Mobile

Early Warning to Promote P2P Service, Changes clearXchange to Zelle

Early Warning, a provider of real-time payments, authentication and risk mitigation services, is preparing to raise the profile of its P2P payments platform clearXchange, upping the competition with Venmo, arguably the king of the hill in P2P payments. Competing with Venmo might seem daunting, considering its parent company is PayPal and its student-popular P2P service is currently free for people on both ends of the transaction.

Apple, Aussie Bank Battle Heats Up Down Under

Apple is pushing back against a bid by a group of Australia’s major banks to be allowed to negotiate collectively with the U.S-based tech giant over contactless payments. In a filing with the Australian Competition and Consumer Commission (ACCC) released Aug. 30, Apple called upon the regulator to reject a request by the banks to collectively bargain with Apple in negotiations to offer Apple Pay to their customers.

India’s Prepaid and Mobile Wallet Markets Keep Growing

Consumers in India made 18.29 million prepaid transactions in June, down 11 percent from 20.60 million in May but up nearly 127 percent from 8.06 in June 2015, according to figures from the Reserve Bank of India. The total prepaid transactions in June 2016 topped $342.7 million, up from approximately $252.6 million in June 2015.

Report: Indian Banks Prepare New Payments Apps

India’s fledgling mobile payments system, the Unified Payments Interface, has a head of steam behind it: An Aug. 30 story in Mashable said that some two dozen banks in the country are set to release UPI apps via Google Play in the coming days.

Who will win the battle for millennials – Zelle or Venmo?

As a Gen Xer, I have always had difficulty relating to the obsessive appeal social media has to millennials. Tweeting and Facebook posting of mundane daily events seemed like over-sharing and just a little narcissistic to me. This is not an intellectual problem of understanding the concepts or technologies, but a kind of generational disparity […]

New Federation Unites Global Fintech Hubs

A new international network of fintech hubs aims to foster global cooperation for the development of fintech and give the emerging industry a collective voice. Dubbed the Global Fintech Hubs Federation, the new group was formed by Innotribe—the innovation arm of global financial network SWIFT—and Innovate Finance, a fintech industry organization.

First National Bank launches smartphones for mobile banking boost

Welcome to the bundle. South Africa’s First National Bank has launched its own-branded smartphones as it looks to mobile banking growth. The ConeXis X1 and A1 phones will be available from 380 branches around the country and come bundled with FNB’s smartphone banking app. Jan Kleynhans, CEO of the FNB Consumer Segment, says the initiative […]

Qatar Islamic Bank launches mobile app for banking training

Qatar Islamic Bank (QIB) has launched a mobile app to identify and train people in the country to work in the private banking sector. Khalefa Al Mesalam, head of QIB Human Capital Group, says: “Through this mobile application, QIB aims to reach out to young talents and encourage them to work in Qatar’s banking sector. […]

Walgreens Taps into NFC Loyalty for Android Pay

Walgreens on Aug. 22 became the first retailer to enable customers to earn loyalty points via NFC tap with Android Pay. The pharmacy and convenience giant’s Balance Rewards members now can load their rewards card onto Android Pay and hold their phone near the PIN pad to earn points when making a purchase.

Chase Pay Deal Could Help Phillips 66 Pump Up Mobile Apps

Mobile payment service Chase Pay has landed a major new merchant partner, announcing a multi-year acceptance agreement with Phillips 66 that also will boost the fuel retailer’s mobile payments and loyalty integration. Under the deal, Phillips will accept Chase Pay at fuel pumps and convenience stores that operate under its Phillips 66, Conoco and 76 brands.

Can Bank Biometrics Be Broken?

Using facial recognition to log into bank accounts could present security vulnerabilities, according to a security researcher.

Job Listings Hint at Square Expansion Plans in U.K., Beyond

Square Inc. could be moving closer to its long-expected expansion into Europe. The San Francisco-based mobile payments company posted three openings for positions in the U.K. and Ireland on jobs board Indeed.com. The openings were for a compliance analyst and communications manager, both based in London, and a technical customer support rep, in Dublin.

Digital games banks got to play – part 2

Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already […]

SK Telecom and Hana Financial team for mobile platform launch

South Korea’s SK Telecom and Hana Financial Group have formed a joint venture (JV) agreement to develop and launch a mobile financial services platform. The firms say the deal combines SK Telecom’s mobile technologies and big data analytics with Hana Financial Group’s experience in financial products and mobile financial services. Kim Jung-tae, chairman of Hana […]

Apple Pay

Apple bites back over Australian banks’ “cartel”

You can tell cartels to go to hell if you’re Apple. The firm has responded strongly to three of Australia’s big banks’ plans to team up for negotiation deals on digital wallet access. According to the Australian Financial Review, the request from the Commonwealth Bank of Australia, National Australia Bank and Westpac to “collectively negotiate […]

Lunar Way gets new investor and banking partner, Nykredit

Nykredit, Denmark’s largest mortgage provider, has invested in a minority stake in a new mobile banking service, Lunar Way, and has become its banking partner. In two months’ time Nykredit will replace Københavns Andelskasse (Copenhagen Cooperative Bank), the start-up’s initial banking partner. Mark Dissing Bækgaard, head of marketing and communications at Lunar Way, tells Banking […]

Report: Mobile Wallets Falling Flat on Repeat Usage

Although consumers continue to adopt and use mobile wallets such as Apple Pay, Android Pay and Samsung Pay, new evidence indicates that such wallets are largely failing to drive repeat usage. A report released Aug. 17 by Javelin Strategy and Research found that mean mobile wallet usage has declined 20 percent over the past three years—to 3.0 purchases a month in 2015 from 3.7 in 2013.

EMVCo Finally Addresses Merchant Slowdown Concerns

In light of huge merchant problems accepting EMV—something that card brand stats show 66-70 percent of merchants still can’t do—EMVCo, the organization that manages the specifications for the anti-fraud chip card technology, said on Aug. 17 that it will, for the first time, provide “formal certification for contactless mobile payment devices.”

The Benefits of Implementing Mobile Payments and mPOS Systems

In an age where texting has replaced email and video chat has replaced phone calls, it’s no surprise that many consumers are beginning to readily adopt new payment form factors, such as mobile wallets, for making payments in stores and on-the-go.

Green Dot and Uber Expand Debit Card Payments for Drivers

Green Dot and Uber on Aug. 16 expanded the Instant Pay option that enables Uber drivers to quickly get their earnings via debit cards. The expansion builds upon the launch earlier this year of Instant Pay through Green Dot’s Pay Award-winning GoBank mobile checking account, via a special GoBank Uber debit card.

Apple Pay the way for UK’s CYBG banking group

UK-based Yorkshire Bank and Clydesdale Bank – which together form CYBG – have introduced Apple Pay to its customers. The payments service is also available to its “B” customers. In May, CYBG unveiled a new digital banking platform, called B, as it gets ready to become a standalone challenger bank. Helen Page, chief marketing officer […]

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UK challenger Mondo looks to fund full bank launch

UK-based challenger Mondo is looking for another £15-20 million in funding as it looks to launch as a “full bank”. Last week, Mondo got its banking licence from the Bank of England. However, Tom Blomfield, CEO at Mondo, say that “authorisation comes with restrictions”. It can only hold a maximum of £50,000 of deposits in […]

Reports: China Will Legalize Payments via QR Codes

Chinese consumers could soon make legal payments in that country via their smartphones and QR codes, media reports indicate. Shoppers with such online services as Alipay and Tenpay already use the codes, but they exist “in a regulatory gray zone, banned by the government, yet still continue operating,” according Ecns.cn.

Digital games banks got to play – part 1

Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already ahead in […]

Payments round-up: 12 August 2016

It’s probably not farfetched to say you’re time-stretched. To save time here’s a round-up of some events in the (Asian) world of payments. Payments firm Mozido has revealed that 14 banks within the Taiwan Mobile Payment Co (TWMP) consortium have adopted its HCE technology. The remaining 12 banks will launch later this year. Mozido says […]

Can Mobile Ordering Apps Handle Payments?

As mobile app operators try to make lunch easier for workers by enabling them to reserve seats and place lunch orders before arriving at restaurants, questions are being raised about how efficiently those fledgling apps handle payments.

CVS Pay Aims to Eliminate Checkout Pain

The company’s new CVS Pay offers payments, loyalty and prescription management within the CVS Pharmacy mobile app. The service currently is available in some CVS locations in select markets, including New York, New Jersey, Pennsylvania and Delaware, with a nationwide rollout expected to begin later this year, CVS said.

How Consumers Are Driving Mobile Integration across Retail Channels

In 2016, mobile payment sales are projected to reach $27 billion and users are expected to spend an average of $720, up from $8.7 billion and $376, respectively, in 2015. But exploding mobile adoption is just one of a handful of customer behaviors that are making streamlined, integrated payments a must-have for many retailers.

Mobile on the cards for Union Bank of India

Union Bank of India has launched Ucontrol, a solution which lets customers control credit card usage with a mobile application. The solution is powered by payments provider Worldline, and Union Bank cardholders can manage usage of all their Union Bank of India credit cards from a single mobile application. Shri Arun Tiwari, chairman and managing […]

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Emirates NBD launches mobile contactless payments solution

Emirates NBD has unveiled Emirates NBD Pay, an NFC-based mobile contactless payment solution. The UAE-based bank says it is the “first” in the Central Europe, Middle East and Africa region (CEMEA) to incorporate Visa’s Token Service technology to launch a contactless payment solution. Suvo Sarkar, senior EVP and group head – retail banking and wealth […]

Study: EMV Existence Much More Widespread Than Its Use

Despite the accelerating rollout of EMV debit, the actual use of chip cards at chip-enabled POS terminals has been held back by the “slower-than-anticipated” pace of merchant EMV adoption, with just 4 percent of all debit card transactions with a chip card happening at a chip-enabled terminal, according to the 2016 Debit Issuer Study from Discover Financial Service’s PULSE network, released on Aug. 9.

Apple Pay Vending Machines Are Coming

Mobile payments are coming to more vending machines in the U.S. and Canada, thanks to partnerships between vending operators in both countries with automated retail payments provider PayRange.

Naspers Gobbles Up India’s Citrus Payments

Naspers, a South-African-based media and Internet company and parent of online payment service provider PayU, is acquiring Mumbai, India-based online payments company Citrus Payments Solutions in a cash deal valued between Rs 1,000 crore and Rs 1,200 crore (US$150 million to $180 million), according to The Times of India.

Cambodia’s Prasac launches remote banking with Compass Plus

Prasac, the largest microfinance institution (MFI) in Cambodia, has launched internet and mobile banking services using the TranzWare multi-card processing solution from Compass Plus. Its customers can now transfer money between their accounts, pay bills, top-up their mobile phones, manage their cards, check their balances and get a mini-statement by logging on to their internet […]

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