Canada’s CIBC bank has launched a novel promotion aimed at increasing uptake of NFC technology for mobile payments.
NFC technology advocates face continued disappointment in 2013 as it is likely to be overshadowed by other developments in retail payments, according to a report by financial research firm Celent.
ATM maker Diebold has developed an ATM that lets customers withdraw cash without using a card – and saves the bank money in the process.
Banks must learn to use information services to provide value to their customers if they are to avoid falling victim to competition, according to a report by consultancy Ctrl-Shift.
Intent on making the prevalence of near-field communications (NFC) a reality, Orange and China Mobile have signed a memorandum of understanding (MoU). The two operators are aiming to accelerate the commercialisation of mobile contactless services and said they will adopt internationally recognised standards for embedding the secure technical protocols directly into the SIM-card.
The home of the world’s largest telecoms event is aiming to stimulate the adoption of contactless mobile payments after Catalan bank la Caixa announced it will roll out a contactless payment system in Barcelona, based on TAP Visa stickers for mobile devices. The bank forecasts that 200,000 customers will be using the system by February, when the Mobile World Congress 2013 will be held.
Mobile and NFC payment technologies have been on the rise in recent years. But with many merchants and retail outlets still reluctant to invest in the new technologies, and with the rise of fraud in existing solutions, industry participants are divided over how and whether the technology will ever gain widespread acceptance in developed markets.
Already staking a claim to be the one of the most effective mobile money success stories to have graced the telecoms industry, Kenya’s M-Pesa service has now been extended to allow consumers access to interest-bearing saving accounts and the ability to take out small loans.
Mainstream adoption of bank-led mobile payments services and the results of investment in removing siloed channels will see retail banks start to redress the balance between the opposing pressures of cost reduction and the need to invest in innovation in the coming year.
The African subsidiary of Indian operator group Bharti Airtel has extended its mobile money transfer service across the 17 African markets it operates in. Airtel Africa’s subscribers will be able to send and receive money transfers over the operator’s network, which will be connected to a community of mobile network operators, and money transfer organisations, through the HomeSend hub.
Financial services firm Fundamo has conducted research examining the opportunities in mobile money services in Africa, and has reported that it expects to see accelerated growth of such services in the coming years.
Indian bank ICICI Bank has partnered with Vodafone to launch M-Pesa, the mobile payment service, in India before the end of the year.
Indian bank ICICI Bank has partnered with Vodafone to launch the M-Pesa mobile payment service in India before the end of the year. The service will be provided by Vodafone India through its subsidiary Mobile Commerce Solutions. Under the M-Pesa brand, MCS will provide a mobile wallet service, while ICICI Bank will provide the mobile money account.
Swedish firm iZettle has launched its mobile payment card reader service in Germany. The payment solutions provider has teamed up with financial institutions DZ Bank and Deutsche Telekom to provide small businesses with the ability to accept payments via Android and iOS smartphones.
Google has improved the integration of its mobile wallet application with online retailers in a bid to stimulate mobile financial transactions. From this week, on sites that accept Google Wallet, users will no longer need to enter their credit or debit card number, billing address or other payment information.
Partnerships between financial institutions and other firms such as telcos offer a chance to bring new services such as mobile banking and payments to millions of customers. But innovators should be prepared for the long haul, according a panel of senior industry representatives speaking this week.
Last week I attended the GSMA’s NFC & Mobile Money Summit in Milan to take the pulse of what’s been happening in the mobile contactless payments space over the past year.
The m -commerce joint venture between UK operators Everything Everywhere, O2 and Vodafone; Weve (formerly Project Oscar)is going down the outsourcing route to grow quickly. The JV will outsource HR, payroll and recruitment functions to HR outsourcing specialist plusHR.
Russian telecoms operator MTS is planning to provide banking services to customers that lack a traditional bank account, following an agreement to purchase a 25.09 per cent stake in MTS Bank.
SIM card maker Giesecke & Devrient (G&D) has announced a mobile wallet solution. The solution, called SmartTrust Portigo allows users to make debit and credit card payments using their smartphones and also enables them to store ID cards, loyalty cards, public transport tickets, and access keys for buildings and vehicles in the electronic wallet.