now ther’s no problem of misplacing  ur money..just no d e-mail id or phone number or facebook id n den just tap..!!! Tap n give dem money
this is world’s first iphone app “kaching” 

Australia’s Commonwealth Bank has launched Kaching, the world’s first iPhone app that lets users make payments to individuals knowing only their email address, phone number or Facebook ID.

Kaching lets users transfer cash by simply clicking on the phone number, email or Facebook ID of the intended recipient and – Kaching! –  the money is sent within 1.5 seconds. It is only available to Commonwealth Bank customers transferring money within Australia and if the receiver is not with the Commonwealth Bank, the transaction generates a code that the recipient uses to access their payment from a different website.

Last year, UK bank First Direct launched an app that let users transfer money between accounts but users had to have set up a special mobile banking account before it would work. And JPMorgan Chase & Co recently released an app that let users to send money to nearly anyone with a US bank account using their email or mobile phone number – but it was not integrated with Facebook accounts. 

Those with mobiles incorporating near field communication (NFC) devices – which allow users to pay for items by touching an NFC reader – can also use Kaching to make payments of up to $AUD 100 (£64).

While popular in Japan and Korea, NFC devices have been slow to gain popularity in the US, UK and Australia. According to Commonwealth Bank, however, that is set to change. They predict that by 2014 fifty percent of all mobile handsets will be enabled with NFC technology, and mobile “tap and go” payments will constitute up to $AUD50 billion (£32 billion) globally.

courtesy : sciencefeed
new scientist

             posted by    HARIHARASRAVAN(mgit ece 2nd yr)