Telkomsel Indonesia has launched its digital wallet for its 140 million subscribers. The TWallet is powered by Mozido in partnership with Verifone, and Finnet Indonesia.
The Orios Smart TopUp solution allows any bank customer to buy airtime directly from their savings or checking account from anywhere in the world in just one simple step by dialing a USSD short code and amount of airtime to be purchased.
Juniper Research has revealed how Service Providers are benefiting from the boom in mobile money transfer services – with $2bn in revenues forecast for this year and $4bn annually 2018.
Brazil’s CAIXA, the largest public bank in Latin America, and TIM have introduced a prepaid mobile money account that will enable the over one million TIM subscribers to pay bills, transfer money and top up phones using their own mobile phones, in addition to making purchases using a MasterCard card.
According to new research the mobile money market is expected to grow from $12.34 billion in 2014 to $78.02 billion by 2019, at a compound annual growth rate (CAGR) of 44.6% during the forecast period from 2014 to 2019. In terms of regions, MEA is expected to be the biggest market in terms of market size, whereas APAC and NA are expected to experience increased market traction, during the forecast period.
Norway’s Telenor, TeliaSonera and Tele2 have selected the Amdocs Mobile Financial Services solution to advance their Strex joint venture for mobile payments. Mobile financial services are already very popular in Norway, with Strex handling more than 75 million SMS-based payment transactions annually.
There were many major developments for the Visa brand outside the U.S. last year, including Mexico, Botswana, Spain, Myanmar, Singapore, Australia, India, Czech Republic, Germany, Poland, and the U.K., to name a few. Here are the items organized by region.
Telefónica and MasterCardMFS (Mobile Financial Service), a joint venture between Telefónica and MasterCard Worldwide, is launching Zuum mobile payment service. Allowing customers access to a pre-paid account on their phone that will allow them to transfer money, buy credits for pre-paid mobile phones, and pay bills, customers can also choose to receive a pre-paid card from MasterCard which is connected to the same pre-paid account. Customers can use the card to make purchases in more than 1.8 million affiliated establishments and withdraw money in Cirrus ATMs. Zuum uses USSD (Unstructured Supplementary Service Data) technology to enable users to access their accounts from their Vivo mobile phone, using any device. It’s as simple as sending a text message, but without the cost. There’s no maintenance fee for the account or the card.
Giesecke & Devrient (G&D) is to provide PayPal and Vivo mobile payments, allowing their customers with prepaid accounts to top up their credit directly on their cellphone using PayPal.G&D will also deliver the necessary payment solution, the SmartTrust Mobile Transaction Gateway, to ensure that the transactions are executed securely. This gives customers direct access to phone credit, without having to buy a recharge card from a point of sale during normal opening hours. Based on USSD technology and compatible with all types of cellphone, the solution does not require users to download any other applications. Users can set up a PayPal account for the services directly on their mobile phone, and modify the account details to add or remove linked credit-card information whenever necessary.
Visa launched its plug-and-play mobile money platform, allowing financial institutions and mobile operators to offer bank-grade managed mobile financial services to consumers. This allows Visa to host and fully manage all aspects of a mobile money program on behalf of the provider, from user interface design to consumer enrollment, transactions processing, authorization, clearing and settlement. This can enable domestic-only or globally interoperable mobile money services. Users can access a financial account that is linked to their mobile phone number. From cash-in and -out transactions at agent locations, to paying bills, sending money to relatives, topping-up air time and buying train tickets, consumers can take advantage of bank-grade financial services and Visa-quality payments. Visa’s new platform is designed to comply with the regulatory frameworks established for mobile financial services for mobile network operators and financial institutions to provide local connection to Visa’s global payment network, VisaNet.
The Telefónica Group and MasterCard International launched its MFS joint venture to develop mobile payment solutions. MFS’ first product will be a pre-paid account accessed via mobile phones alongside a MasterCard card, which will let consumers transfer cash to other people, make in-store purchases, top-up airtime and carry out other financial transactions. It will primarily focus on the payment requirements of Telefónica Vivo customers who do not have bank accounts, offering them financial inclusion. Cash can be transferred onto pre-paid accounts at mobile phone refill stations, supermarkets and newspaper stands.
Fiserv financial services technology solutions announced that ACLEDA Bank has extended its ACLEDA Unity mobile banking and payments service to segments using “Mobiliti Reach” from Fiserv. The bank has offered Fiserv-supported mobile financial services to its customers since 2010, can now provide mobile account and payment capabilities to consumers who do not have an existing banking relationship of any kind. Mobiliti Reach enables consumers without a banking relationship to create and fund an ACLEDA Unity mobile only account (called a ‘Unity Account’) from which they can complete transactions. Popular transaction types include person-to-person payments, bill payments, mobile phone top ups and cash deposits and withdrawals via ACLEDA branches, ATMs and offline offices. This helps ACLEDA fulfill their commitment to be a leader in the development of the Cambodian economy by providing secure, technologically advanced banking services.