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.
DeviceFidelity
DeviceFidelity solution suite works by simply plugging into a customer’s mobile device. Issuers don’t need to change a thing, allowing them to offer a simple contactless function to their customers.
Once activated, the customer taps any merchant’s contactless terminal with the phone. Transactions are conducted and approved over existing contactless networks utilizing the networks approved standards. Issuers can rely on their preferred networks for security, speed and reliability.
The entire user experience is controlled by the issuing financial institution and allows the issuer to offer value added services on top and connected to the contactless function.
Open Application Platform
DeviceFidelity provides a portable application distribution platform that is designed to integrate with current and future issuer applications.
- Open API for application integration.
- Simple web based design for platform independence.
- Updateable through mobile web or PC.
- Fully customizable user interface.
More information: DeviceFidelity
Using Your Phone as a Credit Card
Mobile payments – simply using your mobile to pay for something – is relatively new but already one of the fast growing alternative payment methods catching on in Europe and Asia. Juniper Researchers estimate that mobile payments in the combined global market is forecast to reach over $600 billion worldwide by 2013. What do mobile payments mean in real terms and what options are already out there?
By 2013, according to Juniper Researchers, this type of payment in the global combined payments market could grow from its current $170 billion to over $600 billion. So what are mobile payments and what are the options? There are four primary methods for mobile payments :
Direct Mobile Billing is used as an option at checkout on e-commerce sites involving a PIN and a password. It is deemed secure, fast, convenient and much easier to use than online payment methods such as PayPal. This method is very popular in many parts of Asia and the preferred method of payment for purchases with digital content.
Mobile Web Payments (WAP) where the user has already downloaded applications onto their mobiles to enable payment to be made. Again this method is reportedly easy to use with high reported follow-on sales and good customer reviews.
Premium SMS based payments can be made when the user sends their payment request via SMS text message or they can use a short code and a premium charge is then added to their phone bill. The payment information is then relayed back to the retailer and the sale is completed. This type of payment can be time-consuming if the text messaging speed is slow to send and this method is a less popular option than mobile web payments and direct mobile billing.
Contactless Near Field Communication (NFC) is used by a consumer with a mobile equipped with smartcard waves near a reader module and can be used in actual stores or for transportation services. The payment can be then deducted from a pre-paid account, bank account or charged to the mobile bill. Whilst popular in Japan this method of mobile payment requires a complex supporting infrastructure. This is probably the least popular method in global terms.
Source: TXT2Get —
Learn more about Mobile Marketing Payment Options. Stop by www.txt2get.com where you can find out all about text marketing and what it can do for you.
VeriFone Announces PAYware Mobile Enterprise Solution
VeriFone Systems, Inc. has announced a new mobile card acceptance solution called PAYware Mobile Enterprise.
The secure solution integrates with existing in-store POS systems. In addition to enabling new in-store mobile applications, it is supported by VeriFone’s PAYware Connect gateway for remote payment acceptance outside of store environments.
PAYware Mobile Enterprise incorporates a PCI-approved PIN debit keypad, which allows merchants to leverage dramatically lower transaction costs, and a 2D bar code scanner for performing mobile check out or inventory control tasks.
In addition, PAYware Mobile Enterprise features built-in NFC and EMV smartcard capabilities, ensuring North American retailers are ready to embrace NFC-enabled mobile phones and rollout of EMV smartcards.
“With PAYware Mobile Enterprise, retailers can revolutionize customer service and store operations by utilizing versatile mobile applications and secure payment acceptance integrated with existing POS infrastructure,” said Erik Vlugt, VeriFone vice president of product marketing. “VeriFone’s card encryption and tokenization solution for smart devices isolates payment actions to ensure retailers can maintain a secure payment environment.”
PAYware Mobile Enterprise is the first commercially viable solution to integrate mobile payment devices into a PCI-compliant environment and drastically reduce PCI scope and the merchant’s overall risk profile.
Smartphones and WiFi-equipped PDAs, while rich application platforms, were not designed for use as payment acceptance devices and thus generally do not adhere to payment industry security requirements. To keep these otherwise vulnerable mobile devices out of PCI scope, PAYware Mobile Enterprise incorporates VeriFone’s VeriShield Total Protect, which provides encryption and tokenization in one all-encompassing solution framework to protect data in-flight and at-rest and to isolate payment activities from device applications and storage.
With PAYware Mobile Enterprise, retailers can equip store personnel with smart mobile devices that feature rich graphical displays and compact form-factors for roaming checkout operations, so that items can be scanned, payment cards accepted and receipts emailed to customers or transmitted to a nearby wireless printer with ease.
VeriFone will provide customized applications, and critical management, decryption/tokenization and gateway services to enable new mobile applications such as in-store queue-busting, inventory management and out-of-store delivery and service calls. VeriFone provides managed services options including initial application load, key injection, updates, maintenance, licenses and warranty for a monthly fee.
The initial release of PAYware Mobile Enterprise is scheduled for early 2011 and VeriFone is previewing the solution at the National Retail Federation show in New York this week.
Source: Verifone
You must be logged in to post a comment.