International Mobile Banking Updates - Aug 13

Western Union Gets Into Nigeria's Mobile Money Game, Partnering With eTranzact
"Banking systems are changing rapidly in the digital age, and nowhere is this clearer than in Africa, where the vast majority of people save, spend and exchange money without using any formal banking institution. For them, mobile phones can be a lifeline. Most Africans own one, and at least 55 million people -- and counting -- use a system called mobile money to manage their finances. Customers can pay bills, transfer money and withdraw or deposit funds using only their cell phone."

Azerbaijan mobile wallet makes debut
"Azerbaijan card processing company AzeriCard has partnered with software firm OpenWay to create a mobile wallet that helps Azerbaijanis to withdraw cash from ATMs using a mobile phone and transfer money without using a bank card. The service uses Way4 Cash By Code technology to generate a code on the mobile which can then be used by the customer to withdraw cash. AzeriCard says that 14 partner banks are using the service. The Cash by Code option was added to the menu of 1,300 ATMs in Azerbaijan, and works on iPhone, Android and BlackBerry smartphones as well as Java-enabled feature phones. AzeriCard supports MasterCard, Visa and American Express."

Study: Fiserv looks at mobile and tablet banking trends
"Consumers are increasingly banking through mobile and tablet devices, but this is only the tip of the iceberg when it comes to changes in how consumers use these channels, according to Daniel Steere, director of product management for mobile payments at Fiserv. To illustrate the trend, Steere rounded up some of the most compelling mobile and tablet statistics from the 2012 Fiserv Consumer Trends Survey."

Mobile banking fraud
"A number of recent news reports have chronicled the use of mobile money transfer services by miscreants to carry out extortionist activities. Fraudulent activities, in whatever form or shape, are bad. At the same time, we need to take things into perspective. Not doing so may result in raising an alarm in people’s minds. That would be harmful for any product or service, but especially for a service that has the potential for broader socio-economic benefits while it is in the infant stage of development."

Uganda: Banks Stretch Hours As Mobile Competition Bites
"You have an emergency late in the night. Your bank is miles away from your residence, so you can't access any money. Ah, someone offers to send you money through mobile money and you get it right away, because there are telecom shops scattered all over the suburbs and operating 24/7. 'They (banks) either have to work 24 hours or they will run out of business,' says a source in one of the telecoms."

Zain Group to offer eServGlobal mobile money solution
"Kuwaiti telecoms group Zain has entered into a partnership with Paris-based software vendor eServGlobal to provide its customers across Africa and the Middle East with end-to-end mobile money transfer services. According to a press release, the solution encompasses a complete mobile money platform, and will enable Zain Group subsidiaries to offer services such as electronic top-ups , mobile banking, online payments, salary disbursements, money transfers, micro-financing, airtime top-ups and bill payments."

We Will Focus on Smart Mobile Banking: Preeti Malhotra
"Technology will be the differentiator for us and we will focus on smart mobile banking. It is the most cost-effective solution. The cost of one physical transaction is Rs 40-60, and through a mobile is Rs 1-1.5. An ATM transaction costs Rs 15-20. Of our six lakh villages, only 5 percent are covered by commercial bank branches. Forty-six per cent of the population is still unbanked. At the same time, almost everyone has mobile phones. They access the internet through the mobile phone."

India banks explore voice biometrics for added security
"For banks in India, voice authentication is increasingly an important part of their implmemenation of biometric security features such as fingerprint or iris recognition. Introducing voice biometrics would further prevent fraudulent use when using telephone banking."