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.
BillingTree Featuring Text Bill Presentment and Authorization at EEI/AGA Customer Service Conference
On-demand payment processor BillingTree will feature its Mobile Solutions Suite including text notification and payments, Pre-Funded accounts and mobile optimized web forms along with PaynCash, EBPP and Account Verification tools at next week’s EEI/AGA Customer Service Conference.
The Edison Electric Institute and American Gas Association (EEI/AGA) Customer Service Conference & Exposition is a premiere utility industry customer service annual event. Utility professionals from all levels involved in customer service activities, encompassing customer call centers, benchmarking, meter reading, remittance processing, telephone centers, credit/ collection, customer accounting, mail center operations, training, branch/business office operations and related areas will attend.
Mobile payment options offer greater convenience for customers on the go, and provide a tool for organizations to communicate directly with their customers about possible service outages etc., as well as any outstanding bills.
BillingTree supplies a leading fully integrated, multi-channel electronic payment platform to a growing list of Industries, including Insurance, Utilities (such as energy, cable, municipal, and phone), as well as Healthcare and Subscription-billed services. Benefits of electronic payment solutions include an accelerated availability of consumer funds, reduced costs associated with manual-payment processing, improved cash management, and integrated processing by managing all payments, returns, and corrections through a single portal.
Source: BillingTree
Develping Mobile Banking Channel for Corporate Clients is Top Prioirty for Bankers, Says Survey
Developing a mobile banking channel for their corporate clients is a top priority for bankers, according to a recent survey by Fundtech. The results of the survey, taken among bankers on the topic of mobile banking, show that many bankers think it has the potential to become an important competitive differentiator. By far, the major concern is related to security and fraud issues.
Key Findings
The survey of 267 bankers was fielded in March and has the following key findings:
- 54% say that developing their mobile corporate banking services is a top or very important priority
- 42% rated their customer’s interest as either extremely or very high
- 31% believe that mobile corporate banking will become a competitive differentiator for their bank; however 38% see it becoming just another service delivery channel
- 77% think fraud/security concerns are the biggest barriers to growth in mobile corporate banking.
George Ravich, Chief Marketing Officer of Fundtech comments: “The results of the survey show strong interest in developing the mobile corporate banking channel. One interesting dichotomy was revealed: while only 15% of those bankers surveyed see mobile corporate banking as a revenue opportunity, our recent survey done in partnership with Aite Group revealed that 49% of corporate treasurers are willing to pay for such services. This suggests that banks may still not yet fully realize the business opportunity for mobile banking.”
Fundtech develops transaction banking solutions that automate activities such as payments, cash management, settlement, liquidity management, and the financial supply chain.
Source: Fundtech
Mobile Financial Solutions Providers Advocate Open Mobile Money Transfer Ecosystem
Money Transfer Industry Urged to Inter-connect at IAMTN Conference: Luup and Dhasatra Advocate an Open Mobile Money Transfer Ecosystem.
Luup, a mobile financial solutions provider with offices in UAE, Norway and the UK, outlined key success factors for building a seamless remittances ecosystem that includes challenging geographies such as Indonesia. The information was presented at the MTD conference held in Dubai by the IAMTN, the international trade association for the money transfer industry.
According to Saqib Iqbal, Regional Director Asia Pacific for Luup, “Users want cost-effective interconnected money transfer services that they can access from any provider, anytime, anywhere.” He added: “Mobile technology enables such efficient services, yet they depend on co-operation and the building of payments gateways, seamless remittance interconnections and cash-out facilities.”
Indonesia is a particularly challenging geography due to a largely unbanked population spread over hundreds of islands. The proliferation of mobile phones though makes it highly conducive to mobile enabling services. Seizing this opportunity to bring cost effective, real time remittance solutions to its customers, Dhasatra Indonesian Remittance, has joined Luup’s expanding, open mobile money transfer ecosystem.
Luup will mobile enable the inbound remittance corridor to Indonesia for Dhasatra and the subsequent distribution into Dhasatra’s extensive network in the country. Both banked and unbanked will be able to remit into bank accounts of 120 banks or cash out from bank and post office branches as well as telecom franchisees.
In 2010 alone inbound remittances to Indonesia amounted to around US$ 11Bn. The fast growing numbers of Indonesian migrants in the Middle East in particular are set to benefit from this increased convenience. The UAE, for example, ranks fourth globally with its sending volume to Indonesia and Luup already has an established payments gateway serving users in the Middle East. Luup’s regional presence provides Dhasatra with access to more sending institutions and other key partners in the Luup ecosystem.
Nicolas R. Dharmawan, President Director of Dhasatra, joined Luup at the MDT conference in advocating seamless mobile money transfers and gave examples of business benefits his company is gaining: “Partnering with Luup brings more remittances volume and traffic to Dhasatra and ultimately increases revenue. We are also excited about opportunities we will be able to pursue in Indonesia for m-commerce and domestic mobile money transfers as the partnership evolves further.”
The Money Transfer Dubai conference was held on the 29th March in Dubai and Luup demonstrated its solutions on its stand as well as speaking on the conference stream ‘Business opportunities and Challenges’.
More information: IAMTN
Source: PR Newswire
Gemalto Mobile NFC Payment Application Certified by MasterCard
Digital security company, Gemalto, has announced the first UICC-embedded software application compliant with Mobile MasterCard PayPass M/Chip 4, the brand new MasterCard payment specification designed for mobile near field communications (NFC).
The software application and the UICC have both successfully achieved the compliance assessment and security testing certification in accordance with MasterCard’s highest chip security requirements.
The certification paves the way for mass commercial rollouts of NFC payment across the world. In the UK, Gemalto is already partnering with a global, first-tier financial institution and a world leading mobile operator, to implement the new MasterCard certified mobile payment application and carry out the solution’s first mass commercial roll out.
Gemalto’s software application embeds the Trusted Service Management interface for PayPass. This feature enables mobile account issuance and over-the-air management. Its handset interface makes mobile NFC payment convenient—for example allowing consumers to manage the new payment means and check transaction history. It also allows consumers to define their mobile Personal Identification Number (PIN), a code of their choice, through their phone. The mobile PIN is a new cardholder verification method used notably to secure operations such as account top-up from the mobile phone.
The Gemalto mobile NFC payment application can be configured to cover all card portfolios including debit, credit and prepaid. For prepaid, the software application lets consumers to top-up their prepaid accounts directly from their mobile phones.
“We are pleased to collaborate with Gemalto to broadly expand the use of mobile payment services,” commented James Anderson, vice president, Mobile, MasterCard Worldwide. “Leveraging the interoperability of MasterCard PayPass, Gemalto’s effort will enable cross-border mobile NFC payment, adding ease to the fast-paced lifestyles of more and more consumers across the world.”
“This new certification from MasterCard makes Gemalto the first on the market for this mobile product and will enable banks and wireless operators to offer a secure, innovative and convenient payment means to their entire customer base,” added Jean-Claude Deturche, senior vice-president of mobile financial solutions at Gemalto. “Gemalto is committed to supporting its customers in their large scale deployments of mobile NFC payment, with a complete mobile contactless offer.”
Source: Gemalto
Google Teams Up with MasterCard for Mobile Payments
Google Inc. is teaming up with MasterCard Inc. and Citigroup Inc. to embed technology in Android mobile devices that would allow consumers to make purchases by waving their smartphones in front of a small reader at the checkout counter, according to people familiar with the matter.
The Internet giant is aiming to make mobile payments easier in a bid to boost its advertising business. The planned payment system would allow Google to offer retailers more data about their customers and help them target ads and discount offers to mobile-device users near their stores, these people said. Google isn’t expected to get a cut of the transaction fees.
via Wall Street Journal.
CHARGE Anywhere Releases Mobile POS Payment App for iPhone
CHARGE Anywhere, a provider of mobile payment solutions and payment gateway services, has released CHARGE Anywhere for iPhone, a mobile payment application for iOS devices.
CHARGE Anywhere offers three Magnetic Stripe Readers (MSR); An audio jack MSR, a receipt printer with an integrated MSR and an MSR cradle. Signatures can be captured and receipts can be printed or be emailed to customers. Transactions processed via an iPhone can also be seamlessly uploaded into QuickBooks through CHARGE Anywhere payment software designed for use with QuickBooks.
In addition to credit card payments, the CHARGE Anywhere mobile payment app allows cash transactions, check transactions and ACH/echeck payments. “With CHARGE Anywhere’s App on your iPhone, sales will increase by enabling customers to pay their bills in multiple forms at the point-of-sale,” said Dmitriy Lerman, Director of Marketing at CHARGE Anywhere.
CHARGE Anywhere’s mobile payment software and payment gateway solutions are supported by virtually all major card processors in the US and Canada.
“CHARGE Anywhere is excited to release our award-winning app on the iOS platform. We couldn’t be more excited that our CHARGE Anywhere App is now running on the Apple Platform! Our Mobile Payment App can be downloaded on the iPhone, iPad and iTouch and allows business owners to accept credit cards for their business anywhere, anytime. Now, CHARGE Anywhere is making our feature-rich payment app more accessible by enabling businesses to complete cash and check sales with a free download,” said Paul Sabella, CEO of CHARGE Anywhere.
CHARGE Anywhere offers three Magnetic Stripe Readers (MSR); An audio jack MSR, a receipt printer with an integrated MSR and an MSR cradle. Signatures can be captured and receipts can be printed or be emailed to customers. Transactions processed via an iPhone can also be seamlessly uploaded into QuickBooks® through CHARGE Anywhere payment software designed for use with QuickBooks.
In addition to credit card payments, the CHARGE Anywhere mobile payment app can empower cash transactions, check transactions and ACH/echeck payments. “With CHARGE Anywhere’s App on your iPhone, sales will increase by enabling customers to pay their bills in multiple forms at the point-of-sale,” said Dmitriy Lerman, Director of Marketing at CHARGE Anywhere.
CHARGE Anywhere’s mobile payment software and payment gateway solutions are supported by virtually all major card processors in the US and Canada.
Source: PR Newswire
BOKU Partners with O2 and mpass for Direct Mobile Billing Services in Germany
Telefónica O2 Germany, a provider of broadband and mobile services, and BOKU Inc., an online mobile payments company, today announced a direct carrier billing relationship. Under the agreement, O2 customers can use BOKU’s payment platform to purchase virtual and digital goods ranging from .09 Euros to 30 Euros. O2 customers pay for goods by entering their mobile number and charging directly to their mobile phone carrier bill.
O2 is part of Telefónica, a global provider of broadband and mobile services, and the second largest carrier group in the world. O2’s mpass system allows direct carrier billing for the purchase of virtual, digital and physical goods.
This new partnership integrates the BOKU mobile payments platform into O2 Germany’s operator billing interface, enabling the following features:
- Support for one-off and subscription payments in Germany
- Full pricing granularity from .09 Euros to 30.00 Euros
- Authorization and Capture APIs with refund support
- In-App Billing support
- Web Billing support
“This agreement opens up the opportunity for BOKU merchants to offer payment for physical goods as well as virtual and digital goods,” said James Patmore, Managing Director, BOKU in EMEA. “Our partnership with O2 confirms our vision of evolving online mobile payments into a range of new vertical markets.”
“Understanding customer needs and merchant requirements in regards to our payment products is essential for continuing our success story in the mobile payment area. A close collaboration with BOKU ensures we position ourselves closely to the key players in the market,” said Michiel van Eldik, Managing Director Wholesale and Partner Management, Telefónica O2 Germany.
“We want to provide our customers with a safe, reliable, and convenient payment solution to pay for goods, be they virtual or physical,” continued O2’s van Eldik. “BOKU’s mobile payments platform has the right blend of technology and finance-grade infrastructure to mesh well with O2 customer needs.”
BOKU’s bank-grade mobile payment service is available to online merchants and publishers on a global scale. The BOKU service enables merchants and publishers to drive incremental revenue by offering carrier billing as a payment option to their customers. BOKU is connected to 230 mobile operators in more than 65 countries, and provides access to more than 2.5 billion potential customers who can pay by mobile.
Source: Business Wire
Behind the Scenes, Businesses Battle Over Mobile Wallets
While NFC technology is already being installed in millions of phones, wide adoption of the so-called mobile wallets is being slowed by a major behind-the-scenes battle among corporate giants. Mobile phone carriers, banks, credit card issuers, payment networks and technology companies are all vying to control these wallets. But first, they need to sort out what role each will play and how each will get paid.
via New York Times.
Multicard and Netherlands’ Rabobank Deploy Mobile Payment Solution
Multicard, a leading supplier of credential solutions, identity management and system integration services is rolling out its mobile cashless payment solution with Rabobank, one of Netherland’s largest financial services companies.
Rabobank selected Multicard to provide the e-payment stickers and related services that will enable users to make purchases using their current mobile phones, directly from a virtual wallet. Multicard and Rabobank have been working closely to fine tune the solution and now are deploying it to canteens and cafeterias within Rabobank’s national network of offices.
“The vision of having an electronic wallet and simply waiving your phone in front of a terminal to purchase goods and services has become real. Rabobank and Multicard are at the leading edge of this trend, already delivering a mobile payment solution that provides security and convenience and that works with existing mobile phones. Every day, more than 1,500 people are using the application to pay for lunch or make small purchases with their mobile phones,” said Pieter Kooistra, Managing Director of Multicard Netherlands. “This virtual wallet can be accessed and managed over the Internet rather than having to be loaded with value at special banking terminals, and payments can be made using a mobile phone or a contactless token such as a key fob or wristband.”
In addition to providing personalization and fulfillment services for the program, Multicard will provide mobile phone applications to transfer money, check balance and top-up money to the wallet, as well as handle management of all transactions, incorporating Rabobank’s MiniTix payment engine. Intended for small retail transactions, MiniTix can be used by virtually anyone, regardless of the user’s mobile operator or mobile phone brand. Rabobank currently is signing up additional merchants and facilities such as schools, cafés and sport venues to participate in the program, so that participants will be able to use their existing phone stickers to pay for food, beverages, event programs and the like.
Source: Global Newswire
Qualcomm iPhone Chip to Incorporate NFC Technology
According to two people with knowledge of the inner workings of a coming iteration of the Apple iPhone — although not necessarily the next one — a chip made by Qualcomm for the phone’s processor will also include near-field communication technology, known as NFC.
This technology enables short-range wireless communications between the phone and an NFC reader, and can be used to make mobile payments. It is unclear which version of an iPhone this technology would be built into.
via New York Times.