Sunday, April 11, 2010

iPhone Fever Spreads to Financial Transactions

My roommate has an Iphone and I guess he also availed some programs that are connected to financial transactions.  Over 100,000 Koreans have subscribed to financial transaction services through smartphones in merely four months after such features became available here last December.
The Financial Supervisory Service (FSS) said that around 70,000 people registered for wireless banking or stock transaction applications on smartphones last month to increase the total number to 109,000.
Observers point out that the debut of the Apple iPhone is in no small part responsible for the vehement subscription to mobile financial services. Ever since they first came to town last October, about 500,000 units have been sold.
Presently, smartphone-enabled financial transactions take place on iPhones but banks and brokerage plan to embrace other smartphones employing such platforms as Windows Mobile of Microsoft or Android of Google.
Even though the financial transactions on smartphones sound appealing, they also have a set of drawbacks including security holes ― as smartphones hold so much of their owners' data, they are feared to cause big headaches when they end up in the wrong hands.

Full Story: iPhone Fever Spreads to Financial Transactions
by Kim Tae-gyu (

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