Mobile


Trade Group Report Offers Post-Brexit Licensing Guidance

With last year’s Brexit decision casting uncertainty on U.K.-based e-money passporting, the Emerging Payments Association (EPA) has released a new report recommending the best options for U.K.-licensed fintech and financial services companies in danger of losing their European Union passporting rights following the U.K.’s exit from the EU.

White House Unveils Fintech Framework for U.S.

Following the OCC’s plans for a special fintech bank charter, which has state regulators and a few Democratic senators up in arms, the National Economic Council (NEC) of the U.S., part of the Office of White House Policy, has published a whitepaper, “A Framework for Fintech,” reports Paybefore’s sister publication Banking Tech.

Deutsche Bank bans texting and messaging apps on work phones

No more texting or using messaging apps such as WhatsApp on company issued phones, Deutsche Bank tells its employees. According to a memo issued by COO Kim Hammonds and chief regulatory officer Sylvie Matherat, the functionality will be switched off this quarter.

Airtel Payments Bank launches in India

Airtel Payments Bank, India’s “first” payments bank, has started national operations with services now live across the country. As Banking Technology reported in July 2016, telecoms giant Airtel was planning its own bank. It says it is a “fully digital and paperless” bank, and from today (12 January), over 250,000 neighbourhood Airtel retail stores across […]

HSBC targets Hong Kong millennials with new social payment app

HSBC will unveil a new payment app in Hong Kong in early 2017 aimed at millennials and offering a social aspect in addition to just payments. Called PayMe, it is “available to everyone in Hong Kong”, regardless which local bank the customer uses. However, the small print says it is only eligible to users with […]

Fifth Third swings for the mobile wallet fences

Go big or go home: Fifth Third on Wednesday (11 January) said that its customers can now use five major mobile wallet providers, with debit and credit card purchases via the recently added Android Pay and Microsoft Wallet, along with previous partners Apple Pay, Samsung Pay and Masterpass. The deal comes amid a heady time […]

PayPal Acceptance Deals Continue with Discover Pact

Discover and PayPal have reached a deal that will expand PayPal’s POS presence while making Discover a more visible payment option within the PayPal mobile wallet. Under terms of the pact, PayPal will gain access to Discover’s tokenization services, enabling U.S. PayPal customers to use their Discover cards within the PayPal wallet app to make contactless purchases at contactless-enabled merchants that accept Discover.

Fifth Third Swings for the Mobile Wallet Fences

Go big or go home: Fifth Third on Jan. 11 said that its customers can now use five major mobile wallet providers, with debit and credit card purchases via the recently added Android Pay and Microsoft Wallet, along with previous partners Apple Pay, Samsung Pay and Masterpass.

Can you marry an app Monzo?

Mobile-only challenger bank Monzo has revealed some witty conversations between its banking customer support team and customers. In an amusing blog post, the bank says its customer support team of around 17 people manage hundreds of queries on a daily basis in as “close to real-time as possible”. Some of these conversations struck a chord […]

Democratic Senators Oppose OCC Fintech Proposal

A skirmish over the future of U.S. fintech is underway in the new U.S. Senate, with two Democratic senators this week saying a new federal charter governing the industry “could weaken consumer protections, limit competition and threaten financial stability.”

New App Aims to Provide ‘Clarity’ to Personal Finances

Data analytics and artificial intelligence are on nearly everyone’s 2017 trend-watch lists, but Clarity Money wants to put those same tools directly into consumers hands with an app it says will improve financial well-being and increase users’ financial literacy.

Virgin Money to launch digital bank, looks for customer experience leadership

Virgin Money plans to launch a digital bank – VMDB – and is now recruiting for a head of customer experience. As Banking Technology reported in November, 10x Future Technologies, the start-up founded by former Barclays CEO Antony Jenkins, is building a digital core banking platform for Virgin Money. The latter also signed a long-term […]

Country spotlight: Lithuania – the young ones

Banking Technology explores a less known – but a noteworthy – destination for fintech in Europe, Lithuania, and its capital Vilnius. Whilst it is realistic that it cannot compete with the European Goliaths such as London or Paris, it wants to carve its own niche in the fintech space, and has quite a lot to offer.

Top fintech stories this week – 6 January 2017

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The first weekly news round-up of 2017. Happy 2017! Let it be a year of discovery and success.

Will Starbucks Make Bitcoin Mainstream?

Bitcoin, which has long nursed an outlaw persona, seems to be transforming into a yuppie. In the latest sign that the digital currency is moving into the mainstream, iPayYou, a U.S.-based bitcoin platform, said its technology now will enable coffee and food purchases at Starbucks, a chain typically associated with middle- and upper-class urban and suburban lifestyles.

Volkswagen Ups its Mobile Payments and Parking Game

The financial services arm of car manufacturer Volkswagen Group has bought parking payments firm PayByPhone, a deal that underscores the appeal of mobile payments and bolsters the automotive company’s presence in the parking transactions space.

For India’s Paytm, Growing up Means Launching a Digital Bank

India-based Paytm is growing up fast. The online commerce platform, which launched its mobile wallet in 2014, has received permission from the Reserve Bank of India to operate a digital bank. The move comes as digital transaction rates in India—where the country’s popular 500 (US$7) and 1,000 (US$15) rupee notes were recently taken out of circulation—have increased as much as 1,000 percent since early November.

Are we heading for an identity crisis in fintech?

Establishing if someone is who they say they are in today’s virtual world is a major headache for banks and fintechs, thanks to the strict regulations they operate under and the difficulty in providing non-physical, verifiable forms of identity.

China Serious about Fintech with $1.44 Billion Investment

China has made it loud and clear it intends to position itself as a global fintech leader. A group of state and privately held companies launched a $1.44 billion investment fund called the Asia FinTech Merger and Acquisition Fund of Funds (Asia FinTech FoF). The fund will focus on fintech mergers and acquisitions, and “nurture” initiatives in the fintech industry, according to a Dec. 28 announcement by Credit China FinTech Holdings Ltd., which led the investment.

Questions about Your Finances? Ask Varo Money’s Val

Varo Money announced it’s developing a chat bot for its mobile app. The San Francisco-based mobile-only banking startup, which is offering private-label banking services via The Bancorp, expects to launch “Val” early next year. “She” is part of a steady stream of chat bots that have been announced in 2016 by banks, merchants, tech companies and handset makers to improve customer loyalty, reduce costs and boost revenue, among other benefits.

The Future Looks Bright for Blockchain and B2B Payments

Tapping into two expanding markets, BNP Paribas said Dec. 21 it had completed its first cross-border B2B payments between corporate clients using blockchain, the technology that underlies bitcoin transactions. The move comes as other major financial institutions seek to invest in blockchain and there’s a rush of providers trying to displace checks in the corporate payments space, particularly for cross-border payments.

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