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.

Nokia Launches Mobile Wallet in India

December 15, 2011 by Mobile Payment Magazine

The Finish mobile giant has launched its Nokia Money service. The service saw pan-India launch and can be used on any mobile.  The Nokia Money platform allows you to do number of financial transactions such as payments for utility bills, tickets, top-ups and insurance premiums that can be conducted on the mobile phone itself.

You can register for the Nokia Mobile by registering with a local Nokia outlet and depositing cash there. From there your cash will be converted in to digital cash and you can avail the service through SMS.

MNO’s Collaborate to Establish Hungarian Mobile Wallet Association

July 25, 2011 by Mobile Payment Magazine

Hugary’s Magyar Telekom, Telenor and Vodafone have joined with three market leading operators–MasterCard, OTP Bank and SuperShop–to establish the Hungarian Mobile Wallet Association. The aim of the Association is to design and articulate recommendations for mobile NFC service standards in Hungary, and to submit proposals towards the successful implementation of the service.

Designed to operate over very short distances, Near Field Communication is a wireless switching technology, which facilitates contactless communication and exchange of data between two or even several devices over a secure channel.

The use of contactless bank cards (e.g. PayPass) through the mobile phone constitutes only one pillar of the service. Equally important are other features such as loyalty cards, coupons, travel and entrance tickets, etc. Services that are based on NFC technology are capable of ensuring new and highly attractive customer experiences through their speed, ease of use, innovative features and the possibilities provided by the large and interactive screen of the mobile phone.

This united move of Hungary’s MNOs may help establish Hungary among the first countries where mobile NFC services are launched in Europe.

Source: Hungarian Mobile Wallet Association

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 […]