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.

NewNet and Perceptive Development Demonstrate Secure Mobile Payment Solution

February 16, 2011 by Mobile Payment Magazine

The ubiquitous availability of mobile connectivity has spurred many ground-breaking applications and services. Mobile payment solutions are now fundamentally changing the way that payment transactions and services are being deployed. Many large credit card companies, payment acquirers and processing banks, mobile carriers, and a host of innovative new entrants are creating new ways to drive a number of easy to use solutions to the marketplace. A critical component to broad market acceptance and the successful proliferation of mobile commerce and transaction services is the promise to ensure secure access, confidentiality and privacy.

NewNet Communication Technologies and Perceptive Development, Inc., demonstrated an end-to-end secure mobile payment solution at the 2011 GSMA-Mobile World Congress in Barcelona.

NewNet’s secure access Traxcom products process over 1.5 billion transactions a month and provide secure connectivity that enables the delivery of legacy transaction payment services and brand new services such as mobile payments, e-banking, and e-commerce. Integrated, next generation encryption technology such as the Derived Unique Key Payment Transaction (DUKPT) ensures data confidentiality and safety, and enables carriers to expand current services and enter new markets such as healthcare.

The Perceptive Development FlexTransact portfolio of mobile payment products and software services for mobile solutions are available on a broad variety of smart phone platforms including Apple iPhone®, and Google Android. FlexTransact solutions provide a highly secure, easy to deploy and easy to use credit card payment client solution to meet the growing demand in the marketplace.

“The mobile payments market is growing rapidly and we are excited to host this demonstration of the AccessGuard Platform based, end-to-end solution together with client side product suppliers such as Perceptive Development to deliver the promise of secure, high performance broadband and mobile payment solutions,” said Prasad Kallur, NewNet’s Executive Vice President for Business Development.

“We are very excited to team with NewNet to demonstrate this end-to-end secure mobile payment solution,” said Jim Medeiros, CEO at Perceptive Development. “Our expertise in developing secure payment processing solutions, coupled with NewNet’s payment processing platforms, provides a wonderful opportunity for us to combine efforts. We look to continue to enhance and broaden our relationship with NewNet as this important market evolves.”

The Derived Unique Key Payment Transaction (DUKPT) data encryption enables mobile devices with add-on transaction processing devices, such as magnetic strip card readers, smart card devices and NFC enabled Point of Sale devices, to work together with the AccessGuard Platforms to deliver a highly secure end-to-end mobile payments solution.

Source: RealWire

NewNet Communications Technologies

October 10, 2010 by Mobile Payment Magazine

NewNet Communication Technologies, LLC provides software and services supporting innovative mobile multimedia content delivery, secure transaction processing, and wireless network infrastructure to leading telecom operators worldwide.

NewNet solutions are installed in major carrier networks in over 70 countries, powering a broad range of revenue generating applications and services. NewNet’s products and services enable carriers and telecom equipment manufacturers to enrich the mobile subscriber’s experience.

NewNet is headquartered in the USA, with sales and support teams located around the world.

More information: NewNet Communications Technologies

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 […]