A recent survey of mobile banking usage in South Africa shows significant growth in usage of this service. (Read here). This survey published about two weeks ago, shows that the number of subscribers now using mobile banking has almost doubled (up from 27% to 44% in one year). The growth in transaction services was also healthy with purchasing airtime and bill payments the biggest penetration. A substantial percentage (12%) are now sending money from one phone to another.What is interesting abou
(The Paypers) Global mobile commerce services provider Sybase 365 has teamed up with Qatar-based financial institution Commercialbank of Qatar, in a bid to roll…Read more: http://feedproxy.google.com/~r/ThePaypersMobilePayments/~3/QZBi4SVK0JI/743298-16
One day everybody is on the NFC band-wagon the other day mobile apps. It must be difficult keeping up with the hype. This is a sample of some of the “mobile apps is the next big thing” announcements, that I read during the past week:Fiserv announced working with WorkLight to help banks “to more easily develop services for a proliferating variety of online and mobile platforms and devices.” According to Erich Litch from Fiserv: “… helping our clients provide financial services in new ways, th
(The Paypers) US-based financial institution Heartland Bank has launched an iPhone app which provides on-the-go access to the company’s mobile banking…Read more: http://feedproxy.google.com/~r/ThePaypersMobilePayments/~3/Tcm_yzMlPwQ/743263-16
In the mobile banking business, a one-size-fits-all approach just doesn’t cut it, as Firethorn Holdings found out. Now the Firethorn team is focusing on a new loyalty rewards …Read more: http://www.americanbanker.com/issues/176_22/firethorn-shifts-gears-1032251-1.html
Monitise was the first to announce to the world that they have received a provisional license from the Nigerian Central Bank. With a slick British PR company behind them, this was too big an opportunity not to make some noise about. (Read here). Being a listed company, the press release was factually very accurate.Soon, many press releases followed. The one trying to out-do the other in terms of the scope of services and the impact that it would have on Nigerian community. (Read here and here).
The question of consumer protection is a very important topic to consider in the new mobile money world. Consumers in this case are often not well educated, have a big percentage of their assets at risks and do not always know how to escalate problems to resolution. Most regulators are seeing this as one of their key objectives to ensure that consumers are protected.The recently published CGAP article (Read here), lists seven risks that should be considered when regulations are established, the
Contrary to popular believe, it is actually very difficult to do mobile banking. Not only does it require complex systems doing high volumes of transactions (with very high levels of availability), but business processes are also turned on its head. Many of the common banking principles of yesteryear do not apply anymore.A few years ago, we viewed banks as the bedrock of society. The images of banks were solid and untarnished. The few (smaller) bank failures went by almost unnoticed. As we all k