Mobile Payment Magazine

First Data mBanking Solution Adopted by Texas Banks

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American Bank of Texas, Marble Falls, Texas, and Waggoner National Bank, Vernon, Texas, have launched First Data’s Mobile Manager – mBanking solution. The offering is now available to their Internet banking customers following a successful internal pilot period. First Data Corporation is a global leader in electronic commerce and payment processing.

With the First Data Mobile Manager – mBanking solution, financial institutions can rapidly implement mobile banking with robust functionality. This solution integrates seamlessly with First Data’s FundsXpress online banking platform, enabling a consistent experience with the same capabilities as online banking on a mobile device, and only one set of logon credentials to manage.

First Data offers the Mobile Manager – mBanking solution as a fully hosted and integrated service. This results in substantially lower costs for a financial institution than developing a solution in-house. Since launching Mobile Manager – mBanking at the beginning of 2011, First Data has signed 60 financial institutions for the service.

“After piloting this solution internally, we saw firsthand that it had the capabilities our customers are looking for,” said Mark Few, executive vice president, American Bank of Texas. “The implementation was painless – especially considering the complexity of the product – but integration is only the first step. We also feel confident that, because we have chosen First Data for our mobile solution, we will be able to keep pace as the mobile marketplace evolves.”

First Data‘s Mobile Manager – mBanking product enables financial institutions to offer all three modes of mobile banking: SMS, mobile web, and downloadable applications, including a uniquely branded iPhone app available through the App Store online store. First Data plans to roll out the same capabilities for Android phones, with availability in the Android Market during the first half of 2011.

The ability to offer all three modes is key for financial institutions that wish to position themselves for success as mobile banking providers. According to the 2010 Mobile Banking and Smartphone Forecast  from Javelin Strategy & Research, consumers who bank with their mobile phones do so using all three methods, yet fewer than half of the financial institutions researched by Javelin offered all three modes in 2010.

“Partnering with First Data has expanded mFoundry’s reach and made our award-winning mobile banking product accessible to an even larger base of customers,” said Drew Sievers, CEO and co-founder, mFoundry. “This relationship results in a powerful solution that offers robust mobile capabilities without the technological hurdles of implementing them – enabling financial institutions that have more limited development resources to meet the challenge of the marketplace.”

First Data’s Mobile Manager service is part of a comprehensive mobile commerce suite that includes contactless cards solutions and a Trusted Service Manager (TSM) platform.

“Mobile banking is an important stepping stone on the path to full mobile commerce,” said Dom Morea, First Data division manager of Mobile Commerce Solutions. “This powerful combination of technology from mFoundry and First Data, along with our high level of client support, creates a scalable solution that enables our clients of all sizes and charters to join in this evolution.”
Source: First Data

Mobile Payments Research Report 2011: Battle in a Fragmented Market

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Research and Markets  has announced the addition of the “Mobile Payments – A Battle of Giants in a Fragmented Market” report to their offering.

This study spotlights the mobile payment market, provides details about the related services and their technological aspects, analyses the usages and the industrial structure with a drawn of the value chain. The report makes an in-depth look in examining several business models – for NFC, SMS, Fixed/mobile wallet & App Stores – their impacts and upcoming opportunities.

Key Questions

  • What are the different mobile payment services and which technologies are being used?
  • Who is using M-payment and how do they use it?
  • How are this emerging market and its value chain structured?
  • What are the existing business models and who is the furthest along with their deployments?
  • What are the market’s key figures and what are the main forces driving development?
  • What does the competition landscape look like?
  • What sustainable opportunities are available to the different kind of players?

Key Topics Covered:

  • 1. Executive Summary
  • 2. Introduction
  • 3. Market structure and key factors
  • 4. Organisation & Industrial Strategy
  • 5. Strategic analysis
  • Tables
  • Figures

Companies Mentioned:

  • Amazon Mobile Payments
  • American Express
  • Apple
  • BarclayCard
  • Billing revolution
  • Boku
  • Carrefour
  • Deutsche Telekom
  • Facebook
  • Gemalto
  • Google
  • McDonald
  • MoBeePay
  • NFC
  • Nokia
  • NTT docomo
  • Obopay
  • Orange
  • PayPal
  • PTC
  • Sprint
  • Starbucks
  • Subway
  • Telecom Italia
  • Telefonica
  • Venmo
  • Verifone
  • Visa
  • Zong

More information: Research and Markets

Trilogy’s Voila and Unibank Announce Launch of Haiti’s First Mobile Money Service

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Haitian wireless operator Voila, a subsidiary of Seattle-based Trilogy International Partners, and UNIBANK, Haiti’s premier bank, have launched T-Cash, Haiti’s first mobile money solution. In Haiti, hundreds of thousands of the country’s ‘unbanked’ population and Haitians in regions unreached by traditional financial service providers will now have access to a full suite of banking and m-commerce services through their Voila mobile phone.

By leveraging UNIBANK’s nationwide network of merchants and tapping into Voila’s base of over 1 million subscribers, this partnership creates a valuable financial ecosystem with the potential to impact millions of Haitians throughout the country. In partnership with applications service provider MoreMagic, Voila and UNIBANK have delivered their mobile payment solutions in a secure, hosted, and fully managed environment.

“We’re very excited to bring the latest in mobile technology to Haiti where the acute needs of the Haitian people require fast action and mobility,” said Brad Horwitz, President& CEO of Trilogy International Partners. “Voila has been operating in Haiti for over a decade, and is well positioned to bring and expand its mobile money service to the entire Haitian population safely, securely and efficiently.”

Whereas there are very few bank branches per capita; over 85% of Haitian households have access to a mobile phone. With T-Cash, Voila subscribers throughout Haiti now have the ability to complete domestic peer-to-peer money transfers, bill pay, payroll services, and expanded mobile commerce capabilities. An initial and unique feature of the T-Cash service will be a ‘mini wallet.’ The mini wallet allows Voila subscribers to immediately activate the T-Cash service and store up to 2500HTG ($62.50 USD) by entering *700# on their Voila mobile phone. This easy to use, mini wallet feature will allow for rapid, widespread adoption and access nationwide. Voila and UNIBANK are gearing up to establish over a thousand affiliated merchants and cash in/cash out locations throughout the country by January, 2011.

“UNIBANK is proud to participate with its technological partner, Voila, in the launch of the first electronic wallet service in Haiti,” said F. Carl Braun, Chairman of UNIBANK. “In doing so, UNIBANK perpetuates its tradition of technological leadership in the financial sector. The T-Cash service will be critical for the extension of banking services beyond traditional branches and the inclusion of the non-banked population particularly in rural areas. With the electronic wallet, financial services will be instantly available throughout the country,” Braun said.

The wide-scale commercial launch of T-Cash comes after an extensive nine month pilot program with global relief and development agency Mercy Corps. Mercy Corps’ pioneering efforts to use T-Cash in their humanitarian cash programs opened the door for Haiti’s rural poor and micro-businesses to gain access to financial services. The program provided an opportunity to test the new service, gauge user reactions, and incorporate feedback into training procedures and future service offerings. Customers’ response to T-Cash has been overwhelmingly enthusiastic, showing that Haitians are ready to embrace mobile money as a safe and reliable option to meet their transactional needs.

Voila has already been instrumental in providing local and international communications service to over one million Haitian customers, thousands of relief workers, a variety of international NGOs, and U.S. government agencies working in Haiti. Since the earthquake struck, wireless has been at the center of first responders’ efforts to identify and rescue survivors, spread critical information on vaccinations and food distributions, and provide health services.

UNIBANK has been actively involved in providing critical payment solutions for numerous NGOs enabling them to stimulate the economy through job creation programs, and provide lifelines to hundreds of thousands left destitute by the earthquake. The bank’s ability to open its doors to the public shortly after the events of January 12th was key to maintaining confidence in the banking system and provided the peace of mind its many clients needed to start the rebuilding process.

Source: PR-USA.net

Report Shows Majority of Top 100 Financial Institutions Offer Mobile Banking

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2010 Mobile Banking ReportA recent report covering mobile banking reveals that over half of the Top 100 financial institutions offer mobile banking services as of September 2010.

Surprisingly, this activity is not concentrated among the Top 25 or even Top 50, with many smaller banks actively utilizing vendor capabilities to offer mobile solutions.  Of the Top 100, nearly 40% offer access via mobile web, while 32% offer SMS banking and/or alerts and 32% offer apps.

Apple’s iOS remains the main platform for launching application-based banking, but financial institutions have realized the importance of other operating system leaders.  Sixteen percent and fourteen percent now offer a RIM Blackberry or Google Android application, respectively.

A detailed evaluation of features available by channel also reveals that mobile web and app channels often provide virtually the same capabilities.  Balance inquiries and transaction history are standard, but new features help banks differentiate themselves from competition.  Seventeen percent offer GPS-enabled branch/ATM locators, and thirty-five percent allow mobile billpay (most require pre-entered payees, but not all).

Additionally, several banks are expanding their offerings to include mobile deposit capture, P2P, offers and loyalty programs, and rewards management and redemption.

The  study, released by First Annapolis, covers  mobile banking and payments capability and activity among the Top 100 U.S. financial institutions (ranked by deposits).  The report is the first data-intensive study of its kind and provides unique insights into how banks currently leverage mobile as a new channel to reach consumers.

Source: First Annapolis

America Movil Estimates 50 Million Potential “Mobile Banking” Market in Mexico

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Latin America’s largest wireless carrier, American Movil, will offer financial services to about 50 million people in Mexico who have mobile phones and no bank accounts, according to American Movil CFO Carlos Garcia Moreno. “There are many more telephones than there are bank accounts, and it’s important to bank all of those people that already have a phone,” Garcia Moreno, 53, said. “The numbers are enormous.”

With financial services, America Movil is taking advantage of its wireless Internet network to seek new opportunities for growth in Latin America, as the number of mobile-phone users nears 100 percent of the population. The company told investors last week it expects to boost sales by 6 percent to 8 percent each year through 2014, compared with an increase of 5.3 percent last quarter from a year earlier.

via America Movil CFO Sees 50 Million Potential Mexico Mobile Banking Users – Bloomberg.

Mobile Phones Leapfrog Traditional Financial Institutions in Developing World

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When a devastating earthquake struck Haiti in January, phones enabled Haitians to withdraw cash at local banks or access account funds to pay for groceries.

The spawning of a “mobile money” market in Haiti illustrates how mobile funds-transfer applications could develop elsewhere. Now card companies and mobile carriers in various parts of the world are coming together to meld the popularity of cell phones with access to financial services.

via Worlds of Differences in Mobile Money Strategy – American Banker Article.

Mobile Banking in Africa

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Mobile operators and industry experts see the mobile payment, also called Mobile Banking, MBanking, M-payment or SMS

Banking, as the future of a cashless society.

The mobile payment works by storing a consumer’s credit or debit card within the SIM card and employing the near-field communication (NFC) technology1 or sending money by text message. Clients can convert cash into electronic money (and vice

versa) through any retail outlets and then use their mobile phone to instantaneously send and receive money wherever they have cell coverage.

via Financial Technology Africa | Will You Pay By Credit Card? No, I Have My Mobile Thanks.

Cimbal

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Cimbal provides an electronic payment network that turns a smartphone into a replacement for cash, debit and credit cards and the interchange network needed to process them. Cimbal can be used for payments in stores, online and person to person—all in a consistent, simple user experience.

From the consumer side, no hardware is needed, and the customer never exchanges any personal information such as an account number, just a Cimbal transaction code. Cimbal can be used for payments in stores, online and person to person.
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