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.
Mobile Payment Strategies Report: Opportunities & Markets 2011-2015
A new study from Juniper Research has determined that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670bn by 2015, up from $240bn this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
The new Mobile Payment Strategies report revealed that all segments will exhibit 2x to 3x growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. [Read more…]
Barclays Mobile Banking Service Launched
Barclaycard has launched a new mobile banking service as an extension of their current online service platform called mybarclaycard.
The service, available across hundreds of handset models, allows Barclaycard customers can access their accounts, check their balance and view payment or transaction history through their mobile browsers. The site integrates with the Barclaycard Freedom loyalty program to provide access to offers from nearby retailers, using geo-location technology.
The service’s interface provides an web experience designed specifically for mobile platforms, which customers can access by using the same secure login details as their mybarclaycard account.
“As payment experts, our role is to make it easier, more convenient and incredibly secure for people to manage their money while on the move,” said David Chan, CEO of Barclaycard Consumer Europe. “Many of our customers are time-poor or simply don’t want to spend extra time on a PC checking their account. This mobile service allows our customers the flexibility and convenience to manage their finances whenever and wherever they choose.”
“With consumers spending a quarter of their time online connected through mobiles, providing a well designed service is essential to fulfilling our changing customer expectations. The service is a further realisation of Barclaycard’s commitment to provide mainstream mobile banking services by 2012,” added Chan.
Source: Barclays
NFC Mobile Payment System to Launch in UK Summer 2011
Everything Everywhere, a and Barclaycard today announced the first contactless mobile phone payment solution for UK consumers will launch by early summer.
Everything Everywhere is the name of a new company created last year when Orange and T-Mobile merged. Barclaycard and Orange, had announced their strategic partnership to bring contactless mobile payments to market in 2009.
Gerry McQuade, Chief Development Officer, Everything Everywhere, said: “This is the beginning of a revolution in how we pay for things on the high street. It’s a cultural shift that is as important as the launch of the personal credit card or ATMs.”
“We’re making something that’s been talked about for many years a reality and, very soon, using your mobile to buy a sandwich, a cinema ticket or, in time, even something bigger like a computer will simply be the norm.”
“As Britain’s biggest communications company, we’re proud to be delivering this technical and cultural innovation to the UK through the Orange brand. Orange and Barclaycard customers will be the first to be able to use their mobiles to make payments on the high street wherever contactless payments are accepted. This is part of our wider strategy to re-define what people use their mobiles for, with mobile payments being the start.”
David Chan, CEO of Barclaycard Consumer Europe, said: “Barclaycard is well known as a leader in helping consumers and businesses to make and take payments in their everyday lives. Finding new and better ways of doing this is what drives us, so it’s exciting, with Orange, to be giving consumers in the UK the choice to make contactless payments on their mobile phone as well as their card. Barclaycard is going to lead the innovation and explosive growth you’ll see in mobile payments.”
“I believe that future generations will find it surprising that early this century we were still carrying separate items to buy goods and to communicate with each other. As payment experts, our role is to make it easier, more convenient and incredibly secure for people to make purchases and manage their money while on the move.”
Working with the world’s leading handset manufacturers, the new offering from Orange and Barclaycard will enable customers to use their mobiles to pay for goods and services at more than 40,000 retailers that use contactless technology, by simply waving their mobile phone against a contactless reader.
The new contactless mobile payment technology has been developed to ensure customers’ transactions and personal data will be protected and secure. The launch proposition will focus on an industry backed, SIM-based approach to payments ensuring enhanced security for customers, as well as to initially provide a single point of customer care contact. MasterCard will provide the payment capability for the contactless mobile transactions.
Contactless mobile phone payments will feature as part of the wider Orange portfolio of products, developed in conjunction with Barclaycard, and which already features a contactless co-branded credit card as well as the forthcoming contactless Orange Cash prepaid payment card.
The move builds on existing contactless payment technology with 11.6m contactless credit and debit cards already in circulation, of which over 10m have been issued by Barclaycard and Barclays. There are also already 42,500 live Barclaycard contactless terminals in retail outlets including Pret a Manger, EAT, Little Chef and, soon, Co-Op.
Source: Barclays
U.S. Mobile Payment Market to Top $200 Billion by 2015, Says Research Report
A recent report from Aite Group forecasts that U.S. mobile bill payments will reach more than $200 billion in 2015.
Aite Group interviewed more than 60 companies in the Fall of 2010 and produced a 65 page report that defines and segments the mobile payment industry, and includes an analysis of the competitive and market trends.
Each one of the multiple categories of mobile payments defined in the report will experience double-digit growth, with mobile payments accounting for US$214 billion in gross dollar volume by 2015, up from US$16 billion in 2010–a 68% compounded annual growth rate (CAGR) between 2010 and 2015.
The report references the following companies: Allstate, Amazon, American Express, Apple, AT&T, Bango, Bank of America, Barclays, Bill2Mobile, BlackBerry, Bling Nation, BOKU, Brink’s, C-Sam, Cashedge, Cellfire, Chase, Chase Paymentech, Cimbal, ClairMail, coupons.com, Coupons Sherpa, Visa’s Cybersource, Device Fidelity, Diebold, Discover, Eagle Eye Solutions, eBay, Euronet, Facebook, First Data, FIS, Fiserv, Foursquare, Gemalto, Global Payments, Google, Gowalla, Green Dot, Groupon, Harland Financial Services, Heartland Payment Systems, Hipcricket, iLoop Mobile, Inside Contactless, Intuit, Jack Henry/iPay Technologies, Kubra, MasterCard, mFoundry, Mobile Coupons, Mocapay, MoneyGram, Monitise Group, mopay, MyWebGrocer, NCR, NetSpend, Nokia, Oberthur Technologies, Obopay, OfferIQ, Online Resources, PayPal, Plastyc, Pyxis Mobile, Research-in-Motion (RIM), Roam Data (Ingenico), Roamware, Rocketbuxx, SK C&C USA, Square, Starbucks, Sybase, T-Mobile, Tetherball, 3i Infotech, Tier Technologies, TransferTo, TSYS, Twitter, U.S. Bank, VeriFone, Verizon, Vesta, Visa, ViVOtech, Waspit, Way Systems, Western Union, Wincor Nixdorf, WirelessLoyalty, Xipwire, Yelp, and Zong.
More information: Aite Group Mobile Payment Report.
Source: Aite Group
Isis Mobile Payment Network Annonced by ATT, T-Mobile, and Verizon
Payment by mobile phone is one step closer now, as AT&T, T-Mobile, and Verizon Wireless have announced the launch of a joint venture called Isis, to build a national network for subscribers to make purchase in physical retail stores using their smartphones. [Read more…]

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