Cingular Wireless Soon To Offer Mobile Banking Services (Would you use it?)

Cingular Wireless (being re-branded as AT&T) has taken a step toward mobile banking which would replace credit cards, checks and (and they hope) cash by signing agreements with Wachovia Corp and several other banks.

The agreements will/would allow Cingular customers to manage their banking accounts as well as pay bills electronically by using an application downloaded on their cell phones. Similar services are already available in parts of Europe and Asia. People in Japan already commonly shop with their mobile phones by waving their cell phone handset instead of swiping credit cards.

The move is part of an effort by wireless companies to boost their revenue, hold on to existing customers as well as attract new ones by convincing subscribers to use phones for better banking & spending activities.

Cingular said customers will be able to download software from privately held Firethorn Holdings LLC onto their phones. Cingular plans to include this software in new handsets in the second half of 2007 and is planning a multimillion-dollar ad campaign to get consumers to buy into the Easy Banking services.


Questions:

1) Would you upgrade your phone so that you could use mobile banking services

2) What problems could come from mobile banking? Since I’m not highly tech knowledgeable, my first suspicion is can your banking information be hijacked?

Points that people have brought up in this discussion

- What happens when the cell phone is stolen, lost or damaged?

3) Cingular (AT & T) claims that this would help consumers make better buying decisions. However, it is a known fact that banks and financial holding companies prefer consumers who hold a minimum amount of debt, so wouldn’t the new services create a larger opportunity to create more debt vs. less?

Points that people have brought up in this discussion

- 'chances are that kids borrowing their parent's cell phones will create more debt'

4) For the conspiracy sect, if you absolutely would never participate, what reasons supports not using the new services?