Payment processing firm Visa Europe has introduced a service allowing consumers to make mobile payments across the region immediately and using any European currency. Meanwhile in India, popular money transfer and payment service M-Pesa has now been fully launched.
Turkish operator Turkcell and SIM card and mobile security solutions provider Gemalto have each found themselves at the hearts of two mobile payment projects that promise to transform the transport and retail sectors in Turkey and the USA respectively.
Disruptive digital technologies such as mobile communications and the internet will destroy established retail banking business models, according to financial sector commentator and author Brett King, by removing the physical product and replacing it with a digitised bank account.
Senior executives from the financial sector are split over the extent to which mobile payment technology has failed to take off – and what they can do to fix it.
Following the launches of mobile card reader devices such as Square, iZettle and mPowa, Canadian firm Inuit has launched one of its own. Intuit Pay enables businesses to take secure payments face-to-face and over the phone. The Chip & PIN card reader is currently only available for Apple’s iOS devices, and is free for a limited, unspecified, time.
PKO Bank Polski has introduced a mobile payment service that covers all payment situations. The roll-out includes the bank’s ATM estate and will eventually reach more than 65,000 POS terminals operated by eService, a subsidiary of the bank.
Almost 200 million mobile users will be making payments via their mobile by 2017, according to research published today. According to Juniper Research, there is a growing user acceptance of ‘push’ mobile banking and a sharp rise in tablet adoption, which will drive users of transactional tablet banking services.
Jorn Lambert, Group Executive, Digital Convergence, MasterCard Worldwide talks to telecoms.com and Banking Technology about the world of payments ‘beyond plastic’, moving into the digital space.
While most large banks in the UK offer a mobile app, some do not yet offer mobile cash withdrawal as a service. That is likely to change soon, according to Ian Byrne, banking director UK and Ireland at ATM maker Wincor Nixdorf.
Payment provider PayPal has launched a card reader device that handles Chip & PIN and PayPal payments in Europe. The device will be available to select UK businesses over the coming months before becoming generally available this summer.
Spanish bank Banco Santander has signed a deal with iZettle, a fledgling Swedish payments specialist that focuses on ‘social’ payments. The two companies plan to distribute mini chip-card readers to customers, so that they can accept card payments with smartphones and tablets.
In the history of bank robberies, the £30 million stolen by the Eurograbber attack in 2012 ranks as one of the all-time biggest, globally. And when you consider that this sum was stolen from more than 30,000 accounts across 30 banks in four European countries, using malware that affected both PCs and bank customers’ mobile phones, it must also rank as one of the most sophisticated thefts ever discovered, writes Terry Greer-King, UK managing director of Check Point*.
Banks may have a poor reputation with the public, but the majority of people in the UK would be more likely to adopt mobile payment services if they are provided by a bank, according to payment services provider VocaLink.
A 400 per cent increase in malware for mobile devices masks a security scene where many of the threats are much as they have been for several years – but where the volume of attacks means that firms should think in terms of when their defences will be penetrated, rather than if they will be.
Indian bank ICICI and local mobile operator Aircel have launched a mobile financial services offering using Visa’s hosted platform solution. The platform is intended to make it easier and more cost-efficient for mobile operators and financial institutions to offer mobile financial services to consumers.
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