Nigeria: Promoting Financial Inclusion Via E-Payment, Mobile Banking

"Of recent, discussions on promoting financial inclusion are making waves in the financial sector, primarily because of the importance of bringing in millions of unbanked Nigerians into the formal banking system." Continue Reading

Bank execs express many concerns about emerging payments

"What worries financial institution executives most about providing mobile payments to their customers? That’s a question Vantiv asked a score of bank leaders in a series of interviews. The answer in a nutshell:" Continue Reading

Global Mobile Payment Methods 2013

"Hamburg-based secondary market research company yStats.com has released a new report titled "Global Mobile Payment Methods 2013". The report indicates that the practice of using mobile devices such as smartphones and tablets in online as well as traditional retail commerce continues to see growing acceptance around the world." Continue Reading

Electronic payments are paying off for Mexico

"Advocates of electronic payments – everything from direct deposits to mobile banking – have argued that moving away from cash and checking for disbursing payrolls and even social welfare payments will produce much-needed cost savings to companies and governments by reducing paperwork, costly bank transfers and other inefficiencies. Turns out the pro-digital crowd is right, to the tune of billions of dollars." Continue Reading

Payment via mobile phones gains ground in Latin America

"The new “Latin America Online Payment Methods 2013 – Second Half 2013“ by Hamburg-based secondary market research company yStats.com indicates that online payment continues its growth in the emerging markets of this dynamic region." Continue Reading

Malware stealing Chinese mobile banking data

"A Trojan virus in China is striking mobile phone users by intercepting inbound messages and lifting sensitive financial data, according to a story by Want China Times. In particular the malware is impacting third-party payment accounts." Continue Reading

Innovative mobile payments technology once again comes from Africa

"A lot has been said about creating innovative strategies for targeting unbanked citizens in Africa using mobile phones. But what about the banked? How can mobile phones reduce the costs and hassle of payments and transactions for businesses and consumers with bank accounts?

One company that believes it has an innovation that will change the way we shop and make payments is Oltio, a South African-based mobile banking, transactions and payments solution company that rolled out MTN Mobile Money in Africa." Continue Reading

The companies are bringing their experience and technology together to target several new markets.

"HP has now announced that it is taking greater steps into the mobile payments and banking industry, through its latest partnership which includes a global agreement with Accumulate. This partnership is meant to considerably broaden the potential and capabilities of both companies." Continue Reading

The Internet of everything and payment by things

"At the present moment, mobile payments are thought of as mostly a payment system through the use of mobile phones. These phones allow us access to our online accounts through websites and apps, and even mobile banking can allow for a "pay by phone" at point of sale if you've forgotten your wallet. However, in the not-too-distant future, wearable technologies such as Google Glass may supplant your phone. A "Glass payment" does sound a bit odd, doesn't it?" Continue Reading

Moven, Green Dot Bank Aim to Make Slow Payment Process Transparent

"Two leading alternative providers in the banking industry, Alex Sion, president of Moven, and Lewis Goodwin, president and CEO of Green Dot Bank, say they are poised to take market share away from traditional banks. Two-year-old Moven launched a mobile banking app in May that markets itself as a simple alternative to banking.

When Sion, a former Citibanker who once built a digital brokerage platform, took the job at Moven, he told American Banker, 'We're heads down and hell bent on changing the world of banking.'" Continue Reading

Would you pay the plumber by text? You'll soon be able to pay bills with a mobile, but one slip and your cash could vanish

"It's that annoying moment we all hate. Perhaps the window cleaner has popped by and you’re keen to get them to clean the dirty glass upstairs. Or, you’re at a café splitting the bill with friends. Maybe a son or daughter is about to go out and is begging for cash. But then when you open your purse or wallet you realise that it’s empty — and there is no cash machine nearby." Continue Reading

Connect Financial Software Solutions Partners With CU Wallet on Credit Union Mobile Wallet Initiative

"CU Wallet a collaborative credit union owned and directed mobile payments technology provider, and Connect Financial Software Solutions, an online and mobile solution provider for credit unions, announced they have formed a strategic alliance to enable and equip credit unions with the necessary tools to succeed in an increasingly competitive mobile payments market." Continue Reading

Mozido Partners with Investor Adolfo Salume to Launch Mobile Banking, Payment and Marketing Services in Latin America

"Mozido an Austin-based mobile financial services provider, today announced an investment from Latin American business leader Adolfo Salume to implement an innovative mobile EcoSystem in El Salvador that will provide a range of marketing, retail, and banking opportunities for the unbanked and under-banked population.

Salumes investment and his local staff will help support adoption of Mozidos mobile applications providing users with services such as financial management with Constelacion Bank, loyalty programs, analytics-based offers, shopping, and payment services in retail stores such as Mr. Donut, and mobile cash logistic automation, lending, and marketing services with one of the leading consumer packaged goods distributors in El Salvador." Continue Reading

The Case for Keeping Mobile and Online Banking Separate

"Requiring customers to sign up for online banking before they can enroll in mobile could deter would-be digital customers from some transactions. 'To tether or not to tether mobile to online will become a bigger issue,' said Teresa Epperson, managing director of AlixPartners, during a panel at BAI's Retail Delivery conference. 'Younger consumers aren't interested in online payments.'" Continue Reading

Sub-Saharan Africa teeming with banking potential

"International banks' exposure to Sub-Saharan Africa stands at a paltry USD 210 billion, according to the Institute of International Finance. British banks have traditionally had the largest exposure to the region, with Eurozone banks a distant second, but Asian banks are increasingly taking a bigger bite of that market share. Chinese banks' presence in the region has reportedly risen, with China Development Bank lending USD 67 billion to the region during the past decade, compared to USD 55 billion lent by the World Bank." Continue Reading

Alipay 'mobile wallet' app users have almost reached 100 million

"China's largest e-payment company Alibaba Group Holding Ltd's Alipay Wednesday said that users of its "mobile wallet" app have reached nearly 100 million across the nation so far, while the number of Alipay users via mobile phone has also breached 100 million.

According to Alipay, about one-third of transactions are from mobile phones, eight times that of the same period last year. On Singles' Day this year, the transactions done via mobile phone reached 45.18 million, with a value of more than 11.3 -billion yuan ($1.85 billion)." Continue Reading

Banks Don't Have Much Time To Embrace Digital Model

"It's no secret that a new generation of technology-enabled competitors -- both new companies such as Square or Dwolla and familiar players such as Google, PayPal and Walmart -- are shaking up the financial services business and attracting customers who aren't finding what they need from traditional banks.

But new research from Accenture suggests this upheaval is more extensive and happening more rapidly than many in banking may have thought. And the efforts banks are putting into efficiency, productivity and stronger financial performance, while essential, are not enough to stem the tide." Continue Reading

3 Hong Kong and Citibank Jointly Launch '3 Citi Wallet' New Mobile Payment Technology

"3 Hong Kong, the mobile operation of Hutchison Telecommunications Hong Kong Holdings Limited (SEHK: 215), and Citibank Hong Kong jointly announce the launch of ‘3 Citi Wallet’ – the mobile wallet service exclusively tailored for people who are both 3 Hong Kong mobile subscribers and designated Citibank Visa credit card1 users.

Using Near Field Communication (NFC) technology, the ‘3 Citi Wallet’ is a multi-purpose mobile wallet service that includes mobile payment, transaction history, a location-based special offer service and a search function that directs customers to the best deals within their vicinity. Marking a new chapter in the history of mobile payment, the ‘3 Citi Wallet’ turns mobile phones into digital wallets that offer consumers speed, convenience and benefits when they spend." Continue Reading

Mitek Granted Second Mobile Photo Bill Pay(R) Patent

"Mitek Systems (Nasdaq:MITK) (www.miteksystems.com), the leading innovator of mobile imaging for financial transactions, today announced that it has been issued U.S. Patent No. 8,577,118. "Systems and Methods for Mobile Image Capture and Remittance Processing," by the U.S. Patent and Trademark Office. This is the second patent related to the use of Mitek's mobile imaging technology for the purpose of paying a bill. Mitek now has 17 patents issued and 22 patent applications pending." Continue Reading

CIBC adds mobile payments solution for business banking clients

"Canadian payments provider Payfirma has signed an agreement with CIBC, one of the country's largest banks, to offer a mobile payments solution for CIBC business banking clients. Payfirma offers a range of hardware and software solutions on a single platform to help businesses accept debit and credit card payments in stores, online through their company website or remotely using smartphones and tablets as mobile terminals, according to a news release.

Leveraging existing assets such as smartphones and tablets lowers the cost of entry for small businesses seeking to expand the payment options available to their clients, Payfirma said, while enabling businesses to collect payments anywhere with cellular service." Continue Reading