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Posts tagged with “mobile payment”

Cloud based NFC payments being tested by McDonalds

Sunday, 26 February, 2012

Austrian mobile network operator A1 and Paybox Bank have enlisted McDonalds to launch a new, test NFC mobile payment system from now until mid-2012. Five hundred end-users have been selected to assess this new system dubbed Paybox NFC.

The system aims to deliver mobile payments utilizing NFC contactless technology, but unlike other recent digital wallet and mobile payment solutions all transactions will be handled in “the cloud” over the standard EMV point-of-sale terminals. The goal is to allow users to pay for transactions below the €25 mark without having to enter a PIN number.

A1 currently hosts numerous models of NFC phones including the Sony Xperia S, Blackberry Curve 9360, HTC One X and Blackberry Bold 9900. For those interested in usage outside of mobile devices, contactless stickers will also be tested as an alternative.
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As far as functionality goes, the process is quite similar to most digital wallets and contactless payment systems currently on the market, however Paybox NFC does not use Visa’s PayWave or Mastercard’s Paypass solutions. Paybox and A1 offer the service in tandem, and all transactions are handled directly through a designated bank. Users simply sign-up for a Paybox account then direct it to their bank of choice and then download the Paybox app, which is coupled with their current A1 mobile service. No important payment information is stored on neither the NFC enabled chip on the mobile device or on the supplemental NFC stickers.

“Cash is still the most popular means of payment, especially for amounts of up to €25. Searching for small change or waiting to be given money back is time consuming. With Paybox NFC, we can offer our customers a state-of-the-art alternative,” noted Bernd Hartweger, CEO of Paybox Bank.

Mobile payments market set to reach USD 80 Billion in China by 2016

Friday, 24 February, 2012

In a report released by research and consultancy company Kapronasia, China’s mobile payments market is expected to surpass USD 80 Billion by 2016 and sustain an active user base of 441 million users by 2015, with this number set to double annually. This is a significant finding for a rising trend and business opportunity for most mobile operators, merchants and banks.

Interestingly, the study also bills China as the number one smartphone market in the world, surpassing the US and driving the most technological advancement in the mobile payment sphere.
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Further statistics show the dramatic growth potential, citing year-end 2011 revenue posted at USD 7.6 Billion with 218 million active users and projecting growth by 2016 to be at USD 84 billion and over 400 million active users. Surprisingly enough, despite China’s dominance in smartphone usage, less than 10 percent of the 900 million mobile device users have adopted smartphones, demonstrating even further growth potential for this market.

This growth may be hindered over the short-term, as Chinese officials and government bodies continue to develop mobile payment regulations, which could delay quicker implementation.

Pingit payment application reaches over 400,000 downloads

Friday, 17 February, 2012

UK financial services company Barclay launched a person-to-person payment application called Pingit, and has already seen tremendous success in the early stages, reaching over 400,000 downloads since launching in February. The technology behind their application is simple; it that allows users to transfer money using only a mobile number, removing the need to transfer important and personal banking information.
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With the rising importance of mobile device usage, financial institutions are quickly adopting new ways to interact with customers beyond providing services to check account balances and other basic banking needs. Pingit’s early success points to the growing demand for simple and intuitive payment platforms that co-exist with current methods consumers are using with mobile technology. As Gary Schwartz, CEO of Impact Mobile notes: “Pingit is simply tying your banking to your phone number to allow you to use this number to transfer cash is the same way you communicate to friends or vendors.”

In a short period of time, Pingit became the fastest downloaded financial app in the UK Apple Store for the entire month of February. Moreover, eBay users and smaller UK merchants are moving towards this app as a way to accept payments. Barclays aims to continue to develop add-on features to the app, making it a more all-encompassing payment tool.