Mobile Banking Updates - Feb 26

JPMorgan eyes mobile payments, invests in GoPago
"JPMorgan Chase & Co plans to start testing a mobile payments service in April using an application from GoPago Inc, a start-up in which the bank is making a cash investment. The GoPago service would allow consumers to use their mobile phones to order and pay for local goods or services and then show the merchant a receipt on the phone screen when picking up a purchase."

M&T Bank Introduces Mobile Banking for Business
"M&T Bank business customers can now bank securely and conveniently on their smartphones, using the new Mobile Banking for Business service. With these new capabilities, business customers can perform a range of banking transactions any time. They can pay bills, view account histories and transaction details, check current balances and perform funds transfers."

Device Adoption Drives Mobile Banking
"After a pause in 2010, mobile banking adoption surged by 63 percent in 2011, rising to 57 million from 35 million U.S. adults, representing 22 million consumers in one year, according to a new study by Javelin Strategy and Research. Over the next five years, mobile banking is projected to increase at a steady compound annual growth rate (CAGR) of 10.3 percent as financial institutions roll out new offerings and the pent-up backlog of demand is eased, says Mary Monahan, Javelin Strategy and Research EVP and Research Director, Mobile."

Mobile Banking versus the Mobile Wallet?
"With recent news that Barclays Pin-git (or is it Ping-it) has had 120,000 downloads in 5 days, that Square has 1m merchants on their payments platform (1/8th of all US card merchants/retailers) and Starbucks is doing 25% of it’s North American payments via a cardless App – it seems like Mobile Payments are taking off like the H1N1 virus."

Mobile Banking: CUs Challenged to Aid On-the-Go Members
"While Hartford Federal Credit Union’s 14,000 members are a diverse group when it comes to age, most of the initial interest in mobile banking came from the younger set. 'We started the process of figuring out mobile banking a while ago,' said John Riley, chief operating officer of the $77 million Hartford Federal Credit Union in Hartford, Conn. 'We did our initial research in the trade press, but we also tried to listen closely to our members about what they wanted in mobile banking. In the end we paid more attention to our members.'”