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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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.
The Payments Innovation Alliance of NACHA, The Electronic Payments Association has released a white paper, entitled “Leveraging the Mobile Channel for ACH Payment Innovation.” The white paper provides an overview of the mobile payments landscape and focuses on the use of mobile devices for ACH transactions.
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Line, which operates Japan’s most popular smartphone messaging app, is moving quickly to expand Line Pay, a mobile-payment system it launched in December.
The Japanese unit of Korean Internet giant Naver said Tuesday it has signed an agreement with CyberSource, a U.S.-based global e-commerce payment company owned by Visa, to work together as strategic partners. [Read more…]
InfrasoftTech today announced that Bank of Maharashtra has gone live on InfrasoftTech’s Mobile Banking Solution, enabling Bank of customers to avail banking services on-the-go.
Bank of Maharashtra has a large customer base and wanted to mobile-enable its services in keeping with evolving customer expectations. The solution had to be scalable, both in terms of increase in mobile banking usage as well as expansion in portfolio of services offered.
InfrasoftTech’s Mobile Banking Solution has helped Bank of Maharashtra to provide its clients a highly flexible way of banking. With this solution, Bank of Maharashtra’s customers can view account related information, make secure fund transfers, send funds through NEFT, make merchant and utility payments, raise service requests like debit card request, debit card pin regeneration, credit card request, block debit card and many other such services that a customer needs on day-to-day basis. The 2FA authentication makes the transactions secure and safe. The solution also provides value added services like mobile passbook, complaint lodgement and change of PIN. It also provides location-aware features such as branch/ATM locator for required set of services.
Bank of Maharashtra was able to meet all its business and technology goals for this automation project, and thus allowing its 20 million+ customers to avail the benefit of banking on-the-go. In 2013-14, InfrasoftTech launched its mobility solution suite on hosted platform, offering it on SaaS model. This has greatly benefited Bank of Maharashtra to quickly launch the mobile-based services without having to worry about initial capex requirements and procurement delays that come with any infrastructure deployment.
Speaking on the occasion, Mr. M.C. Kulkarni – GM-IT, Bank of Maharashtra stated, “We are confident to achieve our objective of delivering highly scalable mobile banking solution on InfrasoftTech’s mobility platform that will enhance our customer reach and allow our customers to avail of many services 24×7. InfrasoftTech has worked round the clock to develop and deliver the mobile banking solution, within strict timelines. I am confident of quick adoption of mobile banking amongst our large customer base since the solution is very user friendly.”
On the occasion, Mr. Hanuman Tripathi, Founder & Group Managing Director, InfrasoftTech, said, “We are very glad to see Bank of Maharashtra going live on our mobility platform, since this is the need of the hour for any bank wanting to improve its service capabilities. The bank had set very strict deadlines for itself and I am happy to note that both the teams have made it possible. The project offers one of the best case studies for mobile banking solution on a hosted platform inIndia.”
Mr. Rajesh Mirjankar, CEO, InfrasoftTech, said, “InfrasoftTech has invested in a state-of-the-art solution and infrastructure for a hosted mobility and payments platform and desires to be the market leader in this segment. We will continue to upgrade the features of our mobility solutions in line with the needs of today’s generation of clients.”
Source: PR Newswire
Some banks are seeing a growing incidence of fraud on Apple’s mobile-payment service as criminals exploit vulnerabilities in the verification process of adding a credit card, according to people familiar with the matter.
Banks are tightening the verification process in an attempt to curb the fraud, these people said, declining to be identified citing a confidentiality agreement with Apple.
The fraud issue was brought to light by Cherian Abraham, a payment expert who works with banks and retailers on mobile-payment strategies, in a blog post in late February. He said fraud “is growing like a weed, and the bank is unable to tell friend from foe.” [Read more…]
Samsung will release Samsung Pay, a mobile wallet that is compatible with both NFC and magnetic stripe payment card terminals, according to announcements from Samsung and MasterCard at the Mobile World Congress in Barcelona. The wallet will work with Samsung’s upcoming S6 smartphone and leverage LoopPay’s magnetic secure transmission (MST) technology, enabling it to be used at ~90% of existing payment terminals. It will also use the S6’s NFC chip to make contactless transactions.
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Gemalto is working with Tapit, a platform used by global brands to transform their physical assets into interactive objects, to launch “Tapit and Buy,” a solution where the consumer taps a smartphone against a Tapit-enabled physical support, such as outdoor media posters, product packaging or in-store marketing materials, enabled by an NFC tag, QR code or beacon. They are then instantly directed to the media owner’s ecommerce site where they can buy digital content, in one click, charged to their operator phone bill.
Tapit and Buy is the first solution of its kind, leveraging Gemalto’s Netsize operator billing system and Tapit’s Cloud Platform to transform a wide range of physical assets into ‘one-tap’ mobile payment terminals. This new collaboration has an initial focus on the UK for transactions worth up to £30 for digital content such as e-publications, video, music and games.
This solution gives enterprises the opportunity to forge direct relationships with consumers via their physical assets, and measure precisely the return on investment achieved by advertising campaigns.
“Tapit and Buy gives brands access to incremental revenue opportunities through their product packaging or point of sale materials, directly associating sales with marketing,” said Tapit Founder Andrew Davis. “Gemalto’s Netsize operator billing technology ensures that payment is secure, seamless and transparent for end users, while Tapit’s platform ensures brands have full control and visibility of how their physical assets are performing in the field.”
“‘Tapit and buy’ brings a completely new dimension to how people interact and transact with brands that brings greater convenience and spontaneity to the consumer domain,” added Frédéric Deman, Senior Vice President of Netsize at Gemalto. “A host of stakeholders stand to benefit from new opportunities and revenue streams, including brands, outdoor media owners, marketing and advertising agencies, and mobile network operators seeking to sell direct to millions of potential customers.”
Source: Gemalto
The eBay payment unit plans to acquire Paydiant, a payments startup that licenses a technology platform used by big retail chains to create their own branded mobile wallet apps. Multiple sources said PayPal will pay around $280 million for the Wellesley, Mass.-based startup. PayPal declined to comment on the price.
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