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Follow on Google News | Announcing Mobile Security and Finance Management Apps for University StudentsOmlis, 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.
By: Omlis 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 (http://www.threatmetrix.com/ “Millennials face contemporary issues with these new payment methods, and compelling challenges arise through adoption of new types of financial networks,” Milsted said. Bloomberg reported (http://www.bloomberg.com/ 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 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 and Google 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, which allows users to buy and sell second hand clothing. Some mobile banking applications like Barclay’s SmartSpend and Bank of America’s AmeriDeals 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 $30,000 for U.S. graduates and £44,000 for students in the UK. Mobile banking applications and money management apps such as Mint.com, PocketBook, or Expensify provide helpful financial management tools that student can take advantage of. 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. About Omlis – Omlis (http://www.omlis.com/ End
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