Paying for common transactions is no longer confined to using cash, checks or even credit cards. You can now use your smartphone to pay for items.
One of the biggest ways we see technology changing the way people bank is in the mobile payments area, or what is commonly referred to as digital or mobile wallets. It's now a matter of linking your payment method to your smartphone or smart watch and then using that device to complete the transaction. Most devices use either NFC or near field communication chips, or QR (quick response) codes at the merchant's place of business to complete a transaction.
For this week's SmartMoney Monday, Mark Cunningham, online manager from Bank of Hawaii, spoke with Grace Lee about mobile pay options, how merchants are taking to them, and how secure they can be.
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