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MOBILE MONEY

NINE DRIVERS OF MOBILE MONEY IDENTIFIED AS CONSUMERS EMBRACE MOBILE

As new mobile payment models come online, and more sectors embrace mobile as the primary channel for customer engagement and transaction, the report reveals nine significant mobile money (more…)

MOBILE BIOMETRICS

ONE IN FOUR UK CONSUMERS WOULD SHARE THEIR DNA WITH THEIR BANK TO SECURE FINANCIAL INFORMATION

A new mobile identity whitepaper from Telstra reveals the majority of United Kingdom (UK) consumers using mobile banking applications want their mobile (more…)

Mobile Payments

  • Stripe lands new funding with Visa July 29, 2015 Stripe and payments network logosStripe has won a new round of funding from investors that include Visa, Sequoia Capital and American Express, the funding values the company at $5 billion. The actual value of the funding has not been confirmed, but speculation suggests it is near the $100 million mark. The most interesting aspect of the deal is the recruitment of Visa to Stripe. The company says it has signed an ... Read more
  • Wearables for retail payments? July 24, 2015 A watch capable of wearable paymentsWearable technology is set to become an everyday part of retail on the shelves, on the shop floor, in the stock room and in the back office. In just a handful of years, wearable technology has moved right into the mainstream. Who would have thought five years ago that pensioners, for instance, would be casually walking around with fitness monitoring devices on ... Read more
  • PayPal shares jump on eBay split – company valued at $50bn July 20, 2015 Paypal app logoPayPal shares are up 5% in its first day as a separate and publicly traded company. The payments system company officially split with eBay on Friday, 10 months after they announced that they were going their separate ways. PayPal processed $235 billion in total payment volume last year and logged revenue of about $8 billion. It plans to grow market share in mobile ... Read more
  • Apple e-commerce platform based on your credit card balance July 20, 2015 Apple patentWho said payments wasn’t sexy? Just weeks after applying for a new P2P payments patent and the launch of Apple Pay in the UK, it is rumoured that Apple has filed yet another payments related patent. For a company whose CEO has repeatedly asserted that it is not interested in selling its customer data to advertisers, Apple is putting a lot of ... Read more
  • Buy Buttons aim to entice mobile shoppers July 16, 2015 Buy Buttons aim to entice mobile shoppersNow several companies, including Google, Facebook, Twitter and Pinterest, are trying to bridge the gap between mobile browsing and desktop purchasing with a simple “buy” button. Buy buttons have been around since the early days of the web, of course, notably with Amazon’s “One-Click Ordering,” where people set up a button that runs their credit card and ships whatever they have bought ... Read more
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Contactless NFC

  • July 29, 2015 HKT launches NFC mobile paymentsHKT Payment, a subsidiary of  Hong Kong Telecommunications (HKT) has launched a SIM-based NFC mobile payments service to let customers pay at more than 3 million locations worldwide which accept MasterCard PayPass, using funds stored in their Tap & Go mobile wallet account. In addition to in-store payments, the service lets users make P2P transfers by tapping their devices together through its PayBuddy feature, ... Read more
  • Thieves target contactless payment cards July 23, 2015 The contactless card symbolConsumer group Which? has warned that data from contactless debit and credit cards is at risk of being intercepted by thieves. All 10 credit and debit cards tested revealed some data, with some giving up enough information to allow the team to place orders for expensive items. The equipment used to carry out the interceptions was “easily and cheaply” obtained from a mainstream website, ... Read more
  • A quarter of Brits plan to make a mobile payment in the next 12 months July 22, 2015 MasterCard mobile appFollowing the launch of Apple Pay in the UK last week, new MasterCard figures show that the British public are willing to embrace mobile payments despite some hesitation. 1 in 4 British consumers (25%) said that they expect to make a contactless payment with their mobile in the next year.  Furthermore, in terms of how they will use their devices, one-third said ... Read more
  • UK businesses losing out if they do not have contactless July 22, 2015 Contactless payments surgeAs usage of contactless cards has trebled, just under half of consumers (47%) expect, or would prefer, businesses to offer contactless payment for low-value transactions, according to new research from Lloyds Bank Cardnet. Despite its relative recent introduction, over a tenth (12%) of consumers state that they do not think enough retailers offer contactless and just under a tenth (9%) suggest that ... Read more
  • Samsung Pay trial launches in Korea July 17, 2015 Samsung PaySamsung has announced the launch of its new mobile payments platform trial in Korea. The Samsung Pay month-long trial is in preparation for a global roll out to more regions. The company announced on the Samsung official blog that owners of the Galaxy S6 and Galaxy S6 edge are the first to be able to use Samsung Pay. The company boasts that Samsung Pay ... Read more
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Mobile Banking

  • ING Bank launches voice biometric payment system July 29, 2015 ING Bank launches voice biometric payment systemWhile banking customers have already been able to use the voice control mode on the ING Netherlands app, now they can also make voice-activated payments leveraging voice biometric technology. A smart alternative to PINs and passwords, voice biometrics makes mobile banking easier in the ING Netherlands mobile banking app. Over 100,000 ING Netherlands’ customers already use the virtual assistant in the mobile app ... Read more
  • Equity launches thin SIM mobile money service July 22, 2015 Equity launches thin SIM mobile money serviceEquity Bank has launched its telecommunications services under Equitel, the brand name for its fully-owned subsidiary Finserve Africa. The largest lender by customer base has been issuing ordinary SIM cards at its banking halls since October last year after its planned roll out of controversial thin-SIM technology was temporarily paralysed by a court injunction. By last June, subscribers on primary SIM cards had crossed 800,000 mark, ... Read more
  • Lloyds Bank trials contactless for mobile banking authentication July 7, 2015 Tap to BankLloyds Bank trials are exploring how the use of Near Field Communication (NFC) and contactless technology can improve the registration process for those setting up mobile banking. The ‘tap to bank’ technology has so far been tested on over 125 people, enabling them to use their Lloyds Bank contactless debit card as a way of securely authenticating their identity when setting up ... Read more
  • Barclays shuns Apple Pay and sign Zapp July 7, 2015 The Zapp appBarclays has signed a deal with the digital payments service Zapp, enabling customers to make online transactions through the “pay by bank” application on mobile devices. The tie-up comes a week before the launch of Apple Pay in the UK, threatening to disrupt banks by allowing people to use their credit or debit cards via their phone, rather than having to dip ... Read more
  • Biometrics has a strong future in financial services July 2, 2015 A pie chart showing Do you offer biometric authentication for mobile financial servicesThe financial services industry must set aside competition and collaborate on biometrics to ensure consistent, easy and convenient services for end users. These are the findings of a survey published today by Mobey Forum, exploring the current attitudes to biometrics within the banking industry, the key use cases, industry drivers and obstacles standing in the way of progress. Of the 235 respondents ... Read more
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Mobile Remittance

  • Social media to drive mobile money transfer market July 27, 2015 A mobile phone with money on itIn a new report from Juniper Research it is projected that the number of mobile money transfers globally will increase by nearly 150% in 2015 to more than 13bn, with several social media firms already seeing a dramatic rise in service usage. The research observes that with US social payment service Venmo now experiencing traffic worth nearly $1bn per quarter, leading social media companies were ... Read more
  • Equity launches thin SIM mobile money service July 22, 2015 Equity launches thin SIM mobile money serviceEquity Bank has launched its telecommunications services under Equitel, the brand name for its fully-owned subsidiary Finserve Africa. The largest lender by customer base has been issuing ordinary SIM cards at its banking halls since October last year after its planned roll out of controversial thin-SIM technology was temporarily paralysed by a court injunction. By last June, subscribers on primary SIM cards had crossed 800,000 mark, ... Read more
  • First bank deposit network for receipt of payments across 23 African nations July 16, 2015 A picture of Africa showing Revenues from mobile money transfers to reach $4bn by 2018Transfast, a little known provider of online, cross-border p2p payments solutions, has announced the launch of its proprietary bank deposit network into 23 African nations – the most extensive of its kind on the continent. Transfast’s bank deposit network enables people in the US and Canada, and soon from the UK and EU, to send money online or via mobile, directly into ... Read more
  • Nigerian mobile money transactions hit $3.5 billion July 13, 2015 Gold globe with many gold coinsNigeria has recorded a total transaction of N700 billion, about $3.5 billion, through the mobile money banking system since 2012, according to the  Central Bank of Nigeria (CBN). The Director, Banking and Payment Systems Department, CBN, Dipo Fatokun, made the statement in a presentation at a workshop on Mobile Money and Emerging Payment System master class to lawyers. Fatokun, who was represented by ... Read more
  • Euro Retail Payments Board seeks P2P mobile payment interoperability July 8, 2015 P2P payments playersThe Euro Retail Payments Board (ERPB) is seeking to drive greater P2P mobile payment interoperability with providers across the continent working closer together. Following its latest meeting, the ERPB (set up by the ECB as a successor to the Sepa Council), says that it has agreed to “endorse the vision” of allowing anyone to carry out a pan-European P2P mobile payment using a ... Read more
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M POS

  • Square files “confidential” IPO July 27, 2015 The Square EMV chip card readerSquare is rumoured to have filed an IPO, a person familiar with the matter said. Square filed its prospectus under the Jumpstart Our Business Startups Act, which permits companies with under $1 billion in annual revenue to file their IPO paperwork confidentially, the person said. Square’s IPO could test the market for tech offerings, which has been quiet as more companies raise large ... Read more
  • How to ace mPOS functional and security testing July 20, 2015 A phone with a Verifone Chip and PIN reader attachedThe explosion of mobile point-of-sale (mPOS) technology has seen a host of new players enter the market, each seeking to carve out a place in a global market predicted to grow by 40% every year until 2018 (Smart Insights). Before an mPOS terminal product can be launched, however, manufacturers must first prove that it is fit-for-purpose, or risk the long delays and ... Read more
  • Verifone signs major Payment as a Service deal June 23, 2015 Verifone vx 690Verifone says that Westpac Banking Corporation will be the first bank in Asia Pacific to deploy its new handheld EMV and NFC-enabled terminal solution that is fully supported with payment as a services from Verifone. With more than 13 million customers, Westpac is one of the largest financial services institutions in Australia and New Zealand. The Group will provide the VX 690 payment terminal ... Read more
  • First Data launches Clover Mini POS June 22, 2015 First Data launches Clover Mini POSFirst Data has launched a tablet-based mini POS system dubbed Clover Mini. Aimed at small businesses, the Clover Mini is a small POS system that is aimed at competing with Poynt, former Google Wallet lead Osama Bedier’s recently launched point-of-sale. The Mini will accept NFC-based payments from mobile wallets like Apple Pay, Android Pay and even the soon-to-launch Samsung Pay. It also has a ... Read more
  • Miura raises $16m in VC round June 11, 2015 Miura MPOSMiura Systems has closed a $16m fundraising round, led by London-based investmend syndicate, DFJ Esprit Secondaries (DFJES). The company has sold off a minority stake to speed-up growth in a VC round that included participation from various DFJES funds. “This transaction provides not only additional capital to support our ambitious growth plans but also additional input at board level to help refine our ... Read more
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Analysis

  • Innovation in payments initiatives July 21, 2015 A chart showing key processing infrastructuresA global study of over 300 banking and financial services executives shows that, for the first time, innovation is ranked as important as regulation. The research also reveals that mobile first has now become mainstream, while innovative disruptive technologies such as block-chain will potentially become a very attractive alternative to traditional payment methods, transforming payment processing and acting as significant drivers ... Read more
  • Mobile Identity: the fusion of financial services, mobility and identity July 17, 2015 A chart showing Advocacy-Satisfaction with Authentication Methods (Global Top 2 Per Country)A new report looks into generational change – particularly as it affects Gen X and Y, who together make up half of the global population . Their adoption of mobile digital technology will both expose institutions to risk and create opportunity. The central argument in the mobile identity whitepaper is that mobile digital technologies have changed how these generations prefer to ... Read more
  • An introduction to the Trusted Execution Environment for mobile services security July 13, 2015 Architecture of the TEEGlobalPlatform, the organization which standardizes the management of applications on secure chip technology, has published a white paper, which introduces the Trusted Execution Environment (TEE) and examines its role in addressing an increasing number of security concerns within the expanding mobile services market. The Trusted Execution Environment is a secure area of the main processor in a smart phone (or any connected device) ... Read more
  • Fintech Investment triples in 2014 June 25, 2015 Fintech_Deals_and_InvestmentsFintech investments continued at a remarkable pace last year, nearly tripling in the US in 2014, according to a new report by Accenture and the Partnership Fund for New York City. The value of fintech investment in the US soared to $9.89 billion in 2014, up from $3.39 billion in 2013. This 191% increase dwarfs the increase in 2013, when fintech deal values ... Read more
  • Mobile biometrics market to reach $35 billion June 17, 2015 A chart showing the Mobile biometrics market to reach $35 billionAccording to a research conducted by Acuity Market Intelligence annual revenues from mobile biometrics embedded in smart mobile devices will spike from $1.6 billion in 2014 to $34.6 billion in 2020. According to the research, the increase in the mobile biometrics market represents a CAGR of nearly 67% with total forecast period revenues exceeding $117 billion. The report segments the mobile biometrics market into ... Read more
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Opinions

  • Bitcoin: The stats so far July 9, 2015 BitcoinHas Bitcoin, the universal crypto currency, finally gone mainstream? Read more
  • Remote Deposit Capture – Mobile the new scanner May 27, 2015 A graph showing Remote Deposit Capture 2015As check usage declines, mobile Remote Deposit Capture is becoming the preferred deposit method for a growing number of bank customers, according to a new report titled State of Remote Deposit Capture 2015: Mobile Is the New Scanner. Mobile Remote Deposit Capture is where the action is according to the report. As Remote Deposit Capture becomes a mature market in the US, most ... Read more
  • The fall and rise of Tokenization May 13, 2015 A padlock over a visa payment card depicting tokenisationApple Pay has breathed new life into tokenization and the use of tokenization has seen a revival due to new technology approaches that remove associated operational risks and complexities and enable increased scale and high performance transaction processing, especially in financial services and banking. PCM investigates how this technology made a comeback and is taking its place in the driving seat of ... Read more
  • Visa Europe Collab international innovation hub May 5, 2015 Visa Europe CollabVisa Europe has announces the launch of Visa Europe Collab, its new international innovation hub. Working with a network of partners from across the digital and fintech ecosystem, Visa Europe Collab offers start-ups and technology entrepreneurs the insight, tools and connections to forge the technologies and services that will transform citizens’ interactions with payments. “Visa is in a unique position to help ... Read more
  • PayPal sets out new plan March 6, 2015 Dan Schulman, the new CEO of PayPal has set out his vision for turning eBay’s payments arm from a button on a website into the operating system for digital commerce. Schulman, who joined PayPal from American Express and is currently working under the title of president and CEO designee ahead of the firm’s spinoff from eBay, told investors at a Morgan Stanley ... Read more
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Vendor Zone

  • Global smartphone shipments increase 11.6% July 24, 2015 Global smartphone shipments increase 11.6%Global smartphone shipments rose 11.6% year-on-year in the second quarter to 337.2 million, according to market researcher IDC. This is the second highest quarterly total on record, with growth sustained after a strong Q1 by robust demand in many emerging markets. IDC said more affordable smartphones, often from local vendors, were driving the growth in the market, rather than the premium ... Read more
  • MyCheck partners with Apple Pay July 14, 2015 Apple Pay Logo against a contactless acceptance markMyCheck is to support Apple Pay in the UK. MyCheck’s restaurant clients can now take advantage of this breakthrough technology and allow their customers to settle the bill using Apple Pay, the easy, secure and private way to pay. When using Apple Pay with MyCheck, a customer can authorise a transaction through a restaurant’s native iOS app or via one of MyCheck’s partner apps ... Read more
  • Microsoft forced into uncomfortable u-turn on Nokia July 9, 2015 Nokia GunThe acquisition of Nokia by Microsoft was supposed to unleash a new powerhouse in mobile handsets. Unfortunately, as Tom O’Meara writes, The longer time goes on the more ludicrous Microsoft’s decision to buy Nokia looks. Far from creating the mobile phone powerhouse the two envisaged, the mobile unit is simply a mess. Microsoft is now writing down about $7.6bn on the Nokia division and ... Read more
  • G&D receives Visa certification for HCE July 9, 2015 A mobile phone with HCE applications coming out of itGiesecke & Devrient (G&D) has been certified “Visa Ready” by Visa for HCE (Host Card Emulation) cloud based payment services. With the Visa Ready status, Visa ensures that technology and service providers develop and deploy products and services that are compatible with Visa’s requirements. G&D’s data center in Canada has received Visa Ready certification as a provider for cloud based payment services.   “Meeting ... Read more
  • Visa ditch Monitise July 8, 2015 An image of a phone as a mobile wallet with cards and coinsMonitise has been notified by Visa Europe that it will reduce its shareholding over time while continuing to work with the Company throughout the duration of its current commercial agreement. Visa Europe has been a beneficial shareholder in Monitise since October 2011. Visa Europe currently holds 115,750,000 shares, which represents 5.3% of Monitise’s issued share capital. Monitise and Visa Europe will continue to ... Read more
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