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.
Digital Money in Pakistan – 2013 Report
This report by Shift Thought Ltd entitled “Digital Money in Pakistan” has been designed specifically for the use of global players such as banks, operators and technology providers. They fill a gap in the market, and although offered at a report price, this is not a run-of-the-mill paper report.
This Pakistan report is developed to a high specification in order to help experts including development organisations like CGAP, by providing little known information and detailed analysis as a one-stop reference to understand Payments Systems and Innovations in this market. [Read more…]
Mobile Payment Strategies Report: Opportunities & Markets 2011-2015
A new study from Juniper Research has determined that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670bn by 2015, up from $240bn this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
The new Mobile Payment Strategies report revealed that all segments will exhibit 2x to 3x growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. [Read more…]
Major Mobile Operators Worldwide Announce Commitment to NFC Technology
Many of the world’s leading operators, including América Móvil, Axiata Group Berhad, Bharti, China Unicom, Deutsche Telekom, KT Corporation, MTS, Orange, Qtel Group, SK Telecom, Softbank Mobile, Telecom Italia, Telefónica, Telekom Austria Group, Telenor and Vodafone, have voiced their commitment to implementing Near Field Communications (NFC) technology, and intend to launch commercial NFC services in select markets by 2012.
“NFC is perhaps best known for its role in enabling mobile payments, but its applications go far beyond that,” said Franco Bernabè, Chairman, GSMA and CEO, Telecom Italia. “NFC represents an important innovation opportunity, and will facilitate a wide range of interesting services and applications for consumers, such as mobile ticketing, mobile couponing, the exchange of information and content, control access to cars, homes, hotels, offices car parks and much more.”
The market potential for NFC is significant—according to Frost & Sullivan, the total payment value for NFC globally will reach more than €110 billion in 2015 – and momentum behind the technology is growing rapidly. To address this opportunity and to provide valuable new services to mobile users worldwide, the operator community is focused on driving the standardised deployment of mobile NFC, using the SIM as the secure element to provide authentication, security and portability.
To achieve this, the GSMA will develop the necessary certification and testing standards to ensure global interoperability of NFC services. This interoperability is critical to the widespread adoption of NFC, enabling users to benefit from NFC services around the world, regardless of operator network or device type.
“As we have seen, the adoption of different approaches to NFC will only serve to fragment the market,” continued Bernabè. “By uniting around a single standardised approach to mobile NFC and by collaborating across the entire ecosystem, our industry will continue to develop the compelling services that customers demand.”
via World’s Leading Mobile Operators Announce Commitment to NFC Technology ~ GSM World.
Serbia’s Telenor Introduces New PlatiMo Mobile Payment System
Serbian network operator Telenor has introduced a new mobile payment service called PlatiMo. The service allows customers to pay bills and perform other financial services via their mobile phones directly from their bank accounts.
The operator has selected an m-payment offering comprised of G&D’s SIM cards and SmartTrust Over-the-Air server software, and Halcom’s mobile payment system. Telenor has worked closely with the four banks involved—Komercijalna bank, Erste Bank, Credit Agricole and Raiffeisen Bank—to provide a state-of–the-art mobile payment system to their customers. These four banks as a group serve more than 50 percent of the Serbian market.
Telenor and the partner banks are currently are currently working to sign up merchants to the system. Telenor will soon be able to offer the option of paying utility bills for electricity, cable TV, water, Internet and other services through mobile payment. Moreover, Telenor and the partner banks are also aiming to expand mobile payments to ticketing, offering users the opportunity to pay for cinema, theater and concert tickets, taxi rides, and public transport.
Currently, subscribers using the PlatiMo application can pay mobile phone bills issued by Telenor, send money to other PlatiMo users, make online purchases, buy airplane tickets via the call center of Serbia’s largest national air company JAT Airways, and top up their prepaid accounts in the Telenor network.
After the promotional period, which ends in April, 2011, new banks will be introduced to the PlatiMo system, increasing the potential customer base.
What is more, thanks to cooperation with e-government, all PlatiMo users will have access to e-government services through the system and will be able to order personal documents, such as birth or citizenship certificates.
PlatiMo is simple-to-use, versatile and suitable for all commercially available mobile phones. It also meets the highest security standards for electronic payment transactions: The phones use special WPKI (Wireless Public Key Infrastructure) SIM cards from G&D, which provide an electronic certificate issued by the Halcom certificate agency. During the encrypted transactions, data are exchanged between the SIM card and a G&D SmartTrust Mobile Transaction Gateway server which is connected to PlatiMo’s four participating banks via Halcom’s 123 Pay! platform.
Consumers are protected in the event of cell phone loss or theft, since payments can only be made by entering a special additional PIN—the sPIN—which is different from the cell phone’s SIM PIN. Such security technology has been widely used in electronic banking for years and so far these systems have not seen any cases of misuse or fraud.
Source: Virtual Press Office (VPO)
You must be logged in to post a comment.