has completed its first round of outside funding totaling $76 million.

 

[F1 Fan]

Im not sure if I am understanding this correctly, but in USA they have something where you just have to swipe your phone (tag attached). So Im not sure if this is the same?

 

[Keeper]

While FNB are good, their "quick payment" ideas suck.

Like with their paypal for example. I transfer $20 from paypal to my FNB account. Waiting time? 7 days.
What, doesn't FNB have $20 they can give me so long?

I also don't understand the concept of "business days" when it comes to these systems - what, do computers need the weekend off?

What issue is there that it must take 7 bladdy days? where is the hold up? it's electronic FFS

 

[JStrike]

Im not sure if I am understanding this correctly, but in USA they have something where you just have to swipe your phone (tag attached). So Im not sure if this is the same?

Those failed miserably. NFC died.
The major system in the USA is Square, which uses a card reader just like this.

However, Square is not affiliated with a bank, which means it gets to do a lot more cool stuff. This just dovetails with FNB. Very clever by FNB though

 

[F1 Fan]

Those failed miserably. NFC died.
The major system in the USA is Square, which uses a card reader just like this.

However, Square is not affiliated with a bank, which means it gets to do a lot more cool stuff. This just dovetails with FNB. Very clever by FNB though

I always wondered about the security aspect of NFC. Currently, it really is a pain to have to carry around cards and swipe, plus get a receipt that you immediately throw away.

 

[JStrike]

I always wondered about the security aspect of NFC. Currently, it really is a pain to have to carry around cards and swipe, plus get a receipt that you immediately throw away.

Square gets around that with Square Wallet, where you have the Square Wallet on your iPhone and don't need to use the card to swipe (However you can swipe it on via the Square Reader if you so chose) (Note that you don't need to swipe your phone either, like you do with NFC)
In SF, you see it in action everywhere. Pretty amazing. It also hooks up loyalty cards etc