E-Money Coming To A Phone Near You

Many of us are getting extremely dependent on our mobile phones. Not only do we rely on them to store our appointments and meetings, we use the phones to navigate to those meetings. In route we can check the weather, our stock portfolio, update our “Facebook” page and see how the Bengals are doing in the fourth quarter. Oh yes, we can also call ahead and tell the person we are meeting that we have been so busy doing all of the above that we will be a little late for the meeting! Smart phones have become the “Swiss Army Knife” of the digital age.

Well, get ready for the next “killer app” and this one will perhaps be one of the most revolutionary. Mobile Banking has been available for years in Japan and in several other countries around the world. It has been especially embraced in many developing countries where the brick and mortar banking industry has yet to take root for the general public. These counties, like Kenya, do have very robust mobile telephone networks. Up until now, in the United States the concept of using your cell phone to transfer money, pay bills and make retail purchases has not been embraced. That is changing and changing fast.

Recently, Fifth Third Bank announced that it was launching “CashEdge” in mid 2011. According to press releases from Fifth Third Bank, “CashEdge” is an email and mobile person-to-person payment service. It will allow bank customers to send money from their mobile device, by using a recipient's email, mobile number or bank account information.

Other banks have announced services that will turn your mobile phone into a digital wallet. Instead of swiping that credit card at Biggs, just press “send” on the phone and the money is transferred. Your kid away at college needs a few bucks for pizza? No worries, just email him $20. Or Not!

Of course the money is not actually stored in your phone for some miscreant to remove from your purse, the funds are in your bank account, or in the “cloud” as we now say. Sure hope it doesn’t start raining.

E-Money Coming To A Phone Near You

Many of us are getting extremely dependent on our mobile phones. Not only do we rely on them to store our appointments and meetings, we use the phones to navigate to those meetings. In route we can check the weather, our stock portfolio, update our “Facebook” page and see how the Bengals are doing in the fourth quarter. Oh yes, we can also call ahead and tell the person we are meeting that we have been so busy doing all of the above that we will be a little late for the meeting! Smart phones have become the “Swiss Army Knife” of the digital age.

Well, get ready for the next “killer app” and this one will perhaps be one of the most revolutionary. Mobile Banking has been available for years in Japan and in several other countries around the world. It has been especially embraced in many developing countries where the brick and mortar banking industry has yet to take root for the general public. These counties, like Kenya, do have very robust mobile telephone networks. Up until now, in the United States the concept of using your cell phone to transfer money, pay bills and make retail purchases has not been embraced. That is changing and changing fast.

Recently, Fifth Third Bank announced that it was launching “CashEdge” in mid 2011. According to press releases from Fifth Third Bank, “CashEdge” is an email and mobile person-to-person payment service. It will allow bank customers to send money from their mobile device, by using a recipient's email, mobile number or bank account information.

Other banks have announced services that will turn your mobile phone into a digital wallet. Instead of swiping that credit card at Biggs, just press “send” on the phone and the money is transferred. Your kid away at college needs a few bucks for pizza? No worries, just email him $20. Or Not!

Of course the money is not actually stored in your phone for some miscreant to remove from your purse, the funds are in your bank account, or in the “cloud” as we now say. Sure hope it doesn’t start raining.

High Tech Snake Oil Abounds

From the very first time one person sold something to another person there have been those who have tried, and succeeded, to take advantage of the buyer. The snake oil purveyors of the old west are alive and well in the digital age. This week we will look at three very popular items being sold on line and in the big box electronics stores. All three are low tech. All three are used by millions of consumers. And, all three are obscenely over-priced.

With the popularity of Blue Ray DVD players and high tech gaming systems growing, many of us need cables to connect these devices to our large flat screen TVs. These connections often require HDMI cables. HDMI cables are made up of multiple wires and special connectors at each end. These simple high tech extension cords often come with a big price. It is not uncommon for a 6 foot cable to cost more than $35. If you want one with gold plated connectors the price can reach $75 or more.

The sales person will give you the often rehearsed spiel, “You know, you just spent $1500 on this great XYZ 3-D Plasma 5.1 Dolby enhanced TV, for sure you want the best connections to your DVD player or cable box, don’t you?” The only problem with this suggestion is that there is no perceivable difference between the results you will get with a $5 HDMI cable than the one that cost $75. Go with the $5 cable.

Since the paperless society promised by the computer age is still not quite here, many of us continue to print documents and photos on paper. This brings us to another high tech rip off, the ink cartridge. It is not uncommon to be able to purchase a new ink jet printer for less money than it will cost to replace the ink cartridges about four times. This marketing strategy is akin to the “Gillette” philosophy dating back decades. You “give” the razors away for pennies and then charge a king’s ransom for the blades. From what I have found there is no reason for the ink to cost as much as it does.

Our final rip off is really hard to even see. In fact it is transparent. Most smart phones, hand held games and e-readers have touch screens. It is highly recommended that you use clear plastic protectors on these screens to prevent scratching. Most of these devices come with one but they do get dirty and develop bubbles and need to be replaced. What a surprise you will have when you go to the store and find that the little piece of clear plastic measuring about 1.5 x 3 inches has a price tag of $5 or more. Even online it is hard to find discounts for these screen protectors.

There are truly some extraordinary electronic devices on the market and the prices seem to be dropping for many of them. Nevertheless, snake oil is also available in abundance and it ain’t cheap.

High Tech Snake Oil Abounds

From the very first time one person sold something to another person there have been those who have tried, and succeeded, to take advantage of the buyer. The snake oil purveyors of the old west are alive and well in the digital age. This week we will look at three very popular items being sold on line and in the big box electronics stores. All three are low tech. All three are used by millions of consumers. And, all three are obscenely over-priced.

With the popularity of Blue Ray DVD players and high tech gaming systems growing, many of us need cables to connect these devices to our large flat screen TVs. These connections often require HDMI cables. HDMI cables are made up of multiple wires and special connectors at each end. These simple high tech extension cords often come with a big price. It is not uncommon for a 6 foot cable to cost more than $35. If you want one with gold plated connectors the price can reach $75 or more.

The sales person will give you the often rehearsed spiel, “You know, you just spent $1500 on this great XYZ 3-D Plasma 5.1 Dolby enhanced TV, for sure you want the best connections to your DVD player or cable box, don’t you?” The only problem with this suggestion is that there is no perceivable difference between the results you will get with a $5 HDMI cable than the one that cost $75. Go with the $5 cable.

Since the paperless society promised by the computer age is still not quite here, many of us continue to print documents and photos on paper. This brings us to another high tech rip off, the ink cartridge. It is not uncommon to be able to purchase a new ink jet printer for less money than it will cost to replace the ink cartridges about four times. This marketing strategy is akin to the “Gillette” philosophy dating back decades. You “give” the razors away for pennies and then charge a king’s ransom for the blades. From what I have found there is no reason for the ink to cost as much as it does.

Our final rip off is really hard to even see. In fact it is transparent. Most smart phones, hand held games and e-readers have touch screens. It is highly recommended that you use clear plastic protectors on these screens to prevent scratching. Most of these devices come with one but they do get dirty and develop bubbles and need to be replaced. What a surprise you will have when you go to the store and find that the little piece of clear plastic measuring about 1.5 x 3 inches has a price tag of $5 or more. Even online it is hard to find discounts for these screen protectors.

There are truly some extraordinary electronic devices on the market and the prices seem to be dropping for many of them. Nevertheless, snake oil is also available in abundance and it ain’t cheap.

How Quickly Things Change

Recently there was a very cute and interesting video being circulated on the Internet. The video featured a group of young kids from Canada trying to identify various electronic items from the past. Now, we are not talking about Mr. Edison’s wax recording cylinders here. These items were from the 1990s. After watching the video I was struck with how fast things continue to change in the consumer electronics market.

One only needs to look at reports out of the recent Consumer Electronics Show (CES) to see first hand evidence of this phenomenon. CES is the annual event where all the new high tech gizmos are announced to the retailers and the public. This year there were several items announced that demonstrate how quickly things can change.

Remember HD TV? Perhaps you bought one last year for the first time. The new screen was different from the one you had for the last 50 years. It was wider. In fact it is what we call a 16 x 9 aspect ratio screen. That means for every 16 inches in width the screen is 9 inches high. This format mimicked movie screens. Well, not really. The CES is now showing 21 x 9 sets that really are closer to the movie experience. Oh yes, many of them will also be 3D.

Speaking of TVs, one of the most often heard complaints I hear about home electronics seems to center around the number and complexity of the TV remote controls found in living rooms all over. There is a desire to have a single button that will allow you to turn on the TV and watch a program. Over the years I have suggested several universal remotes that could intuitively communicate with your TV, DVD, cable box, and audio receiver. Well, stop the presses! (Wow, that is sure an old figure of speech that makes no sense in today’s world.) The new remotes announced at CES have added a few features like a small QWERTY keyboard and mouse to accommodate the new Internet- connected TVs. So rather than simplifying your living room TV experience, we will have a few more remote control features to learn.

So, we have high speed Internet access in your car (and you thought texting while driving was an issue), Judge Judy on your cell phone and personal Tasers now offered in designer colors. These are just a few of the new offerings at CES this year. Ten years from now if we show these devices to some 6 year olds, will they recognize them? Stay tuned! (Another figure of speech that makes no sense now!)

How Quickly Things Change

Recently there was a very cute and interesting video being circulated on the Internet. The video featured a group of young kids from Canada trying to identify various electronic items from the past. Now, we are not talking about Mr. Edison’s wax recording cylinders here. These items were from the 1990s. After watching the video I was struck with how fast things continue to change in the consumer electronics market.

One only needs to look at reports out of the recent Consumer Electronics Show (CES) to see first hand evidence of this phenomenon. CES is the annual event where all the new high tech gizmos are announced to the retailers and the public. This year there were several items announced that demonstrate how quickly things can change.

Remember HD TV? Perhaps you bought one last year for the first time. The new screen was different from the one you had for the last 50 years. It was wider. In fact it is what we call a 16 x 9 aspect ratio screen. That means for every 16 inches in width the screen is 9 inches high. This format mimicked movie screens. Well, not really. The CES is now showing 21 x 9 sets that really are closer to the movie experience. Oh yes, many of them will also be 3D.

Speaking of TVs, one of the most often heard complaints I hear about home electronics seems to center around the number and complexity of the TV remote controls found in living rooms all over. There is a desire to have a single button that will allow you to turn on the TV and watch a program. Over the years I have suggested several universal remotes that could intuitively communicate with your TV, DVD, cable box, and audio receiver. Well, stop the presses! (Wow, that is sure an old figure of speech that makes no sense in today’s world.) The new remotes announced at CES have added a few features like a small QWERTY keyboard and mouse to accommodate the new Internet- connected TVs. So rather than simplifying your living room TV experience, we will have a few more remote control features to learn.

So, we have high speed Internet access in your car (and you thought texting while driving was an issue), Judge Judy on your cell phone and personal Tasers now offered in designer colors. These are just a few of the new offerings at CES this year. Ten years from now if we show these devices to some 6 year olds, will they recognize them? Stay tuned! (Another figure of speech that makes no sense now!)

TV Watching Getting More Complicated

The line separating traditional TV from TV watching on the Internet is getting more blurry as we begin a new year. More of us have given up finding a good flick at the video store. In fact, it is harder and harder to even find a video store. The selection of DVDs in those little red kiosks is pretty lame. We don’t seem to find anything to watch from cable or satellite providers and good TV programs have almost disappeared from broadcast TV.

The Internet is becoming a major source of movies and other video TV programming; with this change comes a bevy of new devices that merge our TVs with the Internet. For the past year of so, Internet-ready flat screen TVs have been promoted by the major brands. Sony, Samsung and others have HD sets that not only can receive over the air broadcasts and cable, but can also connect directly to Internet services like Amazon Video, NetFlix, Hulu, Major League Baseball and the NFL. You don’t need a computer since the TV has a special Internet browser built in that allows you to connect with these services.

Google, a company that is finding its way into most every facet of our business and leisure lives has partnered with Sony to launch GoogleTV. If you already have a gaming system like the Wii, XBOX 360 or a PS3 you can use these devices to connect with Internet video sites and watch programs on the TV connected to the gaming console. Many Blue Ray DVD players have circuitry that allows you to connect to these online services.

There are also specialized devices that you can purchase that serve as a gateway to most all video content on the Internet. One of the most recent to hit the market is called Ruku. It requires a device which is about the size of your kid’s math textbook, allowing you to search for content across many Internet TV distributors and watch it on any TV you choose to connect to. There are standard definition models as well as full High Definition models.

These services and equipment are not free. The Ruko box runs about $60 to $100, plus you need to subscribe to one or more of the Internet TV services. Google TV and Hulu Plus cost about $8 a month and NetFlix online has several different subscription plans. In order to use the service you must also have a robust high speed Internet connection like Time Warner’s Road Runner or Cincinnati Bell’s Fuse.

Look for more and more devices that will continue to blur the line between broadcast and Internet TV. And you thought that 500 cable channels were too hard to keep track of!

TV Watching Getting More Complicated

The line separating traditional TV from TV watching on the Internet is getting more blurry as we begin a new year. More of us have given up finding a good flick at the video store. In fact, it is harder and harder to even find a video store. The selection of DVDs in those little red kiosks is pretty lame. We don’t seem to find anything to watch from cable or satellite providers and good TV programs have almost disappeared from broadcast TV.

The Internet is becoming a major source of movies and other video TV programming; with this change comes a bevy of new devices that merge our TVs with the Internet. For the past year of so, Internet-ready flat screen TVs have been promoted by the major brands. Sony, Samsung and others have HD sets that not only can receive over the air broadcasts and cable, but can also connect directly to Internet services like Amazon Video, NetFlix, Hulu, Major League Baseball and the NFL. You don’t need a computer since the TV has a special Internet browser built in that allows you to connect with these services.

Google, a company that is finding its way into most every facet of our business and leisure lives has partnered with Sony to launch GoogleTV. If you already have a gaming system like the Wii, XBOX 360 or a PS3 you can use these devices to connect with Internet video sites and watch programs on the TV connected to the gaming console. Many Blue Ray DVD players have circuitry that allows you to connect to these online services.

There are also specialized devices that you can purchase that serve as a gateway to most all video content on the Internet. One of the most recent to hit the market is called Ruku. It requires a device which is about the size of your kid’s math textbook, allowing you to search for content across many Internet TV distributors and watch it on any TV you choose to connect to. There are standard definition models as well as full High Definition models.

These services and equipment are not free. The Ruko box runs about $60 to $100, plus you need to subscribe to one or more of the Internet TV services. Google TV and Hulu Plus cost about $8 a month and NetFlix online has several different subscription plans. In order to use the service you must also have a robust high speed Internet connection like Time Warner’s Road Runner or Cincinnati Bell’s Fuse.

Look for more and more devices that will continue to blur the line between broadcast and Internet TV. And you thought that 500 cable channels were too hard to keep track of!

Looking Ahead

As has been my custom for the last few years, I am going to take a look into the year ahead and highlight what I feel will be some major developments in the digital world. My track record of being correct is running at about 75%. My confidence level for the predictions for 2011 is about at that level.

The New Year will be increasingly cloudy. Jim Cantore and his Weather Channel colleagues can rest easy since these clouds will not be meteorological but digital. Look for more and more of our information, both public and personal, to be stored on and retrieved from large centrally located cloud servers. Our personal calendars, contact lists, correspondence, medical history, entertainment and embarrassing party videos will reside not on our personal computer’s hard drive, but on drives shared by our neighbors.

You need only drive down to New Haven Road to see first hand evidence of changes in the way we will obtain movies for viewing at home. Hollywood Video has been closed for several months. Blockbuster has announced the immediate closing of several hundred stores in the US and Canada and more are predicted to be shuttered. The closings have little to do with any decrease in our collective appetite for watching movies. In fact, Nielsen will tell you that we are spending more time watching movies and DVR programming than ever. The change will be in the way we access the titles.

2011 will see the continued expansion of Internet bandwidth allowing for more of us to easily download full length HD movies to our computer or Internet-ready flat screen TV. Companies like Blockbuster and Netflix will move away from the old distribution model of handling hard copies of DVDs. Finding a Blockbuster store or kiosk will be akin to searching for a phone booth and Netflix’s use of the post office will conjure thoughts of the pony express.

The cloud will provide for more powerful and useful wireless devices. The smart phone has already morphed into a powerful computer; book stores and libraries will continue to embrace the eReader phenomenon. After almost ten years of commercial success in Europe and the Far East, look for your mobile phone to serve as an electronic wallet. Press a code on your phone and your meal at Market Street Grille is paid for complete with tip.

Look for more newspapers and magazines to make the transition from paper and ink to emedia. Full editions will be available on a variety of platforms like the iPad and various types of eReaders.

On the hardware side, I look for 3D TVs to continue to move slowly off retailer’s shelves. 3D games however will grow in popularity as they allow for a more realistic personal connection to the action on the screen.

Looking Ahead

As has been my custom for the last few years, I am going to take a look into the year ahead and highlight what I feel will be some major developments in the digital world. My track record of being correct is running at about 75%. My confidence level for the predictions for 2011 is about at that level.

The New Year will be increasingly cloudy. Jim Cantore and his Weather Channel colleagues can rest easy since these clouds will not be meteorological but digital. Look for more and more of our information, both public and personal, to be stored on and retrieved from large centrally located cloud servers. Our personal calendars, contact lists, correspondence, medical history, entertainment and embarrassing party videos will reside not on our personal computer’s hard drive, but on drives shared by our neighbors.

You need only drive down to New Haven Road to see first hand evidence of changes in the way we will obtain movies for viewing at home. Hollywood Video has been closed for several months. Blockbuster has announced the immediate closing of several hundred stores in the US and Canada and more are predicted to be shuttered. The closings have little to do with any decrease in our collective appetite for watching movies. In fact, Nielsen will tell you that we are spending more time watching movies and DVR programming than ever. The change will be in the way we access the titles.

2011 will see the continued expansion of Internet bandwidth allowing for more of us to easily download full length HD movies to our computer or Internet-ready flat screen TV. Companies like Blockbuster and Netflix will move away from the old distribution model of handling hard copies of DVDs. Finding a Blockbuster store or kiosk will be akin to searching for a phone booth and Netflix’s use of the post office will conjure thoughts of the pony express.

The cloud will provide for more powerful and useful wireless devices. The smart phone has already morphed into a powerful computer; book stores and libraries will continue to embrace the eReader phenomenon. After almost ten years of commercial success in Europe and the Far East, look for your mobile phone to serve as an electronic wallet. Press a code on your phone and your meal at Market Street Grille is paid for complete with tip.

Look for more newspapers and magazines to make the transition from paper and ink to emedia. Full editions will be available on a variety of platforms like the iPad and various types of eReaders.

On the hardware side, I look for 3D TVs to continue to move slowly off retailer’s shelves. 3D games however will grow in popularity as they allow for a more realistic personal connection to the action on the screen.