The Oregonian reports that US Bank is testing something called a VitaBand, a waterproof wristband “that carries emergency medical information along with a small chip to -- you guessed it -- transmit payments by radio waves.”
It is all part of the effort by numerous financial services institutions to find new and safe ways to allow customers to make virtual payments without the use of actual credit or debit cards.
According to the story, “Some highly touted food carts swipe debit cards on iPhones,” while some parking kiosks in the state also will shortly allow people to pay using smart phone applications.
The biggest problem with these mobile payment options, the story says, is that not that many retailers are set up to take them. But that is expected to change.
It is all part of the effort by numerous financial services institutions to find new and safe ways to allow customers to make virtual payments without the use of actual credit or debit cards.
According to the story, “Some highly touted food carts swipe debit cards on iPhones,” while some parking kiosks in the state also will shortly allow people to pay using smart phone applications.
The biggest problem with these mobile payment options, the story says, is that not that many retailers are set up to take them. But that is expected to change.
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One interesting point made by the story is the fact that these virtual payment options seem to be a lot safer than traditional methods, at least for the moment, because their share of the market is so small that thieves - who are interested in big scores - aren’t interested yet.
But this also is expected to change.
