Visa Debit Card – Convenient Domestic And Int’l Person-To-Person Payments Launched
"CashEdge Inc. the leading provider of Intelligent Money Movement® services, and Visa Inc. (NYSE: V), the world’s largest retail electronic payments network, today announced an agreement that will enable U.S. consumers to use their eligible Visa credit, debit and prepaid accounts to send and receive person-to-person (P2P) payments domestically and internationally through Popmoney®, CashEdge’s P2P email and mobile payments service. This capability, which will enable consumers to use Popmoney for transactions such as international remittance and funding prepaid cards, will be available in summer 2011."
Fiserv Named “Best Electronic Commerce Provider” by Global Finance Magazine
"Fiserv, Inc., the leading global provider of financial services technology solutions, announced today that it has been named “Best Electronic Commerce Provider” by Global Finance magazine. This is the fourth year in a row that the company has been honored by the publication."
Nokia Extends Mobile Money Service to Union Bank in India
"Nokia Oyj (NOK1V), the world’s biggest maker of mobile phones, has started supplying mobile banking services for a Union Bank of India offering aimed at phone customers who don’t have bank accounts. The Union Bank Money Powered by Nokia service is available in Gurgaon and will be released nationwide over the next few months, the Mumbai-based bank said in a statement."
Wednesday, March 30, 2011
Tuesday, March 29, 2011
Mobile Banking International Updates - Mar 29
Commercial Bank of Qatar launches comprehensive mobile banking, payment services
"Commercial Bank of Qatar, the largest private-sector bank in Qatar, has launched comprehensive mobile banking and mobile payments services for its retail customers. The financial institution tapped Sybase Inc.’s Sybase 365, a specialist in mobile messaging and mobile commerce services, to power the mobile platforms. The new, free downloadable mobile banking applications provide customers with instant and secure connectivity to accounts anywhere, anytime, and complement Commercial Bank’s Internet banking service."
Brits not keen on mobile banking
"The UK is lagging behind in the world when it comes to mobile banking, according to market analysts Datamonitor. While consumers in Africa, Asia, India and Russia have access to advanced mobile banking services, most UK customers have access only to text-based functions, it found."
Mobile Cyber Security In India
"Mobile phone has become an important aspect of our daily lives. We use mobile phone for multi purposes including mobile banking and mobile governance. With the use of third generation spectrum, even better, speedier and more productive use of mobile phones is now possible. However, of all the benefits of use of mobile, we cannot ignore the risks associated with it. For instance, the mobile banking in India is risky as the present banking and other technology related legal frameworks are not conducive for mobile banking in India."
South Africa-based MTN launches life insurance program via mobile banking in Ghana
"A South African mobile phone giant has joined with an insurance company to launch a program in Ghana that will allow subscribers to pay for life insurance through their mobile phones, a company official said Wednesday. Phone banking has taken off in Africa, where the impoverished majority can't afford the costs of traditional banks, including account fees and bus fares to get to town from villages to visit the banks."
Monitise launches trial mobile payments service in Nigeria
"Monitise, a mobile banking service provider has launched a trial mobile payments service in Nigeria. The service is tested in four cities and 11 rural locations across four states under a Central Bank of Nigeria (CBN) provisional licence."
"Commercial Bank of Qatar, the largest private-sector bank in Qatar, has launched comprehensive mobile banking and mobile payments services for its retail customers. The financial institution tapped Sybase Inc.’s Sybase 365, a specialist in mobile messaging and mobile commerce services, to power the mobile platforms. The new, free downloadable mobile banking applications provide customers with instant and secure connectivity to accounts anywhere, anytime, and complement Commercial Bank’s Internet banking service."
Brits not keen on mobile banking
"The UK is lagging behind in the world when it comes to mobile banking, according to market analysts Datamonitor. While consumers in Africa, Asia, India and Russia have access to advanced mobile banking services, most UK customers have access only to text-based functions, it found."
Mobile Cyber Security In India
"Mobile phone has become an important aspect of our daily lives. We use mobile phone for multi purposes including mobile banking and mobile governance. With the use of third generation spectrum, even better, speedier and more productive use of mobile phones is now possible. However, of all the benefits of use of mobile, we cannot ignore the risks associated with it. For instance, the mobile banking in India is risky as the present banking and other technology related legal frameworks are not conducive for mobile banking in India."
South Africa-based MTN launches life insurance program via mobile banking in Ghana
"A South African mobile phone giant has joined with an insurance company to launch a program in Ghana that will allow subscribers to pay for life insurance through their mobile phones, a company official said Wednesday. Phone banking has taken off in Africa, where the impoverished majority can't afford the costs of traditional banks, including account fees and bus fares to get to town from villages to visit the banks."
Monitise launches trial mobile payments service in Nigeria
"Monitise, a mobile banking service provider has launched a trial mobile payments service in Nigeria. The service is tested in four cities and 11 rural locations across four states under a Central Bank of Nigeria (CBN) provisional licence."
Monday, March 28, 2011
Mobile Banking Updates - Mar 28
Banks target Mobile Banking for their next round of Fees
"The reason people use their smartphone to access mobile banking on a regular basis is simple – convenience. Who wouldn’t love the ability to complete banking tasks from anywhere? Financial institutions see it as a way to cut costs, grow customer relationships, and now possibly introduce new fees. Though still in its infancy, banks have already played with the idea of applying fees to mobile banking. The first feature on their list, mobile deposits. A feature that allows users to snap a photo of a check and remotely deposit the amount into their accounts. Once verified, the user has the option to dispose of the physical check"
American banks need mobile to attract Gen Y - Javelin
"With Gen Y (12-32 year olds) set to earn more than any other generation within 10 years, banks need to tap technology to attract them, offering services such as mobile, personal finance management and person-to-person payments, says Javelin. About 28% of Gen Y consumers have used mobile banking in the past 90 days, compared with 18% of all people. Not only do they use it, young people switch banks for it, use it frequently, and value it."
PayPal mobile transactions exceed $6M per day: CTIA keynote
"A PayPal executive said that mobile payments are growing exponentially and provided his own company’s figures as proof during the keynote at International CTIA Wireless 2011′s Money Over Mobile pre-conference program. PayPal’s mobile payment transaction volume has grown from $24 million in 2008 to $140 million in 2009 to $750 million last year. It is projected to top $2 billion this year and is expected to reach $7.5 billion in 2013."
Swiping Is the Easy Part
"The cellphone has been more than a cellphone for years, but soon it could take on an entirely new role — standing in for all of the credit and debit cards crammed into wallets. There’s just one hitch: While the technology is already being installed in millions of phones — and is used overseas — wide adoption of the so-called mobile wallets is being slowed by a major behind-the-scenes battle among corporate giants."
"The reason people use their smartphone to access mobile banking on a regular basis is simple – convenience. Who wouldn’t love the ability to complete banking tasks from anywhere? Financial institutions see it as a way to cut costs, grow customer relationships, and now possibly introduce new fees. Though still in its infancy, banks have already played with the idea of applying fees to mobile banking. The first feature on their list, mobile deposits. A feature that allows users to snap a photo of a check and remotely deposit the amount into their accounts. Once verified, the user has the option to dispose of the physical check"
American banks need mobile to attract Gen Y - Javelin
"With Gen Y (12-32 year olds) set to earn more than any other generation within 10 years, banks need to tap technology to attract them, offering services such as mobile, personal finance management and person-to-person payments, says Javelin. About 28% of Gen Y consumers have used mobile banking in the past 90 days, compared with 18% of all people. Not only do they use it, young people switch banks for it, use it frequently, and value it."
PayPal mobile transactions exceed $6M per day: CTIA keynote
"A PayPal executive said that mobile payments are growing exponentially and provided his own company’s figures as proof during the keynote at International CTIA Wireless 2011′s Money Over Mobile pre-conference program. PayPal’s mobile payment transaction volume has grown from $24 million in 2008 to $140 million in 2009 to $750 million last year. It is projected to top $2 billion this year and is expected to reach $7.5 billion in 2013."
Swiping Is the Easy Part
"The cellphone has been more than a cellphone for years, but soon it could take on an entirely new role — standing in for all of the credit and debit cards crammed into wallets. There’s just one hitch: While the technology is already being installed in millions of phones — and is used overseas — wide adoption of the so-called mobile wallets is being slowed by a major behind-the-scenes battle among corporate giants."
Sunday, March 27, 2011
Mobile Banking Updates - Mar 27
Number of U.S. Mobile Banking Users Surges 54% to 30 Million
"comScore yesterday released a report finding that in the fourth quarter of 2010, 29.8 million Americans accessed financial services accounts (bank, credit card or brokerage) via their mobile device, an increase of 54% from Q4 2009. However, the report also found that nearly half of these mobile banking users still prefer to bank online, at a fixed computer. The takeaway, in my view: consumers want it all -- the convenience of banking on their smartphone when they're out and about, the comfort of being able to handle more complex banking transactions at a home or office PC. Banks can't focus on one channel at the expense of another."
Mobile banking to take off - if the user experience is right
"Sebastien Slim points out in his blog post (Generating loyal customers through mobile banking, 14 March 2011) that analyst research shows that banks are starting to take notice of mobile banking, stating that they can no longer afford to put off the adoption of this hugely important channel. But he also notes that banks still have a great deal of work to do if they are to make their mobile banking proposition more appealing."
Video: Visa’s microSD NFC Tech Lets You Pay With Your Smart Phone
"There’s lots of buzz these days about mobile payment systems, which is the ability to use your smart phone as a virtual wallet. It may seem a far-off prospect but banking services giant Visa believes it has a compelling mobile banking solution. Here at CTIA 2011, we were able to get a quick demo of how it might work."
U.S. Bank AccelaPay Mobile Banking Named Best in Category for Virtual or Mobile Prepaid Application at 2011 Paybefore Awards
"The U.S. Bank AccelaPay mobile banking application has been honored as the “Best in Category for Virtual or Mobile Prepaid Application” at the 2011 Paybefore Awards. The Paybefore Awards recognize the best products and programs in the prepaid business. Paybefore, a leading publisher of information for the prepaid industry, organizes the annual awards, which are now in their fifth year."
Remote deposit capture is tipping point to mobile banking profitability: panelist
"While mobile banking tends to be a consumer engagement tool, new features such as remote deposit capture provide financial institutions with the opportunity to generate profits, according to a panel at CTIA Wireless 2011.
The panel was moderated by Sylvain Maquet, partner at Greenwich Consulting, New York. He estimated that there are currently 10 million people using mobile banking in the United States, with Bank of America reporting 3.5 million mobile banking users nationwide, but the panelists all agreed that figure is set to explode."
"comScore yesterday released a report finding that in the fourth quarter of 2010, 29.8 million Americans accessed financial services accounts (bank, credit card or brokerage) via their mobile device, an increase of 54% from Q4 2009. However, the report also found that nearly half of these mobile banking users still prefer to bank online, at a fixed computer. The takeaway, in my view: consumers want it all -- the convenience of banking on their smartphone when they're out and about, the comfort of being able to handle more complex banking transactions at a home or office PC. Banks can't focus on one channel at the expense of another."
Mobile banking to take off - if the user experience is right
"Sebastien Slim points out in his blog post (Generating loyal customers through mobile banking, 14 March 2011) that analyst research shows that banks are starting to take notice of mobile banking, stating that they can no longer afford to put off the adoption of this hugely important channel. But he also notes that banks still have a great deal of work to do if they are to make their mobile banking proposition more appealing."
Video: Visa’s microSD NFC Tech Lets You Pay With Your Smart Phone
"There’s lots of buzz these days about mobile payment systems, which is the ability to use your smart phone as a virtual wallet. It may seem a far-off prospect but banking services giant Visa believes it has a compelling mobile banking solution. Here at CTIA 2011, we were able to get a quick demo of how it might work."
U.S. Bank AccelaPay Mobile Banking Named Best in Category for Virtual or Mobile Prepaid Application at 2011 Paybefore Awards
"The U.S. Bank AccelaPay mobile banking application has been honored as the “Best in Category for Virtual or Mobile Prepaid Application” at the 2011 Paybefore Awards. The Paybefore Awards recognize the best products and programs in the prepaid business. Paybefore, a leading publisher of information for the prepaid industry, organizes the annual awards, which are now in their fifth year."
Remote deposit capture is tipping point to mobile banking profitability: panelist
"While mobile banking tends to be a consumer engagement tool, new features such as remote deposit capture provide financial institutions with the opportunity to generate profits, according to a panel at CTIA Wireless 2011.
The panel was moderated by Sylvain Maquet, partner at Greenwich Consulting, New York. He estimated that there are currently 10 million people using mobile banking in the United States, with Bank of America reporting 3.5 million mobile banking users nationwide, but the panelists all agreed that figure is set to explode."
Wednesday, March 23, 2011
Mobile Banking Updates - Mar 23
CashEdge and Visa to Expand Network Offerings
"CashEdge Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement® services, and Visa Inc. (NYSE: V), the world's largest retail electronic payments network, today announced an agreement that will enable U.S. consumers to use their eligible Visa credit, debit and prepaid accounts to send and receive person-to-person (P2P) payments domestically and internationally through Popmoney®, CashEdge's P2P email and mobile payments service. This capability, which will enable consumers to use Popmoney for transactions such as international remittance and funding prepaid cards, will be available in summer 2011."
Nokia Ties With Indian Bank for Mobile Payments
"Nokia has tied with Union Bank of India to roll out mobile payment services that are targeted at the large number of Indians who do not have banking facilities. The service will enable consumers to transfer money to other persons, withdraw cash at automated teller machines (ATMs) and designated retail stores, and pay utility bills as well as recharge pre-paid mobile connections, Nokia said on Friday."
Research and Markets: Australia - E-Commerce, Marketing and Advertising 2011
"This annual publication offers a wealth of information on the trends and developments taking place in the m-commerce and e-commerce sectors. The publication analyses the issues surrounding the growth of e-commerce, including e-banking, e-payments and online advertising. Developments are currently being driven by the emerging NBN and by the explosion in mobile broadband access. Many organisations have announced plans for participation in these opportunities. Information on mobile commerce developments is also given, including m-payments and m-banking, plus statistics and forecasts for both the e-commerce and m-commerce sectors."
"CashEdge Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement® services, and Visa Inc. (NYSE: V), the world's largest retail electronic payments network, today announced an agreement that will enable U.S. consumers to use their eligible Visa credit, debit and prepaid accounts to send and receive person-to-person (P2P) payments domestically and internationally through Popmoney®, CashEdge's P2P email and mobile payments service. This capability, which will enable consumers to use Popmoney for transactions such as international remittance and funding prepaid cards, will be available in summer 2011."
Nokia Ties With Indian Bank for Mobile Payments
"Nokia has tied with Union Bank of India to roll out mobile payment services that are targeted at the large number of Indians who do not have banking facilities. The service will enable consumers to transfer money to other persons, withdraw cash at automated teller machines (ATMs) and designated retail stores, and pay utility bills as well as recharge pre-paid mobile connections, Nokia said on Friday."
Research and Markets: Australia - E-Commerce, Marketing and Advertising 2011
"This annual publication offers a wealth of information on the trends and developments taking place in the m-commerce and e-commerce sectors. The publication analyses the issues surrounding the growth of e-commerce, including e-banking, e-payments and online advertising. Developments are currently being driven by the emerging NBN and by the explosion in mobile broadband access. Many organisations have announced plans for participation in these opportunities. Information on mobile commerce developments is also given, including m-payments and m-banking, plus statistics and forecasts for both the e-commerce and m-commerce sectors."
Tuesday, March 22, 2011
Mobile Banking Updates - Mar 22
Microsoft Needs Mobile Money
"There are a lot of ways to make money off the shift to mobile computing. Some companies have found several ways to profit from mobile, but Microsoft in particular seems to be in a tough spot due to its late start in mobile, a very small market share, lack of leverage with the all-powerful carriers, and a revenue model based on licensing the operating system."
Why PayPal Doesn't Care About NFC
"You'd think that wave-and-pay smartphone technology would be top priority for PayPal, one of the biggest competitors in the mobile payments space. But while big retailers love NFC for its hyper-targeted marketing potential, small businesses that run on payment services like PayPal may actually be interested in mobile payments for something far humbler: customer loyalty."
"There are a lot of ways to make money off the shift to mobile computing. Some companies have found several ways to profit from mobile, but Microsoft in particular seems to be in a tough spot due to its late start in mobile, a very small market share, lack of leverage with the all-powerful carriers, and a revenue model based on licensing the operating system."
Why PayPal Doesn't Care About NFC
"You'd think that wave-and-pay smartphone technology would be top priority for PayPal, one of the biggest competitors in the mobile payments space. But while big retailers love NFC for its hyper-targeted marketing potential, small businesses that run on payment services like PayPal may actually be interested in mobile payments for something far humbler: customer loyalty."
Monday, March 21, 2011
Mobile Banking Updates - Mar 21
Mobile banking opportunities in Africa
"Mobile-savvy consumers want to do more for their phones and this presents opportunities for Africa's banks and their merchant partners. Mobile phone penetration in Africa has exploded since 2000, as it has elsewhere in the developing world. In 1998 there were fewer than two million mobile phone users in Africa, according to the African Development Bank. The number grew to over 400 million in 2009.
Banks and other providers now recognise the potential of reaching millions of prospective customers, especially the rural population who account for more than 60% of Africa's total population and have no access to banking services. At BuzzCity, we've noticed an increasing number of banks and financial institutions using mobile advertising to share information and promote services. As financial institutions embrace mobile as a distinct channel - not just a supplement to PC banking - their number-one challenge is the same as they faced when first rolling out online banking: consumer confidence. "
3 Must-Have Features in a Mobile App
"When it comes to mobile banking, a bank can deploy a relatively simple downloadable app and satisfy customer needs at the same time. Which is probably why two of the top three functions banks are asking California-based mobile banking and payment provider mFoundry are as fundamental as the ability to check account balances and move money.
So what three mobile app features are hottest among banks right now? According to Drew Sievers, CEO and cofounder of mFoundry they are:
* Account management
* Mobile remote deposit capture
* Account transfers or bill pay
It makes sense. Until someone figures out how to dispense cash from a mobile phone, those three things will take care of the big stuff. In the meantime, using geolocation baked into a smartphone app to find the nearest branch or cash machine remains a viable option."
"Mobile-savvy consumers want to do more for their phones and this presents opportunities for Africa's banks and their merchant partners. Mobile phone penetration in Africa has exploded since 2000, as it has elsewhere in the developing world. In 1998 there were fewer than two million mobile phone users in Africa, according to the African Development Bank. The number grew to over 400 million in 2009.
Banks and other providers now recognise the potential of reaching millions of prospective customers, especially the rural population who account for more than 60% of Africa's total population and have no access to banking services. At BuzzCity, we've noticed an increasing number of banks and financial institutions using mobile advertising to share information and promote services. As financial institutions embrace mobile as a distinct channel - not just a supplement to PC banking - their number-one challenge is the same as they faced when first rolling out online banking: consumer confidence. "
3 Must-Have Features in a Mobile App
"When it comes to mobile banking, a bank can deploy a relatively simple downloadable app and satisfy customer needs at the same time. Which is probably why two of the top three functions banks are asking California-based mobile banking and payment provider mFoundry are as fundamental as the ability to check account balances and move money.
So what three mobile app features are hottest among banks right now? According to Drew Sievers, CEO and cofounder of mFoundry they are:
* Account management
* Mobile remote deposit capture
* Account transfers or bill pay
It makes sense. Until someone figures out how to dispense cash from a mobile phone, those three things will take care of the big stuff. In the meantime, using geolocation baked into a smartphone app to find the nearest branch or cash machine remains a viable option."
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