Online payment platform, Paytm.com has announced the adoption of Immediate Mobile Payments Service, IMPS for Merchant Payments. IMPS (Immediate Mobile Payment Service) is an instant, 24×7, electronic fund transfer service through mobile phones.
This new and easy payment option started by banks allows users to send money to another bank account or merchant using their mobile number. To make payments using IMPS, users will need an MMID, which is issued by the bank.
To use IMPS, users simply have to click on the IMPS tab on the site or mobile site, enter their MMID or the Mobile Money ID number, their mobile number and the One Time Password given to them by their bank. MMID can be obtained by applying to the bank. OTP is also given by the bank through various easy means of communication. Using IMPS, users can make payments for all services on Paytm – recharges, bill payments and tickets.
Currently, 57 banks are live with IMPS for their consumers, while 23 out of these are supporting it for merchant payments already. The IMPS service is currently enabled for the Paytm website and mobile site. The mobile apps will soon have this feature enabled too.
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xpWallet has launched a new NFC merchant payments product for moblie operators, retail chain-stores, utility companies and mobile financial service providers. This new product will not only boost mobile money transactions but will also provide users with a flexible and a secure cashless experience. The built-in NFC functionality in this mobile wallet will enable subscribers to pay for any retial transaction after entering a PIN. Merchants can access the NFC merchants product via web and handset-based user interfaces, USSD menu, and with and without NFC Tags interfaces.
The advanced security features for NFC are:
- User NFC Device is first registered in the application
- At the time of making a transaction, the subscriber’s name is displayed on the POS machine. Depending upon the NFC reader capability, subscriber’s name can also be printed
- The subscriber is asked to enter his pin on the POS machine
- SMS is sent to the subscriber after completion of the transaction.
xpWallet is a leading provider of mobile financial services & mobile wallet Payment Solutions. A key contributor in the growing mCommerce space, xpWallet focuses on delivering software to Financial Institutions and Payment Processors in Asia Pacific, Africa, Europe, the Middle East and the Americas.
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Juniper research expects that mobile payments initiated by near field communication (NFC) will skyrocket to $74 billion by 2015. In very much the same way that credit cards eliminated the need to carry around wads of cash, NFC aims to eliminate the need to carry around a credit card. All you need is your phone, which you’ll assumedly have with you at all times.
Google Wallet has been the pioneer in this field, but in order to take advantage of that platform you need to be a Sprint customer, own a Samsung Galaxy Nexus phone, and have a Citi credit card (Citibank debit cards don’t count) or applicable Google Wallet prepaid card. However, a new platform called Isis – supported by major phone manufacturers as well as the non-Sprint major carriers – is set to launch soon and it could catapult NFC adoption in a big way. From then, analysts expect the trend to grow in a quick and explosive way.
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Facebook has partnered with some top telecom operators in US to facilitate mobile payments, the company announced Monday.
The company’s new partners include AT&T, T-Mobile USA and Verizon, among others. Under the new deal, consumers will be able to pay for their Facebook Credits via carrier billing. Speaking at the Mobile World Congress in Barcelona, Facebook chief technology officer Bret Taylor (pictured) said the payments experience on the web is “broken” and added, “Even with operator billing support most require a step called SMS device verification. That means if I’m in the middle of the game and want to pay 99 cents, I have to wait for an SMS to arrive,” according to Inside Facebook.
In a further annoyance, Taylor said that after the SMS arrives, the user has to verify that their device is connected to their Facebook account.
“Then I have to awkwardly memorize the code and resubmit the transactions,” he said. “If I manage to make it this far, then I can finally go back to playing the game.” Facebook reps could not be reached for further comment.
The announcement comes as Facebook is prepping for its $5 billion IPO and is said to be setting its sights on monetizing its mobile operations via advertising. It’s not clear what Facebook’s stake in mobile payments would be. According to reports, Facebook is promising the telecoms a greater share of revenues and influence that the current mobile titans — Apple and Google — offer.
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Mobile payment is an alternative form of payment where a consumer uses a mobile phone to pay instead of cash, cheque or a credit card. Consumers normally use this method to pay for music, videos, ringtones, online game subscription of items, wallpapers, books, magazines, tickets, transportation fare etc. Currently as people still prefer the conventional methods for money transactions, mobile payment is not too popular even in developed countries like US.
However, a recent report by Acquity Group shows that US companies are going to be aggressive about mCommerce in the coming years. According to this report, mobile payment would reach the $670 billion mark by 2015.
This inforgraphic by the Acquity Group will give you an idea about the current and upcoming trends in mCommerce.|
Source : Dazeinfo
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A latest Juniper Research report indicates that global NFC mobile contactless payment transactions may be on pace to approach $50 billion worldwide by 2014.
Based on the findings of Juniper’s research, prospects for NFC’s growth have improved tremendously just since the start of 2011.
The result, Juniper says, is a “vibrant sector” with significant potential to make peoples’ lives easier by simplifying lower value payments “whilst also offering a range of exciting retail possibilities including coupons and promotional offers.”
Together these elements form a compelling consumer proposition that will help to drive transaction frequency and value.
“Based on our analysis and interviews with key industry players our view is that the next 18 months will see launches in up to 20 countries,” says Juniper Senior Analyst David Snow.
But the persistent challenge of taking NFC mainstream hasn’t fully disappeared. Still, Juniper says North America and Western Europe will continue to push mobile payments to the forefront of consumer retail experiences.
North America and Western Europe will account for 50% of NFC payments market by value in 2014.
To check out “NFC Retail Marketing & Mobile Payments: Markets, Forecasts & Strategies 2011-2016,” visit www.juniperresearch.com.
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