Mobile payment startup Square said to be raising funds at US$6b valuation
August 28, 2014, 2:30 pm
The San Francisco-based company is seeking about US$200 million, with some of the funding coming from the Government of Singapore Investment Corporation, said the person, who asked not to be identified because the matter is private. That would push Square’s valuation up from about US$5 billion earlier this year.
Aaron Zamost, a spokesman for Square, declined to comment. A spokesman for GIC didn’t immediately provide comment. CNBC earlier reported on Square’s financing discussions.
Square is one of a crop of technology startups to target a large valuation as investors bet on companies that are at the forefront of
Top Five Mobile Banking Security Tips From Tech CU
August 28, 2014, 2:14 pm
SAN JOSE, CA--(Marketwired - Aug 27, 2014) - A record number of
consumers today are banking on their mobile devices for everything from
balance inquiries to mobile deposits. According to research group AlixPartners,
mobile banking is now used by 28 percent of banking Americans, with 60
percent of smartphone/tablet users saying mobile banking capabilities
are "important" or "extremely important" in their decision to switch
banks. With this convenience, however, comes the potential for fraud and
This summer, the first major mobile security threats hit the U.S. -- malware called Svpeng and HijackRAT
-- signaling financial institutions to step up security. Technology,
Apple iPhone 6 expected to include mobile payments, NFC
August 28, 2014, 2:11 pm
There's more evidence Apple is diving into the world of mobile payments with its next iPhone.
Wired, citing people familiar with the matter, reported Thursday
that NFC, or near-field communication, is coming to the hotly
anticipated iPhone 6 and will power a new mobile-payment platform on the
device. NFC allows for touchless, short-distance interaction between a
mobile device and other objects, often used to allow payments at a
register or a quick way for one phone to recognize another.
the bevy of iPhone rumors coming out in the run-up to the smartphone's
expected launch on September 9, the NFC prediction was already hinted
Digital payments could help billions of people without access to banks
August 28, 2014, 2:10 pm
Expanding the use of digital payments such as mobile money and
electronic transfers in developing countries could spur economic growth
and ease income inequality, while advancing towards the G20’s goal to
bring financial services to an estimated 2.5 billion adults who are
excluded from the formal banking sector.
Building on a telecoms revolution that has connected many of the world’s poor people to mobile banking services,
a report published on Thursday argues that governments in the G20
should target digital payments as a way to help people access basic
banking facilities, which it says will encourage saving while reducing
Western Union Launches Digital Remittance Business in Europe
August 28, 2014, 1:53 pm
The regions include Austria, Belgium, Germany, the Netherlands and
the United Kingdom. Western Union’s customers in this region will now be
able to make online and mobile Western UnionMoney Transfer®
transactions using their bank accounts.
With this service, senders can customize the remittance to suit the
preferences of the recipients. This service has been developed by
Western Union with the help of Sofort AG in Austria, Germany, Belgium
and the United Kingdom and with iDeal for services in the Netherlands.
In May, the company launched a new website in Nigeria which will
facilitate the consumer to send funds to more than 500,000
Mozilla aims to break Indian mobile market with $33 smartphone
August 26, 2014, 11:45 am
The ‘Intel Cloud FX’ will be exclusively available online from
Indian retailer Snapdeal, and will run on Mozilla's latest Firefox
It has a 1.0 GHz processor and expandable memory of up to 4GB in
addition to dual-SIM capabilities, Bluetooth and Wi-Fi. It also supports
the Hindi and Tamil languages.
Instead of competing with high-end devices from Samsung and Apple,
the phone will provide a cheap alternative to non-internet enabled
mobiles that are rapidly being replaced in the Indian market.
Dr Li Gong, president of Mozilla, said: “It is exciting to see the
Intex Cloud FX now available as the first Firefox OS device in India and
Asia. The positive consumer
How Barclays is restoring banking trust with innovation
August 26, 2014, 11:43 am
Following the proverbial lambasting it has received since the financial crisis shook the world in 2008, the banking sector is left picking up the pieces to regain trust among customers.
Barclays CEO Antony Jenkins is at the forefront of this industry-wide charm offensive, and technology is his tool of choice.
It just so happens that this culture change coincides directly with a time when innovation is transforming the way people transact and organise their finances. Barclays has spotted an opportunity to lead this shift.
In May, a significant scaling down of its investment bank signified a drastic
Mobile commerce popularity crown handed to eBay
August 26, 2014, 11:39 am
Ofcom has now released a report that has identified eBay as the
leading mobile commerce retailer in the United Kingdom in terms of its
popularity among consumers throughout the country.
The same report also pointed out that 41 percent of consumers spend a minimum monthly £100 over smartphones and tablets.
This represents an increase of 4 percent in the proportion of people who are spending over that amount in monthly mobile commerce
shopping. The report was produced by Ofcom Communications in their 2014
market report. According to that report, eBay had a reach over
m-commerce that had hit the 34 percent mark, which was
Will WeChat Succeed in Mobile Commerce?
August 26, 2014, 11:37 am
Twenty two-year-old Yin Junyu has been selling fashion accessories made of synthetic pearls and designer jewelry replicas for the last two years at a small store in Beijing’s Tongzhou district. A couple of months back, she felt the urge to try something new and decided to open an online shop on WeChat, China’s leading social messaging app.
Many small business owners in China like Yin are setting up shop-fronts online to capitalize on China’s e-commerce boom. Till recently this trend was restricted to traditional e-commerce players like Alibaba’s Taobao, but now social networking app WeChat has joined the fray.
Sequent Awarded “One Tap” Mobile Payments Patent
August 26, 2014, 11:33 am
With one tap functionality, mobile wallets can
transmit multiple cards--such as payment, loyalty, coupons and
offers--at the same time to a merchant’s point of sale (POS) system.
This key mobile payments feature is available to any mobile app that
uses Sequent’s platform and APIs.
“By leveraging our platform
banks, merchants and others can add this key functionality to their apps
and offer the best, most intuitive payment experience to consumers.”
“One tap functionality is arguably more important to mobile payments
than ‘one click’ functionality was to e-commerce,” said Robb Duffield,
Sequent CEO. “By enabling coupons, loyalty and payment cards to be
Ericsson study sees bright future for mobile banking
August 25, 2014, 2:28 pm
The report -- Mobile Commerce in Emerging Asia -- by Ericsson
ConsumerLab studied Bangladesh, Indonesia and Vietnam and explored the
possibilities of widespread m-commerce adoption in emerging Asia.
The target group for the study was mobile phone users aged 15–59 years
in urban and sub-rural areas. Some 6,000 consumers and 900 merchants in
total were chosen from approximately six million people in Bangladesh,
24 million in Indonesia and 12 million in Vietnam.
reveals that 54 percent of the respondents in Indonesia have used money
transfer services, followed by Vietnam at 45 percent and Bangladesh at
Idea Cellular launches mobile wallet, Idea Money
August 25, 2014, 2:25 pm
service was launched in Mumbai in July and it will be expanded across
the country in a phased manner, a company source said. The source,
however, refused to share a timeline for the availability of the service
Mobile operators like Bharti Airtel, Vodafone and Tata Teleservices are already offering such mobile wallet services.
As per the company's website, Idea Money is a semi-closed prepaid
payment instrument offered by Idea Mobile Commerce Services Limited
(IMCSL), which has got a licence from Reserve Bank of India to offer
Banks are falling behind on mobile commerce
August 25, 2014, 2:23 pm
The mobile payments
space is evolving at a rapid pace and banks are struggling to keep up.
Innovative mobile services appear to be launching on a daily basis and
many of these services are changing the way people pay for products
online and in the real world. Those finding the most success in this
field are those outside of the financial service industry, but banks
still have a chance to establish a stronger presence in the mobile
Rapid adoption of mobile payment services highlights the slow progress banks have made
The rapid adoption of mobile commerce
among consumers is pressuring banks to
Why China Will Lead Innovation in Social and Mobile Commerce
August 25, 2014, 2:21 pm
Some think it refers to those annoying ads on Facebook. According to Wikipedia, social commerce is the use of social networks in the context of e-commerce transactions.
In China, social commerce has taken up a life of its own and become the backbone of e-commerce.
While the “Ice Bucket Challenge” has gone viral on Facebook, Chinese
consumers use social media in a much more thoughtful way. Instead of
posting some silly videos and pictures, they turn to social media to
solve real life problems, to seek advice from friends and opinion
leaders, and to decide what products to buy or
UK mobile payments set to grow this year
August 25, 2014, 2:19 pm
A new report from eMarketer predicts that mobile payments are set for more success
in the United Kingdom. Many people throughout the country have become
quite fond of the idea of mobile commerce, praising its convenient
nature and the efforts that many retailers are making to engage mobile
consumers. Mobile commerce is quite prevalent among online shoppers, but
a growing number of people are using their mobile devices to make
purchases in physical stores as well.
Mobile sales throughout the UK are expected to be 65% higher than they were last year
According to the report from eMarketer, the growth rate of mobile commerce
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