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Canadian Bank CIBC Launches Mobile Banking App for iPad

March 28, 2012 by Mobile Payment Magazine

CIBC today announced the launch of a Mobile Banking App designed specifically for the iPad.

The launch makes CIBC the first major bank in Canada to deliver a native iPad mobile banking app, building on CIBC’s leadership in mobile financial services. The app enables CIBC clients to bank on their iPad using new interactive graphics and visuals, and leverages the full screen and capabilities of the iPad.

“Just as we did when we launched the first Mobile Banking App in Canada in 2010, CIBC is moving quickly to deliver banking services to our clients through the technology they use everyday,” said Michael Martin, Senior Vice President, Alternate Channels, CIBC. “Our new Mobile Banking App for iPad offers engaging features that utilize the iPad’s large, high resolution Retina display, and rich interactive graphics and visuals, making it easier to understand and manage your finances.”

“Clients are increasingly looking for greater flexibility and an anytime, anywhere connection to their banking, allowing them to take care of day to day transactions at a time and place that works for them,” added Mr. Martin.

Just as they can on CIBC’s award winning Mobile Banking App for the iPhone, clients can use the new CIBC Mobile Banking App for iPad to check account balances, transfer funds, pay bills and send Interac e-Transfers.

Clients can visit to view an online demonstration of the new CIBC Mobile Banking App for iPad, and download it for free. Clients can also download it from the App Store.

Source:  CIBC

Filed Under: News Tagged With: Canada, CIBC, iPad, Michael Martin

KOBIL Systems mIDentity App Security Toolkit Secures Any Online Mobile Application

February 21, 2012 by Mobile Payment Magazine

KOBIL Systems, a provider of mobile IT security and digital identity solutions, introduced the new mIDentity App Security Toolkit, (mID AST), which protects mobile users from multiple security attacks.

Kobil’s core product is mIDentity, a smardcard-reader in the shape of a USB-stick. With mIDentity, a user simply inserts the USB-stick into the USB port of any Windows, Mac or Linux computer and the
required applications (such as an internet-browser) are pre-installed and so there is no need of further installations. Once the secure browser launches the user is given access to their online account, and
may safely execute all desired e-banking transactions – this is all done without any software, driver installation or footprint left on the machine when the USB stick is removed.

The integrated and custom-configured smartcard makes communications safe and convenient while preventing non-authorized third-party access. mIDentity is currently deployed by millions of users worldwide and many banks and corporations rely on Kobil technologies, such as Deutsche Telekom, ING Bank, Rothschild Bank, UBS, German parliament and German Federal Office for Information Security (BSI).

Kobil recently introduced the mIDentity App Security Toolkit, (mID AST), which protects mobile users from multiple security attacks. mIDAST is a software development kit which secures any online mobile application, such as mobile banking applications. Kobil offers two reference implementations of this toolkit: mIDentity Trusted Web View (mID TWV), an application for secure authenticated mobile web browsing and the mIDentity Trusted Messages Sign (mID TMS), an application designed to replace weak and costly text/short message (SMS) online services and phone callback OTP services with authenticated
transaction messages that cost less.

“We see an exponential increase in the use of enterprise apps in mobile space,” said Ismet Koyun, CEO of KOBIL Systems GmbH. “KOBIL is helping app developers  and organizations who use apps as portal for secure online transactions by leveraging the company‘s military grade security technology for popular mobile platforms to protect these transactions against cybercrime and unauthorized access.”

”KOBIL’s new offerings at RSA 2012 provide highly secure and convenient solutions to protect the digital identities of mobile end users,” said Tan Sarihan, CEO of KOBIL Technologies USA, Inc., “We have demonstrated our effectiveness around the world by securing millions of online banking users. These new products extend KOBIL’s vision of enabling different technologies into convenient security solutions that solve real mobile computing problems.”

According to KOBIL, virtually all of today’s most common web browser attacks on PC platforms also exist for mobile device web browsers. Users can be tricked via phishing and pharming attacks, and mobile devices are more likely to be at risk of man-in-the-middle and man-in-the-browser attacks that can modify online transactions while accessing popular online services. The use of static passwords, text/SMS, phone callback OTP, soft One Time Passwords (OTP) or basic hard OTP tokens will not stop these attacks. KOBIL secures mobile web browsers through the mIDentity Trusted Web View (TWV) powered by mIDentity AST. The mIDentity TWV is a downloadable mobile application with all the functionality of mIDentity AST and uses mobile web browsers in a controlled way.

Mobile platforms can be used as an out-of-the-band authentication solution for PC based access to online applications. To make sure out-of-the-band authentication for both login and transaction signing is secure, mIDentity Trusted Message Sign (TMS) solution powered by mIDentity AST can be easily implemented as a reference solution. The full featured mIDentity TMS is a downloadable mobile application that offers up to 80 percent of the cost savings over traditional SMS.

The apps which are using mIDentity AST functionality can use external hardware devices such as mIDentity Air or Air+ for third factor authentication, signing and additional trust points. These devices should be used with mobile platforms for processing high risk transactions.

Source: KOBIL Systems

Filed Under: News Tagged With: Ismet Koyun, KOBIL Systems, mIDentity, Tan Sarihan

PayPal Mobile Payments – $4 Billion in 2011

January 10, 2012 by Mobile Payment Magazine

PayPal Logo

If you need one example that epitomizes the massive potential in mobile payments, you need only look at PayPal.

The online payment company racked up nearly $4 billion worth of mobile payments last year, a huge jump from $750 million in 2010. [Read more…]

Filed Under: News Tagged With: PayPal Mobile

Trunkbow International and China UnionPay Form Mobile Payment Partnership

January 10, 2012 by Mobile Payment Magazine

Trunkbow International Holdings Limited, a provider of Mobile Payment Solutions (“MPS”) and Mobile Value Added Solutions (“MVAS”) in China, today announced that it has entered into a partnership agreement with China UnionPay (“UnionPay”), China’s leading bankcard association, for the development and marketing of the Trunkbow UnionPay mobile payment applet.

Under the agreement, Trunkbow is developing a UnionPay-certified plug-in applet that will enable m-commerce transactions through UnionPay’s clearing system. The companies expect to launch this applet to merchants in January 2012.

In addition to development and aftermarket support of the applet, the companies will work together to develop and expand the Trunkbow UnionPay merchant network, and market the m-commerce solution to China’s nearly 1 billion mobile phone users.

Trunkbow will receive a percentage of the gross value of each transaction processed through the applet, as negotiated with individual merchants. The Company expects its per-transaction fees to range from 0.4% to 2.4%, depending on the merchant and type of transaction.

“This partnership will provide us with meaningful financial contributions through revenue sharing with both China UnionPay and individual merchants. It represents an important strategic milestone for our MPS business, as it marks the implementation of our MPS technology into a nationwide inter-bank transaction clearing system that processed RMB 11.2 trillion in transactions in 2010,” said Mr. Qiang Li, CEO of Trunkbow. “Smart phone adoption and mobile application use are growing rapidly in China, with tech-savvy consumers migrating to m-commerce in growing numbers. The Trunkbow UnionPay applet can be integrated into an individual mobile application or app store, and provides a new, extremely convenient payment option for consumers. With a defensible first mover advantage and strong partnerships with China’s three wireless carriers and leading clearing house, we are well positioned to capture share in this emerging market.”

Mr. Li added, “The nationwide roll-out of the Trunkbow UnionPay mobile payment applet greatly enhances our merchant acquisition capabilities. Our POS-based MPS platform is active in 24 provinces through all three wireless carriers, and the Bestpay mobile application is being rolled out to China Telecom’s 28 million 3G smart phone users. The addition of the UnionPay mobile applet and rapidly growing number of m-commerce end-users make the benefits of MPS technology, and our solution in particular, increasingly attractive to merchants as an alternative to card-based transactions. Having taken this important step to expand our MPS footprint, we plan to aggressively ramp our merchant acquisition efforts through the establishment of partnerships with online and offline retailers, service providers and other merchants. We believe that this strategy will help Trunkbow build a solid recurring revenue base, resulting in greater stability and visibility in our MPS business, while giving us access to a virtually limitless market.”

The Trunkbow UnionPay mobile payment applet can be incorporated into any existing mobile application to facilitate simple, secure online payments from a user’s mobile phone. Representative transactions include the payment of utility and other bills, purchase of lottery, movie and event tickets, online gaming credits, e-books as well as physical goods from online and brick-and-mortar merchants utilizing the applet.

Source: PR Newswire

Filed Under: Mobile Partnerships, News Tagged With: China, China UnionPay, Trunkbow, Trunkbow International Holdings Limited

Visa Certifies Samsung, LG and Blackberry Smartphones as Visa payWave Mobile Payment Devices

January 10, 2012 by Mobile Payment Magazine

Visa payWave

Visa Inc. and Visa Europe today announced that NFC-enabled smartphones from Samsung Electronics, LG Electronics and Research In Motion (RIM) have been certified for use with Visa’s mobile application for payments at the point-of-sale, Visa payWave.

The Samsung Galaxy SII, LG Optimus NET NFC, BlackBerry  Bold  9900, BlackBerry Bold 9790, BlackBerry  Curve 9360 and BlackBerry Curve 9380 have been added to the list of Visa compliant payment products available for commercial deployment by financial institutions.

All the new devices certified by Visa host the Visa payWave application on a secure SIM card and feature NFC (Near Field Communication) technology, the short range communications standard that enables mobile phones to securely transmit payment information to a contactless payment terminal.

“This is an important step for Visa, its financial institution partners and the mobile industry,” said Bill Gajda, Global Head of Mobile Product, Visa Inc. “In addition to issuing plastic magnetic stripe or chip-enabled payment cards, financial institutions can now consider offering their account-holders a way to transform their smartphones into fully functional mobile payment devices.”

Visa’s certification of these smartphones paves the way for mobile device manufacturers, mobile operators and retailers to partner with financial institutions to offer Visa mobile payment functionality to consumers globally.

Visa’s Certification Process

Visa has played a leadership role in establishing global standards for mobile payments, making sure that they are aligned with existing technology and security standards for chip payment cards and can easily be integrated into the existing payments ecosystem. For example: Visa payWave on mobile devices is compatible with existing contactless (NFC) payment terminals already installed at retail outlets worldwide, enabling Visa accountholders to simply wave their enabled phone in front of a payment terminal in order to pay.

Visa has a compliance testing process for both mobile devices and the secure elements that host the Visa payWave mobile application. The process includes extensive technical and usability testing with respect to the Visa mobile payment functionality. This helps to ensure reliable and secure Visa transactions which are compatible with the global standard for chip-enabled payments, and establishes a required signal range for all mobile (NFC-enabled) Visa payment devices. Visa’s compliance testing process helps to ensure the combination of the phone; secure chip and Visa’s mobile payment application will provide the level of security and user experience Visa accountholders have come to expect from Visa.

“Today’s announcement is another example of the momentum we are seeing behind NFC as an industry standard for mobile payments,” said Nick Holland, senior analyst Yankee Group. “Yankee Group predicts that the value of NFC-based transactions will grow significantly, from $27 million in 2010 to $40 billion in 2014.”

Source: Business Wire

Filed Under: News Tagged With: BlackBerry, LG, Research-in-Motion (RIM), Samsung, Visa, Visa Europe, Visa payWave

Best Hidden Stocks for Near Field Communication (NFC)

January 4, 2012 by Mobile Payment Magazine

NXP Semiconductors logo

Near-field communications, or NFC, is a technology that allows communication over very short distances — typically just a few centimeters. Using a smartphone, a user can touch the phone to an NFC tag and immediately be connected to a website, dial a phone number, or launch an app to show information such as business details or points of interest. That’s why investors might want to pay closer attention to NXP Semiconductors, a leader in the NFC niche. It recently paired up with Identive to produce an NFC tag that will be able to be read through glass, making the technology even more useful for consumers who want to access displayed data by waving their cell phones in front of it. And because it consumes only 144 bytes of memory, cell-phone makers can preload their phones with promotional URL addresses or other content. [Read more…]

Filed Under: News Tagged With: NFC, NXP Semiconductors

Collective POS Launches Mobile Payment Solution for Apple, Blackberry and Android Smartphone Devices

December 16, 2011 by Mobile Payment Magazine

Collective Point of Sale Solutions, a Canadian provider of payment processing services, has launched VirtualMerchant Mobile, a mobile P.O.S solution that allows small and medium-sized businesses to process credit card payments using an existing smartphone device.

“We worked very hard to deliver a payment solution that enables businesses to utilize their existing hardware, technical infrastructures and communications providers,” said Michael Back, CEO and President of Collective POS. “With this product, merchants can turn any iPhone, iPad, iPod Touch, Android or Blackberry device into a secure, affordable point of sale terminal.”

To set up, merchants who have been approved for credit card processing download an application from the relevant app store and enter the account information provided to them by Collective POS.

VirtualMerchant Mobile includes both hardware and software features to ensure complete end-to-end transaction security. To protect merchants and cardholders, no payment information is stored on the mobile device. At the time of swipe, card data is encrypted through the provided card encryption sleeve and immediately sent to a firewall-protected, secure hosting environment.

“This solution is perfect for taxi and livery services, companies that offer delivery, participate in trade shows or flea markets, home-based businesses and any other business that wishes to accept credit cards on the go,” said Michael Back.

In addition to portability and information security, VirtualMerchant Mobile offers the reliability that is synonymous with all Collective POS offerings, making it an ideal solution for any on-the-go business or service.

Collective POS serves more than 10,000 businesses across Canada, including retail stores, restaurants, hospitality providers, mobile services, e-commerce merchants, mail order/telephone order businesses, professional firms/clinics/practitioners, B2B product/service providers, tradespeople and many other industries.

Source: Collective Point of Sale Solutions, Ltd.

Filed Under: News Tagged With: android, Apple, BlackBerry, Canada, Collective Point of Sale Solutions, Collective POS, Michael Back, PoS Terminal, VirtualMerchant Mobile

Consumers Union Warns About Mobile Payment Security

December 15, 2011 by Mobile Payment Magazine

Most cell phone and tablet users can purchase digital goods and charge them to their monthly bill or prepaid phone account. But they may not get the protections they need to limit their financial liability if something goes wrong with the transaction. The protections consumers receive will vary depending on their wireless carrier’s policies and what?s in their cell phone contract, according to a new analysis by Consumers Union.

“Consumers using mobile payments should get the same strong protections they currently enjoy when they make purchases with a credit card or debit card,” said Michelle Jun, senior attorney for Consumers Union, the nonprofit advocacy arm of Consumer Reports. “But we found that consumer rights can vary widely between wireless carriers and the protections carriers claim to provide are often nowhere to be found in customer contracts.”

In May 2011, Consumers Union called on the top wireless carriers to strengthen their contracts to protect consumers in the event that their phone is lost or stolen or if a merchant makes a billing mistake or the customer is not satisfied with a purchase. The consumer group urged the carriers to provide the same strong protections guaranteed by law when consumers use a credit card or debit card. In addition, Consumers Union pressed the companies to provide consumers across the country with the same protections California phone customers are entitled to receive as a result of regulations issued by the state’s Public Utilities Commission (PUC).

Since May, Consumers Union has been in communication with representatives from AT&T, Sprint, T-Mobile, and Verizon Wireless to find out how they handle disputed mobile payment transactions. All four carriers maintain that they provide ample protections for consumers.

However, Consumers Union found that the protections these carriers provide fall short of what consumers get when they use credit cards and debit cards or when California consumers report a disputed charge on their phone accounts. In addition, many of the protections that wireless carrier representatives described to Consumers Union are not disclosed in customer contracts, making it difficult to know whether consumers can count on these safeguards when problems arise.

“As new mobile payment options become available, consumers are better off sticking to services linked to credit cards or debit cards, which come with strong protections required by law,” said Jun. “If wireless carriers want consumers to have confidence in direct carrier billing programs, they should strengthen their contracts with the protections consumers need.”

Below is a summary of the protections that Consumers Union analyzed and what is provided by the top wireless carriers:

Limit liability when phones are lost or stolen: A credit card customer’s liability is limited to no more than $50 for unauthorized charges. In practice, credit card issuers usually shield customers from any financial liability for fraudulent charges. Verizon Wireless? contract makes clear that its customers are not liable for charges related to a lost or stolen phone. Contracts for AT&T, Sprint, and T-Mobile protect customers from fraudulent charges made after a phone is reported lost or stolen but consumers may be on the hook for charges made before making a report.

Limit liability for disputed charges: If a billing error appears on a monthly credit card statement, there is no liability for the customer as long as the customer reports the error within 60 days. “Billing error” also includes a dispute with a merchant about the delivery or acceptability of goods or services. While all four wireless carriers insist they provide refunds for billing errors or when customers are unhappy with purchases, these rights are not clearly disclosed in their contracts.

Re-credit pre-paid customers within 10 days for disputed charges: After a consumer reports a fraudulent transaction involving a debit card, the bank must either complete its investigation within 10 business days or provisionally re-credit the consumer’s funds within that time. AT&T, Sprint, and T-Mobile indicated that they strive to provide prompt refunds but none guarantee in their contracts that pre-paid customers will get a provisional refund within ten days after reporting fraudulent charges. Verizon Wireless does not allow customers with pre-paid phone accounts to make mobile payment charges.

Give customers the right to withhold payments for disputed charges: California’s PUC rule gives phone customers in that state the right to withhold payment of disputed charges while an investigation is conducted and requires investigations to be completed within 30 days. Sprint’s contract indicates that customers don’t have to pay for disputed charges as long as they are reported within 60 days. AT&T said that it gives all customers the right to withhold payments during an investigation but its contract only discloses this right to Californians. T-Mobile discloses these rights for California customers but not for customers living in other states. Verizon Wireless’ contract allows customers to withhold payment for charges related to lost or stolen phones but it does not indicate that consumers have this same right for other kinds of disputed charges.

Enable customers to set a cap on mobile payment charges: The California PUC rule allows consumers to block third party charges on their accounts. All four wireless carriers allow customers to block third party charges but AT&T and Sprint do not disclose this right in their contracts. AT&T, Sprint and Verizon Wireless set their own dollar limits on allowable charges (AT&T has a $100 limit per month per line while Sprint and Verizon Wireless limit charges to $25 per month per line). AT&T enables consumers to set their own limits but charges $4.99 per line each month to do so.

For more details, see How Top Wireless Carriers Compare on Consumers Protections for Mobile Payments.

For Consumers Union’s mobile payment tips for consumers, see: Mobile Payments Tip Sheet: What Can Consumers Do Now

Source: Consumers Union

Filed Under: News Tagged With: Consumer Reports, Consumers Union, Fraud Prevention, Michelle Jun, Mobile Fraud

Nokia Launches Mobile Wallet in India

December 15, 2011 by Mobile Payment Magazine

The Finish mobile giant has launched its Nokia Money service. The service saw pan-India launch and can be used on any mobile.  The Nokia Money platform allows you to do number of financial transactions such as payments for utility bills, tickets, top-ups and insurance premiums that can be conducted on the mobile phone itself.

You can register for the Nokia Mobile by registering with a local Nokia outlet and depositing cash there. From there your cash will be converted in to digital cash and you can avail the service through SMS.

Read more, via MSN India.

Filed Under: News Tagged With: India, MobileWallet, Nokia

PayByPhone Adds NFC Mobile Payments for San Francisco Parking Meters

December 14, 2011 by Mobile Payment Magazine

PayByPhone, an international provider of systems for parking and urban mobility payments, today announced one of the largest deployments of near field communications (NFC) payment solutions in the world. The San Francisco Municipal Transportation Agency (SFMTA), which selected the PayByPhone mobile payment system for parking, is currently adding NFC-enabled stickers to the city’s 30,800 parking spaces to give drivers the option to pay for parking with NFC-enabled mobile phones in addition to mobile apps and mobile web for regular phones. All parking meters continue to accept payment with coins.

The PayByPhone system, already deployed in the city’s Castro district will be extended citywide as installation of the stickers is completed. The PayByPhone NFC sticker has a passive electronic chip that does not require a battery and stores information such as the parking space number that can be read wirelessly by any NFC-enabled phone. [Read more…]

Filed Under: News Tagged With: Mobile Parking, Neil Podmore, PayByPhone, San Francisco, SFMTA

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