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REPORT: Global Mobile Payment Market 2015-2019

October 28, 2015 by Mobile Payment Magazine

Mobile payment is a form of payment where an end-user can initiate a transaction using amobile device for goods and services through communication networks or technologies.Mobile payment allows consumers to use a mobile device to pay for goods and services instead of using cash, check, and credit/debit cards. It is also referred to as mobile money,mobile money transfer, and mobile wallet.

The report forecasts the global mobile payment market to grow at a CAGR of 36.26%, in terms of transaction volume, over the period 2014-2019. In terms of number of end-users, the market is expected to grow at a CAGR of 18.10% during the forecast period. [Read more…]

Filed Under: Research Tagged With: Airtel Money, Alipay, Amazon.com, American Express, Apple, Bank of America, Citrus Payment Solutions, Comviva, Dwolla, First Data, Gemalto, google, LevelUp, LivQuik, M-PESA, Mahindra, MasterCard, MCX, Mobikwik, Mobile Payment Report 2015, Mobile Payment Research 2015, One97 Communication, Orange, Oxigen, PayPal, Square, Tata Teleservices, Venmo, Visa, Vodafone, Y-Cash Software Solutions, ZipCash, ZipPay

The State of Mobile Payments: 2015

April 19, 2015 by Mobile Payment Magazine

To most Americans and Europeans, the mobile payments industry is just starting to get off the ground. With Facebook’s option to send money to friends via mobile, new offerings from Square Pay, and the recent release of iPhone 6 and Apple Pay, TechCrunch reports that 2015 seems like the “Year of Mobile Payments.” But the fact is that a lot of these options are way behind what’s happening in other parts of the world.

There’s a distinction between these “mobile wallets” which merely link a user’s credit or debit card to their mobile device, and mobile money, where your phone actually holds the value like a mini-bank. Mobile Money is proliferating in many parts of the world where access to traditional banking is not available to many, and it’s in these places in Africa, South America, Eastern Europe, where mobile money is really taking off, advancing far beyond what is available to people in Europe and North America.
[Read more…]

Filed Under: News Tagged With: Google Wallet, MasterPass, MPesa, Square, V.me, Visa

Report: Mobile Wallets in the US – Review and Analysis

August 30, 2013 by Mobile Payment Magazine

Mobile Wallets US ReportA new report entitled Mobile Wallets: The U.S. Landscape by Mercator Advisory Group identifies U.S. mobile wallets by category and technology.

The physical wallet might someday go the way of the checkbook, used by few and no longer a necessity. Growing consumer use of smartphones is creating a market for mobile wallets capable of serving many of the same purposes physical wallets served for centuries but now are able to take advantage of a plethora of new functions made possible in an increasingly digital marketplace. [Read more…]

Filed Under: Featured, Research Tagged With: ACI Worldwide, Amazon, American Express, Apple, Apriva, AT&T, Atos Worldline, Attido Mobile, ATX Innovations, bango, BarclayCard, BarTab, BBY Solutions, Belly, Best Buy, Blackhawk Network, boku, Braintree Payment Solutions, Burger King, CashStar, Cellfire, Certify, Clutch Holdings, Coop Financial Services, Corefire, Cumberland Farms, DeviceFidelity, Discover Financial Services, Dunkin Donuts, Dwolla, eBay, Fandango, Fifth Third Bancorp, Firethorn Mobile, FIS, Fiserv, Fortumo, FreedomPay, Giftango, google, Green Dot, GrubHub, Hailo Network, iCache, Ingenico, Intuit, Isis, JVL Ventures, Kinetic Farm, Lake Trust Credit Union, Lemon, LevelUp, Live Nation Worldwide, MasterCard, MCX, mFino, mFoundry, Microsoft, MindMatics AG, Monitise PLC, mopay, Mozido, MShift, National Payment Card Association, NCR, Oberthur Technologies, Pango Shyyny USA, Paperlinks, Parkmobile USA, Payair US, PayByPhone, Paycloud, Paydiant, Paydragon, PayOne, PayPal, PreCash, Proxama, PXT Payments, QuickPay, Research in Motion, RideCell, RideCharge, SafetyPay, Salt Technology, Samsung, SCVNGER, Sears Holdings Management, Shazam, ShopKick, ShopSavvy, Sionic Mobile, SK C&C USA, Spindle, Sprint, Square, Starbucks, T-Mobile, Target, Text2Pay, TMG Financial Services, Tyfone, Uber Technologies, VeriFone Systems, Verizon, Visa

Report: Delineating the Mobile Value Chain – A Holistic View of Mobile Payment

September 2, 2012 by Mobile Payment Magazine

As excitement surrounding mobile payments develops, most of the focus has been placed on the wallet apps such as Google Wallet and Isis jockeying for position. However, the success of a mobile payments system will depend on far more than which piece of software will be used on the most devices. A fully functional system will require the integration of a number of different factors, including POS terminals, processing, the devices themselves, and more. [Read more…]

Filed Under: Research Tagged With: ACI, AJB, American Express, Apple, CASSIS International, First Data, Foursquare, Gemalto, google, Groupon, Heartland Payment Systems, Ingenico, Isis, LevelUp, mFoundry, Mobeam, Naratte, Paydiant, PayPal, Research and Markets, RIM, Samsung, SK C&C, Square, Starbucks, VeriFone, Visa, Yelp

B.Shark Holds Forum on Who Will Play a Leading Roll in Mobile Payments

August 8, 2011 by Mobile Payment Magazine

B.Shark, a Chinese company offering worldwide mobile payment solutions, recently collaborated with SPforum, the largest microblog dedicated to the Mobile Internet industry in China, to hold a forum about who will play the leading role in worldwide mobile payments. The discussion was lively, and experts from Paypal and Alipay participated, among others.

Some highlights from the forum include:

  • “Telecom Operators, Financial Companies (such as Banks) and third-party payment companies (such as Alipay, Boku, Zong) are playing important roles in mobile payment,” said Mr. Peng, an expert from Paypal.
  • Operators have huge numbers of mobile subscribers and have a good understanding of  the behavior of mobile subscribers; and operators’ customer care centers can also be the customer service centers for mobile payment transactions.
  • The advantage of financial companies is that banks have the best understanding of customers’ payment behavior, and bank branches also can be the place to educate customers about how to use mobile payments.
  • Third-party payment companies, such as Alipay, Boku, Zong, Obopay and Square are playing a more and more important role in mobile payments. “Third-party payment companies always try to improve service for customers and integrate resource from different organizations in the payment value-chain; this is the advantage of third-party payment companies,” said Mr.Ding, an expert from Alipay.

In the area of global payments, mobile payment can be divided into three areas geographically. “In Asian countries, especially Japan and South Korea, with the strong support from operators, a large quantity of applications and services based on NFC drive NFC payment forward; In Africa, only around 20%-30% of adults have bank accounts, mobile payment via telecom networks are successful, M-Pesa in Kenya is an example; In America and Europe, the redit card industry is matured, however operators also try to play a role. For example, Everything Everywhere, O2 and Vodafone, formed a joint venture to accelerate the uptake of mobile commerce in the U.K, and AT&T, T-Mobile, Verizon also formed a joint venture mobile company named Isis utilizing near-field communication (NFC) technology in the U.S.A,” said ZhongYuan, Zhang, COO of B.Shark. “The fact that eBay bought Zong for $240 million in cash, shows the value of third-party mobile payments focused on operator billing.”

The mobile payment chain is very long. It includes telecom operators, banks, third-party mobile payment companies, mobile phone producers, etc. When all the parties cooperate, the mobile payment will move faster and more smoothly.

Filed Under: News Tagged With: Africa, Alipay, B.Shark, boku, China, Isis, Japan, MobilePayments, Obopay, PayPal, SPforum, Square, Zong

Mobile Payment Startups

August 7, 2011 by Mobile Payment Magazine

Venmo was founded by under 30-year-old entrepreneurs Andrew Kortina and Iqram Magdon-Ismail in Philadelphia. Fewer people carry cash these days and Kortina and Magdon-Ismail saw this as an opportunity to tackle the simple problem that comes with paying back friends and family while on-the-go. Venmo lets friends pay each other back for anything – lunch, dinner, drinks, rent, groceries, tickets, trips – whatever. It works with all the major banks in the US, like Bank of America, ING, Chase, Wells Fargo, Citi, etc., making it very easy for users to adopt.

Overview of Mobile Payment options:

  • Venmo
  • Zong
  • Square
  • iZettle
  • Google Wallet
  • Starbucks
  • TabbedOut

Red full article, via Tech Cocktail.

Filed Under: News Tagged With: Google Wallet, iZettle, MobilePayments, Square, Starbucks, Tabbedout, Venmo, Zong

Visa’s Plan to Dominate Mobile Payments

August 7, 2011 by Mobile Payment Magazine

It’s no secret that credit card companies are shelling out big bucks and aggressively forming partnerships and deals to start cashing in on the mobile and digital payments innovations currently taking place. American Express, which recently debuted its own digital payments product Serve, has been particularly aggressive on the partnerships front, striking recent deals with both Foursquare and Facebook. Mastercard has bet on NFC with a partnership with Google for Google Wallet and bought online payments gateway DataCash for $520 million last fall. And Visa has made a number of major movies in the mobile and digital payments space of late; including making an investment (and taking on an advisory role) in disruptive startup Square, buying virtual goods payments platform PlaySpan for $190 million, and acquiring mobile payments company Fundamo for $110 million. We sat down with Visa’s Global Head of Mobile Product Bill Gadja and the company’s Head of Global Product Strategy, Innovation and eCommerce Jennifer Schulz to discuss how the financial company is planning to compete in both mobile and digital payments.

Read more, via The Washington Post.

Filed Under: News Tagged With: Bill Gadja, DataCash, Fundamo, google, Google Wallet, MobilePayment, PlaySpan, Square, Visa

Hidden Costs in Cell-Phone and Digital-Wallet Payment Services, Says Consumer Reports

August 2, 2011 by Mobile Payment Magazine

While Americans are still using plenty of cash, checks, credit and debit cards to pay their bills, new electronic methods such as paying by cell phone or digital wallets are emerging. Before jumping in, consumers should be aware of the disparity in loss liability and consumer protections they offer, according to Consumer Reports.

CR’s latest investigation into these new payment options finds that banks and technology companies are jostling for a greater share of the $50 billion a year in fees generated by everyday transactions. Some services by PayPal, Obopay, Square, Zong, and FaceCash already allow you to pay for purchases with your cell phone, but so-called digital wallet services are scheduled to hit the market soon.

Google said in May that it planned to launch its version this summer. At least three competing digital wallets are planned for launch later this year and in 2012: from Visa in partnership with more than a dozen banks; Isis, a joint venture of AT&T Mobility, T-Mobile, and Verizon Wireless; and PayPal Mobile’s point-of-sale technology.

“As these new forms of payment grow more popular, consumers must be careful to understand the costs, and disparities in protections associated with the promise of new convenience,” said Jeff Blyskal, sr. editor Consumer Reports.

Despite all the hype, consumers don’t seem to be clamoring to pay with their phones yet. According to a recent nationally representative survey by the Consumer Reports National Research Center, only 5 percent of survey respondents have used their cell phone to pay for day-to-day purchases in the previous month. Somewhat more use other fairly new forms of payment, including billing to their home or cell phone account (10 percent).

Most of the new electronic payment options are tied to credit and debit cards, so whatever costs consumers incur in using their plastic will transfer to the new methods. Paying by mobile phone won’t save them money. Google Wallet merchant transaction fees are the same as those charged on plastic payments, and the same is expected to be true for Visa’s digital wallet. Square and PayPal Mobile charge merchants even more than the average big bank fee, 2.75 and 2.9 percent of the transaction amount, respectively.

Among payment processors Consumer Reports looked at, only Obopay charges consumers (not merchants) an explicit flat 50-cent fee for payments over $10. You can transfer funds to your Obopay account from a bank account at no cost, but if you link a transaction to a debit or credit card, you’ll pay a 1.5 percent fee. So on a $100 payment, fees can run from 50 cents to $2.

Prepaid debit cards can be especially costly, whether you use them by themselves or link them to an alternative payment method. Many prepaid debit cards charge fees for activating and maintaining the accounts, and for transactions, balance inquiries, and reloading.

Things often go wrong during the processing of 300 million noncash payments each day. In a Consumer Reports survey, one in four Americans said they had an unauthorized charge, billing error, noncredited payment, or other problem in the last year when paying for purchases or paying bills.

A consumer’s right to get their money back when something goes wrong—errors, goods not delivered as promised, fraud — varies by the payment option used. Again, the underlying method of payment tied to your mobile device will govern their rights in such instances. Cell phone and digital wallet payment services linked to a credit card offer consumers the most protection. However, there is a large disparity in protection for services that link to prepaid debit cards and direct billing to consumers’ phone bill.

Prepaid cards offer consumers no guaranteed protections against unauthorized transactions. The cards may have some protections in their contracts, but they’re essentially voluntary and can be rescinded at any time. Visa and MasterCard prepaid-card holders may get assurances from those brands’ zero-liability policies, which protect against unauthorized use and require issuing banks to give provisional credit for losses from unauthorized use within five business days of notification. But those policies have loopholes. Visa’s doesn’t cover ATM or PIN transactions not processed by the Visa network. MasterCard’s policy offers no protection if a consumer reported two or more unauthorized events in the past 12 months, and it doesn’t cover ATM or PIN transactions.

For consumers who opt for direct-to-phone bill charges, their rights in this area are unclear. Any protections are based on the wireless carrier’s contract, and they vary widely. Consumers Union reviewed the contracts of 18 wireless carriers to find out what kind of baseline protections they contained; none provided protections for mobile payment transactions that are as strong as those guaranteed by law when consumers use a credit card or debit card.

Consumers may have some rights under state laws or public utility agency rules, but those also vary from state to state. So far, only the California Public Utilities Commission provides its state’s residents the right to reverse unauthorized charges. California consumers can also bar third parties from putting charges on their phone bill.

The bottom line—Consumer Reports offers the following advice for those considering the jump to any new form of digital payment service:

  • Before signing up for a new payment method, read the fine print and check the transaction costs.
  • Pay by credit card to get the best protections whenever you buy online or pay via cell phone, make a major purchase in a store, or worry that a seller might not deliver as promised. Avoid prepaid debit cards and billing to your telephone account.
  • Ask your carrier to block third-party charges to your landline and cell phone.
  • Take convenience claims with a grain of salt. Consider new payment choices, but separate true benefits from marketing hype.
  • Keep your mobile shopping tools independent from any branded digital wallet you might choose.

You can control the risk of loss by knowing the threats with each form of payment and taking steps to protect yourself. Don’t share your personal identification and account information, use security software and procedures for your e-commerce, and always keep cash and payment cards in a safe place.

The complete investigative report, including more information on the convenience come-on and security fraud issues surrounding new ways to pay at ConsumerReports.org or in the September, 2011 issue of Consumer Reports.

Source: PR Newswire

Filed Under: News Tagged With: AT&T, FaceCash, MobilePayment, Obopay, PayPal, Square, T-Mobile, Verizon

Mobile Payment Service Fee Structures

July 12, 2011 by Mobile Payment Magazine

The top mobile payment systems all work very similarly, but carry different fee structures. Each one charges a percentage per transaction and sometimes a flat fee per use. For example, mobile payment company Square charges 2.75% for a transaction that uses the swipe accessory. For transactions that are keyed in manually, Square charges 3.5% and a flat fee of $.15. PayAnywhere always charges a flat fee of $.19 per transaction but lowers its cut to 2.69% for swiped purchases and 3.4% for those keyed in manually.

Read more, via Detroit Free Press.

Filed Under: News Tagged With: PayAnywhere, Square

Mobile Payment Company Square Raises $100 Million in Series C Financing

June 29, 2011 by Mobile Payment Magazine

Square, the company revolutionizing everyday transactions between buyers and sellers, announced today that it has secured $100 million in Series C financing. The round was led by new Square investor Kleiner Perkins Caufield & Byers with participation from Tiger Global Management, LLC.

Square launched in early 2010 as an innovative way for individuals and businesses to accept payments on their mobile devices using an elegant and easy-to-use card reader and application. The company has seen widespread adoption since its launch and helped hundreds of thousands of businesses across the country to grow with its free hardware.

“Square has a great product with extensibility which we believe has the potential to have a lasting impact on how people make payments,” said Mary Meeker, Partner at KPCB. “Square’s product is fast, easy and fun for both consumers and vendors; a small business can be up and running within minutes.”

“Square is eager to continue our momentum and we are proud to have the support and expertise of KPCB among our team of investors and advisors,” said Jack Dorsey, Square CEO. “Our goal is to empower everyone to accept payments anywhere, and we are on course to accelerate our growth in a meaningful way.”

Square currently offers three products; the Square reader, register and card case. The Square reader takes only minutes to set up and enables anyone to accept payments anytime and anywhere on their iPhone, iPad and Android phones. The Square register for iPad serves as a full point of sale system for businesses to accept payments, track inventory, and share menu and location information. The Square card case is the neighborhood way to pay that enables individuals to open a tab at their favorite local merchants, store digital receipts, and browse nearby directory and menu listings.

Mary Meeker will be joining Square’s board on behalf of KPCB. Square also added two new board members earlier this month; economist Larry Summers and Vinod Khosla, Founder of Khosla Ventures.

Filed Under: News Tagged With: Jack Dorsey, Khosla Ventures, Kleiner Perkins Caufield & Byers, Larry Summers, Mary Meeker, Square, Tiger Global Management, Vinod Khosla

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