UK mobile banking doubles in a year
UK consumers have doubled the amount of transactions they make on their mobile phones over the last year, according to new figures released by the BBA.
Mobile
SIA and Orange champion mobile POS in Europe
Orange Business Services and technology infrastructure provider SIA have done a deal aimed at encouraging European banks and merchants to manage more payments via mobile point of sale terminals.
Survey: Consumers Spend Double Via Mobile, But Security/Privacy Remain Barriers for Non-Users (March 27, 2014)
The good news for mobile payments is that consumers in the U.S. and Europe are spending double when they initiate payments via their mobile devices or online, according to a survey released this month from Bain & Company.
Brazilian Bank, Telco Make NFC Play (March 27, 2014)
Brazilian mobile network operator Claro has partnered with Bradesco, one of that country’s largest banks, to create an NFC-based mobile payment service.
NFC at heart of Brazilian bank’s mobile payments plans
Brazilian banking group Bradesco is planning to roll out NFC mobile payments across Brazil by summer 2014, through a partnership with mobile operator Claro and technology provider Giesecke & Devrient.
PBOC Rethinking Mobile Payment Caps (March 26, 2014)
China’s central bank said it’s open to modifying a proposal to place limits on mobile payments after e-commerce firms and consumers objected to the restrictions.
Banking in the Digital World
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies – but there are some trends in digital banking that are being slowly adopted by the banking industry as a whole.
Monitise Lands MasterCard Partnership/Investment, Overhauls Business Model (March 25, 2014)
MasterCard is working with U.K.-based Monitise plc to develop and deploy mobile wallets and digital payments around the globe.
NFC Forum: HCE Provides ‘Additional’ Means to Perform NFC Transactions (March 20, 2014)
As Host Card Emulation (HCE) gains momentum and questions continue about whether mass acceptance of NFC technology will ever come, the NFC Forum has issued a position statement on HCE, which emulates an NFC card in the cloud, eliminating the need for a secure element and trusted service manager for NFC applications, such as payments.
Why banks need a chief mobility officer
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
Google Wallet Regroups, Positioning for HCE Push (March 18, 2014)
Google Wallet is making another course-correction to keep up with fast-moving mobile payments technology.
Western Union Integrates with Nigerian Mobile Payments Service (March 18, 2014)
Western Union is continuing its global expansion in mobile payments, announcing a new mobile money transfer service for Nigeria.
LevelUp Powers Payments App for Smartwatch (March 18, 2014)
Mobile payments with a flick of the wrist are here.
Visa Europe: Contactless Booming in U.K., across Continent (March 17, 2014)
Holders of contactless Visa cards in the U.K. made 94.3 million contactless purchases in 2013, a surge from the 25 million made in 2012, according to data from Visa Europe.
China’s Central Bank Proposes Curbs on Third-Party Payments, Halts Product Rollouts (March 17, 2014)
China’s central bank last week released draft rules that would limit the use of third-party payment systems, including the payment operations of Alibaba Holding Group and Tencent Holdings Inc.
Cachet Makes Mobile Wallet Foray with Moneto Buy (March 12, 2014)
Minneapolis-based remote deposit capture (RDC) specialist Cachet Financial Solutions has made a major move into the mobile wallet arena, acquiring the moneto mobile payment platform from DeviceFidelity Inc.
McDonald’s Sweden Integrates SEQR Payments into Mobile App (March 12, 2014)
McDonald’s Sweden has integrated the SEQR payment service of Stockholm-based software development company Seamless into its own mobile app, enabling customers of the QSR to pay with SEQR.
Report: European Prepaid Maturing, Open-Loop Spend to Hit €112 Billion by 2020 (March 11, 2014)
Prepaid products now have a proven track record in many major European countries, where the industry has begun the process of transitioning from its adolescent phase into one of mature, stable growth.
Mobile Parking Payments Coming to Chicago (March 11, 2014)
Many Chicago drivers soon won’t have to dig under the seat for spare change to feed the meter. The city has announced a new initiative to launch a mobile payment system for parking, set for a pilot run in the downtown area this spring, with a rollout throughout Chicago to follow.
Vodafone Wallet Goes Live Across Germany (March 11, 2014)
Vodafone’s NFC-based mobile wallet and prepaid Vodafone SmartPass Visa account went live this month in Germany, enabling Vodafone, Deutsche Telekom and Telefónica Deutschland mobile network subscribers to conduct contactless and P2P transactions with NFC-ready phones via participating banks.
EMVCo Releases Tokenization Specification, Invites Feedback (March 11, 2014)
EMVCo today has released its tokenization specification, and is inviting all payments industry participants to provide feedback.
MasterPass Expansion Continues with UAE Launch (March 10, 2014)
MasterCard plans to roll out its MasterPass mobile wallet platform to the United Arab Emirates later this year.
The name’s Paym – UK Payments Council names mobile service
The mobile payments system planned by the UK Payments Council will be branded Paym. The Council says that it will announce the go-live date next month and final testing is on track.
Isis Reveals Usage Stats, Dangles NYC Taxi Promo to Attract More Users (March 6, 2014)
Four months after the nationwide rollout of the Isis mobile wallet, two-thirds of Isis users have installed at least one payment card on the wallet, and those users make an average of six to seven NFC-based transactions with Isis each month.
Znap puts merchants at heart of mobile commerce revolution
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
Getin goes for biometric signature verification in virtual branch roll-out
Poland’s Getin Bank has implemented biometric signature verification in a roll-out of unstaffed remote branches using Virtual Teller Machines under its Getin Point brand. The technology allows customers to carry out banking tasks that require a signature without having to go to a traditional branch.
MasterCard and Syniverse launch “not just another” mobile payment service
MasterCard has partnered with mobile technology specialist Syniverse under an audacious plan that aims at nothing less than “bringing mobile financial services to every single mobile user on the planet”.
New Smartphone Offers PayPal Payments with the Swipe of a Finger (Feb. 25, 2014)
Owners of the new Samsung Galaxy S5 smartphone soon will be able to make in-store payments via their PayPal accounts by just lifting—or rather, swiping—a finger.
BBVA Keeps It Simple; Ezetap, mCASH Rake in Funding (Feb. 25, 2014)
Spanish financial services group BBVA has announced it is acquiring Paybefore Award-winning Simple, the Portland-Ore.-based digital banking company founded in 2009, for $117 million.
Prepaid Cards Play Key Role in New Contactless Transit-Payment Systems
When upgraded public transit fare-payment systems went live recently in Chicago and Salt Lake City, contactless payment transactions soared into the millions.
MasterCard Acquires M-Payments Partner C-SAM, Launches In-App Payments (Feb. 24, 2014)
MasterCard has entered into an agreement to acquire Chicago-based mobile payment technology provider C-SAM.
Amazon Coins Expand to All Android Devices (Feb. 24, 2014)
Amazon has announced that customers in the U.S., U.K. and Germany now can use the e-retail giant’s Amazon Coins in-app currency on all Android-based smartphones and tablets.
Millicom debuts Rwanda and Tanzania mobile currency conversion
Luxembourg telecoms company Millicom has launched an African cross-border mobile payments service in Rwanda and Tanzania, which it claims is the first to automatically include currency conversion.
Raincoats, taxis and the future of banking
What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.
Google Nabs Audio Authentication Startup (Feb. 20, 2014)
Google has acquired Israeli startup SlickLogin, which has developed technology that uses high-frequency sound waves to authenticate user identity when logging into Websites.
Blog: From Atoms to Bits: The Digital Age of Money
As we move to digitize everything, the transition to digital wallets hasn’t been an easy feat. O2 recently announced it would discontinue its mobile wallet and despite efforts by industry heavyweights, mass adoption of a digital/mobile wallet still is proving elusive.
Visa and MasterCard Green-Light HCE, Giving Banks and Merchants New NFC Options (Feb. 19, 2014)
Visa and MasterCard today announced plans to support Host Card Emulation, which enables storage of card credentials in the cloud, rather than using the secure element embedded in handsets, a move observers say could reignite prospects for NFC.
Orange Cash Expands to Spain (Feb. 19, 2014)
Mobile network operator Orange is launching its Paybefore Award-winning Orange Cash prepaid MasterCard in Spain.
U.S. Bancorp, Monitise Unveil Digital Watermark-Based Mobile Shopping Platform (Feb. 18, 2014)
U.S. Bancorp and U.K.-based Monitise plc have partnered to launch a white-label mobile commerce platform dubbed Peri.
RBI Report Outlines Technology for Banks, Telcos to Develop Mobile Banking (Feb. 18, 2014)
The Reserve Bank of India continues to encourage development of mobile banking across its nation, where 870 million consumers have a mobile handset but fewer than half of those have bank accounts.
