For the price of data usage charges, Cingular Wireless, working with Firethorn Holdings, plans to begin offering mobile banking for its customers. This program will allow each cellular user to bank directly from his or her cell phone, similar to online banking currently available. That’s great news if you need to get some banking in when away from a hotspot.
Why are cell phone companies bending over backwards to create new technology? To make up for dropping air charges. As more plans go to a flat rate or calling certain people or users within the network for free, the companies need to make up the revenue. Enter the cool new applications.
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What’s the catch? Your bank will have to agree with the plan. Cingular is wheeling and dealing with banking institutions now to implement the plan soon. It is expected sometime after the beginning of the year.