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Visa announced their brand new android based Visa Mobile Application. Now you can receive notifications on your mobile phone about  account activity, receive offers from merchants, and use GPS to map out where those mobile offers can be redeemed or to find ATMs that accept Visa.

The Visa Mobile app is a great way to notify  you if someone else is using your financial details. And as always redeem offers and discount offers are bundled up with the app.

But here is the sad part, only Chase Visa cardholders who use the T-Mobile G1 handset are legible to download the app and use it. Other than that I personally think data monitoring of your financial assets via continues activity is not safe, and as visa has also mentioned in its T&C’s that

…unfortunately, no data transmission via a mobile handset can be guaranteed to be 100% secure.

Besides all that,

Elizabeth Buse, Global Head of Product at Visa, said that this application makes the consumer payment experience more convenient, more secure and more rewarding.

One thing on the consumer side has to be said, because mobile phones are often lost or stolen, be sure to keep backups of your confidential data and use drive lockers or encryption keys to secure your files within the phone as well. I would love to see a remote deactivating function built in if something happens like this, thus making the phone worthless for the person who has taken it.

What others features can you think of that can be included?