mobile moneyRSS

Mobile money: no pain, no gain?

Mobile money is complicated

With the recently released Apple Pay, the media hype surrounding mobile payments and mobile wallets has reached “banked” countries. It may sound like a great new idea for some, but for the 200 million people already using similar services for some years (most of them in “unbanked” countries), it looks obvious.

Snapchat teams with Square for IM cash transfers

Instant cash transfer

Ephemeral instant messaging (IM) service Snapchat has teamed up with payment processing outfit Square to allow users to transfer cash to each other over IM. The new service is called Snapcash, appropriately enough, and will initially only be available in the US.

Ericsson, Millicom partner on Tigo Cash for West Africa

Mobile money services are popular in Africa

Ericsson has announced its Wallet Platform has been deployed by Millicom-owned Tigo Senegal to offer financial services to customers across West Africa. Tigo Cash mobile services allow subscribers to make payments, store, transfer and withdraw money using a mobile device, even if the user doesn’t have access to traditional banking services.

Deutsche Telekom launches mobile wallet

Deutsche Telekom has launched a mobile wallet service in Germany

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.

Mobile money users reach 61 million

The number of active mobile money users has grown to 61 million in June 2013 from 37 million a year earlier

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.

T-Mobile USA takes on “ridiculous” bank fees with mobile money service

T-Mobile USA has launched a mobile money service in a bid to convince subscribers to use the operator for their personal finance needs

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.

Ooredoo tops one million mobile money subscribers

Qatari group Ooredoo says it now has one million mobile money subscribers

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.

Global mobile money transfer to top $10bn in 2013

Mobile international money transfers to exceed $10bn this year, finds Juniper Report

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.

UK operators get green light on mobile money JV

O2, Vodafone and Everything Everywhere have been given approval to launch their mobile money JV

The mobile commerce joint venture between UK operators O2, Vodafone and Everything Everywhere (parent of the Orange and T-Mobile brands in the UK) has been granted unconditional approval by the European Commission (EC).

Google moves Wallet to cloud, adds more cards to offering

Google moves its Wallet service to the cloud and facilitates more card providers

In an attempt to ignite take up of its m-wallet offering, Google has launched a cloud-based version of its wallet for its US users. As a result, users can now add Visa, American Express and Discover credit and debit cards, as well as MasterCard, to their wallet.

UK smartphone users averse to mobile banking

UK smartphone users do not trust mobile financial survices, according to YouGov

Just 20 per cent of UK smartphone users have embraced mobile banking services, with fears over the security of personal data chief among the barriers to adoptions, according to a recent survey conducted by YouGov. The survey, initiated by outsourcing firm Firstsource Solutions, also suggested a resistance to mobile wallet services in the UK, with almost 60 per cent of respondents ‘unlikely’ to use such a service.

Apple eyeing mobile payments with AuthenTec deal

AuthenTec's fingerprint technology could be key to Apple's mobile payment efforts

Apple has agreed to acquire fingerprint security firm AuthenTec in a deal worth around $356m. AuthenTec’s fingerprint technology has been used in mobile phones in Japan for authentication of mobile payments, and Apple is expected to bring those services to more markets.

Citi and USAID team up on mobile money

US government agency the US Agency for International Development (USAID) and bank Citi have announced a global partnership to promote the rapid adoption of mobile money technology in developing nations. USAID and Citi said that they will work with governments, donors, industry and other participants in the payments system to support local mobile money platforms, and will contribute over $23m to the cause.

RBS and NatWest introduce mobile cash withdrawals

NatWest and RBS customers can use their mobile phones to withdraw cash from ATMs

Banking group the Royal Bank of Scotland (RBS) and NatWest have introduced a scheme in the UK allowing customers to withdraw cash from an ATM using a smartphone.

Mobile Money turns 10

Mobile money has helped provide banking services to those that previously had no access to them, for ten years

The mobile financial services community is celebrating the tenth anniversary of mobile money. The first ever mobile financial service was launched in Zambia in 2002. It was launched by Celpay, and powered by Visa-owned Fundamo. The service was the first in a movement that has fundamentally transformed the way unbanked and under-banked people in developing nations use financial services.

Mobile money service to serve unbanked in Mexico

Mobile money service aims to serve underbanked in Mexico

Latin American operator group América Móvil is spearheading the launch of a mobile money service in Mexico, aimed to serve the nation’s underbanked population. The service, called Transfer, will be launched by a joint venture between the operator, Citibank´s Mexican unit Banamex and local bank Banco Inbursa.

Barclays intros contactless payment sticker

Barclays launches contactless payment service

Financial services provider Barclaycard has introduced a sticker-based contactless payments offering to support mobile money transfer service Pingit in the UK.

Mobile payments to be worth $1tn by 2015

Mobile money to be worth $1tn by 2015

The global value of mobile payments is set to reach close to $1tn (£591bn) worldwide by 2015. The driver will be consumer demand for devices with NFC technology, which are expected to instigate a 97 per cent growth per year, over the next three years, according to a report by KPMG.

Mobile money could curb corruption in developing markets

Mobile money is helping workers in developing nations receive their full wage

Mobile salary dispersal is being used to fight corruption and ensure workers receive their full wage in emerging markets, according to the head of a mobile commerce and financial services solution provider.

Monitise aims to be “world’s largest” m-money player with acquisition

Monitise plans to acquire US counterpart Clairmail

UK mobile payment technology and services provider Monitise has announced plans to acquire US based counterpart Clairmail, in a bid to create the “world’s largest pure-play mobile money company”. Monitise will pay a sum of $173m for the acquisition, which is conditional upon US regulatory and shareholder approvals, and the firm expects the acquisition to be completed before the end of the financial year 2012.