Mobile Payment Magazine

Consumers and Mobile Financial Services – Free Report

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.

YESpay to Offer Mobile Payments in Europe and North America

February 5, 2011 by Mobile Payment Magazine

YESpay International announces that it will shortly enable smart phone based mobile payments at many of its selected merchants that participate in its web and mobile YESpay-Wallet card payment program, allowing customers to pay for web, mobile and in-store purchases with select smartphones.

YESpay has already launched its YESpay-Wallet service for web-based card payments with many merchants such as YES-secure.com Peer-to-Peer Social Lending web marketplace. These innovative merchants encourage their customers to create personal YESpay-Wallets™ in order to make card payments on their websites.

YESpay is expected to launch its YESpay-Wallet Mobile App for select BlackBerry and iPhone smartphones, and iPod touch. Dr Chandra Patni, CEO at YESpay International said, “Customers of participating YESpay-Wallet merchants will have access to one of the most extensive global mobile payment program that enables the fastest way to pay on the web, on the mobile and in-store. This global program over the next 18 months could include over 3,000 YESpay merchants”.

YESpay regularly processes millions of cardholder payments for its merchants and predicts mobile payment will attract customers and merchants alike looking to experience the speed, ease and convenience of paying with their mobile phone. “Customers can create their individual YESpay-Wallet™ in which they can add details of their credit and debit cards as well as create YESpay Virtual Cards – they can then make card payments at YESpay web merchants or by using the YESpay-Wallet™ Mobile App in-store. This will extend customer experience at potentially all our merchant locations,” said Tasneem Bunglowala, YESpay Mobile App Product Manager. “With mobile payment, the YESpay-Wallet platform with support for Virtual Cards further elevates the customer/merchant experience by delivering convenience, rewarding loyalty and continuing to build an emotional mutual connection.”

To experience mobile YESpay-Wallet payments at participating YESpay merchants, customers just need to download the free YESpay-Wallet Mobile App for select BlackBerry smartphones, iPhone or iPod touch mobile devices. Possibly one-quarter of U.K./USA/Canadian customers of YESpay merchants use smartphones, of which nearly three quarters use BlackBerry smartphone or iPhone mobile devices.

The YESpay-Wallet Mobile App allows customers to manage their virtual and credit cards, check their Virtual Card balances, reload their Virtual Cards with any major credit/debit card, check their Retailer Discount Coupons and Promotions status and find a nearby YESpay Merchant store with the store locator feature. In addition, using the mobile app customers can pay with their smartphone by selecting one of their credit/debit or Virtual Cards in their electronic wallet, holding their mobile device in front of a scanner on the countertop and scan the card Mobile App’s on-screen barcode to make a purchase.

Mobile payment is built on the YESpay-Wallet and Virtual Card platform, which continues to experience significant customer adoption. Mala Chauhan, Marketing Manager at YES-secure.com said, “Our lending members have loaded more than £0.3 million using their YESpay-Wallet just in the first full quarter of operation in Q4 2010. We are now feverishly working on the introduction of the quick and easy YESpay-Wallet Mobile App for greater convenience. A growing segment of our members use smartphones, and through the YESpay-Wallet Mobile App, we can provide them with the fastest way to pay.”

Source: PRweb

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Apple in Talks with Banks to Develop Mobile Person-to-Person Payment Service – Update – NASDAQ.com

Apple Inc. is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal Inc.’s popular Venmo platform, according to people familiar with the talks. The talks are ongoing, and it is unclear if any of the banks have struck an agreement with Apple, these people said. Key details […]