Mobile Payment Magazine

Gartner Casts a Shadow on Mobile Banking in Australia

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Gartner’s senior analyst for the financial sector has cast doubts on whether Australian banks should invest heavily in mobile banking applications and near field communication (NFC) payment systems, as Australian banks have struggled to profit from mobile banking applications, with the majority of customers using the app’s to check account balances rather than making genuine transactions.

Banking executives have raised similar concerns, questioning whether mobile banking applications offered enough real estate to serve as a portal for directing customers to more profitable banking services.

Read more, via iTnews.com.au.

Western Union Launches New Foreign-Exchange Payment Service Via Mobile

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The Western Union Company has introduced a new foreign-exchange (FX) payment service that will enable small and medium-sized enterprise (SME) business clients to make payments from their smartphones.

The new mobile-friendly payment service is now available in countries where Western Union currently offers online payment and FX services through its Business Solutions division, including the United States, Canada, the United Kingdom, Germany, Italy, France and Australia.

The new mobile service is designed for busy professionals and offers an intuitive interface for customers making international business payments. The service, which offers more than 140 currencies to choose from, allows users to make payments to suppliers in global markets anywhere, anytime, and lock in a currency-exchange rate and fee before transferring funds.

“The sheer demand for innovative mobile services is evident, and our clients want to take advantage of new m-payment options,” said Raj Agrawal, General Manager, Western Union Business Solutions. “This new mobile payment service not only makes it easier to transfer funds globally to foreign suppliers and workers but also offers the ability to take advantage of foreign currencies when making international payments.”

According to an IEMR Global Mobile Payment Market Forecast report, mobile payments will reach 1 billion users and the $1 trillion transaction mark in the next five years. To take advantage of this growing market opportunity, this service will allow Western Union Business Solutions clients and partners the ability to take advantage of diverse foreign-exchange payment solutions that are flexible and easy to use.

Source: Business Wire