Paypal, a service for sending and receiving money, today announced that it has brought itís Express Checkout service to smartphones. Dubbed Mobile Express Checkout, the service will allow on-the-go customers to make mobile purchases quickly and safely.
Similar to its Express Checkout, the Mobile Express Checkout will allow customers to save time by not having to re-enter information on billing, shipping or payment types. Rather, the information is saved and with just a few clicks, the on-the-go consumer can be done. The service allows merchants to engage with mobile consumers, quickly get up and running and continue to have the strong fraud monitoring also found online.
Apparently, roll out is due in the next few weeks.
My bank is doing the same thing. If a debit account is getting low on funds the bank texts me a message and replying to the text allows me to transfer funds from another account in seconds to avoid overdraft fees.
My concern is in security, i'm not convinced that relying on a phone network(airwaves) to protect my bank account is a wise thing to do. I know I don't want banking details showing up in phone company records either. What safeguards are in place? I'll hold off on remote access for now.
I've been using an android phone for a year now and Google has their Google Checkout pretty well integrated. I've bought all sorts of apps that way - I don't see anything particularly dangerous about this.