US mobile banking in 2008

According to the predictions of the analysts the largest 50 US banks will launch some form of mobile banking this year.

As per Mr. Sievers, CEO of mFoundry, the process of mobile banking will consist of 4 phases including the first two ones within 2008, and finally will result in creation of "virtual wallet" from an ordinary cell phone.

The first phase consists in payment of bills which has already being realized now. The second phase will bring peer-to-peer payments between mobile devices. The third phase will be a kind of preparation for the forth one: non-contactless transaction while performance of which the customers instead of cards use four-digit code sent to their mobile phones. And finally the last phase is the contactless payment itself. This will allow paying by means of the chip integrated into mobile phone, which sends waves over a reader to authorize the payment.

The creators are sure in the success of their idea as nowadays people and especially the young men treat their cell phones not only as a means of communication. And the other point confirming the right way is the similar practice of payment used in Japan and what had really great results.