As campus identification cards doubling as reloadable prepaid cards become more prevalent on college campuses, they’re also becoming more integrated into student life via smartphone.
The thus-far sluggish rate of mobile wallet adoption in the U.S. has been attributed to a range of factors, from security concerns, to lack of widespread merchant acceptance to the familiarity and convenience of traditional plastic payment cards. But according to a new report from TSYS, what might be holding mobile wallets back has less to do with the mobile and more to do with the wallet.
Baidu Inc., China’s version of Google, has entered the mobile wallet arena, pitting the country’s most popular search engine against the likes of Alibaba and Tencent Holding Inc., both of which launched mobile wallets last year.
Facebook is putting the pieces in place to launch a money transfer service in Europe.
FIS wants to help banks in the pursuit of the coveted millennial consumer by focusing heavily on mobile banking.
Contactless payments are spreading rapidly throughout Europe, according to new data from MasterCard.
Despite a somewhat bumpy rollout and several course-corrections, Google Wallet is here to stay, said the head of the tech giant’s payment division.
Payments are in the midst of some fundamental changes that will continually reshape the industry landscape for years to come, according to a new white paper from Vantiv Inc., outlining the top 10 payment trends to watch in 2014.
Program manager DCR Strategies Inc./TruCash and technology provider Carta Worldwide soon will be launching payment solutions, such as NFC mobile payments, virtual prepaid and integrated loyalty programs, using conventional payment methods and host card emulation (HCE), which emulates an NFC card in the cloud.
Partnerships and alliances with innovative digital entrepreneurs will allow the large incumbent banks to adapt and thrive in the new economic ecosystems being created by the mobile and digital revolutions currently changing the industry.
The banking industry is complex by its nature but banks and bankers should look up from their budgets, listen to their customers, stop whining about regulations and collaborate on industry issues.
PayPal is expanding its reach by getting on the menu as a payment option at small bistros and food trucks around the world that are switching to tablet-based POS systems.
Mobile payment service M-Pesa has arrived in Europe with its launch yesterday in Romania, following expansions into other countries, such as Egypt and India, in recent years.
Mobile-based customer care is failing to meet the needs of users, who still suffer from many of the same old issues, along with some new problems that have cropped up more recently.
The good news for mobile payments is that consumers in the U.S. and Europe are spending double when they initiate payments via their mobile devices or online, according to a survey released this month from Bain & Company.
Brazilian mobile network operator Claro has partnered with Bradesco, one of that country’s largest banks, to create an NFC-based mobile payment service.
China’s central bank said it’s open to modifying a proposal to place limits on mobile payments after e-commerce firms and consumers objected to the restrictions.
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies – but there are some trends in digital banking that are being slowly adopted by the banking industry as a whole.
MasterCard is working with U.K.-based Monitise plc to develop and deploy mobile wallets and digital payments around the globe.
As Host Card Emulation (HCE) gains momentum and questions continue about whether mass acceptance of NFC technology will ever come, the NFC Forum has issued a position statement on HCE, which emulates an NFC card in the cloud, eliminating the need for a secure element and trusted service manager for NFC applications, such as payments.
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
Google Wallet is making another course-correction to keep up with fast-moving mobile payments technology.
Western Union is continuing its global expansion in mobile payments, announcing a new mobile money transfer service for Nigeria.
Mobile payments with a flick of the wrist are here.
Holders of contactless Visa cards in the U.K. made 94.3 million contactless purchases in 2013, a surge from the 25 million made in 2012, according to data from Visa Europe.
China’s central bank last week released draft rules that would limit the use of third-party payment systems, including the payment operations of Alibaba Holding Group and Tencent Holdings Inc.
Minneapolis-based remote deposit capture (RDC) specialist Cachet Financial Solutions has made a major move into the mobile wallet arena, acquiring the moneto mobile payment platform from DeviceFidelity Inc.
McDonald’s Sweden has integrated the SEQR payment service of Stockholm-based software development company Seamless into its own mobile app, enabling customers of the QSR to pay with SEQR.
Prepaid products now have a proven track record in many major European countries, where the industry has begun the process of transitioning from its adolescent phase into one of mature, stable growth.
Many Chicago drivers soon won’t have to dig under the seat for spare change to feed the meter. The city has announced a new initiative to launch a mobile payment system for parking, set for a pilot run in the downtown area this spring, with a rollout throughout Chicago to follow.
Vodafone’s NFC-based mobile wallet and prepaid Vodafone SmartPass Visa account went live this month in Germany, enabling Vodafone, Deutsche Telekom and Telefónica Deutschland mobile network subscribers to conduct contactless and P2P transactions with NFC-ready phones via participating banks.
EMVCo today has released its tokenization specification, and is inviting all payments industry participants to provide feedback.
MasterCard plans to roll out its MasterPass mobile wallet platform to the United Arab Emirates later this year.
Four months after the nationwide rollout of the Isis mobile wallet, two-thirds of Isis users have installed at least one payment card on the wallet, and those users make an average of six to seven NFC-based transactions with Isis each month.
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
MasterCard has partnered with mobile technology specialist Syniverse under an audacious plan that aims at nothing less than “bringing mobile financial services to every single mobile user on the planet”.
Owners of the new Samsung Galaxy S5 smartphone soon will be able to make in-store payments via their PayPal accounts by just lifting—or rather, swiping—a finger.
Spanish financial services group BBVA has announced it is acquiring Paybefore Award-winning Simple, the Portland-Ore.-based digital banking company founded in 2009, for $117 million.
When upgraded public transit fare-payment systems went live recently in Chicago and Salt Lake City, contactless payment transactions soared into the millions.
MasterCard has entered into an agreement to acquire Chicago-based mobile payment technology provider C-SAM.
