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Retail banks begin heavy digital investment

Financial services association, BAI has released preliminary findings from a survey which suggests online and mobile platforms are the leading focus of technology investments for retail banks as they move to increase the functionality of their digital offerings. Of nearly 400 FS professionals quizzed ahead next month’s BAI Retail Delivery conference in Chicago, 95% say that their bank lets customers… Continue reading >>

SIA launches mobile money service

Italian payment processor SIA has launched a SEPA-compliant smartphone-based mobile money transfer service, enabling users to send and receive money in real time to and from their phone contacts. The ‘Jiffy’ app, which utilises SEPA credit transfers, is available on Android, iOS and Windows Phone operating systems. The Jiffy app links users’ current accounts, the IBAN code of the account… Continue reading >>

Kotak Mahindra offers Facebook mobile money transfers

Indian bank Kotak Mahindra (KMB) has unveiled a mobile money transfer service enabling Facebook users to make funds transfers to each other. The KayPay application utilises India’s Immediate Payment Service for mobile phone payments, enabling users to register their account details and conduct transfers using their Facebook log-in credentials and a one-time password from KMB. Users also receive instant notifications… Continue reading >>

Japanese social media network Line moves into payments

Japanese social media messaging network Line has entered the payments market with a service for both online and in-store transactions. Line, which has 560 million registered users worldwide, will enable Japanese customers to link the Line mobile app to their bank accounts and credit cards. Users will then be able top up their Line account and make purchases online and… Continue reading >>

ASB and BNZ to launch New Zealand mobile wallet

New Zealand banks ASB and BNZ are to launch a live pilot of a domestic  mobile wallet developed by NFS NZ, a joint venture company established by the country’s leading mobile networks and bank-owned EFTPOS firm Paymark. NFS NZ – whose shareholdrs include Paymark, 2degrees, Spark and VodaFone – has been rebranded as Semble, ahead of a planned national roll… Continue reading >>

Mobile money transfer gains momentum

As mobile money transfer services like Pingit and Paym gain traction, how will mobile remittances help drive mobile commerce? With all the focus on mobile payments and wallets, and the success of mobile-based money transfer services like Barclays Pingit and Paym in the UK, the spotlight is being shone on the potential of these account-to-account transfer services to bring about… Continue reading >>

UK’s leading retailers to bring mobile payments to millions via Zapp

UK mobile payment provider Zapp has announced a wide range of retail partnerships across a range of sectors like Asda, Sainsbury’s, House of Fraser, Thomas Cook and Shop Direct (including the very.co.uk, Littlewoods, Isme, Woolworths.co.uk and K&Co brands). “We know that the way that our customers shop is changing and we’re always looking at new and innovative ways to improve… Continue reading >>

Equity Bank challenges M-Pesa with Thin SIM technology

Kenya’s Equity bank is aiming to challenge mobile money transfer giant M-Pesa with the release of an ultra-thin smart SIM enabling users to access the bank’s mobile money service without needing to use dual-SIM phones. The duoSIM technology from Kenyan company Taisys is applied as an overlay to a customer’s original SIM card to enable mobile financial services irrespective of… Continue reading >>

World Payments Report 2014

Non-cash payments volumes are expected to grow 9.4% to reach 366 billion transactions in 20131, fueled by strong growth in developing markets and the use of credit (up 9.9%) and debit cards (up 13.4%[1]). With the continued acceleration of electronic and mobile payments growth and ongoing regulatory pressures, the payments industry is seeking to find new and innovative ways to… Continue reading >>

Barclays mobile banking apps processing £4 billion per month

UK banking customers are moving away from high-street branches and increasingly using mobile banking apps, according to recent research recent by Barclays. A study by the bank found that usage of its mobile banking apps has grown hugely in recent times, with customers accessing the offerings 29 times a second. In contrast, the average customer only visits a physical branch less than… Continue reading >>