ICICI Bank Partners With Vodafone India To Launch Mobile Payment Service M-Pesa

m-pesaICICI Bank has partnered with Vodafone India to launch M Pesa, a unique mobile money transfer and payment service. The service was launched in Kolkata by Rajiv Sabharwal, Executive Director, ICICI Bank and Marten Pieters, MD & CEO, Vodafone India Ltd. Initially the M-Pesa service is being launched in the eastern parts of the country – Kolkata, West Bengal,Bihar and Jharkhand through over 8300 specially trained authorized agents and will soon be rolled out across the country in a phased manner.

Through M-Pesa, ICICI Bank  aims to provide users with a fast, simple and secure way to transfer money and make payments. In order to register for M-Pesa, customers need to visit an ‘M-Pesa’agent outlet, fill up a form, submit identity, address proofs and deposit a minimum amount along with it. The MCSL Mobile Wallet get activated immediately and the customer can do a variety of transactions like cash deposit, transfer money to any bank account,money transfer to any other ‘M-Pesa’ customer, recharge mobiles & DTH, pay mobile and utility bills. Once the documents are verified and approved by MCSL and ICICI Bank the customer can do other transactions viz. cash withdrawal and sending money to any mobile number.

Customers can use their ‘M-Pesa’accounts to :

  • Deposit and withdraw cash from designated outlets
  • Transfer money to any mobile phone in India
  • Remit money to any bank account in India
  • Make payments to recharge mobile, clear utility bills and for DTH service
  • subscription
  • Shop at select shops
  • Participate in e-commerce/m-commerce.

Commenting on the launch, Rajiv Sabharwal, Executive Director, ICICI Bank said, “ With the launch of ‘M-Pesa’, the Bank now offers a unique and innovative service that provides basic banking facilities to millions of Indians who still depend on informal channels for their banking needs. We are very happy with the partnership with Vodafone as the tie-up will effectively leverage the security of financial transactions provided to customers by ICICI Bank and the strengths of Vodafone’s significant distribution reach. This launch is line with the Bank’s objective of achieving greater financial inclusion. It also enriches the Bank’s existing suite of mobile banking offerings.”

Marten Pieters, Managing Director and CEO, Vodafone India said, “Using ‘M-Pesa’, we will provide people in remote areas a convenient way to bank, transfer money and make payments in a safe and secure manner. We have customized our offering to serve the needs of Indian customers while ensuring its compliance with all applicable regulations. Financial inclusion is a national priority and we believe that with ‘M-Pesa’, we now have the ideal offering to enable the same.”

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By 2017, 1 in 4 Tablet Users to Pay Bills via Their Devices – Juniper Research

juniperAccording to a recent report by Juniper Research, a growing user acceptance of ‘push’ mobile banking and a sharp rise in tablet adoption will drive users of transactional tablet banking services to almost 200 million in 2017. This will account for around 19% of total mobile banking customers in 2017, compared to 9% this year, as consumers engage in increasingly mobile lifestyles.

As per the report, adoption of bill presentment and payment (MBPP) transactional banking by tablet users will be higher than mobile handset users, especially in developed areas where there is a higher adoption of tablet devices.

The report found that as consumer tablet adoption continues to rise, there will be significant migration of purchasing and transaction activity from laptops and desktops to tablet devices. Indeed, the development of the ‘couch commerce’ trend within the payments industry will be increasingly replicated within the banking industry.

Commenting on the insights, report author Nitin Bhas said,”With online payments accounting for a significant proportion of all bill payments, especially in developed markets, BPP (Bill Presentment and Payment) transactions will indeed migrate from the desktop towards tablet devices. Consumers often prefer managing bill payment and transactions via tablet devices compared to smartphones.”

According to the report, with banks bundling MBPP services within their mobile banking platform and additional momentum from easy to use smartphone apps, mobile phone transactional banking usage will quickly increase.

The report revealed that mobile banking users will exceed 1 billion in 2017, representing 15% of global mobile handset users. It also found that the developed markets of Far East & China, North America and Western Europe will have the highest penetration of banking users in 2017. As per the report, transactional banking growth across all markets will be at the expense of paper-based bill presentment, cash and cheque payment.

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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 Launches MasterCard Mobile Companion Pre-paid Card In Partnership With Beam

mastercardMasterCard Worldwide has partnered with mobile and e-commerce wallet Beam, to launch a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card that will allow over 14 million mobile wallet consumers of Beam to transact at physical merchants, online and access ATMs.

This collaboration aims to enable consumers in India to connect their existing mobile wallets to the world of MasterCard acceptance and electronic payments to pay utility bills, make fund transfers, book movie or travel tickets, and even withdraw money from ATMs as well as Beam franchisees. The prepaid card will seamlessly synchronize with the customer’s existing Beam account. Beginning July/August 2013, these cards will be issued instantly by Beam franchisees (many of whom are educated, unemployed women) across the country.

“There’s an increasing need for electronic payments in markets such as India, where more than 40% of the adult population do not have access to banking services. The launch of this revolutionary product will not only help bring more Indians into the financial system, but also benefit merchants especially those who currently do not have point-of-sale acceptance, which is roughly around 6 million merchants in India,” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide.

Now, Beam customers will be able to add more functionality and utility to their current mobile wallet offering. The MasterCard merchant community will benefit from a higher volume of electronic payments given that a significant section of consumers are predominantly cash-based in India. Beam franchisees will be further empowered with their new capability of distributing mobile companion pre-paid cards and conducting on-behalf-of electronic payment transactions for consumers with limited and one-off electronic payment needs.

Consumers can avail Beam services by registering for an account via SMS, Beam’s website, wapsite or app and transacting at anytime from anywhere. Beam services include telecom/DTH-TV/data card recharge, utility bill payments, rail, air and bus travel bookings, mobile/e-commerce,  movie tickets, ringtones, wallpaper, songs, games, COD/home delivery and more. The registration is free, paperless and hassle-free – it does not require a change in SIM card, download of software or a credit, debit or net bank card, and works on all mobile phones.

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30 Million Active Mobile Money Customers Globally in 2012 – GSMA

gsmaAccording to GSMA’s Global Mobile Money Adoption Survey, in 2012 there were 30 million active Mobile Money customers globally.  As per the report, more than 30 million people undertook 224.2 million transactions totalling $4.6 billion during the month of June 2012 alone.

This exceeds the 196.3 million transactions performed by Paypal customers on average each month during Q3 2012. The study demonstrates that the mobile money industry continues to expand at an unparalleled rate, with 150 live mobile money services for the unbanked, 41 of which were launched in 2012. In addition, the industry is also becoming increasingly competitive, with 40 markets identified as having at least two different mobile money services available.

The report counted 81.8 million registered customers globally and with the total number of deployments on a global basis growing by almost 38 per cent, an increasing number of deployments are also achieving significant scale. The report identified six services with more than 1 million active customer accounts and in the last 12 months, three of these services have crossed the 1 million active customers threshold. The number of active customer accounts is now growing rapidly which is a positive sign indicating that customers are realising the benefits from mobile money services.

“The social impact of mobile money is already well documented, and our report last year offered the first global benchmarks on how many customers were using mobile money,” said Chris Locke , Managing Director, GSMA Mobile for Development. “Following our second Mobile Money Adoption Survey, we are able to share deeper insights on the number of customers, on how customers are actually using the service and, perhaps more importantly, on how successful operators are positioning and managing mobile money to meet the needs of those customers.”

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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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