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.
MyECheck to Provide Mobile Payments with Avidia Bank Partnership
MyECheck, Winner of the 2015 PYMNTS Award for Best Check Innovation, has entered into a partnership with Avidia Bank to provide banking services to MyECheck and its customers in support of MyECheck’s new mobile commerce platform.
The bank partnership will allow MyECheck to immediately launch its mobile payment application and web services in conjunction with Avidia Bank account services.
MyECheck’s Mobile Commerce System provides an open platform for any registered user, business or person, to send and receive invoices and payments through email, mobile devices, internet, social media, ATMs or other method. The company’s downloadable Merchant Point-of-Sale application for mobile payments allows any business to accept payments from any mobile device.
The way it works is that a business owner downloads the app and registers, and can then accept payment from anyone with a mobile device who also registered the app. Merchants can build loyalty and also save on card interchange fees in the process.
The system operates as a wireless point of sale using standard computer hardware and connections. Transaction data is securely exchanged through Quick Response (QR) code. According to the company, its use of industry-leading technology ensures transactions are highly secure, and merchants pay only a small flat fee per transaction, with no interchange fees.
Avidia Bank, a $1.3 Billion bank headquartered in Hudson, MA, has also entered into a Reseller Agreement with MyECheck and will sell MyECheck services.
Source: Market Wired
Kuapay
Kuapay is a payment service provider that combines digital wallet and mobile payments. The company is based in Santa Monica, California with offices in New York City, Santiago, Chile, and Madrid, Spain.
The Kuapay system allows consumers to present a one-time QR code to a merchant, authorize a purchase, and receive a receipt. Credit card information is not transmitted in the QR code, increasing safety. The system also includes location-based coupons and loyalty marketing. This one-time mechanism increases security over presenting a credit card number.
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CurrentC Is The Big Retailers’ Clunky Attempt To Kill Apple Pay And Credit Card Fees
Long before Apple Pay, big brick-and-mortar retail chains were conspiring to sidestep the typical 2% to 3% fees they’re charged by credit card companies when consumers pay with credit. A company called MCX (Merchant Customer Exchange), spearheaded by Walmart, was started to build a mobile payment solution that would become an app called CurrentC that’s preparing to launch, but is already in the app stores.
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