And there needs to be a clear impact on risk taking and appetite. The Committee will be taking a close look at the lessons of the turmoil, how the current range of bank stress testing practices stacks up, and where we can strengthen the supervision around stress testing going forward.
The point-of-sale terminal would transfer the payment information to the phone and the payer would just need to check the payment info and accept it by pushing the OK button. For larger payments the payer would be asked to confirm with a PIN number. It seems also likely that phones will be equipped with some form of biological recognition capacity.