Companies like Square, Mitek and newcomer Coin show that the banking industry is on the cusp of a payments revolution. A new transactional system that is fully digital and built on a smartphone backbone is close at Hand.
Consumers can now do just about every banking activity imaginable on a mobile phone. You can use a smartphone to check your balance, transfer funds, pay bills, deposit checks, manage credit cards, accept credit card payments, and even make person-to-person (P2P) payments from one phone to another — even via Facebook! You can do everything that is except buy stuff in stores (rare exceptions like Starbucks notwithstanding).
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