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."

International Mobile Banking Updates - July 23

Over 80 million people in Middle East and Africa will turn to mobile banking by 2017
"Experts predict that mobile banking in the Middle East and Africa will jump from 19,8 million to 82,1 million users by 2017. Over the last five years the developing world has experienced substantial growth in the adoption of mobile technology. Emerging markets offer not only new possibilities for traditional banking but major potential for transformative banking."

BMI Bank launches mobile banking service
"Bahraini retail and commercial banking institution, BMI Bank recently announced the launch of a new service to help enhance its customers experience when interacting with the Bank. mBanking, the Bank's new mobile banking service, will enable customers to carry out most of their regular banking transactions in a convenient, safe and secure environment simply using their smartphones."

China Mobile and China UnionPay present NFC payments service
"Chinese bank card association China UnionPay and China Mobile, a mobile network operator, have rolled out their NFC payments service in over 14 cities, including Shanghai, Beijing and Guangzhou in the country. Available for Android devices, customers can send and receive mobile payments at participating merchants equipped with UnionPay QuickPass contactless POS terminals with the help of an NFC SIM card and mobile wallet application, as reported by the Nfcworld.com."

New tax sparks fears for the future of Uganda's mobile banking
"The Ugandan government has levied a 10 percent tax on mobile banking transactions, in a move some have criticized as being short-sighted and potentially harmful to the country's expanding mobile money industry. The country's finance ministry hopes to raise $12m from the mobile banking tax, which went into effect in early July. At least some of this money will come from remittances, which, according to finance minister Maria Kiwanuka, amounted to $767m last year. But the vast majority of mobile banking customers live in Uganda, and faced with rising transaction costs, many are starting to rethink the system altogether. This could spell trouble for Uganda's emerging mobile banking industry and the economic potential it represents."

FNB strides towards mobile banking
"FNB says that 10% of its banking clients accessed its website via a smart device over the past year to June 2013, up from 4% previously. The bank went live with its revamped website on Sunday (14 July 2013), aimed at an improved user experience and a responsive design enabling scalability to multiple devices. 'At least 900,000 clients have accessed FNB.co.za via a smart device and 10% of banking clients are accessing via a smart device…and growing. It was only 4% last year,' FNB CEO of Online Banking Lee-Anne van Zyl told BusinessTech."

Malaysia’s New Mobile Banking Platform: Poised for Success
"Bank Negara Malaysia has recently launched a new mobile payment channel called MyMobile through its wholly owned subsidiary Malaysian Economic Clearing Corporation (MyClear). For the kickoff, MyMobile has teamed up with the country’s three largest banks, CIMB, Maybank and Public Bank, as well as the three largest mobile operators, Maxis, Celcom and DiGi, who collectively represent 93 percent of the country’s market."

Paying mobile dividends, digital payments giving banks a run for their money
"Australia's big four make up a cosy oligopoly without any real competition, say the critics. But now cashed up global giants are muscling in to the mobile payment space. The likes of Apple, Google and PayPal are on the offensive giving consumers and merchants plenty of new options to choose from."

Judge dismisses legal action to shut down Safaricom’s M-Shwari service
"An injunction sought by Faulu Kenya, a Kenyan micro-finance provider, to shut down Safaricom’s M-Shwari mobile banking service – pending the outcome of a court case – has been dismissed by a judge according to local press reports. As part of its push to broaden the range of M-Pesa services, Safaricom launched a banking service last November in partnership with the Commercial Bank of Africa (CBA). Dubbed M-Shwari, which runs on the M-Pesa platform, the service offers loans and interest on deposit accounts."

RBC announces RBC Secure Cloud: The first cloud-based mobile payments solution in Canada
"RBC today announced its RBC Secure Cloud mobile payments service (patent-pending). This new technology, a first in Canada, will allow clients to more safely and securely pay for purchases using their mobile devices. Keeping sensitive client data secure with RBC in the cloud, not on the phone, makes RBC Secure Cloud a safer, faster, more flexible solution. RBC will bring RBC Secure Cloud to market by the end of the year with debit and credit on a number of smartphone platforms."

TD thanks customers for eighth straight J.D. Power Award in customer satisfaction
"A leader in responding to customers evolving needs, TD Canada Trust has built a stellar reputation for exceptional customer service and convenience. Building on its commitment to delivering convenience to Canadians, TD Canada Trust has received the highest ranking in customer satisfaction among the Top Five banks for the eighth straight year by the J.D. Power 2013 Canadian Retail Banking Customer Satisfaction Study(SM). TD Canada Trust performs well in all seven factors, including channel activities; account information; facilities; product offerings; fees; financial advisor; and problem resolution."