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.
Payroll startup Salarium Partners with Mobile Payment Firm PyxPay
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.
“The world is turning to mobile and our efforts to make our system accessible and manageable through the mobile phone will greatly improve the experience of our system and end users,” says Judah Z. Hirsch, CEO of Salarium. “We see that PyxPay’s core platform will open opportunities in the future in the inclusion of other value added services that they currently have such as direct bills payment, mobile top-up and fund transfers,” he added.
Salpay’s core system’s framework is capable of monetizing payroll data in the future through its readily available linkage with banks, financial institutions, private entities, and other third party service suppliers. With compliance to regulatory, security and financial standards, Salpay can be offered to businesses as a full-fledged payout system.
Before Salarium, PyxPay has already established mobile and prepaid payout services for businesses dealing with offshore workers. “Our experience in our mobile platform and payroll system interconnection has made a significant difference in the way our system and users manage their accounts,” Maner T. Puyawan, CEO of PyxPay said. “Financial transactions from an employee’s actual payroll run can be made directly via the mobile wallet that is linked to a payroll prepaid card. This revolutionizes payout, as the employee can perform numerous secure cashless transactions through mobile phone,” Puyawan added.
Salpay will be released in the second quarter of 2015 as an enhancement to existing Salarium clients.
Source: PyxPay
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