The Bank of the Future – earth:bank
The bank of the future will eliminate the use of cards and cash. Your entire banking experience will take place on your smartphone. Every earth:bank customer receives a unique digital barcode, which can be used to make and receive payments. The barcode can be printed on till slips, accounts as well as sent via mobile messaging.
Typical usage scenario: Martha does her shopping at Woolworths after work. Once all of her items have been scanned, an amount is displayed on the till screen. Martha enters the amount on her smartphone and scans the unique Woolworths barcode printed at the till, using her phone’s camera. The money is instantly transferred.
On the way home, Martha remembers that Samantha owes her R200 for lunch. She messages a copy of her unique barcode to Samantha who uses the code to pay Martha immediately.