Budget-Savvy Students Set to Save with Mobile Money Apps According to Omlis
Omlis mobile payment solutions provider presents disruptive mobile finance technologies that can impact students’ security for the 2014 school year.
Newcastle upon Tyne, United Kingdom, September 10, 2014 --(PR.com)-- Finance management could be a key lesson for university students leaving home for the first time, who could withstand financial pressure 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. 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 $74.9 billion in 2013, with significant growth forecasted, according to Javelin Research.
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.
New York-based mobile payment application, Venmo, has been widely accepted on campuses, transacting $314 million in mobile payments in Q1 of 2014. Other examples of widely used mobile payment applications include Popmoney, Boku, and Dwolla. The anticipated iPhone 6 is predicted to incorporate its own mobile wallet with NFC technology for making purchases in-store with the device.
“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 Markus Milsted, CEO of Omlis. “Young people can easily and safely manage funds in a unique, contemporary way when using mobile payment applications, but they must be aware of security measures.”
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, which could potentially make data vulnerable across the public network, according to Threatmetrix. 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.
“Millennials face contemporary issues with these new payment methods, and compelling challenges arise through adoption of new types of financial networks,” Milsted said.
See the full article at:
http://www.omlis.com/Mobile-Finance-Security-Apps-for-Students.php
Contact:
Emma Thompson
Omlis Ltd,
Third Floor,
Tyne House,
Newcastle Upon Tyne,
NE1 3JD,
0845 838 1308
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. 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 $74.9 billion in 2013, with significant growth forecasted, according to Javelin Research.
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.
New York-based mobile payment application, Venmo, has been widely accepted on campuses, transacting $314 million in mobile payments in Q1 of 2014. Other examples of widely used mobile payment applications include Popmoney, Boku, and Dwolla. The anticipated iPhone 6 is predicted to incorporate its own mobile wallet with NFC technology for making purchases in-store with the device.
“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 Markus Milsted, CEO of Omlis. “Young people can easily and safely manage funds in a unique, contemporary way when using mobile payment applications, but they must be aware of security measures.”
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, which could potentially make data vulnerable across the public network, according to Threatmetrix. 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.
“Millennials face contemporary issues with these new payment methods, and compelling challenges arise through adoption of new types of financial networks,” Milsted said.
See the full article at:
http://www.omlis.com/Mobile-Finance-Security-Apps-for-Students.php
Contact:
Emma Thompson
Omlis Ltd,
Third Floor,
Tyne House,
Newcastle Upon Tyne,
NE1 3JD,
0845 838 1308
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Omlis
Emma Thompson
08458381308
omlis.com
Emma Thompson
08458381308
omlis.com
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