New potential ways of using your smart phone concern not only payments but also all areas of retail banking and wealth management. In your smart phone you will have all your personal financial information available and will be able to do business with your bank online without any limitations on information entered separately or on other intermediary company such as credit card companies.
The objective of the monetary policy response is to support the economy by keeping borrowing costs low and credit available for households and businesses, complementing the necessary and large fiscal policy stimulus.