Nokia has started shipping mobile phones in India that are preloaded with its banking application, in a bid to popularize mobile banking in the country.
India is the first market where Nokia is preloading the Mobile Money client on its phones, a company spokeswoman said on Monday.
Nokia has already teamed up with Union Bank of India, and Yes Bank, and rolled out a mobile banking service based on the Obopay mobile payment platform, on a revenue-sharing basis. [Read more…]
IBM (NYSE: IBM) today announced details of a $3 million (USD) deal with the Commercial Bank of Ethiopia (CBE) to support the bank in a major program of modernization and business expansion.
Under the terms of the agreement, IBM will provide hardware, software and IT services to support the bank in its rapid business growth and its shift from manual financial processes to real-time financial services.
With the new IT infrastructure, the bank plans to increase its number of accounts by 25 percent per year, launch 200 new ATMs per year and open 500 new branches over the next five years. It will also enable the bank to strengthen and extend its relationship with credit card providers such as Visa and MasterCard and roll out new mobile and internet banking services. CBE’s account holders will benefit from reduced waiting times and a greater choice of banking channels and services. [Read more…]
Utah Community Credit Union (UCCU) has announced the release of UCCU mobile money management applications for iPhone and Android mobile smartphones.
“UCCU continues to invest in technology to make life easier and more convenient for our members,” said Brad Norton, UCCU SVP of Marketing. “If you have a UCCU account, now you can have it in your pocket, anytime, anywhere you need it. Since a considerable percentage of UCCU members now reside outside of the immediate Utah Valley area, it’s important that they have access to their accounts at all times.” [Read more…]
According to a recent report by the Boston Consulting Group, introducing mobile financial services to the “unbanked” could have a positive effect on more than 2 billion people.
The study named “Socio-economic impact of mobile financial services” also shows that economic inequality in Malaysia could be reduced by five percent and become roughly equivalent to that of Canada today. In the developing world, more than 2.5 billion adults – or approximately 72 percent of the population – are unbanked, meaning they have no access to traditional financial services like banks. At the same time, nearly 2.5 billion people in these same emerging economies have mobile phones. This means that there could be up to 2 billion mobile phone users who are currently unbanked that could be served through mobile financial services. Overall in the five countries covered in the study, mobile financial services has the potential to reduce financial exclusion by five to 20 percent through 2020 and increase GDP by up to five percent. [Read more…]
As the use of mobile payments grows globally, so too does the risk of mobile payments fraud. Gartner, and other eminent research companies, predict that these services will be extremely attractive to fraudsters and those seeking vehicles for money laundering. According to Gartner, mobile payment services are expected to reach US$245 billion in value worldwide by 2014.
According to Neural Technologies, an appreciation of the fraud and risk threats posed by mobile payments can be achieved through understanding the various mobile payment products and services on offer, as well as the different technologies used to deliver them. [Read more…]
Intuit Inc. today announced it has acquired mobile Web banking technology assets from Mobile Money Ventures, or MMV, a leading global provider of next-generation mobile financial solutions.
“Through the successful joint venture of Citigroup and SK Telecom Americas, MMV has created the next-generation mobile financial services platform, providing customers anytime, anywhere access to their financial information on any device.”
[Read more…]
Payfone, a mobile payment processing service backed by American Express and Verizon, announced the appointment of veteran growth-stage company executive Matthew Tucker to the position of Chief Operating Officer. Tucker will drive the company’s global expansion and mobile payments adoption worldwide.
Tucker was most recently the President of Recyclebank, the Wall Street Journal’s 2011 number four-ranked “Next Big Thing” venture-backed company. Tucker brings to Payfone significant background in leveraging global relationships to successfully build and scale growth stage companies. Prior to Recyclebank, Tucker was CEO of Rely Software, and the first head of sales and marketing at Web-based banking pioneer LendingTree. [Read more…]
MENA Managing Director Ziad Alshobaki (Middle) of Mobibucks FZ LLC at MPD Payments Innovation Institute (Photo: Business Wire)
Mobibucks, selected as one of the most promising innovators in payments, showcased its next-generation mobile payments, marketing and rewards solutions. “Mobi™” is a first-of-its kind payment product for making purchases using a mobile phone number. It provides customers with a patent-pending, cashless, card-less, paperless and phone-less payment solution that targets the everyday purchases made by consumers. The company also showcased its recent mobile payments service launch at Abu Dhabi Commercial Bank (ADCB) in Abu Dhabi, UAE. ADCB is the first bank to offer this unique mobile payment service.
The two days of “innovation immersion” was led by faculty members from renowned business schools as well as the leaders of some of the most innovative companies in the payments industry. Ziad Alshobaki, who presented the success story between Mobibucks and ADCB, was the only participant from the Middle East.
The MPD Payments Innovation Institute (PII) is designed to help people in the payments industry find the next great idea; drive adoption for new products and services to attain critical mass and ignition; and turn great ideas into great businesses that are viable and profitable.
Source: Business Wire
PayPal estimates it could process as much as $3 billion in mobile device payments this year, as e-wallet options continue to expand in an increasingly competitive field.
The San Jose, Calif.-based company, which originally expected to reach $1.5 billion in mobile payments, doubled its estimate as more smartphone users begin to use mobile platforms to purchase goods. [Read more…]
The PCI Security Standards Council (PCI SSC), a global, open industry standards body providing management of the Payment Card Industry Data Security Standard (PCI DSS), PIN Transaction Security (PTS) requirements and the Payment Application Data Security Standard (PA-DSS), today provides clarity around what type of payment applications are eligible for PA-DSS validation and listing, including an update on the applicability of PA-DSS to mobile payment acceptance applications. A report from the company lists the types of mobile applications now measured by the security standards, and which applications require additional review. [Read more…]
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