The third-party payment industry led by internet payment, mobile payment, prepaid card, POS (Point of Sale), etc. has continued to flourish since 2014, with market transaction scale hitting RMB23.3 trillion, a year-on-year increase of 35.47%, and 270 licensed companies (as of April 10, 2015), of which, Beijing has the largest number of 58. [Read more…]
American Express and Jawbone announced a new partnership that will allow customers to tap to pay with the new Jawbone UP4 fitness tracker anywhere American Express contactless payments are accepted in the United States. The new Jawbone UP4 tracker is expected to be available for purchase this summer.
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LG Uplus announced today that it will offer a new mobile payment service in China in collaboration with KB Kookmin Card and China Union Pay. When customers download Union Pay-branded mobile credit cards, they can make payments through near field communication (NFC) in China and Korea, starting in July, 2015.
Union Pay has set up the NFC payment terminal at more than 5 million stores in China. The cooperation with Union Pay is essential for entering the payment industry in China. [Read more…]
Trustonic and Mobeewave have partnered to provide quicker and safer contactless payments for both merchants and consumers. The partnership of the two companies will allow Mobeewave-enabled NFC devices to reach best-in-class security level for accepting contactless transactions with a mobile.
In today’s mobile and connected world a seamless user experience and flawless security is paramount. The combination of Mobeewave’s expertise in mobile acceptance with the security features of the Trustonic TEE provides end-to-end secure Mobile Point of Sale (mPOS) infrastructure for taking contactless card and wallet payments.
Up to now mPOS solutions have not completely secured the interaction with consumers on mobile devices unless merchants used add-on devices. By downloading the Mobeewave mPOS application into merchant mobile devices supporting the Trustonic technology, consumers will be able to securely tap their contactless card or smartphone against the merchant’s mobile device. The Trustonic TEE technology secures the interaction with the cardholder on the merchant’s device itself by leveraging the Trusted User Interface.
This system not only benefits both established retailers who want to provide more flexibility and a better user experience, as well as small and mobile merchants who can’t afford the complex traditional POS infrastructure set up.
“There is a lot of traction for mobile payment acceptance right now. Partnering with Trustonic will definitely fast-track the adoption of this next revolution in mobile payment“, said Benjamin du Haÿs, CEO & co-founder of Mobeewave. “We’re happy to complement our offer by leveraging Trustonic’s innovative top-of-class platform. We believe that the NFC mPOS key use case will highlight the need for better security as TEE can provide”, said Maxime de Nanclas, COO & Co-founder of Mobeewave
“The continuing trend for contactless payments changing the way we buy and sell has resulted in a need for more trust in our mobile devices”, said Olivier Leger, EVP S&M Trustonic. “Mobeewave’s mPOS platform combined with Trustonic TEE provides an enhanced, safer and more streamlined digital experience for all parties.”
Source: Business Wire
Apple Pay is already available to many iPhone users, but the iWatch, which allows consumers to buy things with little more than a wave of the wrist, could significantly accelerate adoption among Apple customers and retailers. Assuming, that is, that users warm to the new payments technology enough to get over fears about stolen accounts. They should. Smartphone-based payments are typically more secure than credit cards. Why is that? [Read more…]
As it becomes clear that mobile payments will dominate peer-to-peer money transfers and point-of-sale transactions in the future, the battle for mobile payment market share is heating up.
Competition is stiff in this emerging market, and for good reason. The chart below illustrates the growth that is expected from mobile payments over the next few years, which is nothing short of impressive.
There are several key players in the battle for our mobile payment transactions. Let’s take a look at each one. [Read more…]
Writing in his latest annual “Gates Notes” letter, Microsoft founder and philanthropist Bill Gates highlighted the digital banking sector and observed that smartphones and mobile technology would define banking in Africa, especially in those communities where the cost of banking and a lack of infrastructure remain major barriers to entry.
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A promising new model is emerging for cross-border remittances with mobile money as both the sending and the receiving channel.
This paper from GSMA draws commercial insights from two early examples in the West African Economic Monetary Union (WAEMU), where member states are socio-economically integrated and adoption of mobile money has been rapid in recent years. These factors make the region a natural starting point for this model. [Read more…]
Salarium, a cloud-based payroll solutions provider, has partnered with PyxPay, a mobile payment company, to create Salpay, a mobile and web-based payment system. software that can carry out human resource functions such as time and attendance, payroll processing, expense management, employee database management, government-due computations and employee self service applications for loans, leaves and overtimes. The integration of Salarium’s comprehensive software to PyxPay’s core mobile, web and prepaid platform will be released as “Salpay” in the mobile application marketplace.
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MyCheck has received a $5M investment from Santander Innoventures Fund in return for an equity stake in the business. The investment kicks-off MyCheck’s Series B funding round. The venture will allow Santander’s retail and commercial customers around the world to benefit from MyCheck’s innovative technology that allows users to check into venues, pay securely, and receive relevant offers and information from their smart device.
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