Paytm mobile payments warned told that complying to regulations is not “optional”

Mobile payments - Breaking Rules - India

The popular service was found to have failed to comply with the law in India, where it is popular. Popular mobile payments service provider, Paytm Payments Bank, is at the heart of a controversy in India, where it is highly popular. The company has been accused of failing to realize the need to comply with legal regulations. Union minister Rajeev Chandrasekhar said no company can get away with such actions. The union minister was making reference to the Reserve Bank of India’s regulatory action on the mobile payments and financial…

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PayPal gives its Venmo mobile payments app an overhaul

Mobile payments - PayPal logo on phone

The company’s stock has tumbled as much as 6.5 percent since last summer following product revamps. PayPal Holdings CEO Alex Chriss recently promised that the company would “shock the world” with changes coming up to products like its mobile payments. The announcement and the optimism it brought sent the stock price up by 5 percent for the days following. The upgrades include mobile payments app Venmo revamps as well as the opportunity to use the PayPal app to earn cash back. Furthermore, the checkout process for consumers has been streamlined,…

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Apple agrees to allow NFC payments from third party companies in EU

NFC payments - EU and Apple

The iPhone maker has offered to make near field communication transactions available to rivals. Apple and the European Commission have reached the next step in their long-running disagreement over the use of the iPhone maker’s NFC payments services. The American company has now offered to allow rivals to use the tech, possibly ending this dispute. The European Commission has announced that Apple intends to open its NFC payments technology, used for contactless or tap-and-go transactions, to third-party mobile wallet providers. There have been rumors about this move circulating for about…

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Many frustrated with Apple’s App Store alternative attempts

App store - Man looking upset by what he's seen on phone - apple logo

What the iPhone maker delivered has made app developers even more frustrated than ever before. Apple is now receiving developer requests for those seeking to be able to process payments from customers in the US without using the App store’s own systems. Many application developers want to take payments without using the one Apple offers. Software makers welcomed the opportunity for the change to receiving payments through their offerings in the App Store. Their hope was that an alternative option would make it possible to sidestep the fees that Apple…

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Ericsson wants to hold half of the mobile wallet market in Africa

Mobile wallet - Person holding globe showing Africa continent

The company from Sweden considers the continent to be a massively important market moving forward. Ericsson’s mobile wallet software already powers over 400 accounts worldwide, and the head of the company’s mobile financial services unit, Michael Wallis-Brown, is now pointing to Africa as a vital market in broadening its reach. The company currently estimates that it has a hold of about 10 percent of the African market. “We’re touching 10% of the market in Africa today, and we can get to 50%,” said Wallis-Brown in a media interview. “That’s enormous…

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