By Editor on November 23, 2011 · Leave a Comment
Mobile operator, Telefonica has reportedly formed a joint venture with MasterCard, in an attempt to offer mobile financial services to around 65 million Vivo consumers in Brazil. According to reports, the service will enable users to make payments, transfer funds as well as purchase good online via their mobile device.
The new service is expected to help bridge the gap between the banked and unbanked segments as well as increase the reach of mobile payments in a user’s daily life where cash was the only base for a transaction. As per sources, each company will hold a 50 percent equity share in the new company which will function as an independent entity.
Reports suggest that Joaquin Mata, Global Head (Financial Services), Telefónica Digital has said that this partnership positions Telefónica as a leading developer of mobile financial solutions in Brazil.
By Editor on March 29, 2011 · Leave a Comment
Gemalto has announced the world’s first UICC-embedded software application compliant with Mobile MasterCard PayPass M/Chip 4, the brand new MasterCard payment specification designed for mobile near field communications (NFC). The software application and the UICC have both successfully achieved the compliance assessment and security testing certification in accordance with MasterCard’s highest chip security requirements.
This major breakthrough paves the way for mass commercial rollouts of NFC payment across the world. In the UK, Gemalto is already partnering with a global, first-tier financial institution and a world leading mobile operator, to implement the new MasterCard certified mobile payment application and carry out the solution’s first mass commercial roll out.
Gemalto’s software application embeds the Trusted Service Management interface for PayPass. This feature enables mobile account issuance and over-the-air management. Its user-friendly handset interface makes mobile NFC payment extremely convenient, for example enabling consumers to easily manage the new payment means and check transaction history. It also allows consumers to define their mobile Personal Identification Number (PIN), a code of their choice, through their phone. The mobile PIN is a new cardholder verification method used notably to secure operations such as account top-up from the mobile phone.
The Gemalto mobile NFC payment application can be configured so as to cover all card portfolios including debit, credit and prepaid. In the latter case, the software application enables consumers to top-up their prepaid accounts directly from their mobile phone the utmost convenience for prepaid customers.
By Editor on March 29, 2011 · Leave a Comment
Google is reportedly planning to join forces with MasterCard and Citigroup to let users of its Android mobile phones pay for purchases using ‘near-field communications’ (NFC) technology.
The move confirms suggestions made by Google when the NFC-enabled Nexus S handset is launched, and would give the search giant a response to Orange’s UK plans to use Barclaycard’s technology for mobile phone ‘contactless’ payment. Apple is also rumored to be considering using ‘NFC’ chips in its future iPhone products.
According to reports, the planned payment system would allow Google to offer retailers more data about their customers and help them target ads and discount offers to mobile-device users near their stores. Google isn’t expected to get a cut of the transaction fees.
That approach would differ from rumors about how Apple could implement its system, but no clear details have yet emerged of any manufacturer’s plan. Apps, however, could be used to enable holders of credit cards to turn their phones into mobile wallets.
A number of companies, such as discount site Groupon as well as Google, are known to be working on ways of making mobile phones received highly targeted offers or adverts. Google’s Chief Executive Eric Schmidt has repeatedly stated that Google wants to take advantage of how much mobile phones know about their owners. Location data, combined with time and shopping history could be used to tailor ads, for instance. Mr Schmidt has also spoken enthusiastically about the potential for phones to be used to make payments.
Filed under Mobile ·
Tagged with Apple, Barclaycard, Chief Executive, Citigroup, Eric Schmidt, Google, MasterCard, Mobile, Mobile Payments, Mobile Wallets, NFC, U.S, UK
By Editor on March 28, 2011 · Leave a Comment
If rumors are to be believed, Google has teamed up with MasterCard and Citigroup to embed NFC services into Android smartphones. Surprisingly, Google is not planning to take a percentage of the transaction fee, in a move which could pitch its business model in direct competition with Apple which is expected to demand its slice of the revenues.
According to sources, instead, Google expects to generate revenues from information services such as customer data and advertising to consumers. The move could raise some privacy concerns though, as Google would then – in theory – be able to know which locally delivered adverts lead to an eventual sale in a retail store.
The Google backed system is expected to be launched later this year, and the company has already signed a deal with VeriFone to supply NFC enabled readers to retail stores wanting to join in the trials.
Google’s mobile-payment service could also face competition from EBay’s PayPal and ISIS, a joint effort of several mobile companies. The ISIS system, backed by AT&T and Verizon Wireless, will rely on Discover Financial Services to handle the payments.
Filed under Mobile ·
Tagged with Android Smartphones, Apple, AT&T, Citigroup, Discover Financial Services, Ebay, Google, Isis, MasterCard, Mobile, NFC trails, PayPal, U.S, Verizon Wireless
By Editor on March 10, 2011 · Leave a Comment
VeriFone, which amongst many services provides security for credit card transactions has claimed that there is a serious security flaw at start-up mobile credit card transaction processor, Square.
The start-up offers a credit card swipe device that plugs into smartphones. Then, an application in the handset manages the transaction which is confirmed over the cellular network.
VeriFone is claiming that it is possible to develop a rogue application that would allow someone to swipe cards through the reader and store the information from the credit card swipe. The company claims that Square’s hardware is poorly constructed and lacks all ability to encrypt consumers’ data, creating a window for criminals to turn the device into a skimming machine in a matter of minutes.
The exploit requires the customer’s credit card and that would only be handed over in the expectation of a transaction. The exploit is in practical terms, no more serious than handing over a credit card in a restaurant or shop for a transaction to be processed. There will always be an opportunity for someone to record the card details and misuse them.
According to VeriFone, it is contacting Visa, MasterCard, Discover, American Express, and JP Morgan Chase (Square’s credit card processor) to warn them of the problem, and presumably hope that a commercial rival is put out of business.
Filed under Mobile ·
Tagged with American Express, credit card swipe device, credit card transactions, Discover, encrypt consumers' data, JP Morgan Chase, MasterCard, Mobile, Square, VeriFone, Visa
By Editor on February 22, 2011 · Leave a Comment
Airtel Africa, Standard Chartered Bank and MasterCard Worldwide were honored for mobile payments innovation at the 16th Annual Global Mobile Awards held during Mobile World Congress (MWC) 2011. The recently launched virtual card product, developed in collaboration between Airtel Africa, Standard Chartered and MasterCard, received top honors as the Best Mobile Money Product or Solution.
Honored by a panel of mobile industry experts, the virtual card product was recognized as an innovative mobile payments solution that will offer consumers in Kenya, and eventually across Africa, greater participation in the financial system through mobile commerce. In collaboration between Airtel Africa and Standard Chartered, the virtual card product is powered by MasterCard inControl technology and enables more people to connect to the global marketplace through their mobile phones.
Andre Beyers, Airtel Africas chief marketing officer, and Daniel Monehin, area head, East & West Africa and Indian Ocean Islands, MasterCard Worldwide, received the award on behalf of the three companies at the Global Mobile Awards 2011 ceremony held at the Fira De Barcelona in Montjuc, Barcelona, Spain.
The virtual card product enables Airtel Africa customers in Kenya to use their mobile phone to make online purchases from MasterCard merchants around the world. The simplified online transaction works in the following way: each time an Airtel customer is shopping online he or she will be able to request a single use shopping card number. Airtel money services will then generate a special 16-digit number that enables the completion of the transaction. On completion of the transaction, a confirmation message will be sent to the consumers mobile phone. The single use feature of the virtual card product provides the consumer with a convenient and secure online shopping experience.
We partnered with Standard Chartered and MasterCard in a joint effort to create affordable and innovative mobile services for consumers across Africa, said Beyers. It is a tremendous honor to be recognized by our peers in the mobile industry for the virtual card product, which we hope will set a new industry standard for mobile payments.
We are extremely pleased that this concept has been selected for the GSMA 2011 Best Mobile Money Product or Solution Award. This global award is fitting testimony to telecom & banking companies in Africa, who are the agents-of-change in the development of mobile finance and commerce, said Jaydeep Gupta, Standard Chartered Banks regional head, Distribution & Alternate Channels for Africa, NGL, MESA & India. We are proud of our unique partnership with Airtel Africa and MasterCard. Together we will continue to deliver innovative payment solutions across our geographies.
Said MasterCards Monehin, Consumers are increasingly reliant on mobile technology at each step of their lives from staying connected with their personal networks to making payments on-the-go. We joined hands with Airtel Africa and Standard Chartered to create the virtual card product that not only enhances peoples purchasing experiences, but also creates a financially inclusive mobile platform for people in Africa. We believe that innovations like the virtual card product will help ensure the long-term growth and sustainability of mobile commerce in Africa. We are committed to improving industry collaboration and fostering innovation as well as building interoperability across closed loop systems in Africa and abroad.
About Airtel in Africa
Airtel is the new brand name for the 16 Zain operations across Africa which were acquired by Airtel International in June 2010. Airtel is driven by the vision of providing affordable and innovative mobile services to all. Airtel has African operations in: Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Ghana, Kenya, Malawi, Madagascar, Niger, Nigeria, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia. Airtel International is a Bharti Airtel company.
About Standard Chartered Bank
Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years.
With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank’s heritage and values are expressed in its brand promise, ‘Here for good.’
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network the fastest payment processing network in the world MasterCard processes over 23 billion transactions each year and has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard, Maestro, and Cirrus; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass and MasterCard inControl. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories.
Filed under Mobile ·
Tagged with 16th Annual Global Mobile Awards, Africa, Airtel Africa, Barcelona, Best Mobile Money Product or Solution, Bharti Airtel, Burkina Faso, Chad, Democratic Republic of the Congo, Fira De Barcelona, Gabon, Ghana, GSMA, Hong Kong, India, Kenya, Madagascar, Malawi, MasterCard, MasterCard Worldwide, MESA, Mobile, Mobile World Congress (MWC) 2011, Montjuc, NGL, Niger, Nigeria, Republic of the Congo, Seychelles, Sierra Leone, Spain, Standard Chartered Bank, Tanzania, Uganda, Zambia
By Editor on February 8, 2011 · Leave a Comment
US payment processor, TSYS has inked a partnership deal with Cassis International, a Singapore-based Company to provide secure mobile payment, loyalty and commerce functionality.
Cassis is a mobile trusted service manager for banks, retailers, transit operators and mobile service providers and is globally certified by Visa and MasterCard.
Filed under Mobile ·
Tagged with Banks, Cassis International, MasterCard, Mobile, Mobile payment, Mobile Service providers, Retailers, Singapore, transit operators, TSYS, US payment processor, Visa
By Editor on February 7, 2011 · Leave a Comment
Airtel Africa has tied up with Standard Chartered and Mastercard to launch a virtual shopping card on the mobile. ‘Airtel 1time Shopping Card’, the service will be launched in Kenya and subsequently launched in multiple markets across Africa.
The card will allow Airtel Africa customers in Kenya to use their mobile phone to make online purchases from MasterCard merchants around the world, including online, through a one time transaction number, each time an Airtel customer is shopping online he or she will be able to request a single use shopping card number. Airtel money services will generate a special 16 digit number that enables the completion of the transaction. On completion of the transaction, a confirmation message will be sent to the consumer’s handset.
It is not yet clear, whether Airtel Money is being provided only to Standard Chartered customers if that is the case, Airtel should probably look at making this service bank agnostic. Additionally, it’s not clear whether this is a prepaid system (in which the customer adds money to his Airtel Money account, a credit card system, or a direct debit system.
Filed under Mobile ·
Tagged with Africa, Airtel, Airtel 1time Shopping Card, Airtel Money account, credit card system, direct debit system, Kenya, MasterCard, Mobile, prepaid system, Standard Chartered
By Editor on January 28, 2011 · Leave a Comment
Mobile payments could soon be greatly facilitated across Latin America following the announcement of a new joint venture between MasterCard and Telefonica. The two firms have stated their aim to lead the development of mobile financial solutions in 12 countries in Latin America where Telefonica is present with the Movistar brand.â€
The two firms have an equal stake in the joint venture, which will leverage banking relationships of both companies, Telefonica’s telecommunications assets and MasterCard’s payments expertise.â€
The alliance between the firms will allow customers to use their handsets and devices for various financial services, including money transfers, online shopping, reloading airtime and bill payments. Telefonica has called the agreement a step toward achieving financial inclusion for the underserved in Latin America positively impacting its economic development.â€
No timeframe for the launch of any products of services has yet been specified. MasterCard recently appointed a former VP of electronic payments at Orange, Mung-Ki Woo, as a Group Executive for fostering innovation, commercialization and development of go-to-market strategies to support mobile payments around the world.â€
By Editor on November 19, 2010 · Leave a Comment
Three of the biggest US operators AT&T, T-Mobile and Verizon Wireless have announced a nationwide mobile wallet service. The operators have unveiled their Isis joint venture, promising to deliver a point-of-sale mobile payment network across the country within 18 months.
Michael Abbott will head as the Chief Executive Officer of Isis. Formerly with GE Capital, Abbott is a veteran financial services executive with extensive experience in the payment and technology industries.
The new venture will enable contact-less mobile payment and commerce services using near-field communication technology. NFC uses short-range, high frequency wireless technology to enable the encrypted exchange of information between devices at a short distance. The new system is being designed and built to include strong security and privacy safeguards. Barclaycard US, part of Barclays PLC of the United Kingdom, is expected to be the first issuer on the network.
According to Michael Abbott, Isis mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient; more personalized shopping experience for consumers. While mobile payments will be at the core of the company’s offering, it is only the start. The company plans to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes.
Wireless carriers have been looking for ways to generate revenue from mobile payments. Sprint, the only one of the four largest U.S. wireless carriers not part of Isis, is attempting to launch its own mobile wallet.
Sprint Mobile Wallet, which would allow Sprint users to pay for both digital and physical goods. It would also enable consumers to set up a user name, password and PIN with Sprint and then register a Visa, MasterCard or Amazon Payments account with a mobile wallet.
Merchants including SkyMall and Gameloft have already signed on to test the service. Sprint Mobile Wallet will be available on a variety of Sprint devices and can be used at no additional charge by customers on an Everything Data plan.
According to Sprint, Sprint Mobile Wallet will be initially available to download through Sprint Zone. In 2011, it will be preloaded on many new Sprint devices.
While Sprint’s works with all Visa, MasterCard and Amazon Payments accounts, it is only available for online purchases for now. Isis meanwhile, only works in stores and with NFC-equipped terminals and contactless payment cards that are part of the service.
Filed under Mobile ·
Tagged with Amazon Payments, AT&T, Barclaycard US, Chief Executive Officer, Isis, MasterCard, Michael Abbott, Mobile, Mobile Commerce Network, Mobile Operators, NFC, point-of-sale mobile payment, Sprint, T-Mobile, U.S, UK, United Kingdom, Verizon Wireless, Visa
