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.

Gemalto Mobile NFC Payment Application Certified by MasterCard

March 29, 2011 by Mobile Payment Magazine

Digital security company, Gemalto, has announced the first UICC-embedded software application compliant with Mobile MasterCard PayPass M/Chip 4, the brand new MasterCard payment specification designed for mobile near field communications (NFC).

The software application and the UICC have both successfully achieved the compliance assessment and security testing certification in accordance with MasterCard’s highest chip security requirements.

The certification paves the way for mass commercial rollouts of NFC payment across the world. In the UK, Gemalto is already partnering with a global, first-tier financial institution and a world leading mobile operator, to implement the new MasterCard certified mobile payment application and carry out the solution’s first mass commercial roll out.

Gemalto’s software application embeds the Trusted Service Management interface for PayPass. This feature enables mobile account issuance and over-the-air management. Its handset interface makes mobile NFC payment convenient—for example allowing consumers to manage the new payment means and check transaction history. It also allows consumers to define their mobile Personal Identification Number (PIN), a code of their choice, through their phone. The mobile PIN is a new cardholder verification method used notably to secure operations such as account top-up from the mobile phone.

The Gemalto mobile NFC payment application can be configured to cover all card portfolios including debit, credit and prepaid. For prepaid, the software application lets consumers to top-up their prepaid accounts directly from their mobile phones.

“We are pleased to collaborate with Gemalto to broadly expand the use of mobile payment services,” commented James Anderson, vice president, Mobile, MasterCard Worldwide. “Leveraging the interoperability of MasterCard PayPass, Gemalto’s effort will enable cross-border mobile NFC payment, adding ease to the fast-paced lifestyles of more and more consumers across the world.”

“This new certification from MasterCard makes Gemalto the first on the market for this mobile product and will enable banks and wireless operators to offer a secure, innovative and convenient payment means to their entire customer base,” added Jean-Claude Deturche, senior vice-president of mobile financial solutions at Gemalto. “Gemalto is committed to supporting its customers in their large scale deployments of mobile NFC payment, with a complete mobile contactless offer.”

Source: Gemalto

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 […]