Source: http://www.mobilecommercedaily.com/qualcomm%E2%80%99s-firethorn-adds-thousands-of-financial-institutions-to-mobile-banking-platform/
March 1st, 2010
Vision: In times to come, Consumers will be able to send money to someone using our mobile phone address books containing email addresses and/or mobile phone numbers.
How does it happen now: - Currently for mobile payments, there is no user friendly way for consumers to send money to each other, other than PayPal, that is, which does not have complete coverage.
Automated Clearing House (ACH) is the most common way to transfer funds electronically in the U.S. Routing this transaction requires users to know the bank ID and account number, the numbers listed on the bottom of paper checks.Most Americans do not know their account number or even carry paper checks anymore. Plus, sharing these numbers is considered risky and invites identity theft.
The mobile payments industry needs a way to map a safe, commonly-known, easily-identifiable ID such as an email address or mobile phone number to arcane ACH bank account information. That looks like exactly what Firethorn and the carriers are doing.
Mr. Eads said that when Firethorn can map email addresses and phone numbers to bank accounts, it becomes the “big directory in the sky” that has been missing from mobile payments in the U.S.
Firethorn is building a database of mobile phone numbers, email addresses, ZIP codes and financial instituion login credentials, and believes that this is extremely valuable for both mobile payments and mobile marketing.
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