Nokia Money due to launch soon

On 11.12.09, In Mobile, By Editor
Nokia is attempting to create a multi-bank, multi-operator and multi-device collaboration on mobile banking.
Nokia’s mobile banking and payment service is expected to be commercially available in its first market in Q1 2010, though no location details have been revealed yet.
According to Teppo Paavola, vice president, GM mobile financial services, Nokia cannot reveal any details until a banking partner is confirmed. It is learnt that the service requires a banking license before it can be launched.
Nokia said its target is to have 300 million active users of its services by the end of 2011; the number is expected to be 80 million by the end of 2009.
Paavola said the service will enable un-banked people in emerging markets to transfer money, top up prepaid mobile services, pay bills, carry out online transactions, and pay merchants.
Global mobile payments market is expected to be worth €18 billion by 2014 – €12 billion from emerging markets and €6 billion from developed markets.
Approaches to mobile banking so far have lacked scale and have not worked across operators and across banks.
Nokia therefore plans to drive the collaboration on an open financial ecosystem, with Nokia Money at its core. Paavola added that it has taken a long time to get all the players together, from banks through to mobile operators.
The Nokia Money application will not only be pre-loaded but could be sideloaded, or downloaded later.
Nokia will also be able to provide the physical distribution channel that is critical for the service to work. For example, Nokia handset sellers can be turned into Nokia Money agents, providing the devices, the application, and the ability to handle cash.

Nokia is attempting to create a multi-bank, multi-operator and multi-device collaboration on mobile banking, a service dubbed Nokia Money.

Nokia’s mobile banking and payment service is expected to be commercially available in its first market in Q1 2010, though no location details have been revealed yet.

According to Teppo Paavola, vice president, GM mobile financial services, Nokia cannot reveal any details until a banking partner is confirmed. It is learnt that the service requires a banking license before it can be launched.

Nokia said its target is to have 300 million active users of its services by the end of 2011.

Paavola said the service will enable un-banked people in emerging markets to transfer money, top up prepaid mobile services, pay bills, carry out online transactions, and pay merchants.

Global mobile payments market is expected to be worth €18 billion by 2014 – €12 billion from emerging markets and €6 billion from developed markets.

Approaches to mobile banking so far have lacked scale and have not worked across operators and across banks.  Nokia therefore plans to drive the collaboration on an open financial ecosystem, with Nokia Money at its core.

The Nokia Money application will not only be pre-loaded but could be sideloaded, or downloaded later.

Nokia will also be able to provide the physical distribution channel that is critical for the service to work. For example, Nokia handset sellers can be turned into Nokia Money agents, providing the devices, the application, and the ability to handle cash.

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M-Pesa launches in UK (Kenya)

On 10.13.09, In Mobile, By Editor

Vodafone’s group company, Safarikom has launched m-pesa, it’s mobile money transfer and payment service at selected outlets in the UK.

Kenyans in the UK  can now send money to their friends and family in Kenya through M-pesa UK, direct to their mobile phone wallets.

Western Union, Provident Capital Transfers and KenTv were involved in a small pilot before the commercial launch of this service.  A total of 19 outlets with high local kenyan population were selected to trial this service.

To send money using M-PESA, the sender in UK will be required to identify themselves and furnish the agent with the recipient’s name, Kenyan mobile number and the amount being sent in Sterling Pounds. This will be converted at current rates and sent in Kenyan Shillings.  Neither party is charged a registration fee.

A transaction fee ranging from £4 to £6.90 will be charged though.

Following authorisation by the Central Bank of Kenya, Safaricom shall be increasing the locations in the UK from which money can be sent to M-pesa customers as well as launching services across other popular remittance corridors

Currently, the maximum amount that can be sent internationally per transaction through M-pesa is £250 while the total allowable per month from a single sender in the UK is £1,000.

“The successful take-up of M-PESA in Kenya has clearly demonstrated the demand for easily accessible, secure cash payment services in emerging markets,” said Nick Hughes, Vodafone’s Head of International Mobile Payments. “Our partnership with Western Union allows M-PESA subscribers to receive international remittances and builds on the demand we have already seen domestically in Kenya.”

“This program aligns a global leader in money-transfer services, the world’s largest mobile operator group, and arguably one of the most impressive success stories in mobile money,” said Matt Dill, Senior Vice President, Western Union Digital Ventures.  “In offering M-PESA users the opportunity to receive funds from abroad for the first time, these three companies are changing the way money moves around the
globe.”

Safaricom CEO Michael Joseph said: “We wish to invite Kenyans living in the UK to take advantage of this service, which presents a real innovation on our M-pesa menu. Through strategic partnerships with Western Union, Provident Capital and KenTV we are giving them an opportunity to convert across two currencies into M-pesa and send money affordably without any hidden costs – directly to the mobile phone of the recipient.”

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NTT DoCoMo’s credit payment subscriptions reach 10Mn mark

On 08.26.09, In Mobile, By Editor

www.WirelessFederation.com/news: NTT DOCOMO, INC. announced today that the number of subscribers to DCMX(TM), DOCOMO’s credit payment service, topped 10 million in Japan on August 24.

Launched in April 2006, DCMX reached 1 million subscribers in November 2006, 5 million in February 2008 and 10 million, just three years and four months since the original launch.

DCMX is a service brand for DOCOMO-issued credit cards, which allows subscribers to make purchases using their mobile phones as credit cards via iD(TM), DOCOMO’s branded mobile payment platform for handsets equipped with contactless IC cards (Osaifu-Keitai(TM)). For security, DOCOMO’s Osaifu-Keitai phones can be locked remotely over the wireless network if misplaced or stolen.

The rapid penetration of DCMX was helped by the popularization of Osaifu-Keitai and iD reader/writer terminals as well as its customer loyalty program. Currently, over 30 million DOCOMO customers use Osaifu-Keitai-compatible handsets and about 60% of all DOCOMO customers are using Osaifu-Keitai services. As of July 31, 2009, there were approximately 420,000 iD readers/writers nationwide. iD is now used in various settings in daily life, such as shopping at convenience stores and electronics retailers, eating at fast food restaurants and taking taxis. (more…)

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