Mobile Banking Updates - May 20

New Mobile Banking Product Launched in Kenya
"A new mobile banking product, targeting rural areas, has been launched in Kenya. Kenya's largest mobile operator, Safaricom, and fastest growing bank, Equity Bank, have unveiled M-Kesho, a mobile banking product targeting rural areas. M-Kesho will allow M-Pesa (Safaricom's mobile money transfer service) account holders to deposit money, withdraw cash and access loans."

Mobile banking services help consumers control funds
"Two free services from JP Morgan Chase & Co. may soon make mobile banking easier and more efficient for customers. Instant Action Text Alerts will send a message via text message immediately after the funds in a checking account falls below a predetermined amount. This is similar to the company’s low-balance account alerts, according to an announcement from Chase.

After receiving an alert, customers will be able to transfer funds by texting "T" and the desired amount of money. They may also transfer from one Chase account to another. Individuals interested in reviewing transactions on their mortgage, savings, credit card and other accounts may do so by texting Chase (24273)."

New Mobile Banking Text Service Launched by MBNA
"MBNA has launched a new mobile phone service that helps U.K. customers to text for their credit card information.

Within seconds, customers, with the help of the new Mobile Banking Text service, can use their mobile phone to get credit card account information, such as balance, payments and transactions, by simply texting to a dedicated mobile short-code number - 83838."

Are mobile payments reaching a tipping point in the US?
"The growth of mobile payments in the United States has stalled largely because the market’s diverse stakeholders have been unable to build compatible business models. But is the tipping point at hand?

The various players’ unwillingness to work together has further slowed the integration of supporting technologies such as Near Field Communication into handsets and has delayed merchant adoption of acceptance devices. However, while many market participants are struggling to achieve dominance in market share and revenues, the threat of losing out to alternatives continues to grow."