US Bank and Visa announced yesterday that the new Visa Mobile app for phones carrying the Google Android mobile operating system. Visa Mobile is the first mobile banking app to combine alerts, offers and a locator into one convenient app.
Visa Mobile made its debut in 2008, but was enhanced for the US Bank application, providing users with greater functionality, more information and an added layer of security. Some of the new features Visa Mobile offers are:
- Alerts – account holders can select from a list of preferences what they would like to be notified of, such as transaction amount, gasoline purchases, declined transactions and purchases made with the card not present. All of these are near-real time alerts, given within seconds of account activity.
- Offers – Users can select from a list of merchants that they would like to receive offers from, including Papa John’s Pizza, Planet Hollywood, and Omaha Steaks, to name a few.
- Locator – Allows users to locate merchants offering deals or US Bank ATMs, using Google Maps, and will even provide directions.
Mobile Banking is a Growing Market
With nearly everyone today walking arounf with a cell phone on their ear or in their pocket, mobile banking seems to be the next big thing to make banking faster and more convenient for the consumer. The Federal Reserve agrees, saying that mobile financial devices are expected to take over as the primary means of bank/client interaction by 2015, if the current trend continues. Tim Attinger, head of product innovation at Visa, is hopeing that Visa can capitalize on some of this new market ith Visa Mobile, saying that “More and more consumers around the globe rely on their mobile device as an everyday financial tool.”
The new enhancements for the US Bank application show a great deal of progress, but Visa plans on more expansion by working with other financial institutions as well as wireless operators and handset manufacturers so that it can continue to make innovations in the mobile banking market.
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