Author: Dan Gendro

Bank introduces the Rabo Wallet, which supports NFC-based mobile payments

Rabobank, a Dutch multinational bank, has launched a new application that will facilitate mobile payments. The app supports NFC technology and is currently available for the Samsung Galaxy S4 and Galaxy Note 3. Named Rabo Wallet, the new app serves as the bank’s next step in engaging mobile consumers. With mobile payments growing more popular throughout the world, banks have begun to launch services that support these transactions in order to meet the needs of their customers.

Companies partner to make a new mobile payments platform possible

Rabobank has partnered with Giesecke & Devrient and Samsung in order to launch the new application. This partnership has made it possible for the companies to engage mobile consumers more effectively and will make use of services and technologies developed by both Giesecke & Devrient and Samsung. These services are expected to make Rabo Wallet a valuable tool for consumers that are interested in making payments with their mobile devices, balance their bank accounts, and store loyalty points that are offered by retailers.

Mobile wallet features are becoming more popular as consumers show greater interest in mobile payments

Mobile wallets are quite similar to their physical counterparts. These applications are designed to store financial information digitally, making it easier to access this information. These applications are widely used by those that wish to conduct mobile payments and several mobile wallets have been released in the past two years. There is a great deal of competition in the mobile payments space because of the number of wallet applications that are currently available, making it difficult for a singular platform to stand out among consumers.

Rabobank may help bring more security to the digital payments space

Mobile wallets have recently come under harsh criticism for their exposure to digital threats. Many platforms do not have the adequate security measures in place to stop hackers from stealing consumer financial information. Rabobank has extensive experience when it comes to security, however, which may ensure that Rabo Wallet is able to keep the information of its users safe from exploitation.

There are a number of hurdles in the way of having consumers flock to purchase wearables.

While there has been a great deal of hype about wearable technology from the media and through the companies that manufacture these gadgets such as smartwatches and smart glasses, actual consumers have yet to make purchases in droves.

There are a number of different issues that are still in the way, and Intel says that device makers must solve them.

Among the leading problems identified by the CFO of Intel, Stacy Smith, are that the devices are not very attractive (which is an important factor to consider when people will actually be wearing them) and wearable technology needs to be recharged very frequently. Furthermore, the majority of these devices don’t work on their own, but are actually slave gadgets that require smartphones to be fully functional.

That said Intel feels that the most important issue that is currently faced in wearable technology is GPS.

Smith explained that GPS is a core component that requires improvement if battery life is going to be enhanced in wearables. The issue is that GPS tracking technology drains considerably more battery life than it would require to power a color touch screen. However, the GPS can’t be eliminated altogether, as it is required in order to be able to use many apps to their fullest capability.

He underscored the fact that “having that location tracking is important.” There is a great deal going on in geolocation technology, right now, particularly in the world of marketing, and that tech will be needed by users who want to be able to receive a discount coupon that can be redeemed in a store they have just entered, for example.

Intel is hoping to eventually provide a solution to that issue through its Curie system-on-a-chip for wearable technology devices. Curie is a tiny little component that has various forms of sensors, such as a pedometer, among others. It has yet to include GPS tracking, but Smith has said that it is not outside of the realm of possibility. “That’s important, and we’ll get it there,” he stated.