Mobile Banking and Payments - Oct 19

Mobile payments looking at turbulent times
"The idea of a digital wallet and the opportunities that come from moving payments onto the smartphone were major themes at the CTIA Enterprise & Application show. American Express executive Dan Schulman used his keynote address to call for more alliances, noting that, "no single company can do this alone." The prospect of mobile payments was also the focus of one of the more prominent panel discussions today.

It's not hard to see why. Beyond getting a piece of the financial transaction, companies are starting to see the opportunities that come from wedding a digital wallet with reward cards, discounts, and promotions and more targeted advertising; walk into a store and get a coupon for a product that you've previously purchased before."

Citi debuts browser-based mobile payments app
"Citigroup unveiled CitiDirect BE Mobile, a browser-based application enabling clients to receive notifications and authorize payments using their mobile phones. Available to over 50,000 clients and 300,000 users worldwide, the app includes SMS alerts that complement email and fax notifications and payment authorizations covering every type supported by Citi's online banking platform. CitiDirect BE Mobile is now live in 24 countries and will expand globally throughout the remainder of the year."

Ericsson Enables In-App Android Payments Via Carrier Bills
"Ericsson (NSDQ: ERIC) is now turning its IPX mobile payment system to facilitate in-app payments for some mobile app types. That could mean virtual goods, levels, news and other mobile content could be billed for by mobile carriers rather than app stores. Ericsson says its IPX is used by over 120 mobile networks. If they could take a bigger slice of booming in-app payments revenue, they could start to claw some money back from app distributors who run over their cell towers."

U.S. Bank First in Industry to Launch Mobile-Enabled Credit Card Application at Select Retail Locations
"U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), announced today the launch of a new U.S. Bank Card app for select retail partners. The new iPhone app brings convenience and buying power into the users’ hands by giving them the opportunity to apply for and receive on-the-spot credit to make immediate in-store purchases. Currently, the app is being piloted with REI (Recreational Equipment, Inc.), a leading retailer of quality outdoor gear and apparel, and will be introduced to other retail partners later this year. The new iPhone app expands U.S. Bank’s leadership in the mobile banking space."