M-Pesa pioneer Michael Joseph, founding CEO of Safaricom and now director of mobile money at Vodafone Group, explains how the service works and the lessons learned from building and deploying one of the world’s most successful mobile money services in an in-depth Q&A that is now available to download free of charge from the NFC World Knowledge Centre... More
Peer-to-peer payments
Green Dot CEO sets out how Apple Pay Cash will work
Prepaid card provider Green Dot “will perform several roles” for Apple when the iPhone maker launches its P2P payments and Apple Pay Cash services in the US in September, Green Dot CEO Steven Streit has revealed during the company’s Q2 2017 earnings call... More
Introducing Venmo Codes: A new way to find your friends on Venmo
Introducing Venmo Codes: A new way to find your friends on Venmo — Venmo — “We know that sometimes it can be hard finding the right James Smith to pay or request money from on Venmo. To make your life easier, we’re introducing Venmo codes, so you can easily find the Venmo profile of the person you’re trying to pay.”
Italian consumers can now make P2P payments in stores
Jiffy, the P2P payments service that lets 4.2 million Italian consumers send money from their bank account using just the contacts list on their smartphone, has begun rolling out to retail stores with an initial launch in 150 outlets in the cities of Milan, Rome and Turin... More
You can now send money with PayPal in the Skype mobile app
You can now send money with PayPal in the Skype mobile app — PayPal — “PayPal is now partnering with Skype to allow users in 22 countries to send money to other Skype users with PayPal via their Skype mobile app. With over one billion Skype mobile downloads to date globally, users will be able to use PayPal directly from their Skype app to seamlessly send money in the moment – like for a gift for a family member across the country or internationally.”
Klarna launches Wavy peer-to-peer payment service
Klarna launches Wavy peer-to-peer payment service — Klarna — “Wavy enables consumers across 31 European markets to smoothly transfer money (Euros) and split bills amongst friends, colleagues and family members… The recipient of the payment does not have to sign up to Wavy to redeem a payment.”
How Australians pay: Evidence from the 2016 Consumer Payments survey
How Australians pay: Evidence from the 2016 Consumer Payments survey — Reserve Bank of Australia — “Cards were the most frequently used means of payment in the 2016 survey, overtaking cash for the first time. Contactless ‘tap and go’ cards are an increasingly popular way of making payments, displacing cash for many lower-value transactions… Consumers are increasingly using their mobile phones to make online and person-to-person payments.”
P2P payment transactions to exceed $120 billion this year
P2P payment transactions to exceed $120 billion this year — eMarketer — “The transaction value of US mobile P2P payments will grow 55.0% this year to $120.38 billion. This figure is on pace to double by 2021. In 2017, 63.5 million US adults will use a P2P payment app at least once a month, equating to nearly one-third (32.6%) of smartphone users.”
Singapore banks to allow cellphone numbers for transfers
Singapore banks to allow cellphone numbers for transfers — Nikkei Asian Review — “Customers will be able to send money instantly by supplying recipients’ mobile numbers linked to their bank accounts… The ABS aims to expand the service to include transactions between retail customers and businesses next year.”
East London gets local currency built on the blockchain
Residents across East London can now make mobile payments at small businesses with a local currency launched by Tel-Aviv-based digital wallet provider Colu which makes use of blockchain technology... More
US consumers turn to digital payments for online purchases
More than 70% of online shoppers across the US have used digital payment services including mobile wallets, one-click checkout buttons and peer-to-peer (P2P) payment apps, research released by American Express reveals, with 41% “always or sometimes” choosing to use digital solutions when they pay... More
PayPal chief dismisses Apple Pay challenge
PayPal chief dismisses Apple Pay challenge — The Telegraph — “Dan Schulman said the forthcoming Apple Pay Cash service did not have the advantages of PayPal’s peer-to-peer payments services… Mr Schulman suggested it would struggle to gain traction because it is not available on non-Apple devices, unlike PayPal.”
Banco Bradesco customers get mobile-only banking
Customers of Brazil’s Banco Bradesco can now open new accounts, send money, split payments with friends, keep track of their spending and manage their finances directly on their mobile phones using a new digital platform that the bank has launched with the aim of introducing a “more intuitive and transparent experience to younger, hyper-connected customers”... More
Samsung Pay adds Bixby voice-controlled banking in South Korea
Samsung Pay users across South Korea can now use the Bixby artificial intelligence feature in Samsung Galaxy S8 and S8 Plus handsets to conduct transactions with their voice, including completing peer-to-peer (P2P) transfers and finding out their account balance... More
China UnionPay rolls out QR payment solution
China UnionPay rolls out QR payment solution — ECNS — “The latest UnionPay product offers multiple payment modes with customers able to scan seller QR codes or vice versa, while transfers can be made person-to-person, facilitating payments between individuals, individuals and businesses, and among businesses. In future, cash withdrawals from ATMs via QR codes and other premium service solutions will also be available.”
Google to let users make in-app and online payments with any stored card and add P2P payments to digital assistant
Google has unveiled a new payment API that will allow customers to make payments through third party mobile apps, websites and the company’s voice-based Google Assistant using “any credit or debit card stored in their Google account” from across a range of services including Android Pay, Google Play and Google Chrome. The API will also let customers use a stored card to complete transactions via a new peer-to-peer (P2P) payments feature that will be added to the digital assistant. More
Tikkie passes half a million users
Tikkie passes half a million users — ABN Amro — “Less than a year after it was first introduced, pay-back app Tikkie has reached and passed the landmark of half a million users. This makes Tikkie the fastest-growing payment app in the Netherlands.”