News about Mobile Money.
November 21st, 2016
A project enabling mobile money transfers to take place at the point of sale in areas of less-developed countries with poor or no mobile network coverage has been unveiled, by removing the reliance on SMS…
November 10th, 2016
One million subscribers of mobile network operator MTN Rwanda’s MTN Mobile Money service will be able to make in-store payments at thousands of retail outlets within six months using their NFC mobile phones through MTN…
September 20th, 2016
Mobile network operator MTN has discontinued its Mobile Money service in South Africa due to “lack of commercial viability” following its launch in 2012. “The operating costs of providing a mobile money platform have become prohibitive,” says Larry Annetts, chief consumer officer at MTN South Africa. “The decision by MTN SA to shelve its mobile money service does not signify a complete exit from financial services — we are exploring opportunities in the financial services space and other adjacent sectors.”
July 19th, 2016
Kenyan carrier Safaricom is testing a new PIN-based NFC-enabled ‘Tap-and-Go’ card for its M-Pesa mobile money service. “The telecommunications services provider says the new offering can integrate with an existing M-Pesa account and the pilot phase is currently being conducted among Safaricom staff, with plans to extend the service to university students,” ITWeb Africa reports. Reports emerged in March 2014 that Safaricom was working to add NFC to its M-Pesa service.
March 2nd, 2016
More than one billion transactions were processed through mobile money services globally in December 2015, the GSMA reveals, with registered accounts growing by nearly 100m — taking the total to 411m. “Mobile money is available in 85% of countries where most of the population lacks access to formal financial institutions,” the association says.
February 23rd, 2016
PARTNER NEWS: Customers of Iraqi mobile network operator Asiacell can now make P2P transfers, settle bills and pay merchants using AsiaHawala, a mobile money service powered by Mahindra Comviva’s Mobiquity Money solution. “Currently, AsiaHawala is using USSD that is available across all types of mobile devices and will soon be adding new channels,” Mahindra Comviva says. “AsiaHawala is available to 10.6m Asiacell customers which covers almost 28% of the total Iraqi population.”
February 10th, 2016
PARTNER NEWS: Mahindra Comviva and mobile money and payments provider EcoCash have won the Best Mobile Innovation prize at the sixth Kalahari Awards for the EcoCash Savings Club. “EcoCash Savings Club, powered by Mahindra Comviva’s Mobiquity Money platform, is a group saving service which digitizes traditional savings clubs in Zimbabwe,” Mahindra Comviva says. “It is aimed at the self-employed, informal sector entrepreneurs, street vendors, and women’s groups who were limited to informal group savings previously as they were considered financially ineligible by mainstream banks.”
June 24th, 2015
Revenue from mobile money transfer services will hit US$2bn this year, doubling to $4bn by 2018, Juniper Research says, citing Africa as the market leader. “Several African mobile operators are now generating more than 10% of their revenues from mobile money,” it adds. “Safaricom’s M-Pesa service [in Kenya] recorded mobile money revenues of more than $330m in the latest financial year.”
June 12th, 2015
Swedish telecoms giant Ericsson has partnered with Verifone Mobile Money to add support for NFC and contactless payments to its mobile commerce platform, enabling its carrier customers in emerging markets to add in-store mobile payments…
June 4th, 2015
One in five Europeans expects to use their mobile phone to make payments on a daily basis by 2020, growing from the one in ten who do so already today, research from Visa Europe has…
May 20th, 2015
MasterCard has unveiled a P2P payments service that lets consumers send and receive funds “within seconds” from “virtually any” US debit card account. “Through a single connection to the MasterCard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers whether they are banked or unbanked, located domestically or abroad,” the company says. “This includes the receipt of funds on MasterCard and non-MasterCard cards, into mobile money and bank accounts and via cash agent outlets.”
May 13th, 2015
Mobile network operator Airtel Ghana has partnered with Verifone Mobile Money to roll out NFC-enabled devices to Airtel merchants that will act as terminals, allowing more than 1.5 million registered Airtel Money users to make…
March 2nd, 2015
Active mobile money accounts worldwide grew 41% to more than 100 million in 2014, a report from the GSMA’s Mobile Money for the Unbanked programme has found. State of the Industry 2014: Mobile Financial Services for the Unbanked also reports that mobile money services are now available in 61% of developing markets — 84 out of 139 — with 255 services running in 89 countries worldwide. “Mobile is a key enabling tool for financial inclusion and over the last year we’ve seen significant growth in mobile financial services,” says GSMA chief regulatory officer Tom Phillips.
January 28th, 2015
Prepaid card issuers using Cachet Financial Solutions’ Select Mobile Money white label platform can now offer their customers a way to charge Apple Pay transactions to their prepaid account balance, the company has announced. “iPhone…
November 10th, 2014
The GSMA has launched a Code of Conduct for Mobile Money Providers, laying down eight common business principles designed to ensure the development of safe and responsible digital financial services. “The first mobile network operators to endorse the code are Airtel, Avea, Axiata, Etisalat, Millicom, MTN, Ooredoo, Orange, Telenor, Vodafone and Zain,” the mobile network operator’s association says. “Together, these MNO groups represent 21 mobile money deployments operating in 51 countries.”
October 29th, 2014
Samsung will launch a mobile money transfer service in Korea at the end of this year in partnership with mobile payment service provider Yelopay and six banks, Korea Bizwire reports. “Samsung Wallet, which used to be used only for coupon services and app cards, is now transformed into [a] fintech service platform,” the article says, noting that users can send up to 100,000 won at a time through the service. “The six financial institutions including Kookmin, Shinhan, Woori, Nonghyup, Citi and Korea Post Office reportedly have announced collaboration with the electronics company, but it plans to expand to all financial organisations.”
October 7th, 2014
“Apple Pay is a great example of how a cell phone that identifies its user in a pretty strong way lets you make a transaction that should be very, very inexpensive,” Microsoft founder Bill Gates…
August 5th, 2014
The GSMA has published a discussion paper on how increased smartphone adoption in the developing world will impact the global mobile money industry. Enhanced user experiences, an accelerated pace of new product development and increased competition are all highlighted as likely developments by the Smartphones & Mobile Money paper.
March 29th, 2011
NFC and contactless specialist Vivotech is planning an initial public offering (IPO) as early as 2012, CEO Mick Mullagh has told Bloomberg Business Week. The company — which one analyst believes could be valued at…
December 17th, 2010
Monitise and Vivotech have partnered to offer banks in the United States an NFC payments solution that combines Vivotech’s over-the-air (OTA) software and Monitise’s Mobile Money technology. “The partnership means customers of participating banks will…