Over half the world's poor don't use banks

More than half of the world's poor don't have bank accounts, leaving them vulnerable to loss, theft and exploitation. A new Gallup Poll for the World Bank also indicates that many 'unbanked' women may not control their own assets and that people without access to banks are more likely to remain in poverty.

The report says that this lack of access is not only because of poverty, but also because of the cost, travel distance, and amount of paper work involved in opening regular bank accounts.

These problems are however, increasingly being dealt with with mobile phones and their use as popular non-traditional banking tools. These often do not require users to travel or set up an account at a brick-and-mortar branch.

Mobile banking services, which allows account holders to pay bills, make deposits or conduct other transactions via text messaging, has expanded to 16% of the market in Sub-Saharan Africa. Kenya, home of M-Pesa, where 68% of adults report using a mobile phone for money transactions, has seen particularly impressive growth in this market.

Robert Zoellick, president, World Bank, says: "Providing financial services to the 2.5 billion people who are 'unbanked' could boost economic growth and opportunity for the world's poor. Harnessing the power of financial services can really help people to pay for schooling, save for a home, or start a small business that can provide jobs for others."

Barclaycard launches “PayTag” contactless stickers

In the UK Barclaycard has begun issuing to its Visa credit card customers, contactless payments stickers, that can be attached to mobile phones.

Dubbed “PayTag”, this can turn any mobile into a contactless way to make easy, secure payments. There's no need to fumble with cash because it simply sticks to the back of your mobile - it's right there when you need it most.

The short video below shows the simple steps involved inusing PayTag plus the benefits Visa credit card customers can enjoy.



The free PayTag stickers, which are about a third of the size of a credit card, are currently being offered to selected customers, who can link them to their main accounts. A full launch will follow later this year.

Customers attach the stickers to their handsets and can then make payments of up to £15 (this will rise to £20 in June) at retailers that accept the technology with a tap against a terminal.

Visa say that the number of contactless point-of-sale terminals in the UK will rise by 50% to 150,000 in 2012.

Transport for London is currently upgrading all Oyster card readers across the capital to work at the touch of a bank-issued card or a handset. The new system is expected to be up and running on all of London's 8,000 buses by the end of the year, with the Tube, DLR, Tram and London Overground network following in 2013.

Barclaycard claims that not only will there be a surge in contactless payments but that by 2016 half of these will be carried out using phones rather than cards.

David Chan, CEO, Barclaycard Consumer Europe, says: "More than half of us say that the item we're most lost without is our mobile phone, so we're giving people the option of using them to make easy, convenient, everyday payments without the need to upgrade their current handset."

Barclaycard stresses that by going for the relatively low-tech option of PayTag stickers it can bring mobile payments to all customers, no matter what handset they use. Manufactures, notably Nokia and Samsung, are adding NFC capabilities to a growing number of models but UK ownership of these smartphones is still minute in the UK.

In February, Barclays launched a person-to-person payments service, called Pingit, that enables Brits to send and receive money using mobile phone numbers. Last week Pingit was opened up to non-customers, providing Barclays with an opportunity to gain more users before the rival service that is being developed by other UK banks launches.

The video below gives more information on PayTag as well as other UK developments in this field.

The flying car is almost here

The age of the flying car, long imagined, may begin the other way round, with a plane that drives. The Transition, built by Terrafugia in Massachusetts, does just that.

Greek town develops bartering system without euro

As Greece wonders whether its debt crisis will eventually spell its exit from the euro, one town in the centre of the country, Volos, has formed an alternative local currency.

It works through a bartering system or exchange of goods.

US Bank testing augmented reality for ATM and branch finder app

U.S. Bank employees are currently piloting one of the latest technology trends on the market today - augmented reality. The new U.S. Bank “Find US+” app allows on-the-go users to easily find and access more digitally enhanced information about the closest U.S. Bank branch or ATM.

When users point their phone the app displays a computer-generated graphic for branches and ATMs in that direction, as well as addresses and distances based on GPS location.

Each graphic is colour-coded to reflect whether the location is open, closing in an hour or already shut. The app also recognizes when the user arrives at the destination and asks if additional information is requested.

Additionally the app also uses the camera to offer a street view, with the screen displaying branches and ATMs within view as well as walking directions and other location information when the camera lens is directed at eye level.

The bank is also canvassing public opinion on the app.

Google's "Project Glass” – is this the REAL future?

The announcement by Google of their “Project Glass” initiative has spawned a series of spoofs which clearly demonstrate some of the pitfalls that may await users. Enjoy the two video clips (below).

Meet Project Glass: Google’s Augmented Reality

For a while there have been rumors about that Google is working on “augmented reality” glasses that would display information relevant to wearers as they go through their daily routine.

Google has now confirmed this – it’s called Project Glass and they have posted a video of what the future may look like through their new eyeglasses.

Google say that they 'believe technology should work for you — to be there when you need it and get out of your way when you don't.

A team within our Google[x] group started Project Glass to build this kind of technology, one that helps you explore and share your world, putting you back in the moment.

Follow along with us at http://g.co/projectglass as we share some of our ideas and stories. We'd love to hear yours, too. What would you like to see from Project Glass?"

Watch it yourself below:

BRICS Seeks New Banking World Order

Brazilian, Russian, Indian, Chinese and South African (BRICS) leaders seek a new world financial leadership free from Western influence.

Your face is your ID

Dutch online and mobile transactions specialist Adyen has unveiled an application that lets people make payments using only their faces.

Tapping smartphone and tablet cameras, the Face-ID app requires customers to show their faces and then uses recognition technology to make a match. To confirm they have been correctly identified, the customers just give a thumbs up sign.

The app unveils today. Find out if your face is already in the system at http://www.adyen.com/FaceID/