Tuesday, October 25, 2011

Move over Paypal, here comes Kaching

Are you as excited about the upcoming CBA Kaching App for IPhone 3GS/4/4s as I am? Have you even heard of it? I can't wait for it to be released to have a good play with it, I suspect this will be the future of banking. Like many others, I took to Internet banking like a kid to jellybeans. But this looks to be something new again, maybe even a solid competitor for Paypal.
When its released, it will allow you to make payments to your friends via email address's, Facebook contacts, & mobile numbers. I can see the possibilities already. No more will THAT friend casually offer to collect everyones cash and put the lunch on her credit card because she has no cash on her, very conveniently subsiding her lunch with our change. No more getting caught without cash right at a critical moment - think petrol station, front of line in a busy supermarket. This app will let you pay just by tapping your mobile to their device. If this takes off it will mean serious competition for Paypal who has managed a monopoly on online payments via strangers - if eBay incorporates it, which I doubt. But if they don't, enter some good scope for other selling platforms to take advantage of this.
I can already see I would need to beef up the security on my phone, but oh, the potential!
I'm signed up for alerts, and will be downloading this goodie the minute it appears.

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