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.
MOBIbucks Secures $5 Million in Series A Financing
MOBIbucks, a provider of cardless mobile payment and marketing solutions, announced today it has raised $5 million in Series A funding.
Acadia Woods Partners, a New York-based technology, media and life science venture capital firm, led the round which also included the participation of several new and original angel investors. The investment fuels MOBIbucks’ rapid growth in key markets around the world and funds customer service in support of new installations. [Read more…]
At Harvard, Mobibucks Presents the Success in the MENA Region
MENA Managing Director Ziad Alshobaki (Middle) of Mobibucks FZ LLC at MPD Payments Innovation Institute (Photo: Business Wire)
Mobibucks, selected as one of the most promising innovators in payments, showcased its next-generation mobile payments, marketing and rewards solutions. “Mobi™” is a first-of-its kind payment product for making purchases using a mobile phone number. It provides customers with a patent-pending, cashless, card-less, paperless and phone-less payment solution that targets the everyday purchases made by consumers. The company also showcased its recent mobile payments service launch at Abu Dhabi Commercial Bank (ADCB) in Abu Dhabi, UAE. ADCB is the first bank to offer this unique mobile payment service.
The two days of “innovation immersion” was led by faculty members from renowned business schools as well as the leaders of some of the most innovative companies in the payments industry. Ziad Alshobaki, who presented the success story between Mobibucks and ADCB, was the only participant from the Middle East.
The MPD Payments Innovation Institute (PII) is designed to help people in the payments industry find the next great idea; drive adoption for new products and services to attain critical mass and ignition; and turn great ideas into great businesses that are viable and profitable.
Source: Business Wire
Abu Dhabi Commercial Bank and Mobibucks Launch Mobile Payment Service
Abu Dhabi Commercial Bank and Mobibucks, a U.S. mobile payments solution provider, today announced their alliance to offer – “Mobi”, a payment product for making purchases using a mobile phone number. Abu Dhabi Commercial Bank is the world’s first bank to offer this unique mobile payment service which provide customers with a patented cashless, card-less, paperless and phone-less payment solution that targets the everyday purchases made by consumers.
Ala’a Eraiqat, CEO at ADCB, said: “At ADCB, we take pride in using innovation as our key business philosophy. Whether it is the launch of the first bank-wide loyalty program, launch of the first contactless card in the region, use of voice authorization for card issuance or development of behavior based analytic models & use of predictive neural networks for attrition gating. ADCB has been at the forefront of driving change & creating value for customers. The concept behind the Mobi payment system will be the first of its kind offered by a bank anywhere in the world – a patented cashless, card-less, paperless and phone-less payment targeted at the millennium.”
Arup Mukhopadhyay, Head-Consumer Banking Group of ADCB said, “Our partnership with Mobibucks is significant not only for providing convenience and flexibility to our customers, but also for laying the groundwork to forge ahead in the digital economy,” he added.
“This Mobile Payment service will be used for frequent low-value purchases among the defined target segment. It’s a logical extension of the other easy-to-use and secure electronic services offered by the bank,” said Mr. Mukhopadhyay.
“The Middle East is not only a fast-growing mobile market but is also a market where cash dominates,” said Jorge Fernandes, CEO of Mobibucks. “We are pleased to have the opportunity to work with such a prestigious partner as ADCB and help implement a simple payments solution that gives their customers throughout the Middle East convenient and affordable access to their money from any mobile phone.”
“This is the first step in bringing a simple, convenient and secure payment solution to the rest of the Middle East and North Africa,” said Ziad Al Shobaki Managing Director of the MENA operation. “We expect to add a number of new customers shortly, allowing even more consumers to benefit from this new payment alternative.”
Mobibucks entered the Middle East market last year with the opening of Mobibucks FZ-LLC in Dubai, United Arab Emirates as part of an international expansion to bring mobile payments to consumers around the world.
Source: Business Wire
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