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.
On Track Innovations (OTI) Receives Orders for New Contactless Mobile Payment Product
On Track Innovations Ltd., a provider of contactless smartcard card solutions, has received initial orders for its recently announced contactless mobile payment product.
OTI’s COPNI (Contactless Payment and NFC Insert) enables mobile network operators (MNOs) to support Near Field Communication (NFC) functionality and contactless payment applications from major card associations, mass transit ticketing (with MIFARE support) as well as loyalty programs and other proprietary programs. COPNI is an NFC add-on to mobile phones and is independent of the SIM, handset type and model.
A COPNI-enabled mobile phone is a platform that enables MNOs to dynamically manage applications such as e-coupons and loyalty programs. Simply tapped near a contactless reader, the COPNI-enabled mobile phone can be used in a broad range of payment transactions including prepaid, credit and debit, as well as loyalty programs and other NFC related applications.
“The demand of MNOs for NFC, payment and enhancing their value proposition and the lack of hardware-ready phones creates an opportunity for our COPNI product,” said Oded Bashan, chairman and CEO, OTI. “Our innovative solution for NFC provides mobile network operators with an after-market, cost effective solution to get there.”
Source: Global News Wire