Global Mobile Wallet Market To Reach USD 1,602.4 billion by 2018

mobile-walletA recent report published by Transparency Market Research reveals that by 2018, the global mobile wallet market is expected to reach USD 1,602.4 billion  growing at a CAGR of 30.7% from 2012 to 2018. As per the report, EMEA (Europe, the Middle East and Africa) is expected to be the largest market for the mobile wallet industry in 2018.

The global increase in Smartphone penetration is one of the key factors behind this growth in demand for mobile wallets. The report reveals that the advent of affordable options such as budget smartphones and the facilitation of NFC (Near Field Communication) technology both in the user’s device as well as in Point of Sale (POS) terminals are expected to drive this market over the next few years. However, lack of awareness regarding the functioning of mobile wallets as well as considerable concerns among users about security and privacy are a few factors that may hinder market growth. Stakeholders in the mobile wallet ecosystem are attempting to alleviate these concerns and aiming to provide complete safety of personal and financial information.

According to the report, retail formed the largest application of mobile wallets and was valued at USD 144.8 billion in 2011. This trend is expected to continue owing to the ease of payment using smartphones at these locations, as well as initiatives undertaken to equip POS devices in convenience stores. Apart from retail, vending machines are a niche but significant application of the mobile wallet technology and are expected to enjoy considerable support from stakeholders. They provide flexible payment services to users along with better brand recall value, thus benefitting merchants and payment providers alike.

The EMEA region accounted for over 40% of the global revenue share in 2011, due to the dense population in Africa, and widespread public acceptance of mobile wallets in Europe. The Asia Pacific region is expected to witness the fastest growth in terms of revenue over the forecast period, and the market is expected to grow at a CAGR of 31.0% from 2012 to 2018 in this geography. The report identified Visa Inc., MasterCard, American Express Inc., PayPal Inc., Google, ISIS, Square Inc. etc. as the key players in the mobile wallet industry.

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iKaaz Launches 'Tap & Pay' Reader To Enable Cashless Transactions Based On NFC

ikaazMobile payment solution provider iKaaz has launched a new ‘Tap & Pay’ reader to enable cashless transactions based on NFC (Near Field Communication) technology. iKaaz aims to make enable faster, convenient and secure mobile payments using NFC.

iKaaz’s ‘Tap & Pay’ reader can be plugged into any mobile phone to convert it into a mobile POS (point of sale) device and is priced at INR 1000. In order to engage the consumer ecosystem, iKaaz offers consumers an NFC Sticker priced at less than INR 75 that converts any mobile phone into an NFC-enabled phone. This will allow consumers to make payments with just a simple tap on the merchants NFC reader.

tap-and-paySoma Sundaram, CEO of iKaaz, said, “iKaaz NFC reader can be used for retail payments, transportation, entertainment and numerous other touch points to enable cashless payments. iKaaz NFC stickers can be associated to the mobile wallet and can reside either inside or on the backside of the mobile phone. iKaaz NFC transactions are highly secure since it supports multi-factor authentication.”

According to the company the iKaaz platform is currently processing at the run rate of over 800,000 transactions per month, in less than three months since its launch.

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PVR Ltd. Launches ‘NFC enabled PVR Wallet’ App For BlackBerry 10

pvrRecently PVR Ltd. launched its first ‘NFC enabled PVR Wallet’ app for the BlackBerry 10 platform. The NFC enabled PVR Wallet app aims to enable moviegoers to ‘tap and pay’ for movie tickets and refreshments without using paper money across 15 PVR cinemas in cities like Delhi & NCR, Chennai, Mumbai, Chandigarh, Pune, Hyderabad, and Bangalore.

NEC India is the supporting backend provider for ‘PVR Wallet’. NEC India has provided an end-to-end cloud-based e-payment system called NFC e-Money server to PVR that integrates itself facilitating interactivity between devices (the NFC enabled phone and PVR wallet access), for any monetary transactions.

Commenting on the launch, PVR Group President & CEO Pramod Arora said, “PVR has always been a market leader in technology innovation in lieu of providing the very best experience to its consumers. We have a long standing association with BlackBerry and we are excited to launch the ‘NFC enabled PVR Wallet’ app for the BlackBerry 10 platform. Also, with the launch of this latest application, PVR reiterates its commitment to provide it’s consumers the latest in technology and innovative features making lives of movie lovers simpler, faster and worthwhile.”

The NFC enabled PVR Wallet app is a ‘Closed Loop Payment Wallet’ where the rights to use the transaction money remains within the premises of PVR cinemas.

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MasterCard Unveils MasterPass – A New Digital Payment Solution

mastercardOn Monday, MasterCard unveiled a new digital payment system MasterPass at the Mobile World Congress. MasterPass is a digital service that allows consumers to use any payment card or enabled device to discover enhanced shopping experiences that are as simple as a click, tap or touch – online, in-store or anywhere. It is the evolution of PayPass Wallet Services, which was announced in Spring of 2012 and has been in production trial with select merchants and issuers.

Ed McLaughlin, chief emerging payments officer, MasterCard said,”Every device is becoming a shopping device. MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience.”

MasterPass checkout services provides merchants with a consistent way to accept electronic payments regardless of where the consumer may be.  It will support the use of NFC, QR codes, tags and mobile devices used at points of sale. For online purchases, MasterPass provides shoppers a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase.

MasterPass-connected wallets  will enable banks, merchants and partners to offer their own wallets. Consumers can securely store card information, address books and more in a secure cloud, hosted by an entity they trust. The wallet is open, which means that in addition to MasterCard cards, consumers can use other branded credit, debit and prepaid cards.

MasterPass value added services  aim to enrich the shopping experience before, during and after checkout. These will include more information like account balances and real-time alerts, loyalty programs, as well as Priceless offers and experiences.

Consumers around the world will now be able to sign up for MasterPass through financial institutions in Australia and Canada by the end of March, and in the United States and the United Kingdom later in the Spring and Summer respectively. Additionally, MasterPass availability in 2013 will expand to other markets worldwide, including: Belgium, Brazil, China, France, Italy, Netherlands, Singapore, Spain and Sweden.

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Mobile Commerce Market In India To Grow At A CAGR Of 71.06 During 2012-2016-TechNavio

mobile-commerceAccording to a recent forecast by TechNavio, the Mobile Commerce market in India is expected to grow at a CAGR of 71.06 percent over the period 2012-2016.  Growth in mobile subscriptions is one of the key factors contributing to this market growth. The report found that the Mobile Commerce market in India has also been witnessing government and regulatory support. However, the data security concerns of end-users could pose a challenge to the growth of this market.

Commenting on the report, an analyst from TechNavio’s Telecom team said: ”The Mobile Commerce market in India is witnessing increasing collaboration between service providers and banks. Most of the mobile service operators are having tie-ups with leading banking service providers to provide mobile payment facilities. For instance, Bharti Airtel and Axis Bank have a partnership for providing banking services through the Airtel Money platform. Similarly, Vodafone India has signed agreements with ICICI bank to launch mobile payment services. Such collaborations and partnerships are expected to grow and will support the market to grow.”

According to the report, using mobile payment systems, consumers can make payments without being bound by time and location constraints. With the help of mobile broadband and Near Field Communication (NFC) or radio-frequency identifiers (RFID)-enabled mobile devices, payments can be made directly using a smartphone or indirectly through a credit or debit card. This has made the payment procedure easier and more convenient for end-users. Mobile commerce also simplifies banking services and enables the provision of banking services in rural areas at minimal cost.

The report revealed that the key vendors dominating this market space are Bharti Airtel Ltd., mCheck India Payment Systems Pvt. Ltd., PayMate India Pvt. Ltd., and State Bank of India. The other vendors mentioned in the report are Vodafone India, ICICI Bank Ltd., HDFC Ltd., CanvasM Technologies Ltd., Netxcell Ltd., Yes Bank Ltd., Bharat Sanchar Nigam Ltd., Union Bank of India, Obopay Mobile Technology India Pvt. Ltd., Axis Bank Ltd.

The report, based on an an in-depth analysis exclusively focusing on India, covers the Mobile Commerce market landscape,its growth prospects in the coming years and a discussion of the key vendors operating in this market.

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Mobile Payment in great demand as a payment method in Europe

dimoco-logoMobile messaging and payment provider DIMOCO has reported that compared with the same period in 2011 and 2012, mobile payment revenue shot up by 65% and the number of transactions increased by 31%. And the average sum per transaction also showed a significant yearly increase from 2011 to 2012: from 2.32 to 3.32 euros per transaction in all DIMOCO markets and from 3.25 to 4.33 euros per transaction in the more developed DIMOCO countries such as Germany. The reasons for this positive development are due to the high smartphone density in Europe, the steadily increasing supply and demand for digital content as well as the increasing popularity of mobile payment as a payment method.

Commenting on this, Gerald Tauchner, CEO of DIMOCO said,”Mobile payment is a popular payment method in Europe. Thanks to the high smartphone penetration rate and the booming digital content market, we have become one of the most important players in the market.”
dimocoThe huge success of mobile operator payment, as payment via the cell phone bill is termed, is due to how easy it is to bill and pay. This is why more and more companies from all types of business areas are using mobile payment to bill their digital content. Thanks to the fast and simple processing, the attractive payouts and high conversion rates, mobile payment is an attractive billing method in the micropayment sector. Many business sectors, among them online media, social networks, browser games and online dating providers, all transact their mobile payments through DIMOCO.

DIMOCO is one of the key market players in Europe specializing in mobile operator payment, providing the ideal billing method for digital content. Founded in 2000, DIMOCO has become one of the leading mobile messaging and payment providers. The company provides products such as DIMOCO pay:smart, DIMOCO pay:flexible and DIMOCO pay:periodic that enable the digital content industry easy access to mobile payment.

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Mswipe Raises Funding From US-Based Matrix Partners

mswipe-logoMobile Point of Sales (PoS) company Mswipe has received its first round of investment from US-based venture capital fund, Matrix Partners. Mswipe enables merchants to accept debit and credit card payments using their mobile phones.

Manish Patel, Founder and Managing Director, Mswipe said,”Mswipe enables small and mid-sized merchants to accept regular credit and debit cards on their mobile phones with the same security and speed as conventional POS terminals at a very affordable price point and competitive card interchange fees. Other than conventional brick and mortar stores, Mswipe’s solution enables card acceptance by insurance agents, home delivery services providers etc. Merchants have access to their transaction records on their mobile phones as well as a host of online reports.”

MSwipe has applications for Java, Android and iOS devices, and its device plugs into a mobile phones audio jack to enable payments. It claims to have POS terminal deployments with 4000 merchants, in over 200 cities and towns across India.

mswipe

Mswipe has partnered with Prizm Payment Solutions and Axis Bank to provide merchants a comprehensive card acceptance service. It currently employs 40 people and has a pan-India direct sales agent network to provide after sales support to its customers.

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xpWallet Launches mWallet Bank Integration System

xpwalletRecently Mobile wallet services provider xpWallet announced the launch of its mWallet Bank Integration System. This integration will enable financial institutions and telcos to offers their customers the flexibility and convenience of managing their funds via mobile devices by integrating their bank account with mWallet.

This convenient and secure alternative allows consumers the flexibility to transfer their funds from bank account to mWallet and vice versa without having to visit their bank branch. Consumers need to register with their bank and integrate their mWallet with the bank account to avail this service.

Some key features of mWallet Bank Integration System are:

  •     Flexible management of funds of both bank and mWallet
  •     Instant notification of payments, acknowledgement and account activities
  •     Comprehensive transaction and balance reports
  •     A user can integrate his mWallet with as many bank accounts as he wants
  •     Information exchanged between mWallet and bank is encrypted and password protected thus making fund transfer secure and safe.

Commenting on this launch, Rohtas Chhabra, VP (Product & Technology) at xpWallet said,“xpWallet is uniquely positioned to unite all the key elements in mobile payments, creating new revenue opportunities for telcos, banks and merchants. With its mWallet Bank Integration System, xpWallet next generation mWallet provides the core mobile wallet platform needed to make mobile payments become a standard payment method across the world and multiple market segments.”

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PayU India Introduces Interactive Voice Response (IVR) Facility

payuPayU India, a flagship company of Naspers Group, has launched its Interactive Voice Response (IVR) facility, which will enable enterprises to accept payments from customers via telephone.  The PayU IVR facility aims at providing business owners with a cost-effective way to acquire new customers beyond the online customer base.

Commenting on this, Nitin Gupta, co-founder and country head, PayU India said,”Through our online payment gateway offering, we are already helping the merchants to reach the internet using population which is roughly around 150 million in India. However PayU’s IVR offering opens new channels for merchant’s business growth as it helps them to tap a consumer base of more than 700 million mobile and landline phone users in India.”

He added that, in implementing IVR, the telesales executive will simply inform the caller that he or she can complete their payment process via an interactive voice response feature. He further added,”After the customer’s consent, the executive connects him with PayU’s IVR payment facility. At this juncture, the call is controlled by an automated interactive voice response system.  This gives the customer, a much needed security to transact comfortably. Once the customer confirms the transaction amount and his/her phone number, he/she can proceed to enter the credit card information. The payment process gets over as soon as the customer punches in the one-time password (OTP) procured from the card issuing bank.”

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Yeldi Softcom launches Ara eTap

Yeldi Softcom Private Limited has launched a new product ” Ara e Tap”, a tap-and-pay tag enabled by Near field communication technology. Ara eTap will enable users to conduct cashless transactions with their handsets.

An ara eTap is a tag which comes with a secret PIN number. Users can buy an ara eTap and use the secret PIN to transact across all major product and service outlets. As stated on the ara eTap website – ” No more carrying cash or multiple cards. Just tap your ara eTap – the one Tag that does it all”. Not only this, users can also accumulate reward points every time they shop using Ara eTap.

Commenting on the launch, Yeldi Softcom chairman RA Arjunamurthy said,”Ara e Tap is planning a pan India roll out within the next six months. We are also planning to distribute three lakh phones to merchants by the end of 2012″.

Yeldi Softcom is a part of Yeldi Group, based in Chennai, India. It is actively engaged in research on NFC technology and plans to introduce many more pioneering products that would make life easier and more enjoyable for the common man.  The Yeldi Group, with a growing presence in Infracom, Softcom, Healthcom,Telecom and Ecogy, is committed to enriching the lives of people through purposeful technology pivoting around the telecom industry.

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