Kenyans transacted more than Sh1.7 trillion on their mobile phones in the first 11 months of 2013, surpassing the value of the country’s budget this financial year.
This represents a 23.7 per cent increase from Sh1.4 trillion in the same period in 2012.
And this has been attributed to increased uptake of mobile phone financial services due to convenience, ease of use and security.
Kenya continues to be the most successful implementation of Mobile Money and an example to follow. The diversity of services offered, the ease of use and the security level are boosting the usage despite the lack of interoperbility between the different service providers.
See on mobile.nation.co.ke
MasterCard (NYSE:MA), eServGlobal (LSE: ESG.L, ASX: ESV.AX) and BICS today announced the formation of HomeSend, a joint venture (JV) which will enable consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets — regardless of their location or that of the recipient.
The HomeSend JV will leverage the current HomeSend platform, a remittance hub based on eServGlobal technology and developed as part of a strategic partnership between eServGlobal and BICS. The HomeSend platform was first to market in offering international mobile remittances. Today, HomeSend has live deployments in 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs) that represent more than 1.2 billion subscribers — the equivalent of one in seven of the world’s population — and 200,000 cash agents respectively.
A great step for HomeSend to become the standard in mobile international remittance. Congratulations to all the team.
See on online.wsj.com
Pundits have focused on carrier end run but missed the upside for merchants, others.
The latest version of Android, KitKat, introduces a new platform for secure NFC transactions without the need for a secure element. This article describes the domino effect that Host Card Emulation will trigger in the NFC industry: Mechants, carriers, scheme providers, device manufacturers, TSMs, etc. are all impacted.
See on www.mobilepaymentstoday.com
Android 4.4 brings a major change to NFC payments that could finally be the kick in the butt that Google Wallet needs.
The discussion now moves from "where should the secure element be?" to "should there ever be one?" Would be interesting to watch the reaction of the GSMA and of device manufacturers.
See on www.talkandroid.com
Even though much of the world’s population has access to many different options for making payments without it, cash still persists. As a way of making payment, cash takes time to get at, is riskier to carry, and by some estimates, cash costs society as much as 1.5% of GDP. Electronic payments on the other hand have been proven to boost economic growth, while advancing financial inclusion. It is for these reasons that countries around the world are working to make their payment systems less dependent on cash.
This new global report from MasterCard tracks 33 major economies and measures where they stand from going cashless. The report identifies the key factors that are driving this move and classifies countries in four categories: inception, transitioning, tipping point and nearly Cashless.
See on www.mastercardadvisors.com
When iOS 7 is released next week, retailers and other large indoor spaces are going to be able to use a technology called iBeacon to send data over short distances to iPhones. Here’s how it will work.
The use of iBeacon for payments may not be that straight forward. The concept of "card holder present" needs to be supported by evidence like making contact between the user device and the payment terminal. Another complexity is related to the security aspect that has been thoroughly analyzed and standardized for NFC.
This being said, it is always thrilling to see a new type of access emerging, and with it, a whole lot of new usage possibilities.
See on gigaom.com
- Agreement will enhance Zain’s existing mobile-money offerings and support the roll-out of much needed mobile-commerce services in other markets
- Customers will be empowered to pay bills, top up accounts, transfer funds and much more from their mobiles - See more at: http://www.zain.com/media-center/press-releases/zain-group-selects-eservglobal-to-supply-mobile-money-solutions/#sthash.oKFbh1ea.dpuf.
This is a major achievement for eServGlobal that consolidates its leadership in the Middle-East and Africa for Mobile Money.
See on www.zain.com
A new study released this week by CGAP on International Remittance through Branchless Banking highlighted some key trends in remittances and mobile over the past 12 months. In particular the study focussed on the role that international remittance has to play in the success of domestic mobile money deployments. Read the rest of this entry »
Tom Harper, publisher of ATM Marketplace and Mobile Payments Today, discusses what happens when a ubiquitous technology meets a disruptive upstart.
In the case of the convergence of ATMs and mobile devices, Harper is firmly on the side of those who believe the future lies with a combination of the technologies. He’s closely watched the emergence of the technology since first hearing about it some years ago.
One other evidence of the convergence between mobile and financial services. Here the mobile interacts with the ATM as the authentication device to access the financial services for the banked. In other geographies, the ATM becomes the access point for cash-in, cash-out, money transfer or bill payment out of a mobile money account for the unbanked.
See on www.mobilepaymentstoday.com
All the customer needs is to be registered for mobile money with any network in Uganda. Then the customer must have the Imara card and money on their phone. Such a customer can pay for goods and services using this card at any of the Imara Points of Sales (PoS).
The card will prompt a pop-up on your phone and ask you to confirm payment. Then you type in your Personal Identification Number (Pin) of mobile money on your phone and money for the good is automatically taken off.
“That’s it; your transaction is done there and then,” says Jogoo.
A first step before closed loop mobile money implementations go open loop, and connect with the global EMV schemes.
See on mobilemoneyafrica.com