Saturday, July 14, 2012 - 4:45 AM

Canadian Banks Rushing To Offer Virtual Wallets

This news is on Canadian banks, but U.S. banks are probably not far behind. From The Globe and Mail

Canada’s big banks are preparing to launch “virtual wallets” as early as this fall that will allow consumers to digitally consolidate their credit and debit cards from any financial institution, and use them to make purchases online and through their cellphones at cash registers.

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I'm not sure if the benefits outweight the potential downsides such as the risk that my payment information gets compromised by hackers or the risk of my private buying history sold to the highest bidders.

KenBDG5,151 posts since
Nov 29, 2009
Rep Points: 117,113

1. Saturday, July 14, 2012 - 8:18 AM

Sounds like the googlification of Canada's banking system is upon the consumers there. I would never sign up for this - too risky re. data security! I would not want to have to deal with the inconvenience of stolen identities and fraudulent charges just because I got lured into this program for convenience. My privacy (which is already compromised enough these days) is worth way more to me than the perceived advantages and convenience this new technology claims to offer. And please spare me with all the adverts and spam - the floodgates would be wide open!

darkdreamer4u168 posts since
Jun 11, 2010
Rep Points: 598