Payment Observer

The Latest News, Industry Insights and Research Findings on Global Payment Markets

RSS Twitter
26Mar/12

Mobile Banking: Monitise to Buy Clairmail

By Martin Schuppelius
Tweet

Learn more about some of the service providers that advertise on Payment Observer.

Clairmail for $173 million. The deal is still pending upon regulatory and shareholder approvals. It is expected that the Acquisition will be completed within the next two month.

Both companies provide mobile money services for financial institutions. The acquisition will give Monitise a boost in North America where Clairmail claims 1/3 of the top 50 banks as customers. Combined, Clairmail and Montise provide mobile banking, mobile payments and mobile commerce solutions for 13 million registered users processing billions of transactions worldwide.

Mobile banking and mobile money services are on the rise, Clairmail’s revenues grew by 90% in 2011 to $18 million. The growing market of mobile banking and mobile commerce attracts big payments players such as Visa which took over mobile financial service provider Fundamo for $110 million in cash.

Filed in
20Jan/12

Digital Banking to Become the Norm by 2015 Says PwC Survey

By Gary Merrett
Tweet

Payment Observer spotlight company. See more details here about one of the up and coming service providers in the financial services for small business.

The new digital tipping point’ by PricewaterhouseCoopers. The report reveals that there is a strong demand for digital banking products from consumers and the fact they are willing to pay up to $15/month for these. PwC interviewed over 3,000 banking customers globally in May and June 2011 for the study.

Although new technology is opening up banking to a number of new players, the survey reveals that the majority of respondents still trust their banks over other providers with their current account. According to PwC, banks may consider to partner with technology, mobile and other non-traditional banking providers to deliver the digital experience customers expect. Matt Hobbs, retail and commercial banking partner at PwC, commented: “The growth of digital has removed key barriers to market entry, including the need for large branch networks, customer inertia and brand trust. Because of this, banks need to consider strategic acquisitions or partnerships with digital innovators to secure their long-term position and market share.”

Filed in
15Dec/11

US Financial Institutions to Invest Heavily in Mobile Banking Says Fiserv Survey

By Martin Schuppelius
Tweet

Payment Observer industry spotlight includes small business solutions providers. Learn more on their website.

survey of the mobile banking and payment plans of financial institutions in the US. The plans of 10 banks and credit unions that in total hold more than one-third of all US deposit accounts have been evaluated by Forrester Consulting on behalf of Fiserv.

According to the survey, financial institutions are moving beyond basics mobile banking services to deliver more mobile functionality and features. Almost all of the financial institutions surveyed already offer basic mobile banking services such as basic account access, ATM locators, transfers between accounts and bill payment. As consumers gain confidence with the mobile channel, their expectations and needs are shifting towards more sophisticated services. For the next year, financial institutions are focusing on delivering additional services like remote deposit capture, mobile person-to-person (p2p) payments, actionable alerts and additional payment capabilities. The survey also revealed that banks and credit unions are committed to providing mobile banking and payments capabilities for a range of devices, focusing on smartphones and tablets.

Filed in
28Oct/11

Mobile Banking App Usage in the U.S. Increases 45 Percent from Q4 2010 says comScore Analysis

By Martin Schuppelius
Tweet

Payment Observer industry spotlight includes small business solutions providers. Learn more on their website.

comScore MobiLens and a dedicated re-contact survey focused on mobile financial services.

According to the report 32.5 million Americans accessed mobile banking information on their devices at the end of Q2 2011 in June, representing 13.9 percent of all mobile users. The study also revealed that 12.7 million mobile users reported using banking apps, a increase of 45 percent from Q4 2010.

Mobile Banking and Credit Card Usage See Highest Increases in Visitation

“New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices. With tablets and other web-enabled connected devices gaining popularity in addition to smartphones, financial service institutions are poised for additional growth in mobile access,” said Sarah Lenart, comScore vice president for Marketing Solutions.

Filed in
7Oct/11

America First Credit Union Expands Mobile Banking With Fiserv

By Martin Schuppelius
Tweet

Payment Observer industry spotlight includes small business solutions providers. Learn more on their website.

Fiserv Inc. yesterday announced that America First Credit Union (AFCU) has integrated Fiserv’s Mobiliti solution for mobile banking. AFCU is one of the largest credit unions in the United States with more than $5 billion in assets and over 555,000 members.

Using Mobiliti, AFCU members can now access their accounts using text messages, a mobile browser, or a smartphone app. With the new service, AFCU members can monitor their account activity, locate branches and ATMs, receive alerts, transfer funds and pay bills. AFCU also integrates ZashPay, a person-to-person payment service from Fiserv. Rich Syme, senior vice president of America First Credit Union said: “Surging adoption shows that there is an appetite among our members to access mobile services in multiple ways, and we know we made the right decision in expanding the AFCU Mobile Banking service to support all three major access modes.”

Filed in
6Oct/11

Mobile Services Have Turned Into a ‘Must-Have’ Channel for Banks Says Javelin Research Report

By Martin Schuppelius
Tweet

Need a cash or credit card processing solution for your business? Payment Observer has more details you can learn by visiting their website.

The research report: “2011 – 2012 Mobile Banking Vendor Scorecard” by Javelin Strategy & Research’s analyzes mobile banking solutions. It provides strategic guidance to Financial Institutions for development of their mobile banking strategies based on surveys with more than 10,000 consumers and executive interviews with six financial institutions.
Javelin highlights a number of industry trends:

  • Consumer adoption of mobile banking increased by 60%, from 19% in 2010 to 30% in 2011.
  • Four out of five vendors now offer the mobile banking triple play – via SMS text, mobile browser, and downloadable apps.
  • The mobile banking industry is consolidating, with players bringing mobile technologies in-house.
  • Tablet adoption by consumers is growing, and FIs and vendors will need to provide access to mobile banking specifically designed for tablet users.
  • Security continues to be a top concern, almost half of consumers cite fear of security as the main reason they do not use mobile banking.

Mary Monahan (Executive Vice President and Research Director Mobile at Javelin) outlines: “Mobile banking, once considered a ‘nice-to-have’, is now a ‘must-have’ for Financial Institutions who want to stay competitive and meet growing consumer demand for this channel.”

Filed in