And the digital wallet revolution continues to charge forward. Though more than 80 percent of Americans believe smartphones as portable cash and credit card machines are the future of financial transactions, the transition, at least in the U.S., has been relatively slow. In 2010, just 5 percent said they used their mobile phone as a method of payment. Last year, according to Nielsen, that number crept up to 9 percent. Considering how rapidly audiences for other mobile functionalities have grown in the past couple of years, many by 50 to 200 percent or more, this jump is statistically significant but not entirely impressive. In a recently-released Pew study on the future of money, 35 percent of respondents said that by 2020 mobile payments won’t “have gained a lot of traction” and that “there will not be a major conversion of money to an all-digital-all-the-time format.”
Last week, we visited the PayPal shopping showcase in Tribeca where PayPal had set up a number of vignettes highlighting the future of payment to inspire retailers to looking beyond their current payment options.
In Finaccord’s survey, the concept of mobile payments was defined as ‘physically swiping a phone at a checkout or using a service (other than a regular app or website) to transfer money or credit to another person’s bank, cash remittance or mobile telephone account’.
Across all owners of mobile phones, just 10.7% stated that they were very favourable towards the concept with a further 20.4% reporting that they were quite favourable, 23.8% that they were neither favourable nor unfavourable, 17.4% that they were not very favourable, 22.1% that they were not at all favourable, and with the balance of 5.7% not feeling able to express an opinion at all. Hence, at a combined 39.5%, those that were not very favourable or not at all favourable outweighed those that described themselves as quite favourable or very favourable, at 31.1%.
Barclay’s payments division Barclaycard has introduced PayTag, which is a near-field communications tag that users can stick to the back of their mobile phones. By holding a phone outfitted with PayTag over a contactless payment terminal, users will be able to pay for purchases up to 15 British pounds, or approximately $24 U.S. dollars, via their Barclaycard Visa credit card account.
What is it going to take for mobile payments to finally register in the mind of the consumer? Maybe it's time to think about mobile shopping rather than mobile payments, panelists argued Tuesday at the VentureBeat Mobile Summit.
“More than 80% of British adolescents receive pocket money on a regular basis,” said a spokesman. “All in all, they have more than £2bn at their disposal every year.
The new service, billed as an online piggy bank, is aimed at under 18s, a group that often struggles to spend online because many sites require a credit card for payment – and that is only available to those aged 18 and over. At the same time, points out Bankiwi, this is a group with pocket money to spend. Through Bankiwi, they can do that with what the site describes as an “age appropriate” group of retail websites.
Parents and relatives can pay money in either over the internet or by phone, making either regular or one-off payments. Account holders cannot spend more than their balance. The service is backed by payment acquiror Crédit Mutuel Arkéa, with security through SSL and 3D-Secure systems. Bankiwi also says that it helps users to manage their money.
Microsoft's wallet payment service, that will utilize the NFC chipsets in Windows Phone 8 devices, will also be opened up to operators in an effort to allow them to brand the experience in a similar way to the RCSe integration. Although Microsoft has not spoken publicly about its plans, a number of Android handset manufacturers have been integrating RCSe services in preparation for carriers start to rollout their offerings more broadly. We understand that Microsoft sees this as a key offering for its mobile carriers that will ship Windows Phone 8 handsets later this year.
According to the report, mobile banking with tablet users is growing at twice the rate of smartphone users, showing how financial institutions need to cement a strong tablet strategy if they want to keep up.
Less than 20 percent of the top 25 financial instructions surveyed have native tablet apps specifically designed for the three top tablets: the iPad, Kindle Fire and other Android-based devices, per the report.
Tablet owners use their devices to bank more, according to the study. For example, 24 percent of tablet owners surveyed said that they had used mobile banking in the past week compared to 11 percent of non-tablet mobile owners.
Amid on-going delays for the UK mobile network operators' Project Oscar NFC joint venture, O2 has moved ahead with the launch of a mobile wallet that offers a suite of payments and marketing services to any mobile phone user, regardless of their operator or bank alliegiance!
New Zealand telcos partner Paymark on NFC m-payments. New Zealand's bank-owned payments network Paymark is teaming up with three of the country's major wireless network operators on a contactless mobile money joint venture.
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