In Latin America, the banking sector is highly rooted in the economy, and to think about non-bank issued electronic money is almost heretic. But things are changing.
New regulatory frameworks are emerging to allow financial inclusion by making mobile money accessible to the non banks, not only telcos are concerned but payment aggregators and agent network managers are jumping on this opportunity to monetize the value of their significant footprint and cash management infrastructure.
See on www.cgap.org
PAYING for a taxi ride using your mobile phone is easier in Nairobi than it is in New York, thanks to Kenya’s world-leading mobile-money system, M-PESA. Launched…
Some argue that bringing free money into the regulated economy might hinder the entrepreneurial spirit, these need to check-out the following statement: "One study found that in rural Kenyan households that adopted M-PESA, incomes increased by 5-30%. In addition, the availability of a reliable mobile-payments platform has spawned a host of start-ups in Nairobi, whose business models build on M-PESA’s foundations. ,"
See on www.economist.com
What can we learn from the past in markets like the United States and Japan that can help advance interoperability between financial service providers?
Lessons about how interoperability can boost the take off of B2C and C2C services are numerous. The report discusses some in the banking and payment industries but roaming and SMS interoperability are also examples of tremendous boosters for mobile services.
It is evident to anyone that this will be future. So how long will the dominant mobile money players keep their garden’s fences?
See on www.cgap.org
85% of surveyed Dubai residents say they would like their mobile phone to provide payment functionality.
Total payments shared a great infographic today that highlighted the demand for NFC technologies in the UAE. The infographic was created from the results of a street survey conducted by Gemalto. The majority of respondents (87%) regard contactless payment as a way to streamline everyday activities by shortening waiting queues at the tills when shopping or commuting. Another finding from the survey is that when it comes to using contactless technology on mobile phones the majority of those surveyed say they would ‘like’ or ‘love’ to use their handset as a contactless payment method for goods and services.
The mobile financial services ecosystem is rapidly evolving and this survey reinforces the demand we are seeing in numerous markets across the Middle-East.
In February this year we announced a project in the Middle-East, in conjunction with our partner, AIRTAG for the provision of a mobile application for contactless ticketing for a public transport system so that travellers carrying an NFC enabled phone can use their phone as a transportation pass, access transit account balances in ‘real-time’ and view their recharge history.
The first phase of this project will focus on provisioning the NFC transport app with an architectural framework for an easy upgrade to a full mobile wallet solution that enables the recharge of a transit pass via a mobile money account, loyalty schemes and couponing. A full mobile wallet would also enable the ability to complete in-store NFC payments, person-to-person money transfers and bill payments.
As of launch, merchants including Porter Airlines, WagJag, Jaunt.ca and Grocery Gateway have enabled MasterPass checkout services on their eCommerce websites. MasterCard plans to expand the number of MasterPass enabled merchants in Canada to 800 merchants by the end of 2013 and 2,800 merchants by the end of 2014. When making purchases through these companies’ eCommerce websites, MasterPass digital services will allow Canadian consumers to securely and complete their transaction, eliminating the burden of filling out card and shipping information repeatedly.
One of the first deployments of MasterPass and certainly will be a very interesting lab to see how the service will pick-up.
See on www.paymenteye.com
As mobile phone markets worldwide reach a new age of maturity, operators are in search of forward-thinking solutions which exceed their subscribers’ expectations. This approach has been central to the collaboration between eServGlobal and Nepal Telecom, now entering its fifth year. Building on initial requirements for recharge technology, eServGlobal has worked closely with Nepal Telecom to progressively enrich the service offering in line with the demands of their subscriber base. Read the rest of this entry »
Barclaycard has announced over 700,000 people have tapped to travel across London on TfL buses since the launch of contactless payments, with the figure expected to rise to 25 million during 2013.
A reassuring statistic about the growth of use of contactless payment. Will the contactless card payment supercede the phone-based NFC experience? Do people trust card issuers more than their telco or handset brand?
See on www.prweb.com
It was great to hear Vittorio Colao, CEO of Vodafone, talking about where he sees the mobile industry going. Vodafone has distributed 100K smart passes in Italy and is planning to roll out NFC in five markets before the summer. He also made a very important point that we need to define common standards, including the onboarding process for customers and banks alike. Global interoperability will key to making mobile money work, and I couldn’t agree more with his points.
Watch the whole video below:
The ubiquity of the mobile in emerging markets positions the operator in a unique position. While financial institutions are aware of the potential of services such as microcredit and microsavings for the unbanked, they are lacking the crucial user data needed to make this a reality.
Before they are able to launch mobile financial services, financial institutions need the ability to target customers through the evaluation of their behaviour. There are a very limited number of companies who possess such data.
This is where telecommunication operators can capitalise on the extensive user data that exists with their network. They are among the few formal institutions who have records of user data about the unbanked. Through the analysis of telecommunication usage it is possible to build lists of eligible customers for mobile microfinance. Telco data can be used to identify customer spending and geographical behaviour.
Read the rest of this entry »
In emerging markets around the globe, facilitating microfinance through the mobile is being seen as the future of financial inclusion. Microfinance is a proven solution for increasing financial inclusion among the poor, ultimately contributing to the development of a country’s economy. The appropriate financial services can help improve household welfare and spur small enterprise activity.