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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

  • PayPal raises US prices September 1, 2015 Paypal app logoPayPal says it will increase prices for thousands of businesses as the company looks to maintain revenue growth and boost profit margins as a stand-alone business separate from eBay. PayPal says it is introducing for US merchant flat rate of 2.9% plus 30 cents for domestic transactions and 3.9% plus a fee that varies by country for international transactions. The change takes effect Oct. 1. The ... Read more
  • Mobile payments poised for explosive growth August 19, 2015 A mobile phone with money on itWorldwide mobile payments will account for $1 trillion in value in 2017, up 124% from the less than $500 billion expected in 2015. Asia/Pacific markets will contribute to this growth greatly as mobile commerce (or mCommerce) transactions with remote payments take off across the region. Driven by a high number of initiatives and diverse mCommerce maturity level, Asia/Pacific is expected to lead ... Read more
  • Research reveals little impact from mobile payments on cash use August 17, 2015 An ATM phoneThe ATM Industry Association (ATMIA) has released a new research paper, “US Mobile Payments: Do They Disrupt Cash?” which examines the impact of mobile payments on the growth of cash. Despite all the attention it receives, mobile payments still account for only a very small fraction of retail in-store payments. ATMIA sought to determine what real impact mobile payments are having on the ... Read more
  • 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
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Contactless NFC

  • Four in ten won’t need cash in ten years time September 3, 2015 A contactless mobile phone making an NFC paymentThe latest research from Lloyds Bank on the future of payments shows many people believe they won’t need cash in the near future as they increasingly turn to cards, contactless payments and other new technologies. Over four in ten (43%) agree that contactless payments are the future, whilst a quarter (25%) think that in five years’ time they will no longer need cash ... Read more
  • UK spend limit on contactless cards lifted September 1, 2015 UK spend limit on contactless cards liftedUK consumers will now be able to spend up to £30 using contactless cards after the limit was increased. The limit per transaction for contactless cards, which do not require a PIN or a signature to authorise payment, was previously £20. The move follows a huge rise in the number of people using contactless cards in the UK. Transactions for the first half of this ... Read more
  • How European Issuers can win with Tokenised NFC m-payments September 1, 2015 A mobile phone with HCE applications coming out of itApple Pay’s 14th July expansion into the UK arrival promises to expand m-payment capabilities into retail locations and greatly increase consumer awareness of the benefits and availability of m-payments. Most of the recent m-payment solutions — including Apple Pay, Android Pay, Samsung Pay and even the Swatch smartwatch — rely on Near Field Communication (NFC) technology and tokenisation. In this webinar, Morgan Beard ... Read more
  • CaixaBank launches the CaixaBank Pay mobile payment service August 28, 2015 CaixaBank launches the CaixaBank Pay mobile payment serviceCaixaBank has launched ‘CaixaBank Pay’, a new app for any NFC-enabled or android devices. The bank estimates that the service could be used by more than 70% of its mobile banking customers. With the new payment app, customers can download their CaixaBank Visa cards to their mobile phones and use the phone like a contactless card for purchases at any retail outlooks with ... Read more
  • UK contactless card use skyrockets August 26, 2015 visa-europe-contactless-coffee-cSpending by British consumers on their contactless cards has increased more than five-fold in the last 12 months, according to MasterCard’s UK spending data. Cardholders have driven 560% year-on-year growth in the value of transactions, up from a 373% increase in the year to July 2014, showing that the adoption of contactless payments is continuing to accelerate. The UK ‘tap & go’ limit ... Read more
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Mobile Banking

  • First Internet Bank uses Eyeprint ID biometrics for app September 3, 2015 An eye with biometricsUsers of the First Internet Bank (FIB) mobile banking app can now login using Eyeprint ID verification technology, allowing customers to access their bank account with a smartphone camera and an ‘‘eyeprint’’ instead of a username and password. FIB joins a select number of banks that have integrated biometric technology within its payment applications. Available for iOS and Android smartphones, customers can now ... Read more
  • US mobile cheque deposit on the rise August 26, 2015 Lloyds to pilot mobile cheque deposits with business customersOne in seven Americans have used mobile cheque deposit using a mobile device within the past year – up from one in eight Americans last year, according to a recent survey by the American Bankers Association.  Of those who have used mobile cheque deposit, 54% report using it at least once per month. “mobile cheque deposit continues to attract more consumers because ... Read more
  • 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
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Mobile Remittance

  • Dwolla starts white-label service September 3, 2015 Dwolla starts white-label serviceDwolla has launched a “white-label” payments processing service, meaning other businesses and banks can sign on to use Dwolla’s money-transfer system, but won’t have to put Dwolla’s label on it. Dwolla CEO Ben Milne said the white-label service is intended for companies that want to use the money-transfer system Dwolla has built without having to ask others to sign up for a Dwolla account. “This really falls ... Read more
  • Safaricom closes loophole in M-Pesa September 1, 2015 M-Pesa logoSafaricom has introduced new charges for the transfer of funds from customers’ bank accounts to third-party M-Pesa wallets – sealing a loophole that lenders have been using to by-pass Safaricom when sending money. The telco said the Central Bank of Kenya (CBK) had approved the charges, effective on December 1. The announcement comes against the backdrop of a social media war between Safaricom and Equity Bank over fees charged ... Read more
  • M-Pesa abides to CAK charges ruling August 20, 2015 Lipa na m-pesaSafaricom says it will implement the directives by the Competition Authority of Kenya over charges on Lipa Na M-Pesa services within the deadlines set by the competition watchdog. The CAK on Thursday ordered the telco to disclose to consumers all charges made on Lipa na Mpesa mobile payment service. Safaricom’s director of corporate affairs Stephen Chege said the company was in final ... Read more
  • 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
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M POS

  • Global mPOS installed base to quadruple to 54 million units July 30, 2015 Global mPoS installed base to quadruple to 54 million unitsMobile point of sale (mPOS) growth continues as the technology deepens its reach across vertical industries, merchant tiers and geographies. 451 Research projects the global mPOS installed base will grow from 13.3 million units today to 54.03 million units in 2019. Diverse factors including enterprise deployments, expansion into new vertical industries and financial inclusion in developing economies will serve to increase ... Read more
  • 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
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Analysis

  • Apple hack September 1, 2015 Apple hackedIt has emerged that hackers have used a virus to steal Apple account details from 225,000 iPhones in what is thought to be the biggest theft of its kind. The Apple hack has hit 225,000 users from 18 countries including China, France, Russia, Japan, United Kingdom, United States, Canada, Germany, Australia, Israel, Italy, Spain, Singapore, and South Korea. The attack used malware called KeyRaider, ... Read more
  • Identity theft and ATM-related fraud top payments security concerns August 20, 2015 mastercard iconAccording to the inaugural MasterCard Safety and Security Index, consumers across Southeast Asia and Greater China cited identity theft and ATM-related fraud as the top two security concerns when it comes to electronic payments. 42% of consumers in Southeast Asia (Indonesia, Malaysia, Philippines, Singapore Thailand, and Vietnam) were most concerned with ATM-related fraud such as a stolen card, card cloning or ... Read more
  • Increasing appetite for mobile contactless payments in Germany August 20, 2015 A chart showing Payment methods in Germany on mobileMobile contactless payments based mobile payments are gradually gaining prominence in Germany, with consumer preference for secure payment services also gaining ground, finds a new report by Timetric. According to the report, mobile penetration witnessed a healthy growth during the review period, rising from 128.3% in 2010 to 134.3% in 2014. One of the primary reasons for growth in smartphone usage is ... Read more
  • As smartphones evolve into wallets manufacturers forget about the basics August 18, 2015 A smartphone walletSmartphones have evolved to the point where they are now starting to replace our purses and wallets, yet almost two thirds (62%) of mobile users think they are evolving so fast that manufacturers are forgetting about the basics. That’s according to new research by uSwitch.com, the independent price comparison and switching service. The primary concern for almost three in 10 (28%) users ... Read more
  • 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
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Opinions

  • Are fingerprints the new passwords? August 18, 2015 A fingerprint payment systemEver since Apple introduced TouchID for iPhones, more and more smartphones feature fingerprint scanners. And that has some security researchers worried. “If you leak a password, you can just change it; if you leak a fingerprint, it’s lost for your whole life,” FireEye researcher Yulong Zhang said at a presentation at the Black Hat USA conference in Las Vegas last week. Zhang was part ... Read more
  • 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
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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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