Canadian Banks Rushing To Offer Virtual Wallets 164
silentbrad writes with this quote from the Globe and Mail:"Canada's big banks are preparing to launch 'virtual wallets' as early as this fall that will allow consumers to digitally consolidate their credit and debit cards from any financial institution, and use them to make purchases online and through their cellphones at cash registers. It is being called the biggest change to the way consumers pay for goods in Canada in decades, and for the banks moving quickly into this space, the strategy is about keeping ownership of the vast and potentially lucrative stores of data that are involved in transactions. ... The majority of the banking sector is expected to follow suit in the next year or so, with each financial institution relying on the concept of 'aliases,' where a password lets consumers access their payment cards, but protects personal information from being passed to the merchant. ... Retailers can use the information contained in transactions, stripped of details that violate privacy laws, to tailor offerings or promotions to consumers. And the banks figure they can build a new business from that new world. Location data on phones can help neighborhood stores connect with customers in the area, while transaction data online can give insight into consumer habits and tastes."
Re:As I pat my virtual pocket to check (Score:5, Informative)
If anything this should be more secure than the RFID credit cards already in everyones wallet up here. The phone shouldn't be transmitting any data until the app is opened and a password is entered. Sure someone could be intercepting the transmission at the checkout of the store, but that risk already exists with existing RFID cards and also with merchants not locking down their POS terminals and subjecting themselves to having them replaced with compromised ones.
Re:if it ain't green. (Score:5, Informative)
Canadian bills aren't all green now. $5 is blue, $10 is purple, $20 is green, $50 is red, $100 is brown, $1000 is pink (I believe, been a while since I've seen one) and when we used to have a $1 it was dark green and $2 was orange
makes it much easier to tell denominations at a glance when looking through your wallet.
Re:As I pat my virtual pocket to check (Score:5, Informative)
I've got one on my CC. It works great, I can just wave my wallet at the reader and I'm good to go. I don't have to touch the pen or pinpad that Typhoid Mary and Ebola Gary have been licking.
It's limited to $50 transactions.
The field is very short, approx 6".
It's my CC, so there's a buffer between it and my real money.
I'm an EE. An RF EE. They're fine. The machines aren't always set up to take them though, so it doesn't work everywhere.
Re:As I pat my virtual pocket to check (Score:4, Informative)
option 2: phone malware picks up your details the next time you use the app.
option 3: pre installed networkcrapware like this
http://money.cnn.com/2011/12/01/technology/carrier_iq/index.htm [cnn.com] destroys any semblance of security.
Re:if it ain't green. (Score:4, Informative)
...and when we used to have a $1 it was dark green and $2 was orange
Actually, the $1 was black and yellow on front, and green on the reverse.
The $2 bill was considered to be "terracotta" coloured, and was more reddish-brown than orange.
Yaz