Wednesday, March 31, 2010
Starbucks Expands iPhone Mobile Payment to Stores in Target Locations
"Starbucks has announced that customers can now pay for purchases at Starbucks stores in more than 1,000 Target locations nationwide through their Apple iPhone or iPod touch devices. The mobile payment capability at Starbucks stores in Target locations is the first expansion of this payment capability since last fall when Starbucks launched its Starbucks Card Mobile and myStarbucks Apps. Starbucks stores in the Target store locations join the 16 stores in Seattle and Northern California that currently accept mobile payment using the Starbucks Card Mobile App. In addition to mobile payment, Starbucks Card Mobile allows customers to set up and register a Starbucks Card, check their Starbucks Card balance and reload their Starbucks Card using a credit card." >> Continue Reading
Sunday, March 28, 2010
Mobile Banking Updates - Mar 28
Tips to enhance Mobile banking security
"The widespread use of mobile banking means more convenience for consumers and offers better ways to monitor account activity. Unfortunately, it also means there are more opportunities for consumer fraud, says Technology Credit Union, a Silicon Valley credit union that has served the financial needs of high tech professionals for 50 years and is an industry leader in online and mobile banking technology.
Credit unions and banks across the country employ multiple forms of identification authentication, log-in procedures and encrypted communications to make sure cyber criminals can't access confidential banking information while consumers are using a mobile banking application. However, the biggest threat to mobile security isn't the technology; it's the fact that many consumers are ignorant of the many fraudulent applications that exist online and on mobile platforms."
Wells Fargo, Western Union: Mobile financial services all about convenience
"A panel at CTIA discussed trends in mobile banking, payments and other financial services, agreeing that it is all about providing convenience to customers.
Moderated by Jacqueline Chilton, partner at Glenbrook Partners, the panel gave the perspective of two banks, Western Union and Fiserv on mobile financial services, including NFC contactless payments. One contentious topic that came up was potential revenue-sharing models between financial institutions and carriers for mobile payments, in which the banks demonstrated little interest."
mBlox Survey Finds Mobile Banking Overtakes Telephone Banking in the U.S. and U.K.
"CTIA Wireless 2010, Booth 107 - Today mBlox (www.mblox.com), the world’s largest mobile transaction network, released the results of consumer research that found mobile banking to have gained a foothold in the U.S. and U.K. markets. Surpassing both branch and telephone banking in terms of popularity, the survey found that 25 percent of U.S. mobile phone users and 37 percent of U.K. mobile phone users have adopted mobile banking services.
When asked which banking method users preferred, respondents found mobile banking more convenient and easier to use than telephone banking (voice and touchtone) by a margin of 3 to 1 in the U.S. and by a 1 percent margin in the U.K. Conversely, when asked about branch banking, fewer respondents selected it as their favorite method of banking, with only 2 percent in the U.S. and 3 percent in the U.K. choosing it as their preferred method."
SK Telecom and Hana launch SIM-based mobile contactless payments and promotions service
"Korean mobile network operator SK Telecom has launched T Smart Pay, a new mobile contactless service offered in cooperation with Hana SK Card, the card issuer in which it took a 49% stake in December.
T Smart Pay customers will be able to use the service to make payments at retailers equipped to accept Visa PayWave contactless card payments and will be able to receive both discount coupons and membership points.
Customers will be able to store up to eight credit cards in their mobile phones, as well as up to 30 membership/point/mileage cards and 50 coupons."
"The widespread use of mobile banking means more convenience for consumers and offers better ways to monitor account activity. Unfortunately, it also means there are more opportunities for consumer fraud, says Technology Credit Union, a Silicon Valley credit union that has served the financial needs of high tech professionals for 50 years and is an industry leader in online and mobile banking technology.
Credit unions and banks across the country employ multiple forms of identification authentication, log-in procedures and encrypted communications to make sure cyber criminals can't access confidential banking information while consumers are using a mobile banking application. However, the biggest threat to mobile security isn't the technology; it's the fact that many consumers are ignorant of the many fraudulent applications that exist online and on mobile platforms."
Wells Fargo, Western Union: Mobile financial services all about convenience
"A panel at CTIA discussed trends in mobile banking, payments and other financial services, agreeing that it is all about providing convenience to customers.
Moderated by Jacqueline Chilton, partner at Glenbrook Partners, the panel gave the perspective of two banks, Western Union and Fiserv on mobile financial services, including NFC contactless payments. One contentious topic that came up was potential revenue-sharing models between financial institutions and carriers for mobile payments, in which the banks demonstrated little interest."
mBlox Survey Finds Mobile Banking Overtakes Telephone Banking in the U.S. and U.K.
"CTIA Wireless 2010, Booth 107 - Today mBlox (www.mblox.com), the world’s largest mobile transaction network, released the results of consumer research that found mobile banking to have gained a foothold in the U.S. and U.K. markets. Surpassing both branch and telephone banking in terms of popularity, the survey found that 25 percent of U.S. mobile phone users and 37 percent of U.K. mobile phone users have adopted mobile banking services.
When asked which banking method users preferred, respondents found mobile banking more convenient and easier to use than telephone banking (voice and touchtone) by a margin of 3 to 1 in the U.S. and by a 1 percent margin in the U.K. Conversely, when asked about branch banking, fewer respondents selected it as their favorite method of banking, with only 2 percent in the U.S. and 3 percent in the U.K. choosing it as their preferred method."
SK Telecom and Hana launch SIM-based mobile contactless payments and promotions service
"Korean mobile network operator SK Telecom has launched T Smart Pay, a new mobile contactless service offered in cooperation with Hana SK Card, the card issuer in which it took a 49% stake in December.
T Smart Pay customers will be able to use the service to make payments at retailers equipped to accept Visa PayWave contactless card payments and will be able to receive both discount coupons and membership points.
Customers will be able to store up to eight credit cards in their mobile phones, as well as up to 30 membership/point/mileage cards and 50 coupons."
Tuesday, March 23, 2010
Mobile Banking Updates - Mar 23
AT&T reveals more details on Dell Aero smartphone
"After the official unveiling yesterday of the Dell Aero smartphone, AT&T has posted some additional details about the company’s first Android-based handset, including dubbing it as the 'lightest' Android smartphone yet.
According to the new product page, the Aero will host a 3.5-inch display with nHD resolution. Besides being available on the 3G network, the smartphone also comes with built-in GPS and Wi-Fi."
How banks can use social media and mobile apps
"How are leading banks applying social media and mobile devices in ways that drive revenue and customer value? Spain's BBVA provides an excellent example of how this can be done.
Spain's BBVA, one of the world’s largest retail banks, is offering its customers Tú cuentas (“you count”). It's a web and mobile delivered personal finance tool with all the usual functionality. But it goes further by allowing customers to manage their personal finances better. Tú cuentas offers analysis tools so customers can better understand, set goals and qualitatively improve their own spending and savings habits."
Verizon Wireless Plans eCommerce Mobile Payment Service
"Verizon Wireless and Danal, Inc., the global pioneer and leader in charging eCommerce transactions directly to mobile phone accounts, said today that Verizon Wireless plans to launch Danal's BilltoMobile™ payment service later this spring, enabling Verizon Wireless customers to charge online purchases of digital goods directly to their monthly Verizon Wireless bills.
Verizon Wireless customers will be able to pay for online content and digital goods that are downloaded and consumed on their personal computers from Danal's participating network of popular eCommerce merchant partners. A secure connection and integration between Verizon Wireless and Danal will provide features important to online consumers and merchants, including robust subscriber authentication and fraud protection, among others."
New report examines the case for NFC microSD cards
"'The report starts from the premise that NFC is just one of the features that consumers may demand alongside a wider range of functions and apps such as cameras and games, and that they are unlikely to go out of their way to purchase a mobile handset with NFC until there is a range of stable, attractive services that are easy and convenient to use that make use of that capability,' says Dr Spencer. 'Handset suppliers need the assurance of demand before they will commit to the high development and deployment costs that can only be justified if NFC devices can be manufactured in sufficiently high volumes. We look at whether the introduction of the technology via different form factors, such as unpowered (passive) NFC stickers and NFC-enabled microSD cards could be the answer.'"
"After the official unveiling yesterday of the Dell Aero smartphone, AT&T has posted some additional details about the company’s first Android-based handset, including dubbing it as the 'lightest' Android smartphone yet.
According to the new product page, the Aero will host a 3.5-inch display with nHD resolution. Besides being available on the 3G network, the smartphone also comes with built-in GPS and Wi-Fi."
How banks can use social media and mobile apps
"How are leading banks applying social media and mobile devices in ways that drive revenue and customer value? Spain's BBVA provides an excellent example of how this can be done.
Spain's BBVA, one of the world’s largest retail banks, is offering its customers Tú cuentas (“you count”). It's a web and mobile delivered personal finance tool with all the usual functionality. But it goes further by allowing customers to manage their personal finances better. Tú cuentas offers analysis tools so customers can better understand, set goals and qualitatively improve their own spending and savings habits."
Verizon Wireless Plans eCommerce Mobile Payment Service
"Verizon Wireless and Danal, Inc., the global pioneer and leader in charging eCommerce transactions directly to mobile phone accounts, said today that Verizon Wireless plans to launch Danal's BilltoMobile™ payment service later this spring, enabling Verizon Wireless customers to charge online purchases of digital goods directly to their monthly Verizon Wireless bills.
Verizon Wireless customers will be able to pay for online content and digital goods that are downloaded and consumed on their personal computers from Danal's participating network of popular eCommerce merchant partners. A secure connection and integration between Verizon Wireless and Danal will provide features important to online consumers and merchants, including robust subscriber authentication and fraud protection, among others."
New report examines the case for NFC microSD cards
"'The report starts from the premise that NFC is just one of the features that consumers may demand alongside a wider range of functions and apps such as cameras and games, and that they are unlikely to go out of their way to purchase a mobile handset with NFC until there is a range of stable, attractive services that are easy and convenient to use that make use of that capability,' says Dr Spencer. 'Handset suppliers need the assurance of demand before they will commit to the high development and deployment costs that can only be justified if NFC devices can be manufactured in sufficiently high volumes. We look at whether the introduction of the technology via different form factors, such as unpowered (passive) NFC stickers and NFC-enabled microSD cards could be the answer.'"
Monday, March 22, 2010
Mobile Money from Fiserv Selected by SunTrust
"Fiserv, Inc., the leading global provider of financial services technology solutions, today announced that SunTrust Banks, Inc. has selected Mobile MoneyTM from Fiserv to provide their clients with broader access to mobile financial services. SunTrust will use Mobile Money to enable clients to access their accounts using SMS (text messaging) or mobile browser technology, complementing a separate downloadable application that is already available. Additionally, clients will be able to sign up for a variety of account alerts.
'The selection of Mobile Money from Fiserv is another step toward the fulfillment of our overall mobile financial services strategy,' said Ginger Schmeltzer, senior vice president, SunTrust Bank. 'It is important to offer each of our clients the ability to easily access their account regardless of the type of mobile device they use. We also want to enable clients to more proactively manage their accounts through customized account alerts. Mobile Money will allow us to deliver both robust access and a rich set of alerts.'” >> Continue Reading
'The selection of Mobile Money from Fiserv is another step toward the fulfillment of our overall mobile financial services strategy,' said Ginger Schmeltzer, senior vice president, SunTrust Bank. 'It is important to offer each of our clients the ability to easily access their account regardless of the type of mobile device they use. We also want to enable clients to more proactively manage their accounts through customized account alerts. Mobile Money will allow us to deliver both robust access and a rich set of alerts.'” >> Continue Reading
Sunday, March 21, 2010
Mobile Banking Updates - Mar 21
Smartphone Banking Gains Popularity
"Smartphone banking has been gaining popularity here, with local lenders churning out a number of new services based on the new gadgets loaded with various applications, which has changed the business culture in the banking industry.
Since Apple launched the iPhone service here in November, smartphone banking users are increasing dramatically, forcing lenders to develop new products to deal with such demand.
The Industrial Bank of Korea (IBK) is leading the trend. The state-run lender has been providing various services for iPhone customers, such as phone banking, foreign currency rates and event information since January. The lender plans to extend its services to other products, such as Omnia and Motoroi."
Government Officials Struggle to Set Rules for Mobile Wallet
"Government officials are struggling to rewrite Internet rules for the smartphone era, and every step forward seems to be a painful leap from a shot in the foot.
The Ministry of Public Administration and Security insists that all financial transactions on smartphones and other data-enabled mobile devices should be subject to the same security requirements that control online transactions by computers, a position backed by the Financial Supervisory Service (FSS).
However, the Korea Communications Commission (KCC), the country's converged regulator for broadcasting and telecommunications, is concerned over the approach when the existing Internet rules are blamed for Korean computer users stuck with outdated technology and security vulnerabilities."
Arkansas.gov Becomes the First State to Offer Mobile Payments for eGovernment Services
"Making government payments while on the go just got easier, thanks to a new mobile Web site for Arkansas.gov. With today’s launch of http://arkansas.gov/m, Arkansas is the first state to provide secure payment processing specifically for smartphone users.
'We are committed to using multiple delivery platforms to provide easy access to government services for all Arkansans'
The Arkansas.gov mobile Web site is part of the official Web site of the state of Arkansas. Starting today, the Arkansas.gov mobile site features secure payments for three high-volume online government services: inmate trust account deposits; probation and parole supervision and restitution payments; and Pulaski County property tax payments."
Syniverse Achieves New Mobile Messaging and Mobile Banking Records
"Moving an average of almost 1.3 billion messages per day in the fourth quarter of 2009, Syniverse Technologies (NYSE:SVR) says it continues to see significant growth of the company’s application-to-person (A2P) and peer-to-peer (P2P) message delivery across its network.
'Mobile messaging clearly is a force in today’s mobile ecosystem,' said Tony Holcombe, President and CEO, Syniverse. 'The rising number of messages that Syniverse delivers on a daily basis leaves little doubt that mobile subscribers are relying more on their mobile devices and associated messaging as a primary way to stay connected with friends, families, employees and customers.'”
"Smartphone banking has been gaining popularity here, with local lenders churning out a number of new services based on the new gadgets loaded with various applications, which has changed the business culture in the banking industry.
Since Apple launched the iPhone service here in November, smartphone banking users are increasing dramatically, forcing lenders to develop new products to deal with such demand.
The Industrial Bank of Korea (IBK) is leading the trend. The state-run lender has been providing various services for iPhone customers, such as phone banking, foreign currency rates and event information since January. The lender plans to extend its services to other products, such as Omnia and Motoroi."
Government Officials Struggle to Set Rules for Mobile Wallet
"Government officials are struggling to rewrite Internet rules for the smartphone era, and every step forward seems to be a painful leap from a shot in the foot.
The Ministry of Public Administration and Security insists that all financial transactions on smartphones and other data-enabled mobile devices should be subject to the same security requirements that control online transactions by computers, a position backed by the Financial Supervisory Service (FSS).
However, the Korea Communications Commission (KCC), the country's converged regulator for broadcasting and telecommunications, is concerned over the approach when the existing Internet rules are blamed for Korean computer users stuck with outdated technology and security vulnerabilities."
Arkansas.gov Becomes the First State to Offer Mobile Payments for eGovernment Services
"Making government payments while on the go just got easier, thanks to a new mobile Web site for Arkansas.gov. With today’s launch of http://arkansas.gov/m, Arkansas is the first state to provide secure payment processing specifically for smartphone users.
'We are committed to using multiple delivery platforms to provide easy access to government services for all Arkansans'
The Arkansas.gov mobile Web site is part of the official Web site of the state of Arkansas. Starting today, the Arkansas.gov mobile site features secure payments for three high-volume online government services: inmate trust account deposits; probation and parole supervision and restitution payments; and Pulaski County property tax payments."
Syniverse Achieves New Mobile Messaging and Mobile Banking Records
"Moving an average of almost 1.3 billion messages per day in the fourth quarter of 2009, Syniverse Technologies (NYSE:SVR) says it continues to see significant growth of the company’s application-to-person (A2P) and peer-to-peer (P2P) message delivery across its network.
'Mobile messaging clearly is a force in today’s mobile ecosystem,' said Tony Holcombe, President and CEO, Syniverse. 'The rising number of messages that Syniverse delivers on a daily basis leaves little doubt that mobile subscribers are relying more on their mobile devices and associated messaging as a primary way to stay connected with friends, families, employees and customers.'”
Thursday, March 18, 2010
PayPal Mobile in the News
Time Seems Right for Paypal to Fly
"Should eBay change its name to PayPal? The company’s auction business is mature, but PayPal, its online payments business, is growing fast. Plans announced on Wednesday to double PayPal’s Asian staff by the end of the year accentuate the point. A better idea than changing the stationery, however, is spinning off PayPal."
The Future of Money is Mobile
"The wallet you carry in your pocket today will be in the cloud tomorrow, and you'll use your mobile phone to access it – so says Francesco Rovetta, director of business development for PayPal Mobile. The growth in mobile payments is exploding. For PayPal alone, mobile transactions have increased from $24 million in 2008 to $140 million in 2009."
PayPal Launches Revamped iPhone App, Teams With Bump For Phone-Tapping Money Transfers
"PayPal has just launched an upgraded iPhone application that adds new features and includes a facelift that’s meant to help instill a greater sense of security. And it also brings with it big news for Bump Technologies, the startup that lets you exchange information simply by tapping smartphones together: Bump is now prominently featured in the PayPal iPhone application as a quick way to initiate transactions. "
"Should eBay change its name to PayPal? The company’s auction business is mature, but PayPal, its online payments business, is growing fast. Plans announced on Wednesday to double PayPal’s Asian staff by the end of the year accentuate the point. A better idea than changing the stationery, however, is spinning off PayPal."
The Future of Money is Mobile
"The wallet you carry in your pocket today will be in the cloud tomorrow, and you'll use your mobile phone to access it – so says Francesco Rovetta, director of business development for PayPal Mobile. The growth in mobile payments is exploding. For PayPal alone, mobile transactions have increased from $24 million in 2008 to $140 million in 2009."
PayPal Launches Revamped iPhone App, Teams With Bump For Phone-Tapping Money Transfers
"PayPal has just launched an upgraded iPhone application that adds new features and includes a facelift that’s meant to help instill a greater sense of security. And it also brings with it big news for Bump Technologies, the startup that lets you exchange information simply by tapping smartphones together: Bump is now prominently featured in the PayPal iPhone application as a quick way to initiate transactions. "
Mobile Banking Updates - Mar 18
Citi Sees Weak Demand For Mobile P2P Transfers, For Now
"Citigroup Inc. is learning many consumers today do not share its enthusiasm for mobile payments.
Citi, the first major bank to evaluate mobile transfers, has determined that even the people most likely to consider their phones a useful way to send money are still years away from embracing the technology.
The banking company began testing mobile person-to-person transfers in 2008, but quietly shuttered the program in December, concluding that consumers are only now starting to understand the capabilities of their increasingly sophisticated phones."
Europe gears up for SMS- based mobile payments
"Europeans now seem to be willing to pay for goods from their phones and with the successful trial in Sweden; the continent seems to be ripe enough for SMS-based mobile payments to take off. 20% increase in sales of the seven vending machines in two Stockholm underground stations was reported where the service was trialed by the payment and messaging equipment provider, Ericsson IPX, besides boosting carrier’s ARPU through increased SMS traffic."
First Data, Tyfone Partner for MicroSD-based Mobile Payments
"First Data Corporation has announced an agreement with Tyfone to provide SideTap micro secure digital (MicroSD) memory cards equipped with Tyfone’s patented technologies to enable most mobile phones with a memory slot to function as a mobile contactless payment device.
Unlike solutions that are tied to specific merchants or financial institutions, the MicroSD card powered by Tyfone technology lets the card work like an actual mobile “wallet.” The card can contain financial information and secure identification from multiple sources, such as specific retailers or financial institutions in both open-loop and closed-loop scenarios."
"Citigroup Inc. is learning many consumers today do not share its enthusiasm for mobile payments.
Citi, the first major bank to evaluate mobile transfers, has determined that even the people most likely to consider their phones a useful way to send money are still years away from embracing the technology.
The banking company began testing mobile person-to-person transfers in 2008, but quietly shuttered the program in December, concluding that consumers are only now starting to understand the capabilities of their increasingly sophisticated phones."
Europe gears up for SMS- based mobile payments
"Europeans now seem to be willing to pay for goods from their phones and with the successful trial in Sweden; the continent seems to be ripe enough for SMS-based mobile payments to take off. 20% increase in sales of the seven vending machines in two Stockholm underground stations was reported where the service was trialed by the payment and messaging equipment provider, Ericsson IPX, besides boosting carrier’s ARPU through increased SMS traffic."
First Data, Tyfone Partner for MicroSD-based Mobile Payments
"First Data Corporation has announced an agreement with Tyfone to provide SideTap micro secure digital (MicroSD) memory cards equipped with Tyfone’s patented technologies to enable most mobile phones with a memory slot to function as a mobile contactless payment device.
Unlike solutions that are tied to specific merchants or financial institutions, the MicroSD card powered by Tyfone technology lets the card work like an actual mobile “wallet.” The card can contain financial information and secure identification from multiple sources, such as specific retailers or financial institutions in both open-loop and closed-loop scenarios."
Mobile Banking Drives Branches Belly Up
"We've written stories before on the increased consumer demand for online and mobile banking applications, detailing the clear trend away from the traditional bank branch and toward mobile banking. Now, a new study details how, for the first time in a decade, bank branches are in steep decline.
The Wall Street Journal, in partnership with Charlottesville, Va.-based SNL Financial, reports that U.S. bank branches are falling in number for the first time since 2002. Big banks like JPMorgan Chase (Stock Quote: JPM) and PNC Bank (Stock Quote: PNC) are reporting “hundreds” of bank branch closings, according to numbers compiled by SNL." >> Continue Reading
The Wall Street Journal, in partnership with Charlottesville, Va.-based SNL Financial, reports that U.S. bank branches are falling in number for the first time since 2002. Big banks like JPMorgan Chase (Stock Quote: JPM) and PNC Bank (Stock Quote: PNC) are reporting “hundreds” of bank branch closings, according to numbers compiled by SNL." >> Continue Reading
Wednesday, March 17, 2010
Clairmail Mobile Banking. Architecture and Security.
ClairMail Announces New Mobile Connectivity Architecture
"ClairMail, Inc., the leader in mobile banking and payment solutions, today unveiled its Mobile Connectivity Architecture (MCA) as a platform to help Financial Institutions (FIs) future-proof their mobile delivery channel powered offerings. In practice, MCA enables FIs to realize the potential benefits of mobile financial services, while providing custom connectivity that easily deploys expanding initiatives across all internal businesses and channels as mobile services and strategies evolve.
FIs are seeing the value of the mobile handset as a critical communications channel and are looking to deliver relevant mobile services to customers to empower them with more control over their personal finances. To truly succeed, FIs must have a mobile financial services platform in place that can take them from the basic 1st generation versions of mobile banking, defined by simple account management, to 2nd generation mobile banking models, which includes real-time transactions, and finally to the 3rd generation of mobile banking, where complex but seamless orchestration will enable all customer communication and most transactions to be conducted and coordinated through the mobile handset."
ClairMail Talks Security (Part I): Defining the Threat to the Consumer
"The past year has made it clear that mobile banking is seeing increased adoption across nearly every demographic of bank customers. It’s hard to deny the momentum that’s building behind the technology, and we’re excited to continue furthering adoption through offerings like our Smart Client and Adoption Services Program.
While it’s easy to see that momentum is building behind mobile banking, security concerns amongst customers remain a significant barrier to adoption. Financial institutions need to proactively educate their customers on ways to ensure their mobile security and minimize these concerns, stressing that mobile is in many ways a more secure channel than online for banking transactions."
"ClairMail, Inc., the leader in mobile banking and payment solutions, today unveiled its Mobile Connectivity Architecture (MCA) as a platform to help Financial Institutions (FIs) future-proof their mobile delivery channel powered offerings. In practice, MCA enables FIs to realize the potential benefits of mobile financial services, while providing custom connectivity that easily deploys expanding initiatives across all internal businesses and channels as mobile services and strategies evolve.
FIs are seeing the value of the mobile handset as a critical communications channel and are looking to deliver relevant mobile services to customers to empower them with more control over their personal finances. To truly succeed, FIs must have a mobile financial services platform in place that can take them from the basic 1st generation versions of mobile banking, defined by simple account management, to 2nd generation mobile banking models, which includes real-time transactions, and finally to the 3rd generation of mobile banking, where complex but seamless orchestration will enable all customer communication and most transactions to be conducted and coordinated through the mobile handset."
ClairMail Talks Security (Part I): Defining the Threat to the Consumer
"The past year has made it clear that mobile banking is seeing increased adoption across nearly every demographic of bank customers. It’s hard to deny the momentum that’s building behind the technology, and we’re excited to continue furthering adoption through offerings like our Smart Client and Adoption Services Program.
While it’s easy to see that momentum is building behind mobile banking, security concerns amongst customers remain a significant barrier to adoption. Financial institutions need to proactively educate their customers on ways to ensure their mobile security and minimize these concerns, stressing that mobile is in many ways a more secure channel than online for banking transactions."
Oreos via iPhone
I've been anxious to try my Target Mobile Gift Card and this evening I found myself with spare time and a sweet tooth.
And...I'm pleased to say that it was a fantastic experience. The cashier was familiar with the mobile card and scanned my screen without a second thought. And now I have Oreos!
Tuesday, March 16, 2010
Mobile Device Updates
Study: 40 Percent Of Blackberry Users Want iPhones, One-Third Want Nexus Ones
"I came across an interesting study today that claims Blackberry users are wishing for other smartphones in large numbers- particularly the iPhone and Google’s Nexus One.
While, like most studies, the data should be taken with a grain of salt, the study indicates that roughly 40 percent of BlackBerry users would rather have an Apple iPhone, while one-third are eying Google’s Nexus One as their next smartphone purchase, according to the study released by Crowd Science."
Google announces AT&T-compatible Nexus One
"Google’s Nexus One smartphone is the flagship of the Android fleet. Sold by Google itself via its online store, the phone was unveiled in January for use on the T-Mobile network, with future versions planned for other carriers. On Tuesday, the first of those took its bow as Google announced a Nexus One compatible with AT&T’s 3G network.
Unlike the T-Mobile version of the Nexus One, the AT&T-compatible model isn’t available at a subsidy from the carrier. Customers have to buy the unlocked AT&T-compatible version of the phone, which costs $529. By contrast, those who wish to use the phone on T-Mobile have the option of buying a T-Mobile-compatible unlocked phone for $529 or signing a new two-year commitment with T-Mobile and getting the phone for a discounted price of $179."
"I came across an interesting study today that claims Blackberry users are wishing for other smartphones in large numbers- particularly the iPhone and Google’s Nexus One.
While, like most studies, the data should be taken with a grain of salt, the study indicates that roughly 40 percent of BlackBerry users would rather have an Apple iPhone, while one-third are eying Google’s Nexus One as their next smartphone purchase, according to the study released by Crowd Science."
Google announces AT&T-compatible Nexus One
"Google’s Nexus One smartphone is the flagship of the Android fleet. Sold by Google itself via its online store, the phone was unveiled in January for use on the T-Mobile network, with future versions planned for other carriers. On Tuesday, the first of those took its bow as Google announced a Nexus One compatible with AT&T’s 3G network.
Unlike the T-Mobile version of the Nexus One, the AT&T-compatible model isn’t available at a subsidy from the carrier. Customers have to buy the unlocked AT&T-compatible version of the phone, which costs $529. By contrast, those who wish to use the phone on T-Mobile have the option of buying a T-Mobile-compatible unlocked phone for $529 or signing a new two-year commitment with T-Mobile and getting the phone for a discounted price of $179."
Owe Someone Money? Just Bump Your Phones
"People have predicted the death of cash and checks for a long time. But there are certain transactions — like paying a friend back for dinner or buying vegetables at the farmers’ market — for which they remain essential.
PayPal’s new iPhone application could finally change that. It promises to let you quickly divide a restaurant bill and send a friend the portion you owe just by bumping your iPhones together.
The application is free to download from the App Store. Users log in with their PayPal credentials or with their cellphone number and a numeric PIN, and they can send or request money and manage their account on the phone.
To send money, users choose a recipient from their cellphone contacts or bump two phones together. For that, the app uses technology from Bump Technologies, which developed it to swap contact information between two phones. The money is transferred immediately." >> Continue Reading
PayPal’s new iPhone application could finally change that. It promises to let you quickly divide a restaurant bill and send a friend the portion you owe just by bumping your iPhones together.
The application is free to download from the App Store. Users log in with their PayPal credentials or with their cellphone number and a numeric PIN, and they can send or request money and manage their account on the phone.
To send money, users choose a recipient from their cellphone contacts or bump two phones together. For that, the app uses technology from Bump Technologies, which developed it to swap contact information between two phones. The money is transferred immediately." >> Continue Reading
Monday, March 15, 2010
Mobile Banking Updates - Mar 15
Mobey Forum Publishes White Paper on Secure Mobile Payments
"The Mobey Forum has released a new white paper titled "Alternatives for Banks to Offer Secure Mobile Payments" that "examines the important role of the secure element in delivering mobile payment services to end users." (Both the white paper itself and accompanying slides are available for download). It provides an analysis of the mobile financial ecosystem, the stakeholders, and the value chain positions that can be achieved by banks though different business models."
What will it take to make mobile payments mainstream in the US?
"The tech industry’s been talking about mobile payments for years, and I find the whole discussion fascinating. Not just the potential and the rhetoric, but the gap that exists between the two. I even spent a year working at a yet-to-launch mobile payments company, BillToMobile. But to be honest, we’re still at least about five years away from seeing mobile payments go mainstream. We’re at “the wind at your back stage,” where the possibilities seem endless, and will soon enter “the wind in your face stage,” where reality kicks in. And on the way from one stage to the other, we’ll see a number of companies fall by the wayside and a few legitimate contenders survive. There is already a long history of road kill in the alternative payment space (PayByTouch, Revolution Money, DigiCash, and PepperCoin to name a few)."
Mobile Payments have to be as easy as mobile voice
"A few days ago, something I bought from Amazon arrived on my doorstep. Frankly, I had almost forgot that I had ordered anything. Three or four nights before, very late, just as I was finishing up another 18 hour day, I saw an “ad-tweet” for a book on Twitter. I remember the impulsive thought; “that book seems interesting, think I’ll buy it”. With iPhone in hand, 4 clicks later my purchase was complete via the Amazon app, and paid for through my PayPal account. Off to bed I went, never giving it another thought, until the book arrived."
Doing the Math: Offline Mobile Banking ROI
"An overlooked issue in mobile banking for the developed world is that almost every implementation in the marketplace only supports online banking customers. Wells Fargo is the only major institution in North America supporting offline customers with the SMS capabilities announced in February. ffline customers, as non-online banking customers are often called, are ignored because they’re more difficult to support technically. In fact, the exclusion is so complete that mobile banking adoption rates are usually quoted in relation to the number of online banking customers, not the number of overall customers or even households. "
Orange and Barclaycard to roll out NFC mobile payments by end of 2010 –but will it be a success this time around?
"Network operator Orange and card company Barclaycard are to roll out an NFC (near field communication) contactless mobile payment solution across the UK “by the end of 2010” say execs at the card company as the industry tries again to get the infrastructure out into the market.
Orange and Barclaycard will launch new co-branded products and services to make the buying process more convenient, simpler and faster. The companies are also hoping that their combined 28 million customer base will this time swing public opinion – and that of the merchants who have to install the readers – to get behind NFC."
"The Mobey Forum has released a new white paper titled "Alternatives for Banks to Offer Secure Mobile Payments" that "examines the important role of the secure element in delivering mobile payment services to end users." (Both the white paper itself and accompanying slides are available for download). It provides an analysis of the mobile financial ecosystem, the stakeholders, and the value chain positions that can be achieved by banks though different business models."
What will it take to make mobile payments mainstream in the US?
"The tech industry’s been talking about mobile payments for years, and I find the whole discussion fascinating. Not just the potential and the rhetoric, but the gap that exists between the two. I even spent a year working at a yet-to-launch mobile payments company, BillToMobile. But to be honest, we’re still at least about five years away from seeing mobile payments go mainstream. We’re at “the wind at your back stage,” where the possibilities seem endless, and will soon enter “the wind in your face stage,” where reality kicks in. And on the way from one stage to the other, we’ll see a number of companies fall by the wayside and a few legitimate contenders survive. There is already a long history of road kill in the alternative payment space (PayByTouch, Revolution Money, DigiCash, and PepperCoin to name a few)."
Mobile Payments have to be as easy as mobile voice
"A few days ago, something I bought from Amazon arrived on my doorstep. Frankly, I had almost forgot that I had ordered anything. Three or four nights before, very late, just as I was finishing up another 18 hour day, I saw an “ad-tweet” for a book on Twitter. I remember the impulsive thought; “that book seems interesting, think I’ll buy it”. With iPhone in hand, 4 clicks later my purchase was complete via the Amazon app, and paid for through my PayPal account. Off to bed I went, never giving it another thought, until the book arrived."
Doing the Math: Offline Mobile Banking ROI
"An overlooked issue in mobile banking for the developed world is that almost every implementation in the marketplace only supports online banking customers. Wells Fargo is the only major institution in North America supporting offline customers with the SMS capabilities announced in February. ffline customers, as non-online banking customers are often called, are ignored because they’re more difficult to support technically. In fact, the exclusion is so complete that mobile banking adoption rates are usually quoted in relation to the number of online banking customers, not the number of overall customers or even households. "
Orange and Barclaycard to roll out NFC mobile payments by end of 2010 –but will it be a success this time around?
"Network operator Orange and card company Barclaycard are to roll out an NFC (near field communication) contactless mobile payment solution across the UK “by the end of 2010” say execs at the card company as the industry tries again to get the infrastructure out into the market.
Orange and Barclaycard will launch new co-branded products and services to make the buying process more convenient, simpler and faster. The companies are also hoping that their combined 28 million customer base will this time swing public opinion – and that of the merchants who have to install the readers – to get behind NFC."
Sunday, March 14, 2010
Mobile Banking at Net.Finance 2010
I just wanted to take a minute to let you know about Net.Finance 2010 at the Mid-America Club in Chicago, IL. The event will be May 11-12 and is focused on "Improving Your Online And Mobile Channel Performance To Deliver A Differentiated Customer Experience."
On the first day of the conference I'll be participating on a panel discussion titled, "Mobile Banking: From "Nice To Have" To "Must Have"--Answering Your Customers’ Need For Mobility."
The panel will include:
Dottie Yates, SVP Online and Mobile Banking ePlatforms Executive, Bank of America
Doug Peacock, VP Online Banking and Mobile Banking, M&I Corporation
Sarah Overcash, AVP Mobile Banking Channel Manager, Sun Trust Banks
Here are a few links to learn more:
Click to view the Agenda
Click to view the list of Speakers
Click here to view pricing and Register Now
Click to learn about Mid-America Club
Note: As a blogger I'm required to disclose that the conference will be covering a portion of my travel related expenses.
Thursday, March 11, 2010
With Mobile Model Playing Well in India, Citi Turns to U.S.
"A mobile payments business model Citigroup Inc. tested in India has proven a hit among all the key players, even wireless carriers.
Observers have often said that U.S. carriers, well known for maintaining strict control of their hardware and pricing, would be unwilling to support payments chips in their phones without a cut of the transaction revenue. But bankers are reluctant to share these fees, and the India test offers a viable alternative: subsidizing the cost of the phone.
Though Citi executives stressed that paying for phones is not part of their long-term strategy, analysts said the idea could give mobile payments enough of a short-term boost for the technology to gain critical mass among consumers. Citi has taken a similar approach in the past to persuade consumers to adopt new technology." >> Continue Reading
Observers have often said that U.S. carriers, well known for maintaining strict control of their hardware and pricing, would be unwilling to support payments chips in their phones without a cut of the transaction revenue. But bankers are reluctant to share these fees, and the India test offers a viable alternative: subsidizing the cost of the phone.
Though Citi executives stressed that paying for phones is not part of their long-term strategy, analysts said the idea could give mobile payments enough of a short-term boost for the technology to gain critical mass among consumers. Citi has taken a similar approach in the past to persuade consumers to adopt new technology." >> Continue Reading
Wednesday, March 10, 2010
comScore Reports January 2010 U.S. Mobile Subscriber Market Share
"comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released data from the comScore MobiLens service, reporting key trends in the U.S. mobile phone industry during the three month period between October 2009 and January 2010. The report ranked the leading mobile original equipment manufacturers (OEMs) and smartphone operating system (OS) platforms in the U.S. according to their share of current mobile subscribers age 13 and older, as well as popular activities and content accessed via the subscriber’s primary mobile phone. The January report found Motorola to be the top handset manufacturer overall with 22.9 percent market share, while RIM led among smartphone platforms with 43.0 percent market share." >> Continue Reading
Tuesday, March 9, 2010
Mobile Banking in Canada
Lately, I've been noticing a lot of mobile banking news coming from Canada. Here are a few of the articles that caught my attention.
Ready to bank on your smart phone?
"Less than 10 per cent of Canadians are using mobile banking, but experts say it won't be long before the service is more popular than online banking. Research suggests that consumers in this country would prefer to check their bank balances, transfer money, or pay their bills while sitting on their morning train commute or standing in line at the coffee shop rather than at their office or home computer."
Mobile banking and investing coming
"A growing number of investors have turned to their computers and online brokers for cheaper, more efficient handling of their portfolios. Will the smartphone be next in their arsenal of investment tools? Canadian Imperial Bank of Commerce made a splash recently when it claimed to be the first major Canadian bank to offer a mobile banking application for Apple's iPhone."
Canadian firms finally getting into wireless: Analysts
"Krista Napier, a senior analyst at IDC Canada covering Canadian competitive intelligence and emerging technologies predicted, that enterprises here will embrace wireless business applications more than ever, while banks will allow wireless banking for the first time.
'We expect to see the big five banks either announcing or launching their mobile banking initiatives,' Napier said in an interview after the event. 'Scotiabank will be the first in the spring, and we expect the others to be making announcements later in the year.' [CIBC already offers mobile banking.]"
Scotiabank Introduces Mobile Banking Services
"Scotiabank has announced two new mobile services to help keep customers informed. The first is Scotia InfoAlerts, a service that notifies customers via text message or e-mail of transactional activities in their accounts. The second is an application for the iPhone and iPod touch or Blackberry smartphones, providing Canadians with a GPS locator for Scotiabank branches and ATMs."
Zoompass Trials Mobile Payment Tag
"Zoompass, a mobile payment service launched last year by a consortium of Canadian telecom players, is branching out with the introduction of a wireless payment sticker that can be attached to a mobile phone, effectively turning it into a “tap-and-pay” debit card system. Zoompass was developed by EnStream, a partnership among Canada’s three major telecom companies: Bell Mobility, Rogers Communications and Telus Corp. The service allows members to send money to friends or family with their handheld device via an iPhone app, BlackBerry app, etc., and to pay for products and services through a credit card linked to their Zoompass account."
Mobile banking continues to rise with Canada’s Telus and ATB Financial
"Telus today announced that ATB Financial has adopted the Telus Mobile Banking system. After a 90 day pilot period, the service will be rolled out for free to all ATB customers. The services will be used to provided access to secure account management and information over your mobile.
ATB customers will be able to view account balances, see recent transactions and transfer funds using SMS or mobile web, so the service can be used from virtually any mobile phone."
Mobile Webpages for Banks in Canada:
Scotiabank
RBC Royal Bank
TD Canada
CIBC
Ready to bank on your smart phone?
"Less than 10 per cent of Canadians are using mobile banking, but experts say it won't be long before the service is more popular than online banking. Research suggests that consumers in this country would prefer to check their bank balances, transfer money, or pay their bills while sitting on their morning train commute or standing in line at the coffee shop rather than at their office or home computer."
Mobile banking and investing coming
"A growing number of investors have turned to their computers and online brokers for cheaper, more efficient handling of their portfolios. Will the smartphone be next in their arsenal of investment tools? Canadian Imperial Bank of Commerce made a splash recently when it claimed to be the first major Canadian bank to offer a mobile banking application for Apple's iPhone."
Canadian firms finally getting into wireless: Analysts
"Krista Napier, a senior analyst at IDC Canada covering Canadian competitive intelligence and emerging technologies predicted, that enterprises here will embrace wireless business applications more than ever, while banks will allow wireless banking for the first time.
'We expect to see the big five banks either announcing or launching their mobile banking initiatives,' Napier said in an interview after the event. 'Scotiabank will be the first in the spring, and we expect the others to be making announcements later in the year.' [CIBC already offers mobile banking.]"
Scotiabank Introduces Mobile Banking Services
"Scotiabank has announced two new mobile services to help keep customers informed. The first is Scotia InfoAlerts, a service that notifies customers via text message or e-mail of transactional activities in their accounts. The second is an application for the iPhone and iPod touch or Blackberry smartphones, providing Canadians with a GPS locator for Scotiabank branches and ATMs."
Zoompass Trials Mobile Payment Tag
"Zoompass, a mobile payment service launched last year by a consortium of Canadian telecom players, is branching out with the introduction of a wireless payment sticker that can be attached to a mobile phone, effectively turning it into a “tap-and-pay” debit card system. Zoompass was developed by EnStream, a partnership among Canada’s three major telecom companies: Bell Mobility, Rogers Communications and Telus Corp. The service allows members to send money to friends or family with their handheld device via an iPhone app, BlackBerry app, etc., and to pay for products and services through a credit card linked to their Zoompass account."
Mobile banking continues to rise with Canada’s Telus and ATB Financial
"Telus today announced that ATB Financial has adopted the Telus Mobile Banking system. After a 90 day pilot period, the service will be rolled out for free to all ATB customers. The services will be used to provided access to secure account management and information over your mobile.
ATB customers will be able to view account balances, see recent transactions and transfer funds using SMS or mobile web, so the service can be used from virtually any mobile phone."
Mobile Webpages for Banks in Canada:
Scotiabank
RBC Royal Bank
TD Canada
CIBC
Sunday, March 7, 2010
Qualcomm Names Rocco Fabiano President of Firethorn
"Qualcomm Incorporated, a leading developer and innovator of advanced wireless technologies, products and services, today announced the appointment of financial services industry veteran Rocco Fabiano to lead the Company's mobile commerce subsidiary, Firethorn Holdings, LLC. As president of Firethorn, Fabiano will provide strategic direction and lead Firethorn's expansion into new markets. Fabiano succeeds Firethorn founder Tripp Rackley, who will be transitioning to a new role on Firethorn's advisory board." >> Continue Reading
Mobile Banking Security
Mocapay Cites Security as Mobile Payment System Edge
"Mocapay Inc. says the key to making its mobile payment software appealing to users is security. The Denver mobile loyalty and gift card technology vendor took the wraps off a system last week that consumers can use to make purchases with their phones. Enrolled users can get one-time codes on their phones that can be used to charge payments to prepaid accounts.
'Transactions move through Mocapay's system as dynamic cryptograms, or tokens, so no sensitive data is exposed or stored on the handset or at the point of sale,' said Kevin Grieve, Mocapay's chief executive."
The State of Mobile Security in Banking & Financial Transactions
"Many financial institutions today are incorporating mobile banking and financial services as consumers increasingly turn to their mobile devices to conduct everyday tasks. Despite the convenience of doing business this way, the majority of consumers are reluctant to try mobile banking because of perceived security threats. This paper will address these largely unfounded consumer fears, provide an overview of security best practices and highlight the most popular strategies for deploying mobile banking."
VeriSign(R) Identity Protection (VIP) Access for Mobile Widens Support for Strong Authentication
" VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure for the networked world, continues to gain traction with customers in driving the adoption of mobile phone-based security for online access. The VeriSign® Identity Protection (VIP) Authentication Service is the leading cloud-based authentication service enabling secure online access for end users utilizing their mobile phones. Today, VeriSign supports both standalone mobile security applications as well as a Mobile Software Development Kit (SDK) for building security into mobile applications."
"Mocapay Inc. says the key to making its mobile payment software appealing to users is security. The Denver mobile loyalty and gift card technology vendor took the wraps off a system last week that consumers can use to make purchases with their phones. Enrolled users can get one-time codes on their phones that can be used to charge payments to prepaid accounts.
'Transactions move through Mocapay's system as dynamic cryptograms, or tokens, so no sensitive data is exposed or stored on the handset or at the point of sale,' said Kevin Grieve, Mocapay's chief executive."
The State of Mobile Security in Banking & Financial Transactions
"Many financial institutions today are incorporating mobile banking and financial services as consumers increasingly turn to their mobile devices to conduct everyday tasks. Despite the convenience of doing business this way, the majority of consumers are reluctant to try mobile banking because of perceived security threats. This paper will address these largely unfounded consumer fears, provide an overview of security best practices and highlight the most popular strategies for deploying mobile banking."
VeriSign(R) Identity Protection (VIP) Access for Mobile Widens Support for Strong Authentication
" VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure for the networked world, continues to gain traction with customers in driving the adoption of mobile phone-based security for online access. The VeriSign® Identity Protection (VIP) Authentication Service is the leading cloud-based authentication service enabling secure online access for end users utilizing their mobile phones. Today, VeriSign supports both standalone mobile security applications as well as a Mobile Software Development Kit (SDK) for building security into mobile applications."
Mobile Banking Updates - Mar 7
How do banks and operators feel about mobile banking?
"There’s a definite different between mobile payments and mobile banking. Mobile payments are all about the secure transfer of money across mobile channels (don’t let my one sentence description there fool you - it’s a hideously complex and necessary service). But mobile banking is about offering full banking and financial services to people over their mobile phone. Early forms of this were focused on SMS notifications - banks would send you a text when certain things happened to your account (bills paid, large amounts taken out or put into an account, etc). But what a lot of people including myself have found is that we want complete control of our bank account from our mobiles."
More than 100 Banks to Launch POPmoney™ Person-to-Person Payments Service in First Half of 2010
"CashEdge Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement™, announced today that more than 100 financial institutions are adding POPmoney™ (www.popmoney.com) to their customer offerings. All are preparing to launch the groundbreaking email and mobile person-to-person payments (P2P) service by the end of Q2 2010, demonstrating strong momentum and growing consumer demand for the POPmoney service."
USAA Makes Mobile Financial Transactions Simpler, Safer with Quick Logon
"USAA, a leading financial services provider for members of the military community and their families, is giving its mobile users faster, more secure mobile logon access to their banking, insurance and investment accounts through its new quick logon and authentication security software. USAA has teamed up with VeriSign, Inc. to simplify account access for USAA members while strengthening the logon security for its popular USAA Mobile App."
Visa courts phone firms for slice of mobile banking pie
"Global payments technology company Visa International is courting mobile phone network operators with a view to tying up partnerships that could give the company a foothold in the emerging mobile phone banking services, the group’s general manager for Sub Saharan Africa has said."
Equity to join mobile banking
"Equity Bank has announced its intention to join mobile banking. This was revealed last week by Equity Bank Uganda’s executive Director Apollo N. Njoroge during the official opening of the bank’s branch at Oasis Mall in Kampala. The service, dubbed Eazzy 24/7, targets Equity Bank customers with mobile phones."
"There’s a definite different between mobile payments and mobile banking. Mobile payments are all about the secure transfer of money across mobile channels (don’t let my one sentence description there fool you - it’s a hideously complex and necessary service). But mobile banking is about offering full banking and financial services to people over their mobile phone. Early forms of this were focused on SMS notifications - banks would send you a text when certain things happened to your account (bills paid, large amounts taken out or put into an account, etc). But what a lot of people including myself have found is that we want complete control of our bank account from our mobiles."
More than 100 Banks to Launch POPmoney™ Person-to-Person Payments Service in First Half of 2010
"CashEdge Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement™, announced today that more than 100 financial institutions are adding POPmoney™ (www.popmoney.com) to their customer offerings. All are preparing to launch the groundbreaking email and mobile person-to-person payments (P2P) service by the end of Q2 2010, demonstrating strong momentum and growing consumer demand for the POPmoney service."
USAA Makes Mobile Financial Transactions Simpler, Safer with Quick Logon
"USAA, a leading financial services provider for members of the military community and their families, is giving its mobile users faster, more secure mobile logon access to their banking, insurance and investment accounts through its new quick logon and authentication security software. USAA has teamed up with VeriSign, Inc. to simplify account access for USAA members while strengthening the logon security for its popular USAA Mobile App."
Visa courts phone firms for slice of mobile banking pie
"Global payments technology company Visa International is courting mobile phone network operators with a view to tying up partnerships that could give the company a foothold in the emerging mobile phone banking services, the group’s general manager for Sub Saharan Africa has said."
Equity to join mobile banking
"Equity Bank has announced its intention to join mobile banking. This was revealed last week by Equity Bank Uganda’s executive Director Apollo N. Njoroge during the official opening of the bank’s branch at Oasis Mall in Kampala. The service, dubbed Eazzy 24/7, targets Equity Bank customers with mobile phones."
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