Breaking Mobile Financial News
Mobile Payments Are On The Rise in Canada October 1, 2013, 7:46 pm
Last week, the Ontario Ministry of Economic Development and Trade (MEDTE) and the Ontario Ministry of Research and Innovation (MRI) brought a large contingent of international reporters to Ontario, Canada, to showcase the province's burgeoning mobile payments sector.
As part of the media tour, journalists from India, China, Japan, United Kingdom, France, Germany and the United States met with a number of Ontario-based companies who are currently engaged in mobile payments.
The journalists have returned home now and are releasing their reports based on presentations that were conducted with companies such as the following:
- DonRiver Inc.
- Everlink Payment Services
- Interac Association
- Virtual Next
The media tour went exceptionally well, with Canada’s mobile payments pioneers stepping forward and showcasing innovations and collaboration across the sector, including NFC, Digital Currency, Mobile Wallets, Mobile Gift Cards & Loyalty, Mobile Point-of-Sale, and much more.
Jonathan Camhi, a participating journalist from Bank Systems & Technology, has already published several pieces about the tour and his insights gained into the state of mobile payments in Canada. Please see links to his articles below. It’s definitely a great read for all those interested in the growth of mobile payments in Canada. Go Canada!
Mobile Payments and Our Neighbors ...
Banks Crash the Mobile POS Party August 26, 2013, 3:41 am
I keep seeing Square’s mobile point of sale (POS) app at more and more little shops: cafes, bakeries, the local flower shop and the place I get my hair cut.
Square and its disruptive cousins, including Intuit’s GoPayment, PayPal’s Here, iZettle, Payleven, and Swiff, have been making it easy for small businesses to accept credit card payments using just a smartphone or tablet. They’ve been attracting retailers to their elegant, affordable solutions for the last few years, cutting banks off at the pass.
Gone are the days of merchants having to rely on a bank and an Ingenico POS terminal. But now, banks are starting to respond with their own solutions.
BBVA Compass just introduced its Business Mobility Bundle, designed to provie “micro-businesses” (the smallest of the small) with a suite of products that competes head-on: a free Samsung Galazy Tab 3, card reader, online and mobile banking, remote check deposit, and no monthly fee.
Lloyd’s Bank has announced it’s partnering with mobile money provider
Omni-Channel is the new Multi-Channel... August 26, 2013, 3:38 am
I’ve been talking about how mobile technology is changing every aspect of the customer relationship for years. That’s why I’m particularly excited about SAP (my employer) acquiring hybris, a leader in commerce technology.
Mobile is redefining advertising, payments, coupons, loyalty and response tracking—all customer touch points, really—making interactions more tailored, more targeted, and more precise. There’s huge potential with all the various pieces, and even more if you can get them all working together. Since we’re still in the early days of this technology, not all of the pieces are available from a single vendor, and they don’t always integrate with each other, much less existing backend systems.
That’s what so interesting about hybris. On its own, the software suite is a great solution. It helps a company run all its various sales processes simultaneously, giving businesses a single view of customers, products and orders, and giving customers a single view and unified experience. The solution’s data and process management engines ensure consistent inventory, pricing, promotion, order and other information across channels: Web, mobile, phone or retail.
It helps a ...
Empowering women with Mobile Money. Enough research to support further investments. August 22, 2013, 9:08 am
This was a blog that I was planning to write for a long time, but every time that I started, I realized that I cannot do justice to this in a simple blog and then stopped. Tonight, I decided to post my incomplete blog-post anyhow. I have come to grips with the fact that one can only scratch the surface of this important topic. While mobile money have made big leaps and bounds in many markets, bringing this service to women has lagged because of specific constraints (like women not always owning phones or lack of education).
The industry have made big gains getting to understand the need and the benefits to women through the work of the GSMA mWomen Programme with support from Visa. Research reports
covering these aspects have been released conducted in five key countries Indonesia, Kenya, Pakistan, Papua New Guinea and Tanzania. It is worthwhile to have a look at some of the clips posted where women talk these studies (Video for Indonesia
). USAid also performed a study looking at the access that women have to mobile technology in Afghanistan. (Read here
). This report is particularly interesting to ...
Mobile Manifesto for Hybrid Development August 21, 2013, 2:40 pm
Best practices for hybrid development are still evolving. We’re seeing many projects (by others) taking longer than they should, because it’s just not clear how best to design and construct hybrid applications for large-scale, mission-critical projects. The details would probably take an entire series of blog posts to cover.
So, I thought it would be helpful to share some of our rules of thumb for streamlining hybrid development. Like all articles of faith, some of these maxims may be contradictory. Keep in mind, that every situation is different and you’ll almost always have to make judgement calls (hence, the contradictions).
Of course, feel free to contact us if you’d like to discuss your specific situation.
- Use open solutions and interoperable components – the market is moving too fast for closed solutions to keep up
- Use HTML5 UX where possible
- Use Native UX for complex controls
- Determine UX on a feature-by-feature basis
- Push as much functionality into the cloud as possible
- Use analytics as much as possible (Google Analytics, Tealeaf)
- Responsive design is your base, with channel-specific optimizations as necessary
I expect this list to evolve over time. Our apps were built ...
Latin America Experiments with Mobile Banking August 11, 2013, 6:44 am
Latin America has surpassed 100% mobile phone penetration, according to the latest data from World Bank. In reality, about 30% of the population still doesn’t have a phone. (Urbanites with more than one phone inflate the number.) Still, adoption is strong and growing.
It follows that banks in Latin America have been embracing mobility: releasing feature-rich mobile apps primarily, and also updating online banking offerings and targeting the unbanked and underbanked.
Throughout 2012, smartphone apps emerged as the preferred channel, even as the vast majority of the population still relies on feature phones with limited data capabilities. Android and iOS devices are growing in popularity, thanks to operators actively marketing them with offers and competitive monthly plans. The enthusiasm for mobile apps held true for leading financial institutions throughout the Latin American region, where it ranked in priority over reaching out to the unbanked.
That’s not to say that Latin American banks are ignoring those outside the traditional banking system. Rural banks and most microfinance institutions continued to offer rudimentary banking services via SMS. Mass market-focused financial institutions, such as ...
Mobile Retailing 2.0: The In-Store Experience August 11, 2013, 6:40 am
There’s a problem with the mobile retailing that brick-and-mortar stores are doing today. It doesn’t think big enough.
Most retailers get started in mobile by optimizing their online websites for mobile devices. Others develop a mobile app. In both cases, they’re simply mobilizing the e-commerce channel. This is Mobile Retailing 1.0.
What these retailers aren’t doing is enhancing the many advantages they have over their online competitors: showrooms, employees, inventory and distribution networks. What brick-and-mortar retailers need are mobile apps that are designed to improve the in-store experience. This could be Mobile Retailing 2.0.
The aim of Mobile Retailing 2.0 is to leverage mobile and enable personalized shopping experiences that build customer loyalty and drive relevant content to customers at the point of decision.
Mobile retailing has the potential to personalize shopping experiences in-store in the same way Amazon does with its recommendation engine based on past purchases. It could incorporate coupons and loyalty programs, instead of relying on plastic cards or pieces of paper. And it could also speed things up where consumers are used to waiting in ...
Getting from PowerPoint to Production August 9, 2013, 11:30 am
Today we announced our new educational webinar series “Getting from PowerPoint to Production”. The first webinar is August 28th at 2:00PM ET and is tailored for the insurance industry. You can register here.
We’ve put together these webinars because we’ve seen overwhelming numbers of organizations (92%) struggling with getting mobile projects done in the timeframe they originally expected. Many organizations have built an five year roadmap that will transform them into industry leaders, however, they’re unable to get even a small percentage of that original roadmap into the market due to the complexity of mobile application development, vendor tools, testing, organizational issues, skills/training inadequacies, and other issues – in addition to budget limitations.
We have been helping organizations work through these issues since the early days of mobile. Our clients include dozens of Fortune 500 companies as well as smaller companies like credit unions, technology companies, and retailers.
There is no one-size-fits-all solution, but there are solutions.
Companies shouldn’t settle for mediocre mobile solutions. Letting your mobile and tablet channel wither is essentially choosing to let your business wither. Come join our webinar and get some actionable ideas on how to get more mobile innovation into the market ...
Secure element on the phone. The implications of architecture and brand. August 8, 2013, 8:46 pm
In previous posts, I have discussed the implications of placing the secure element in the phone. (Read here
).I thought that I have said what needed to be said, but having given it some more thought, there are even more things to be said - hence this post.
One should actually think of secure elements as brands. In the old world, we typically know that we can trust a payment-instrument because we can see a brand that we associate with trust/security (like Visa). We can also see that this brand is connected or integrated with the payment instrument. It is difficult to remove the brand from the instrument. As payments become virtual, this is getting difficult. Even if you see the brand, how do you know that it is attached to the payment instrument (secure element). It could easily be some-one making themselves look like the secure element.
Placing the secure element in the phone means that you will have to start trusting the handset-manufacturer's brand for payment. Maybe not a bad thing, you may say, but think of the implications if you would like to claim from Samsung ...
Financial Institutions Should Prepare for a Crowded and Fragmented Multi-Wallet Future in Mobile May 30, 2013, 10:06 am
Interested in understanding the latest developments in the rapidly evolving Mobile Wallet segment? Well the MobeyForum, a mobile financial services trade association, has just released its latest free whitepaper that charts the immediate future for the mobile wallet market, explores the range of wallet structures, and outlines different approaches for providers.
For more details about the whitepaper or to download it, please see below.
Mobey Forum: Financial Institutions Should Prepare for Crowded and Fragmented Multi-Wallet Future in Mobile
Latest white paper charts the immediate future for the mobile wallet market; explores range of wallet structures; outlines different approaches for providers