Technology

Lets face it: cash isn’t going anywhere soon. Despite many attempts by the mobile payments industry to wean consumers off their trusted paper currency, cash hasn’t shown signs of surrendering. On the other hand, cash registers are more welcome to change as major companies give makeovers to these clunky machines.

Google treads forth in its journey to find a place in the payments world. At its I/O 2013 conference, the tech giant said that Google Wallet will integrate with Gmail accounts so that users send money through a simple email. In banking, the feature is the equivalent of person-to-person (P2P) payments.

Last year, Google leaked plans to introduce a physical card that would be tied to its mobile wallet. The move was expected to help drive the adoption of Google Wallet, which has been struggling to gain traction in the world of consumer payments. Now, those plans have been put on the back burner.

According to comScore, there were 133.7 million Americans with smartphones in February 2013, up from 104 million one year ago. As smartphones become necessities for Americans, banks have increased their focus on mobile banking, especially mobile banking applications. It has never been easier for bank customers to manage their money on-the-go. But, not every bank

Mobile wallets are the craze now. Projects from the likes of Google and Isis venture into a new frontier in the world of consumer payments, but other companies are taking different approaches to the future of payments. One such company is making headway with a payment method that is always readily accessible: your fingerprint.

In the past, banking would have been considered a chore. When making a deposit, withdrawal, or cashing a check, customers would often wait in lines before the bank opened, in order to beat crowds. Upon entering, they would wait in another line to be greeted by a teller who would deposit or withdraw the money

Capital One 360, formerly known as ING Direct, has completed a smooth transition phase and the online bank is “back to business as usual,” said Jim Kelly, head of Capital One 360. Going forward, the online bank aims to educate customers on how to maximize the many digital tools that can help increase their savings.

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