Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Fortumo
Fortumo is an international mobile payment provider. The company offers various mobile payment solutions for web services and mobile applications. Fortumo services allow customers to make mobile payments in more than 70 countries on six continents, with a strong focus on emerging markets.
Fortumo started in 2007 as a spin-off of the mobile services company Mobi Solutions, and currently employs over 60 people in its offices in Tartu, Estonia, San Francisco, CA and Beijing, China. As of March 2013, over 82 thousand developers have signed up to Fortumo’s services. [Read more…]
Rabobank to Implement Commercial Mobile Payment in Netherlands
Rabobank, one of the largest financial institutions in the Netherlands, is collaborating with Giesecke & Devrient (G&D) in the launch of a commercial mobile payment solution. The cooperation between Rabobank and G&D will enable consumers to have contactless payment products available in smartphones that support Near Field Communication (NFC) technology. The launch of the mobile payment solution is targeted in the Netherlands for 2014.
For the first time in the Netherlands, consumers can use their smartphones in this commercial mobile payment project based on NFC technology. Rabobank and Giesecke & Devrient have already started their collaboration, and in 2014 customers will be able to pay using their smartphones via NFC in all stores equipped with contactless point-of-sales terminals. [Read more…]
Canada’s Rogers Launches Mobile Wallet Service for Android and BlackBerry
Rogers announced today that its suretap wallet will be available to customers in the coming weeks, making it the first mobile wallet from a carrier in Canada. The service will be available on select NFC-enabled smartphones, offering a co-branded virtual Rogers Prepaid MasterCard and gift cards from select national retailers as the first cards available for download. [Read more…]
FIME Accredited by Visa to Deliver VMPA Testing
Advanced secure-chip testing company, FIME, has been accredited by Visa to deliver Visa Mobile Payment Application (VMPA) testing. This extends FIME’s existing Visa payment card and terminal testing portfolio to also include the validation of a Visa payment application on a secure element (SE).
VMPA is a secure applet that resides in the SE and transforms an NFC phone into a payment device, enabling consumers to pay for low cost goods and services by waving their smartphone in front of a contactless payment terminal. [Read more…]
FIME
FIME advances end-to-end transaction solutions and mobile services, enabling market security and interoperability.
As an independent worldwide leader in consulting and testing services, FIME ensures the compliance of mobile devices and chip-based applications to industry standards. Its international team works with manufacturers, banks and authorities within the EMV payments, mobile near field communication (NFC), telecom, transport and e-identity sectors. [Read more…]
PXT Payments
PXT Payments is an electronic payments company facilitating transactions via mobile devices such as peer to peer, onsite POS, mobile merchants, and on the Internet.
PXT Payments was founded in early 2004 as a smart card debit payment system for local parking meters, garages and participating merchants.
In 2012, PXT Payments captured the mobile market with looped in, a smartphone application that expands the merchant-consumer relationship. [Read more…]
BU’s Agganis Arena to Accept looped in Mobile Pay App
BOSTON, MA–PXT Payments, provider of looped in, an electronic mobile payment system, has partnered with Boston University’s Agganis Arena. The Boston mainstay sports, concert, and event venue will accept the looped in app at all of its food and beverage stands.
“looped in mobile technology offers fans an enhanced user experience at the game, a quick alternative to cash anywhere, deals at the arena and around town, and can keep them in touch with what’s going on at Agganis,” said Kristoffer Brassil, general manager for Agganis Arena. “Fans can be on the lookout for looped in deals, games and even prizes.” The app is geo-location based, so it is easy for people to find looped in merchant deals near Agganis before and after games, too. [Read more…]
Race is On to Build Mobile Wallet App to Corner the M-Payments Market
The battle to transform the way Canadians pay at the checkout counter is gearing up to be a long slog with countless twists and turns.
While the country’s biggest banks, telcos and credit card companies are sprinting out of the gate, each with different approaches on creating the mobile wallet, the race is more likely to evolve into a marathon with very high stakes. [Read more…]
Cash-Based Alternative Online and Mobile Payment Services Around the World
Around the world, cash remains a significant consumer payment instrument, but as the 21st century shopping experience evolves, consumers who use cash exclusively or almost exclusively will be disadvantaged as goods and services increasingly move online.
In many countries, in response to the prevalence of cash for payments as well as to the low percentage of consumers with checking bank accounts and consumers’ concerns over the security of transmitting sensitive personal and financial details online, firms have stepped up to provide cash based alternative online and mobile payment services. These services enable consumers to pay with cash for purchases they can initiate online or with their mobile phones. [Read more…]
P2P payments set to launch across UK banks in April 2014
The Payments Council’s upcoming Mobile Payments Service, which is
due to launch in April 2014, will enable customers to make secure
account-to-account transfers using only a recipient’s mobile phone
number. The launch of the service was revealed at an SQS hosted
seminar that also discussed the technical and legal compliance issues
associated with mobile payment services using open source software
(OSS).
Nick Daniel, Head of Business Development at VocaLink, David Picton,
Senior Project Lead with the Payments Council, Julian Brook, Associate
Director at SQS UK, and Pinsent Masons associate Angus McFadyen led
the panel answering attendees’ questions. The panel focused on The
Payments Council’s upcoming Mobile Payments Service and Picton
believes this new service will be ideal for users transferring money
between accounts while on the move – a point confirmed by Daniel,
who stated that VocaLink anticipates the number of people using mobile
payments to reach 25 million by the end of 2014. [Read more…]
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