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.
Sizing Person-to-Person Payments in the U.S.
Courtesy Aite.
Though person-to-person transactions occur daily, electronic P2P is only now beginning to realize its promise. New payment methods are allowing consumers to exchange money digitally, and various industry stakeholders, bank and nonbank alike, are scrambling for their share of this near-greenfield pie.
Who will dominate U.S. mobile P2P payments? Based on a Q2 2015 Aite Group survey of 1,724 U.S. consumers, this research estimates the transaction and dollar volume of P2P payments in the United States across payment method, use case, and generation.
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MasterCard Launches New P2P Payments Service
As a slew of companies from an expanding array of industries enter the P2P payments space, MasterCard today launched a P2P payments and disbursement service called MasterCard Send, a personal payments service that allows consumers to send funds domestically and internationally. According to the company, a single connection to the MasterCard Send platform allows businesses, merchants, governments, non-profits, issuers and others to send money to consumers whether they are banked or unbanked, and located domestically or abroad.
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How Mobile Payment Solutions Will Play a Critical Role in Daily Deals
Paul Gain, CEO of Monster Offers and ZalaPay, will be a featured speaker at the Daily Deal Media Conference, discussing how Mobile Payment and Banking solutions will play a critical role in improving the Daily Deal experience for customers, merchants and deal providers.
Leading Daily Deal analytics and aggregation company Monster Offers recently announced a new social mobile payment and banking solutions platform that will be managed as a subsidiary of Monster Offers called ZalaPay.
ZalaPay mobile financial services include “EZ-Click” Mobile Cashier, Redemption, Loyalty, Daily Deal Wallet, P2P Mobile Money, and Pre-Paid Debit Cards.
“The Daily Deal industry is still quite young and right now Daily Deal providers need to focus on how to make deals easier to buy, redeem, track, not to mention how to develop and implement customer loyalty programs. Recent mobile banking solutions are making this possible and the Daily Deal Media Conference is the perfect forum to discuss the nuances of mobile and how it will affect daily deals and overall consumer behavior,” said Paul Gain, Monster Offers CEO.
Monster Offers is a leading mobile banking solutions company and Daily Deal aggregator, collecting daily deals from multiple sites in local communities across the U.S. and Canada. Focused on providing innovation and utility for Daily Deal consumers and providers, the company collects and publishes thousands of daily deals and allows consumers to organize these deals by geography or product categories, or to personalize the results using keyword search.
The company will introduce new mobile technology in 2011 to address unmet category needs in areas such as loyalty, rewards, payment processing, merchant services, and a Daily Deal eWallet. Monster Offers recently launched its Hyper-Local Daily Deal Reporting Program, designed to help providers improve the revenue and profits of local and regional Daily Deal programs.
Source: PR Newswire
Daily Deals Get Mobile Payment Solution from Aggregator Monster Offers
Monster Offers, a mobile solutions company and Daily Deal aggregator, announced today its mobile payment strategy is well-positioned to meet the current needs of the Daily Deal industry. As Daily Deal providers converged at last week’s Deals 3D Conference in San Francisco, creating better mobile experiences and integrating mobile payment solutions prevailed as hot topics as the next phase of business development for the group buying industry.
Monster Offers’ ZalaPay mobile payment solution proved to resonate with Daily Deal providers as current payment methods lack tight integration with providers’ sites and distracts users from completing the purchase process, especially from mobile devices. The ZalaPay solution provides a truly integrated “in-app” purchase experience for the user, resulting in significant conversion of sales for the deal publisher.
According to Paul Gain, Monster Offers CEO, “Recent announcements for payment solutions from MasterCard, Google, American Express and Facebook all substantiate the power of our business model. We aim to provide an even greater value proposition to the user, deal provider, and merchant with our ZalaPay platform which provides an “in-app” purchase experience across all mobile platforms. When customers can purchase deals within the application, user conversion increases exponentially. With Monster Offers’ ZalaPay mobile payment solution, we are perfectly positioned to offer Daily Deal publishers a mobile payment solution that can increase sales and boost revenue.”
Monster Offers’ mobile financial services include “EZ-Click” Mobile Cashier, Pre-Paid Debit Cards, P2P Mobile Money, Redemption, and Daily Deal Wallet. The first of these integrated in-app mobile solutions is expected to be available later this summer.
Source: Business Wire
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