Mobile Payment Magazine

Consumers and Mobile Financial Services – Free Report

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.

MyECheck to Provide Mobile Payments with Avidia Bank Partnership

May 12, 2015 by Mobile Payment Magazine

MyECheck, Winner of the 2015 PYMNTS Award for Best Check Innovation, has entered into a partnership with Avidia Bank to provide banking services to MyECheck and its customers in support of MyECheck’s new mobile commerce platform.

The bank partnership will allow MyECheck to immediately launch its mobile payment application and web services in conjunction with Avidia Bank account services.

MyECheck’s Mobile Commerce System provides an open platform for any registered user, business or person, to send and receive invoices and payments through email, mobile devices, internet, social media, ATMs or other method. The company’s downloadable Merchant Point-of-Sale application for mobile payments allows any business to accept payments from any mobile device.

The way it works is that a business owner downloads the app and registers, and can then accept payment from anyone with a mobile device who also registered the app. Merchants can build loyalty and also save on card interchange fees in the process.

The system operates as a wireless point of sale using standard computer hardware and connections. Transaction data is securely exchanged through Quick Response (QR) code. According to the company, its use of industry-leading technology ensures transactions are highly secure, and merchants pay only a small flat fee per transaction, with no interchange fees.

Avidia Bank, a $1.3 Billion bank headquartered in Hudson, MA, has also entered into a Reseller Agreement with MyECheck and will sell MyECheck services.

Source: Market Wired

Visa “Tap to Phone” Adoption Grows Rapidly

Today, Visa announced that Tap to Phone has experienced a 200% increase over the past year.

Is Your Business PCI Compliant?

A simple guide answering some frequently asked questions as well as debunking a couple myths about PCI compliance.

Nets and Oberthur Technologies Offer Mobile Payments to Scandinavian Banks

Nets, a payments service provider in Northern Europe, and OT (Oberthur Technologies), a global provider of embedded security software products, services and solutions, are partnering to service banks with a financial platform to support future international mobile payment means in the Nordics.

Kohl’s to Launch Mobile Payments

Kohl’s (NYSE: KSS) announced today the nationwide launch of Kohl’s Pay, a mobile payment option which integrates the Kohl’s Charge private label credit card into Kohl’s mobile app. Kohl’s Pay allows more than 25 million active card holders across the country to pay for their in-store purchases with their Kohl’s Charge card directly from their mobile device. Kohl’s Pay also its customers to apply their Kohl’s offers, Kohl’s Cash and Yes2You Rewards with a single transaction right from the mobile device at checkout.

Apple in Talks with Banks to Develop Mobile Person-to-Person Payment Service – Update – NASDAQ.com

Apple Inc. is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal Inc.’s popular Venmo platform, according to people familiar with the talks. The talks are ongoing, and it is unclear if any of the banks have struck an agreement with Apple, these people said. Key details […]