Omlis identifies mobile finance apps and techniques for financial security when using new mobile payment services for first year university students. Finance management could be a key lesson for university students leaving home for the first time this September, who could withstand financial pressure (http://www.bbc.co.uk/news/education-28803450) from substantial disbursements of student loans coupled with strict budgets. Students can utilize modern mobile apps as a resource for finance management. Mobile banking applications can help students monitor their 2014/2015 student finances and mobile payment technologies offer convenient solutions for transacting but also pose unprecedented security threats.
Omlis, a leading global mobile payment solutions provider, has identified mobile finance apps and techniques for financial security when using new mobile payment services for first year university students.
More than half of all mobile payments made by smartphone users are made by users aged 18-34, according to a 2014 report from Nielsen (http://www.nielsen.com/us/en/insights/news/2014/whats-in-your -wallet-mobile-payments-are-making-life-easier.html). This is primarily done using peer-to-peer (P2P) mobile payment apps, which connect to users’ bank accounts allowing them to transfer money between people quickly and easily. P2P payments made online and via mobile devices reached a sales volume of
These types of apps support students by offering new and convenient ways to pay. For example, parents can easily transfer money to help when funds get low, or students can be reminded that they are owed money, offering the functionality of requesting payment.
“Innovative mobile payment software is a catalyst for change, and the new generation of university students often early adopters of new mobile technologies. This is no different when it comes to new, innovative and more convenient ways to pay,” said mobile payments expert
As an onset of non-bank mobile payment applications emerge, security concerns grow, which are often overlooked by the early adopters in this age category. Young adults should protect bank information and learn to implement secure processes for using mobile money.
Students should avoid accessing banking sites over public Wi-Fi, like the university server or at coffee shops (https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1& cad=rja&uact=8&ved=0CCEQFjAA&url=http%3A%2F%2Fwww.starbucks.co.uk%2Fcoffe ehouse%2Fmobile-apps&ei=k-0FVOStJYPB0QWX -oC4Bg&usg=AFQjCNFoY_k1G4jfSdkVT4f_OrNrB9sSZQ&sig2=EpxdFnjX_xW5SaYNTHr0pg &bvm=bv.74115972,d.d2k), which could potentially make data vulnerable across the public network, according to Threatmetrix (http://www.threatmetrix.com/avoid-a-very-expensive-cup-of -coffee-threatmetrix-has-tips-to-stop-cybertheft-when-using-wi-fi-at -coffee-shops-eateries-and-other-public-places/). In order to safeguard against instances of lost or stolen mobile phones, personal financial data is typically secured via passwords or pins within apps, and many offer an option for remotely wiping the data. Fraud prevention experts Omlis advise that users take security further into their own hands by activating a lock on their mobile phone and using secure password storage, like Dashlane (https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd =1&cad=rja&uact=8&ved=0CCMQFjAA&url=https%3A%2F%2Fwww.dashlane.com%2F&ei= yewFVJmGJeic0QXd14H4BA&usg=AFQjCNGW_9D9vsqdhDHHw9qrdauUrxemDw&sig2=k8 -u7VNx84zVeptjVvMf4g&bvm=bv.74115972,d.d2k).
“Millennials face contemporary issues with these new payment methods, and compelling challenges arise through adoption of new types of financial networks,” Milsted said.
Young mobile app users should be reminded not to connect with strangers, and to be wary about downloading risky software or jail-breaking phones, which compromises sensitive data stored on the phone. Taking precautions when sending or accepting payments, and learning to keep track of expenses can ensure young mobile payment app adopters utilise these technologies wisely.
Young adults could also face other trials when using mobile shopping applications. Currently, 71% of millenials reported (http://www.adweek.com/news/technology/here-everything-you-need -know-about-millennial-consumer-159139) that they will browse online but then do their actual shopping offline, but high integration of mobile payment technologies could influence behaviour. Apps like PayPal (https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1 &cad=rja&uact=8&ved=0CDMQFjAA&url=https%3A%2F%2Fwww.paypal.com%2Fuk%2Fweb apps%2Fmpp%2Fpay-in -stores&ei=Lu0FVNOQI6Kp0QXN9YHoCA&usg=AFQjCNHlDDS3KEwKv8ZS3 -6pL7i0YRcrCg&sig2=vyORF9cP9bBpN9kL0s1Efg&bvm=bv.74115972,d.d2k) and Google Wallet (https://www.google.co.uk/wallet/), which automatically store card information on mobile shopping apps, allow users to buy instantly at the click of a button without having to repeatedly enter card data. This means purchasing can be simple and instant, which could be risky for students on a budget who must practice self-control. Students could try to be thrifty by using apps like Vinted (https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1 &cad=rja&uact=8&ved=0CCEQFjAA&url=http%3A%2F%2Fwww.vinted.com%2F&ei=We0FV ITFEoXb0QXU-YHABQ&usg=AFQjCNFqtrH5MT00jG4Bf-f5XXvfogXuvg&sig2=Ebj -NZWCKaj4WcK1FqZaGQ&bvm=bv.74115972,d.d2k), which allows users to buy and sell second hand clothing.
Some mobile banking applications like Barclay’s SmartSpend (http://www.barclays.co.uk/SmartSpend/BarclaysSmartSpend/P1242 667745995) and Bank of America’s AmeriDeals (http://promotions.bankofamerica.com/deals/?cm_mmc=dep -bankamerideals-offers-_-vanity-_-dz01vn0002_deals-_-na) have incorporated client perks, offering cashback or promotions, which students can take advantage of for extra savings.
Budgeting remains a significant part of student life, with massive student loan debt looming upon graduation, on average
Mobile banking, mobile payments, and the lifestyle integration of these technologies present today’s students with unique opportunities and challenges, with security being top priority for protecting the next generation.
Newcastle Upon Tyne,
0845 838 1308 About Omlis – Omlis is a global mobile payment solutions provider bringing market proven, highly powerful, differentiated and most effective solutions to all mobile commerce security. Providing completely secure, unique and uncompromised technology with 100% fault -tolerant tracking of all payments in real-time for full transaction accountability.
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