Mobile payments provider LoopPay has secured funding from global payments firm Visa, the company has revealed, without saying how much is involved. The US company, which launched earlier this year, is pioneering a technology that capitalises on the installed based of magnetic stripe-reader point-of-sale systems rather than NFC, which is the current favourite in mobile payment circles.
Telecoms company Millicom has stepped up its push to gain ground for its mobile money service in the east African country of Tanzania, home to 47 million people, as competition heats up between operators seeking to pounce on the boom of mobile money in three African nations.
UK carrier EE this week enabled its own flavour of NFC, dubbed Cash on Tap, for London’s bus network, allowing customers to use their phone in lieu of an Oyster card or contactless debit card. Users will need an EE handset and an NFC-capable SIM.
Social network Twitter has acquired payments infrastructure firm CardSpring for an undisclosed sum. The San Francisco-based startup develops a web service API that makes it easy for payment companies and point-of-sale vendors to work with developers to create card-linked services.
German operator group Deutsche Telekom has launched a mobile wallet service in its domestic market. The operator also plans to extend the offering to further markets; to Slovakia in mid-May and in Hungary later this year.
The number of active mobile money users has grown to 61 million in June 2013 from 37 million a year earlier, according to trade body the GSMA.
Operator group Vodafone has joined forces with global money transfer and payment services firm MoneyGram to enable customers in over 200 countries to send money to M-Pesa users. The two will initially launch in a few key markets in 2Q14 and plan to roll out the service to further markets during the remainder of the year.
T-Mobile USA has launched a mobile money service that claims to do away with charges levied on US bank customers for accessing their funds.
US operator AT&T has launched two solutions to allow businesses to process payments using a mobile device. The operator teamed up with payment processing services provider Vantiv to develop the solutions, which it says offer a highly secure and swift method to process transactions.
UK operator O2 has revealed that its O2 Wallet service, which closed last week, was a casualty of the pace of development in the fast moving mobile payments space.
Pakistani operator Warid Telecom has teamed up with Bank Alfalah to launch a mobile money service. The service, Mobile Paisa, will initially enable users to make utility bill payments and secure money transfers across Pakistan. The operator said that it plans introduce further services in the near future.
Payment provider MasterCard has teamed up with mobile payment solutions providers eServGlobal and BICS to extend the capabilities of their international mobile remittance platform HomeSend. The three firms have set up a joint venture which uses the HomeSend platform, in which MasterCard will have a controlling share.
Turkish mobile operator Turkcell and the country’s Garanti Bank and have partnered with Visa Europe in a deal aimed at bringing the Turkcell mobile wallet to more consumers in Turkey.
Operator group Vodafone has announced an NFC mobile payment service in Spain. The group plans to launch the service at the end of November, with launches in Germany, the Netherlands and the UK to follow.
Norwegian carrier Telenor has teamed up with DNB, the country’s largest bank, and identity management specialist Giesecke & Devrient (G&D) to introduce Norway’s first commercial NFC project.
A UK technology company has created a banking app that promises to help customers keep track of their finances at a glance, interfacing with the Pebble smartwatch which launched launched in January 2013.
French operator group Orange has formed a strategic partnership with payment provider Visa to accelerate awareness and everyday usage of contactless payment technology in France. The operator has also launched a mobile prepayment solution called Orange Cash in the country.
Qatari operator group Ooredoo now has one million mobile money customers across its global footprint. The group, which has a presence in Qatar, Indonesia and Tunisia added that mobile money services have contributed to economic and social development in the markets it operates in.
Andrea Galeazzi, director of network services at Italian payments and technology infrastructure company SIA, has taken up a new role as chairman at Italian telecoms firm Emmecom. The move is part of SIA’s acquisition of the smaller firm, which took place in July and forms a key part of its European expansion plans.
The value of international money transfers made via mobile phones will exceed $10bn for the first time this year, according to Juniper Research. However, the cost and complexity of regulating cash transfer had led many service providers to focus exclusively on airtime top ups, the research firm reported.