Japanese mobile payments hold promise reports Celent

"Japanese consumers typically make payments in shops using cash and coupons or rewards; it is also sometimes possible to pay by charging the customer’s mobile phone bill. The Celent report, Retail Payments in Japan – a Land of Contrasts and Opportunity, suggests that the gradual shift of e-commerce in the country towards mobile channels is shifting banks to cooperate with popular reward schemes, which can increasingly be used online and via mobile." Continue Reading

Mobile Phones Set To Reduce Banking Branches In 2014

"This is the year that mobile banking will really make a dent in branch networks, according to James DeBello, CEO and president of Mitek, a company that is helping make that happen. It introduced remote deposit capture — take a picture of a check with your smartphone and send the image to your bank.

Now it is introducing mobile account sign-up, so you can open an account from your phone or tablet without ever setting foot in branch. Just shoot images of the front and back of your drivers license." Continue Reading

CTIA-The Wireless Association' Looks at the Mobile Wallet & How to Secure Your Information

"Connecting to banking information and credit cards through wireless devices allows consumers to access their financial information and make payments quickly and easily. While it's convenient for users, it's also alluring for thieves to steal personal information from your mobile devices.

That's why CTIA-The Wireless Association(R) looks at the benefits and how consumers can secure their data in this month's Wonder of Wireless and blog." Continue Reading

Is a Digital Wallet Essential for You This Holiday Season?

"Although digital wallet technology is a relatively new perk, not having it can be a deal-breaker for millions of banking customers. According to a recent study conducted by Cognizant Business Consulting, the expansion of mobile banking options will be a key determining factor in customer loyalty going forward.

The study, which surveyed 2,100 banking users, revealed that a large share of customers consider improved functionality and more options for mobile banking to be high priorities when considering whether or not to join a bank." 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

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

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

Ringing the changes with mobile technology

"Every morning I park at the train station and, like many people, pay the parking tariff by mobile phone rather than search through my wallet hoping that I have enough spare change, which usually is not the case. Mobile banking and payment services have grown considerably in the UK and are becoming part of our everyday lives.

Research has shown that one in five adults in the UK have already made a payment using their mobile phone, more than a quarter of us use our mobile phones to check our bank balance and more than half of us would pay with our mobile phone if it were an option at the local supermarket." Continue Reading

Security fears still hamper Mobile Wallet Adoption according to new survey from Firstsource

"Fewer than a quarter (22%) of British mobile phone owners are likely to swipe their smartphone like a credit card to make payments, even if they had the relevant app, according to a new survey carried out by YouGov on behalf of outsourcing company Firstsource Solutions. Fears that personal bank details will not be secure are the reason given by 80% of respondents.

A further 20% say that the reason they won’t use a mobile wallet app is that they wouldn’t trust the battery on their smartphone to last. The survey also shows that mobile banking is yet to take off, with only 36% of British smartphone owners saying they have downloaded a mobile banking app. However, the survey does show that 70% of those that have downloaded a mobile banking app rate it as good or excellent." Continue Reading

Mobile Banking Pricing Model Becomes Clearer As More Banks Charge Fees

"In an earnings call this week, Gary Norcross, president and CEO of FIS, was asked whether or not banks are going to charge customers for access to mobile apps or wallets. Several FIS clients 'are charging and actually doing quite well with adoption and penetration,' Norcross said, according to a transcript made public by Seeking Alpha.

'The consumer is going to push mobile and some of these new transformative mobile channels, and so the result of that is financial institutions, like a lot of things that they've done historically around charging for certain types of accounts or certain services, they're going to slowly move towards some type of a way to monetize that channel.'" Continue Reading

The 'mobile wallet' is putting a hole in banks' pockets

"Bankers have a lot to worry about these days: stress tests, bad loans, cutting costs and increasingly trying to drive their customers toward new technology in the hope that they can close more branches. But a recent conversation with a couple of senior Irish bankers revealed to me how worried they are about technology companies such as Google, Facebook, PayPal and Apple, who they see as potentially eating a large slice of the banker's lunch." Continue Reading

Citibank rolls out NFC-based mobile wallet in Hong Kong

"Smartphone users in Hong Kong now have another mobile wallet option with the introduction of 3 Citi Wallet. The NFC-enabled solution is a collaboration between 3 Hong Kong, the mobile arm of Hutchison Telecommunications Holdings Ltd., and Citibank Hong Kong.

The solution enables contactless payments for amounts up to HK$1,000 per transaction. 3 Hong Kong said it's the only wallet in Hong Kong that supports Android and iOS operating systems; using the wallet with an iPhone requires an NFC sticker provided by Citibank." Continue Reading

RocketBank takes $2 million for mobile banking with global ambitions

"RocketBank, a Moscow-based banking application startup, announced that it received $2 million in funding from Runa Capital, a Moscow-based fund operating internationally. RocketBank’s application, currently available only on iOS, allows users to complete money transfers that necessitate no bank details of a recipient, simply an e-mail address or e-wallet number, which the startup calls 'mobile address-book money transfers.'

RocketBank is not a bank in and of itself and, as such, there are no associated RocketBank branches. Instead, it has partnered with Intercommerz Bank to support its mobile banking services. Users receive a Visa debit card in addition to its iOS application and benefit from free card loading and cash withdrawal at any ATM worldwide and money transfers, among other services." Continue Reading

Mobile Wallets, Tailored For Credit Unions

"CU Wallet, a mobile payments technology provider, has launched a credit union-centric mobile wallet application. Since the announcement of the product, 15 credit unions have signed an agreement with CU Wallet, the company said. Credit unions will be able to advertise, gain insight into members’ needs, offer incentives, and broker connections back to business partners using the app, CU Wallet says.

Local and national merchants and billers will partner with CU Wallet for direct connection to credit union members through the application. Credit Unions will be able to advertise by using geo-location and transaction details to present offers and incentives inside the application on the payment module hosted by CU Wallet." Continue Reading

Mobile Banking Updates - Sept 17

Are mobile banking apps secure?
"A recent experience with a credit card app has a Wake County man questioning if his account information is secure when using his cell phone. You can access these mobile banking apps on your smart phone and tablet. Justin Frechette wanted to check his Capital One credit card account, but instead he was able to see someone else's activity. 'Logged in made sure the payment I recently made posted to the account and that the account balance was zero,' Justin said. But he didn't see a zero balance. Instead, lots of charges that didn't belong to him."

BofA's Mobile User Gains Follow Xoom, Industry Shift
"Bank of America's (BAC) mobile user gains come amid an industry shift that is reducing the need for branches and ATMs and lifting mobile payment firms like Xoom Corp. (XOOM) and Western Union (WU). BofA saw its mobile users jump 28% to 13.2 million from the second quarter of 2012 to Q2 2013, according to a presentation Wednesday. Mobile transactions are up 4%. Meantime, the lender has reduced its banking centers by 5% to 5,328 nationwide, and direct-contact transactions have fallen 12%."

Hottest tech sector is all about money
"Finovate, the giant financial technology conference, blew into town yesterday, selling out the Manhattan Center on West 34th Street. Among the hottest trends this year were applications and products for banks, and—perhaps not surprisingly—fraud prevention systems. As more of the nation's banking system moves online, preventing fraud is an increasing concern for executives. 'All the thought leaders are here,' said Sunil Madhu, founder and CEO of Manhattan-based fraud prevention startup Socure, which sells its service to companies. Its service is aimed at allowing banks to verify consumers' identities."

Yalamanchili ships white-label mobile wallet app for banks
"Global payments solutions provider, Yalamanchili, has launched a white label mobile wallet application for global banking and financial institutions operating on its next generation payments platform. The wallet provides Yalamanchili's clients with a comprehensive and fully customisable mobile banking facility capable of supporting international money transfers, the management of multiple card accounts and a variety of mobile value added services, rewards and location based offers."

SIMPLE WILL START GRANTING VENMO USERS EARLY ACCESS TO ITS MOBILE BANKING APP
"Venmo, the popular payments app that lets friends pay each other via mobile for free, is offering its users early access to Simple, the mobile banking app that offers the same amenities big banks do, like checking accounts and debit cards, but without the traps of hidden fees and high interest rates. Simple and Venmo previously partnered in July, when Simple became the first banking service to offer its customers Venmo Touch, which allows you to make payments in third-party apps with a single tap."

Mobile banking expert Wolman to speak at ISU
"David Wolman, a contributing editor for Wired.com and author of "The End of Money," will speak about the impact of going cashless at a free lecture Sept. 19 at Iowa State University."

Mobile Payments and Wallet - July 28

Visa, Movida, ICICI Bank expand mobile banking services to make India cashless
"Visa Inc. and Monitise’s joint venture, Movida, has partnered with India’s largest bank ICICI Bank to expand its mobile payments service. The mobile payments company launched last December after partnering with India’s second largest bank, HDFC. With the addition of ICICI, Movida will be able to reach more Indian consumers."

The Future of Mobile Payments and Banking
"The role of traditional banks continues to change, and more rapidly than before. Where we once would have had to queue up in a bank on the high street to pay utility bills or withdraw cash to make payments, we can now complete almost all of our transactions online without ever needing to set foot in a branch. So the role of the bank as a venue or outlet has already changed and continues to evolve to ensure it remains a relevant customer channel."

ProfitStars Introduces iPay OneClick Consumer Online Bill Pay and Andiamo, a Fast, Cost Effective Way to Deploy Mobile Services Without Core Integration
"Jack Henry & Associates Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division today introduced iPay OneClickTM and AndiamoTM from iPay Solutions™."

Illinois bank will allow Diebold ATM withdrawals via mobile wallet
"An Illinois bank has rolled out a service that will enable customers to use their cellphones to withdraw cash from Diebold ATMs. Mobile Cash Access, from Wintrust Financial Corporation, will use the Paydiant and FIS mobile wallet solution."

Mobile Payments - June 3

CR Money Minute: A better mobile wallet?
"More than 18 months ago, Google Wallet was launched on the Sprint cellular network amid hoopla that payment-by-smart-phone technology at cashiers nationwide would replace your plastic debit and credit cards. Since then, AT&T, T-Mobile, and Verizon Wireless have begun testing their own Isis Mobile Wallet, and other companies have also jumped on the bandwagon."

Mobile Payments: Is Your Bank Putting Its Best Foot Forward?
"As mobile communication becomes more and more affordable and user-friendly, mobile banking is gaining increasing acceptance globally. With innovations such as Near Field Communications (NFC), mobile wallets, virtual personal financial assistants and a slew of new and customized applications being developed and adopted, the mobile banking landscape is undergoing a rapid and irreversible transformation, to an extent that monetary transactions are no longer restricted to banks and traditional financial institutions."

Opportunity as mobile payments show huge growth
"IT research company Gartner projects that global mobile transaction growth will average 42 per cent per year between 2011 and 2016, with the market estimated to be worth $617bn (£404.8bn), with 448m users, by 2016. There is a plethora of different technologies and standards used in a globally fragmented market, with big regional differences. Probably the biggest difference is between developed and emerging markets. For developed markets, the benefits are based around convenience, with customers able to make faster transactions, together with reduced transaction costs for retailers – mobile payments are generally cheaper than existing chip-and-pin transactions."

Malauzai: Picture Pay Besting Mobile Bill Pay
"The big news in the latest mobile banking usage data dump from Austin, Texas, apps developer Malauzai is that mobile picture pay – paying bills by snapping a photo – is on the rise, even surpassing usage of mobile bill pay in some institutions. Robb Gaynor, chief technology officer at Malauzai, said in an interview that 5% of its active end-users give picture pay a try within 90 days of a financial institution’s launch of the service. The technology is catching on."

Brits trust banks to be mobile payment providers
"Consumers have a love-hate relationship with their banks. However, new research from UK-based payment systems firm VocaLink, suggests that when it comes to mobile payments, it's the banks to whom consumers look to provide the service."

U.S. Bank releases iPhone mobile payment case in Minnesota
"Minnesota U.S. Bank customers can now get an iPhone case that turns the smartphone into a touch-free, mobile payment device. U.S. Bancorp tested the Go Mobile device earlier this year in Salt Lake City and Portland, Ore. Now it's available in Minnesota and other major U.S. Bank markets like Ohio, U.S. Bank Payment Services Chief Innovation Officer Dominic Venturo told the Minneapolis/St. Paul Business Journal in an interview."

What do consumers really want from mobile payments asks VocaLink
"New research from international payments provider VocaLink reveals that growing smartphone ownership is driving the mobile payments revolution in the UK. 60% of UK consumers now own a smartphone and are using them as payment devices on the move. Whilst the appetite for mobile banking and payments in the UK is growing with half the population either already using mobile payments (20%) or interested in doing so (30%), uptake is rapidly gaining momentum amongst the future generation."

Wallet Wars - May 8th - New York

Wallet Wars
May 8-9th
The New Yorker Hotel

Never has there been so much to play for in the payments space, a revolution is just round the corner. With Square, Apple, Google, Samsung and Microsoft becoming major players in Wallet space MNOs, Banks and Payment Institutions need to innovate fast to make sure they’re not left behind... 

Click to Learn More

Click to Register Now

• Define your mobile wallet battle plan - Discover how to make a product appealing, accessible, reliable, and to ensure immediate uptake of your solution 
• Add value and bolster your arsenal - Integrating loyalty, coupons, offers and ticketing provides the convenience that will springboard your wallet’s mass adoption, turning it from a gimmick to an everyday essential 
• Discover allies and understand opponents - In this space you need to keep your partners close but your competitors closer. Get to grips with who can help you capitalise on a new market 
• Avoid the minefield of privacy - Realise the potential from a gold mine of new data, while making sure you don’t encroach on your customer’s privacy 
• Grab your share of the market - With the consumer unlikely to have more than one mobile wallet, ensure they choose yours

Mobile Banking Security - Mar 26

Mobile Payments and Banking - The 'Real' Security Risk
"Let me start by saying what wonderful things mobile payments and mobile banking are. You can’t deny the convenience of being able to bank, pay for goods and services, and perform P2P payments while “on the go”. It is these little conveniences that help turn train and bus travel into something more useful than simply reading the newspaper. With the introduction of mobile wallets and new security innovations, many companies are making big promises that your mobile is becoming the most secure means of banking and payments."

ATMIA Publishes Best Practices for Preventing Mobile Banking Fraud
"ATMIA today announced the publication of a new best practice manual for preventing mobile banking fraud, with special reference to applications linked to ATM systems. Due to the increasing popularity of mobile phones, and in particular smartphones and tablet computers which are capable of full internet access, mobile banking and related mobile commerce has become an important channel for the financial services industry, including the ATM industry."