Mobile Payments - Innovations & Trends
Mobile payments, also known as mobile wallets, offer an alternative payment method that lets consumers use their mobile devices to pay for a wide range of goods and services. Read on to uncover emerging trends in the mobile payments space.
By Joseph Dalton - 08/05/2012 14:33:44
PayNearMe Introduces Mobile Cash Payment System
PayNearMe has entered the mobile payments arena with a traditional, yet innovative mobile cash payment system. The system is cardless, yet requires paper money. This cash transaction network allows consumers to purchase goods from online retailers with the option to pay cash at a store that processes the transaction on behalf of the retailer. A partnership with 7-Eleven has propelled the company into the mobile payments space and greatly benefits those who favor cash over cards. Consumers can pay at over 6,000 7-Eleven locations and PayNearMe looks to bring many other retailers on board in the future. [1]
The PayNearMe cash transaction network allows consumers to transfer money, repay debts, purchase tickets, and make online purchases with cash. Online customers can complete transactions using PayNearMe in
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By joseph dalton - 20/04/2012 15:03:22
Mobile Payments: By the Numbers
Truaxis, a statement rewards provider and the parent company of BillShrink, recently published a rather surprising infographic on the rising popularity of mobile payments. According to Ryan Kim of Gigaom.com, "Mobile payments are more reliant right now on digital goods purchases, which is expected to double by 2015 and will account for 40 percent of the market."[1] The hike in mobile payment revenue has been fueled by the budding near field communication (NFC) market, which could top the $50 billion mark in worth by the year 2014. Mobile ticketing, money transfers, and the purchase of physical goods has aided in the growth of the mobile payments market as well.
Let's take a look at the most surprising numbers of all.
Current Mobile Payment Numbers
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By joseph dalton - 19/04/2012 10:00:08
Square Continues to Stake its Claim in the Mobile Payments Market
As more companies join the race to establish a dominant technology in the mobile payment field, Square continues to make headway. The California start up was founded by a couple of leading mobile entrepreneurs and has positioned itself as the mobile alternative to the cash register, using proven mobile technology, elegant design, and a simple setup process to lure merchants to its service. Square’s been around since 2010, when it was created by Jack Dorsey and Keith Rabois. Dorsey is best known for co-founding Twitter. Rabois was with PayPal at its start, and then worked at Slick and LinkedIn.
Square is basically a credit card reader. Its package consists of a software application and a plastic credit card strip reader that attaches to mobile devices, like
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By Joseph Dalton - 23/03/2012 16:50:08
Seconds Uses Siri Technology to Bolster its Mobile Commerce Service
Apple's Siri became the talk of the tech world with the release of the iPhone 4S this past year. Many industry insiders and techies knew that it was only a matter of time before companies began seeking new ways to utilize the voice recognition and interpretation software. The technology saves precious time and even periodically provides entertainment (when asked about the meaning of life, Siri may reply "all evidence to date suggests it's chocolate"). [1] Seconds, a mobile technology company, was quick to incorporate Siri in its mobile commerce services. According to Nick Hughes of the So Entrepreneurial blog, "Seconds sits directly at the convergence of communications and transactions … It’s truly a 21st century communications and commerce platform fit for almost any merchant –
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By Joseph Dalton - 21/03/2012 07:00:00
Mobile Payments & Girl Scouts - Integrating Financial Innovation, Business Tactics & Education
Who would have thought financial innovation could go hand in hand with baked goods? This year, the Girl Scouts could help inspire more widespread use and adoption of financial innovation technology. Not only can Girl Scouts earn personal finance merit badges, they can also participate in online financial literacy campaigns. The Girl Scouts have also forayed into the mobile app and mobile payments industry.[1] Hungry Thin Mint fans can search for their closest cookie sale with the Cookie Finder app and then pay for their purchases by making a mobile payment with their credit cards.
The Trefoil mark is property of Girl Scouts of the USA.
No Cash? No Checks? No Problem.
Girl Scouts' Leadership turned to Sage Mobile Payment to help build
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By pf wilson - 15/03/2012 08:10:36
5 Uses for NFC Technology Beyond Mobile Payments
Near Field Communication Technology, or NFC, has been getting a lot of attention lately, particularly in the area of mobile payments. Using a small radio signal on your smart device to communicate with an NFC-enabled receiver, you can exchange data and transfer funds to pay for goods and services. But there’s more to NFC than paying for lunch by using your phone. Here are five other ways NFC can be used to make your cell or other mobile device even handier.
Gaming
Perhaps you’re one of the game-addicted smartphone users out there, and you want to test your skills against an opponent. NFC technology will allow you to just that without having to access the Internet. Nintendo’s DS line of handheld game systems offers this
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By Rachel Schramm - 06/03/2012 07:00:00
Payfone Will Enable Verizon Customers to Shop Using Their Mobile Numbers
Verizon is opening new doors for its smartphone customers and harnessing the power and popularity of online shopping. They've invested in Payfone, a growing mobile payment platform, and may soon begin to offer their customers the option of using their phone number to pay when they shop online. The cost of a customer’s purchase will then be added to their phone bill.[1]
Limits on Payment Amounts
Not surprisingly, Verizon will limit the price of purchases that customers can make. What if a customer makes a $1,000 purchase and then can’t pay their phone bill? When a customer makes a mobile payment that exceeds the limits set by Verizon, the payment will reroute to the credit or debit card linked to the customer's account.[2]
By pf wilson - 01/03/2012 00:00:00
Verizon Partner Vodafone Latest to Enter Mobile Payment Arena
British telecom giant Vodafone, in partnership with credit card company Visa, is the latest company to introduce a mobile wallet. The announcement was made at the 2012 Mobile World Conference in Barcelona. Vodafone customers in the United Kingdom and four other European countries will soon be able to use their smartphones to pay in person for goods and services.[1] The company hopes to eventually roll out the service in the other 26 countries where it operates.
Meanwhile in the United States, Vodafone partner Verizon Wireless (Vodafone owns a 45% stake in Verizon Wireless), has teamed with AT&T and T-Mobile to develop a mobile payment system called Isis, which is set to launch this summer. That joint effort has just lined up banks Capital
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By Rachel Schramm - 28/02/2012 09:40:08
Zong: The Frictionless Mobile Payment System Gains Traction
Zong, originally a Swiss company, was founded in 2008. Like so many other tech startups, Zong has steered clear of the financial ditch that claimed the lives of many businesses in Europe. Zong is a company whose success has centered on their innovative approach to online payments. Zong has been processing millions of payments per month in 40 countries worldwide. By reaching over 3.2 million users with their effective payment mechanism, they convert shoppers to buyers at rates up to 10 times greater than traditional payment methods.[1]
Engaging Purchasers
By eliminating crucial steps to the buying process, Zong—and other mobile payment providers—have becoming increasingly popular. In 2008, Zong implemented their simple one-click buying button that keeps users engaged while allowing them to purchase online. This button, available
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By Rachel Schramm - 09/02/2012 07:00:00
AcceptEmail to Impress at FinovateEurope2012
The 2012 Finovate Europe conference features an impressive list of financial innovators. Companies from all ends of the financial spectrum will be coming together this February, ranging from mobile banking and online payment services to virtual investment firms. Among the headliners, second time presenter AcceptEmail stands out: They're launching the world's first Short Invoicing Service.[1]
At the 2011 Finovate Europe conference AcceptEmail unveiled their e-Invoicing financial software. Their simple platform, which allows companies and contractors to take care of billing and payment entirely though email, evoked a positive response that impressed companies in Europe and abroad. Since their debut, businesses around the world have started using AcceptEmail because it requires no hardware, has no maintenance or support costs, and provides an array of
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By Rachel Schramm - 10/01/2012 07:00:00
Make Mobile Payments Overnight With a New App, from Venmo
Instead of waiting for a bank to process a check, or funds to transfer from PayPal, Venmo lets its customers send mobile payments overnight just by pressing a button. Friends can pay each other for a meal that they split, or roomates can pay each other for their share of the house bills.[1] Venmo’s new Cash Out app for Android and iPhone simplifies the money transfer process between Venmo members and adds to the growing universe of virtual wallet applications.
The speed and convenience of Venmo's new mobile payment app puts them ahead of most banks and even the popular PayPal. Venmo hopes that their quick turn-around time will help distinguish them from more well established competitors.
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By Rex Vining - 22/12/2011 07:00:00
Dwolla Instant: Online and Mobile Payments Startup Launches Instant Payments Feature
Fledgling online and mobile payments network, Dwolla, recently released a new credit product that allows users to make instant digital transactions while also providing access to online credit. The Des Moines-based social commerce solution has already attracted more than 70,000 users by offering money transfers that are safer and less expensive than traditional credit card companies.[1] The launch of the new feature, named Dwolla Instant, further challenges both traditional credit cards and other mobile payment platforms such as PayPal, Square, and Google Wallet.
Dwolla 1.0 – Facebook Payments
Even before the announcement of its newest feature, Dwolla was well on its way to winning over the Netgen with its innovative approach to payment solutions. The service integrates with social networks such as Twitter, Facebook, and SMS, letting
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By Joseph Dalton - 01/12/2011 12:43:42
Fundraising Goes Mobile
Mobile payment could hit mainstream America earlier than expected. In a telltale sign of things to come, the Salvation Army will begin using Square, a mobile payment application, to accept credit cards this holiday season. In addition, Google recently replaced Google Checkout with Google Wallet. In doing so, Google hopes to gain pole position in the highly competitive mobile payment market—a space that includes financial giants PayPal, Visa, and American Express, as well as Dwolla, a cash-based payment network. PayPal predicts that the traditional wallet will be dead by 2015. But while digital payments have gained steam this year, don't expect them to become commonplace just yet. Still, companies have been quick to adopt the technologies as a way to make it easier for people
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By PF Wilson - 24/11/2011 14:25:33
Pay by Sound? Listen Up.
Mobile payment systems are all the rage these days. However, most mobile phones lack near-field communication (NFC) chips, a technology that is almost essential for mobile payment. Almost, that is. Zoosh, developed by Narette of Sunnyvale, California, allows for point-to-point communication over short distances using a device’s microphone, speaker, and ultrasonic sound waves in place of NFC.
Zoosh appears to be about as fast as NFC, though slower than Bluetooth or Wi-Fi. Its connection time is also nimble, like NFC, with no waiting period for two devices to link up. Credit card terminals, cash registers, and other point-of-sale (POS) systems can easily be retrofitted with microphones and speakers, according to Narette. Zoosh is Java-based, which makes it easy to download to most any mobile device.
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