New Bank of America mobile banking features give clients instant one-touch access

Bank of America mobile banking - banking, economy, mobile phone

The Bank of America has announced a new feature designed to improve the mobile banking experience. The Bank of America mobile banking app will soon offer a feature that enables their mobile clients to switch between its app and the apps of its subsidiaries, without having to re-authenticate. These subsidiaries include Merrill Lynch, Merrill Edge, and U.S. Trust. Mobile banking clients can now manage their banking and investing with greater convenience. Without having to re-authenticate between the mobile apps, it is easier for clients to manage their banking and investing…

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Mobile banking Trojans are an increasing threat in Q2 2018, report

Mobile Banking Trojans - Cybe Attack on mobile

New report from Kaspersky Labs reveals mobile banking app Trojan attacks are at an historic high. Mobile banking Trojans are one of the worst types of mobile malware, as they are designed to steal money directly out of a mobile user’s bank account(s). Now, according to a Kaspersky Lab’s Q2 IT threat evolution report, this form of cyberattack has more than doubled in Q2 2018 compared to Q1 2017. The malware is typically disguised as a legitimate banking app. Trojan attacks are a popular choice among cybercriminals across the globe.…

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Mobile banking apps usage predicted to surpass online banking by 2019

Mobile banking apps - Increase in mobile banking over computers

More and more consumers are turning to their smartphones for their banking needs. The CACI reported that 22 million people chose to use mobile banking apps to manage their accounts via their smartphone in 2017. It’s forecasted that by next year (2019), more consumers will choose their phone for banking than their computers. 35 million people are expected to bank via a smartphone app by 2023. In addition to this CACI report prediction, it was said that by 2023, consumers would likely visit a bank branch only twice per year.…

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HSBC mobile payment app launches through VocaLink partnership

HSBC mobile payment

Millions of the bank’s customers can soon use the Pay by Bank application to complete transactions. A new HSBC mobile payment services app will give access to first direct customers who want to use their smartphones to complete shopping transactions. It lets them use the banking app as a direct payment method for purchasing certain products and services in an online store. The HSBC payment app is the result of the financial institution’s partnership with VocaLink. VocaLink is a global company with partnerships including banks, governments and corporations. It launched…

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MasterPass QR code central to Ecobank cashless campaign

masterpass qr code - mobile payments

The bank has launched this new solution for merchants in order to let them use mobile devices to accept payments. The EcoBank MasterPass QR code based mobile payments solution launched with small merchants in mind. This service makes it possible for merchants to use their mobile phones to accept payments from their customers. This solution is the result of a partnership between Ecobank and MasterCard in a broader retail payment strategy. Through the MasterPass QR code, Ecobank’s merchant customers can use any mobile device to accept payments. This eliminates the…

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Mobile payments awareness is rising in North America despite low adoption

mobile payments awareness wallet NFC near field communication

Consumers here still feel most transactions will be based on cash at least until 2020. An Accenture study showed mobile payments awareness has reached 56 percent of consumers in North America. This represents a 4 percent increase over the figures recorded a year ago. That said, those same consumers don’t appear to be adopting mobile wallets. Regular mobile payments usage has stayed at 19 percent among North American consumers. This, despite the fact that a much higher number actually know the transaction method exists. Among the respondents in the mobile…

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Mobile banking services help young people save their money

mobile banking services

A new Halifax Savings survey has shown that 18 to 24 year olds find it easier to save using digital tools. New research has revealed that four out of every five young adults find that online and mobile banking services are helping them to increase their balances and save their money in an effective way. The research also discovered that what is true for younger consumers is not the same for older ones. Among people between the ages of 18 and 24 years of age, 81 percent using their bank’s…

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Touch ID added to American mobile banking app

mobile banking

U.S. Bank has now announced that this security upgrade with fingerprint scanning is available. One of the latest announcements from U.S. Bank has revealed that its mobile banking app will now support Touch ID for iPhone users as a simpler way to keep their financial details safe while still conveniently accessing their account. This means that users of recent iPhone generations can use their fingerprints as passwords. According to the U.S. Bank executive vice president and head of omnichannel banking, Gareth Gaston, “We have been looking at ways to use…

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1 in 5 mobile banking customers use QR codes

qr code scans

In Poland, 20 percent of consumers have been scanning quick response codes through the mBank service. The findings from a new Marketing Mobilny w Polsce 2013-2014 report has revealed that almost 20 percent of Polish people between the ages of 16 and 40 years are using QR codes as a part of their mobile banking habits. The survey was conducted with the participation of 302 smartphone users who reside in Poland. The mBank service was recently introduced in Poland and has become quite popular. It is based on the use…

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Mobile banking app adoption rates revealed in new study

Mobile Banking Industry

The research was conducted by TSYS and was recently released in a report called the “2015 U.S. Consumer Payment Choice Study”. The outcomes of the 2015 U.S. Consumer Payment Choice Study by TSYS have now been released and have provided notable insight into the use and adoption rates of mobile banking apps by consumers. The survey involved the participation of more than 1,000 customers in order to identify those trends. It revealed that the use of mobile banking apps is growing and that among those who have already adopted these…

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Mobile payments could succeed if they prove to be simple, flexible and convenient

NFC mastercard Facebook Messenger QR codes

A recent study by MasterCard has shown that these are the primary features sought by consumers. MasterCard has now released the results of a study that has shown that in terms of mobile payments, consumers are seeking methods that are flexible, simple, and convenient among the new innovations that they would be willing to consider when they pay for products at retail locations. This is important insight to be considered by companies that are presently or soon to be in this market. As retailers and other companies move toward mobile…

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