Nokia Money due to launch soon
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.
M-Pesa launches in UK (Kenya)
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.â€
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.â€
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.â€
Billing Services wins Telstra contract renewal, extension
AIM-listed Billing Services Group LTD, provider of payment services for the telecoms industry, said its BSG Clearing Solutions unit won a renewal and extension of its contract with Australian telecommunications company Telstra.
No financial details were disclosed.
Under the agreement, BSG will continue to provide GSM financial clearing and settlement services for international roaming partners. In said Telstra also has selected BSG over its incumbent CDMA clearing provider to begin handing the financial clearing for its CDMA .
Source- http://www.hemscott.com
