CIMB, AIS To Develop Mobile Banking Solutions
August 22, 2014, 5:37 pm
Both parties signed a memorandum of
understanding (MoU) yesterday, which marks Thailand’s first business
alliance between a bank and a mobile service operator.
The official launch of the banking solutions is expected in the fourth quarter this year.
“Under the MoU, Beat Banking is targeted
at the “new‟” consumers and will be developed to complement their
modern lifestyle where mobile phones are an integral part of their daily
“The first product to be launched under
this initiative will be an electronic deposit account where customers
can deposit, withdraw or transfer money easily anywhere and anytime,”
CIMB Thai president and chief
Wearable tech privacy concerns are high, according to new study
August 22, 2014, 5:33 pm
A recent study from Acquity Group and Accenture Interactive found
that while over 69% of American adults intend to own an in-home IoT
(Internet of Things) device by the year 2019, only 13 percent are likely
to own one by the end of next year, and the primary reason that
adoption rate is so low is Americans are worried about their privacy
when it comes to using wearable tech devices.
The study also found that only 9% of consumers would share free data with brands.
The percentage of consumers who would share data for free increased
when they were offered a discount or
St George introduces fingerprint access for mobile banking
August 22, 2014, 5:29 pm
Known as Touch ID, the biometric log-in will be the first of its kind
for mobile banking in Australia, and will be rolled out for use on the iPhone 5S from September. Westpac customers will be able to use the feature shortly after this, with Android compatibility for the Samsung Galaxy S5 set to follow "in the coming months".
the bank completes the final stages of testing this month, St George
customers will be able to choose an option on the home screen of the St
George mobile banking app to securely log in to internet banking using
Touch ID. Alternatively,
Can smart cards bypass mobile?
August 22, 2014, 5:27 pm
Are you shocked by the question? Whether you
are or not, you'll likely be shocked by the answer. Secure chips,
whether on plastic or in phones will always get smarter — no shock
there. Smartphones are here to stay and will be used increasingly for
payment — no shock there. Now sit down, because here comes the shock.
Chip cards can now do what smartphones can do — allow financial
institutions to issue new applications to their existing card clients,
without having to reissue the card or require the cardholder to come
into a branch. It happens using over-the-air provisioning.
This is the
MobiKwik introduces India’s first Mobile Money transfer service
August 22, 2014, 5:25 pm
Launched on June 20, the new W2W service allows MobiKwik’s eight million registered users to make digital and mobile money transfers direct to consumers in one simple click.
MobiKwik Cofounder, Upasana Taku said “As acceptance of online payments and mobile wallet usage grows, Indian consumers are looking for simpler ways to make electronic transfers. This new feature gives consumers the convenient option of paying anyone at any time, from anywhere in a highly secure manner.”
The new W2W service also includes a unique 'Request Money' feature which provides users a simple method of alerting others of any pending
Wearable technology featured at the first Toronto Men’s Fashion Week
August 21, 2014, 3:16 pm
As the first ever Men’s Fashion Week was hosted in Toronto, all eyes
were focused not only on the very latest and hottest in menswear, but
were also on high tech wearable technology in a range of different forms.
Everything from LED helmets to brain-sensing headbands – and everything in between – was present.
Even a wearable technology tie made its way down the runway in the
Canadian city’s fashion shows for men that took place at the Fairmont
Royal York hotel. The wearables were spotted in a number of shapes and
designs and were used for several different purposes. The primary
ABA Survey: More Consumers Embracing Mobile Banking
August 21, 2014, 3:13 pm
WASHINGTON - While the Internet
remains America's most popular banking method, mobile banking has
steadily gained momentum and is now preferred by 10 percent of
consumers-up from 8 percent in 2013-according to a recent survey by the
American Bankers Association.
The annual survey of 1,000 U.S. adults was conducted for ABA
by Ipsos Public Affairs, an independent market research firm, Aug. 7-12,
2014. This is the sixth year in a row that customers have named the
Internet as their favorite way of conducting their banking business,
albeit by a slimmer margin than last year. Thirty-one percent of
respondents said it is the
Consumer Mobile Payment Adoption is Pressuring Banks
August 21, 2014, 3:11 pm
While the innovation headlines are
being made by the digital innovators and new industry entrants, banks
still have a window of opportunity to take strategic advantage and
preserve their traditional payments franchise.
The rapid adoption
of mobile payments by young consumers, the inroads being made by the
digital brands, and the enduring trust reputation of banks defines the
competitive landscape. Our most recent consumer research study
spotlights the strategic challenges faced by banks.
money-related transactions have become a common occurrence for younger
consumers in recent years. From making P2P transfers and ordering
takeout, to purchasing everyday items and paying for
WorldRemit launches mobile recharge service in Taiwan
August 21, 2014, 3:09 pm
the online money transfer provider, announces that customers in Taiwan
can now send mobile recharge to friends and family overseas.
Customers can send airtime to 80 countries, with money being added instantly to recipients’ pre-paid phones.
WorldRemit’s founder and CEO, Ismail Ahmed said, “Mobile airtime is a
key part of our modern, connected world. For billions of people it is a
means of accessing employment, healthcare and financial services, as
well as their gateway to the internet.
“However, until recently it was extremely difficult to send an
airtime recharge to someone in another country. Now, with WorldRemit the
process is not only simple, but also
Zimbabwe: Econet Offers Telecash Employees Double Salary
August 21, 2014, 3:00 pm
Econet Wireless Zimbabwe has been blamed for fishing directly in
Telecel's skills pond, a move which has been described by analysts as
dirty tactics to beat competition.
Econet Wireless has allegedly dangled a 100 percent salary increase
offer to Telecel software developers, which saw some programmers
threatening to quit if Telecel did not match the offer, while a senior
programmer has already left for the greener pastures.
Impeccable sources at Telecel Zimbabwe said the development could
threaten the viability of mobile phone operator at the height of the
process of developing its mobile money system, as some developers have
allegedly submitted letters
Airtel Partners VeriFone to Bring Mobile Money Solution to 17 Countries in Africa
August 21, 2014, 2:50 pm
The partnership will enable Airtel to work with banks, insurance and transport companies to expand access to mobile financial tools and services to its Airtel Money customers.
According to VeriFone, the retail enablement application is integrated to VeriFone's range of payment devices across the group, enabling the deployment of Mobile POS (mPOS), POS and Biometrics for International Remittance to Airtel Money customers. VeriFone's payment devices support a wide variety of card payment options including NFC, mobile wallets, EMV, and contactless payments.
VeriFone Mobile Money, a joint venture between VeriFone Systems and Mobilis Networks Limited, offers mobile money transfer
10 years later: Google's pivotal IPO launched a decade of big bets
August 19, 2014, 12:15 pm
And CEO Larry Page is determined to push even further.
Page's vision is that Google's products and services will become the
control centre of people's lives: The company's driverless cars will
chauffeur people around safer roads and deliver goods within hours of an
online order. People won't even have to bother leaving their homes,
which will be made more comfortable and enjoyable through the use of
smart appliances. Robots will handle tedious chores and other jobs,
freeing up time for people to enjoy lives prolonged by health-management
tools and disease-fighting breakthroughs engineered by Google.
Internet-connected eyewear and watches will supplement the smartphones
Banking Brand Myths: Larger Banks Don’t Care, Smaller Banks Offer Better Service
August 19, 2014, 12:13 pm
Here’s another: Smaller banks offer their customers a high level of
personal service built around an amazing customer experience, but often
lack technology. However, according to Gallup research on retail banking
brand attributes, while some of these long-held beliefs are true,
others need to be revisited.
Myth: Large Banks Don’t Care as Much as Small Banks
While it is true that national banks score better or as well as their
smaller counterparts on attributes like, “Lets me bank anywhere,
anytime, anyway I want,” and “Rewards me for the relationship I have
with them,” they also do just as well or
Is India the Next Big E-commerce Market?
August 19, 2014, 12:10 pm
As online retailers in India invest heavily into ramping up their
infrastructure including supply chains and better mobile solutions,
Accel Partners predicts that by 2016, the Indian e-commerce market will
reach $8.5 billion, an increase from 2014’s $2 billion.
While it’s still a small portion of the $638 billion in global mobile
commerce volume as predicted by Goldman Sachs, the Indian e-commerce
market is still attracting plenty of attention.
Indian online retailer, Flipkart, recently raised $1 billion from investors around the globe.
According to a report completed by ASSOCHAM and comScore, Flipkart is
also the king of Internet traffic in India, ranking first among online
Mobile Commerce Myths: Fact vs. Fiction
August 19, 2014, 12:08 pm
In fact, the
U.S. mobile commerce market is poised to hit $114 billion in 2014, and
projected to influence more than $600 billion in total retail sales by
2016, according to Forrester Research. eBusiness professionals are aware
of the dire need to create an engaging mobile experience for shoppers
and integrate this experience with an overarching omnichannel strategy.
However, mobile commerce itself is still mired in haze of myths and
misconceptions, surrounding strategy and technology within a dynamic and
We’ve just released a new white paper that
aims to dispel some of these myths and help guide online retailers
Safaricom cuts MPESA charges by up to 67 percent, days after entry of Equity in the mobile money market
August 19, 2014, 11:55 am
The new tariffs, which are set to take effect from Thursday August 21, will see transaction fees reduced by up to 67 percent in the low and medium tiered bands which include the transfer of amounts ranging between Sh10 to Sh1,500.
While making the tariff revision announcement, the operator also signaled that it had rationalized the tariffs for sending higher amounts exceeding Sh1,501 to be an average of 0.8 percent of the transaction value.
“We have spent a considerable amount of time analyzing M-PESA usage trends and we have established that over 65 percent of all M-PESA person
How China And Kenya Are Winning The Payment Wars -- And Why The U.S. Should Worry
August 18, 2014, 2:47 pm
One reason we’ve fallen behind is the inertia of
our legacy payments infrastructure, and the fact that it is more
difficult to replace a working system than build one from scratch. Yet,
while many Americans consider alternative payments non-essential, the
rest of the world is silently surpassing us. They’re building simpler,
more secure commerce networks — and perhaps constructing the rails to
leapfrog the U.S. economically in the process.
Ingenious workarounds in areas with major political and
infrastructural challenges can serve as a model for the U.S. to advance
our payment system, prevent security breaches and conduct business in
Can Apple With NFC Ignite Mobile Payments?
August 18, 2014, 2:27 pm
Pundits have predicted for the last three years that one of those
bells would be NFC. They’ve been wrong, as I’ve predicted, so far.
But, I’ve talked to enough people now and followed enough breadcrumbs to believe that this time will be different.
And it appears that the “big reveal” could go something like this:
The iPhone 6 will include NFC and a secure element in the phone that
Apple will control. Apple will give consumers the chance to register one
card to their iTunes account from several large issuers that Apple has
negotiated deals with. This token-based “wallet” can be used with
Is Mobile Commerce the Way of the Future?
August 18, 2014, 2:19 pm
In a relatively short amount of time, mobile devices have become a
very important part of global society, and these devices are beginning
to play a large role in the financial space as well.
With smartphone adoption growing rapidly, the demand for mobile commerce
services is also on the rise. People are showing interest in the idea
of shopping for and purchasing products from their smartphones and
tablets. Many of these people have already been exposed to digital
retail for years thanks to e-commerce. Companies like eBay and Amazon
have made it possible for people to shop online in a convenient way,
Amazon's New Card Reader Undercuts The Mobile-Payments Industry
August 18, 2014, 12:33 pm
What makes Amazon Local Register such a threat is that it undercuts
all of its competitors. Amazon is offering a promotional rate of 1.75%
per card swipe on credit and debit cards until Jan. 1, 2016. After that,
the rate will rise to 2.5% per swipe, which is still cheaper than any
competitor — Square charges 2.75% per swipe, PayPal charges 2.7%,
and Google Wallet charges 2.9% per transaction. Amazon is also basically
giving away the card reader free, since its $10 price tag is erased by
$10 in transaction credit.
Let's take a closer look at Local Register to better understand what Amazon plans
Bitcoin shakes up remittances as poorer people offered digital deals
August 18, 2014, 12:28 pm
Social entrepreneurs in developing countries are using mobile phones and the controversial digital currency bitcoin
to increase the speed, and slash the price, of international money
transfers, raising the prospect of a revolution in the $600bn annual
global remittance market.
Soaring rates of mobile phone use
in developing countries are helping the entrepreneurs compete with
more usual forms of money transfer in countries where remittance rates
and fees are highest.
Many of the world’s poorest people depend on money sent to them from friends and family abroad. According to World Bank figures for 2011,
nearly half of Tajikistan’s GDP is derived from remittances, while in
Wal-Mart pins hopes on e-commerce investments as it issues profit warning
August 15, 2014, 12:38 pm
Another week, another set of results that gives us some
insight into the digital challenges facing major retailers in the US and
the UK. Yes, economic conditions have been tough for the past few years
and shoppers have been tightening their purse strings, but it can’t be
denied that the rise in popularity of online retailers and mobile
shopping have played a significant part too.
Take a look at some previous examples covered here at diginomica, including Marks & Spencer’s and Morrisons. It’s also worth checking out this research from Accenture and SAP,
which found that omni-channel customer experience is now a
Co-operative Bank launches mobile banking service
August 15, 2014, 12:24 pm
The service – named M-Co-op Cash – will enable customers to open bank
accounts, apply for loans, transfer funds, make utility payments,
top-up airtime, as well as make mobile cash withdrawals, reports Business Daily.
The bank expects transaction charges from the M-Co-op Cash service to
grow its earnings, with a one-off seven per cent fee to be charged for
secured personal loans of between KSh100 (US$1.13) and KSh200,000
(US$2,269) as well as for business loans, while salary advances and
unsecured loans will carry a 10 per cent charge.
“The mobile wallet will be a significant boost to the bank’s
performance on non-funded income,” said
Mobile wallet, ZapZap, is partnered with Ukash
August 15, 2014, 12:10 pm
Ukash, the online cash payment provider, has now announced that it is
partnering up with ZapZap in order to provide smartphone using
consumers with a mobile wallet that will allow them to manage and spend their vouchers from Ukash even if they aren’t sitting in front of a PC.
The combination of services from these two companies provides a powerful mobile payments opportunity.
The free ZapZap mobile wallet application that is available to users
of smartphones based on Android, iOS, and Windows, for free. This mobile
app gives its users the ability to receive and send money from any of
their smartphone contacts, including
Square Just Released A Blog Post Listing The Top 10 Negative Myths About It
August 15, 2014, 12:08 pm
The post comes only a few days after Amazon launched a new product that puts it in direct competition with Square and after a recent Fast Company article that depicts the startup as scrambling to define its strategy. Earlier this year, The Wall Street Journal reported that its losses were so huge that it was discussing a possible sale.
In today's blog post, Square
directly attacks the "top 10 myths," like that it has bad customer
service and a struggling business, assuring readers that it's "here for
As Wall Street Journal reporter Evelyn Rusli notes, it feels like a strange tactic:
Oxigen mobile wallet launch, allows money transfers over social networks
August 15, 2014, 12:04 pm
Besides, users would also be able to use their wallet to recharge
their mobile phones, pay bills and shop across a large number of online
“Ours is the country’s first social mobile wallet service through
which people can share money with their friends and family over their
preferred social networks and messaging platforms like Facebook,
WhatsApp, Google+, and Twitter,” Oxigen Chairman and Managing Director
Pramod Saxena told PTI.
The service will find a high usage among the youth who go out for
meals with their friends, split bills, send smaller but more frequent
gifts to one another, he added.
New Ezetap features to make banking easier
August 14, 2014, 3:11 pm
Opening a bank account through Aadhaar, checking one's bank balance, or transferring cash are a few of the things that the device can now offer to consumers. "This could allow even merchants to become business correspondents for banks, by helping people open accounts, support tasks like cash-in, and cash-out," said Abhijit Bose, chief executive officer of Ezetap.
The device, which is used by banks like SBI, HDFC and Citibank, could also do facilitate peripheral things one would do at an ATM - check balance, transfer money, get a mini-statement etc. "We are confident that such solutions will be a
Paytm in talks with Asian private equity firms to raise $350 million
August 14, 2014, 3:08 pm
"We have initiated talks with private equity players, serious investors based in Asia," Vijay Shekhar Sharma, Chairman and Managing Director of Paytm owner One97 Communications, told ET without divulging any names. Sharma did not say how much equity would be offered to investors but added that he was open to increasing the fund size depending on interest.
Paytm offers mobile wallets that allow consumers to use mobile phones and other handheld devices to pay for purchases.
One97's wallet is a semi-closed, or prepaid, instrument and it allows users to pay for postpaid mobile, data-card and utility bills.
Mobile wallets are becoming a big deal for Visa and MasterCard
August 14, 2014, 2:58 pm
Mobile wallets may soon be the way of the future. A growing number of
applications that are designed specifically to store financial
information and data provided by retailers are emerging in the mobile
space. These apps are thriving in the popularity of mobile commerce,
finding support among consumers that want to pay for products using
nothing more than their smartphones and tablets. For Visa and
MasterCard, the mobile wallet holds a great deal of promise, but both
companies are finding it difficult to engage mobile consumers
Visa is trying to form a direct connection with consumers
Both Visa and MasterCard have their own
Fleet of six new Bitcoin ATMs arrive in shopping centres across Toronto
August 14, 2014, 2:55 pm
"With Toronto being the main commercial centre, I think it's a natural fit," said Kyle Kemper, vice-president of business development with CAVIRTEX, a Bitcoin exchange and service provider, at the launch Wednesday in Toronto's financial district.
"We're flexible, dynamic and we're on the forefront of technology and I think that's something we can be proud of," he added.
Kemper said the six new machines, which have been installed in select locations, brings the number of Bitcoin teller machines in Toronto to 19 and a total of 30 across Canada.
Bitcoins, created in 2009, are an international virtual