Mobile payment app Paym shuts down in the United Kingdom

Mobile payment app - Shut Down Buttons

The application was launched by 15 of the largest UK banks and building societies is packing it in. Mobile payment app Paym was created by fifteen of the largest banks and building societies in the United Kingdom, but after eight years of struggle to try to keep its head above water, it is giving up. The application has constantly fought to try to keep up with shifts in technology and consumer trends. The mobile payment app originally launched in April 2014. It made it possible for consumers to use their…

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Mobile technology may reduce dissatisfaction with money transfers

mobile technology payments money

The frustrations associated with those types of transactions could disappear with smartphones. The results of a recent Amdocs survey have shown that over 83 percent of respondents strongly feel that they would be willing to use a mobile technology device for completing international money transfer transactions. The vast majority of current international money transfer services are not fully satisfying their customers. Among the survey respondents, 82 percent said they were dissatisfied with their experiences in using more traditional services for international transfers through money transfer operators (MTOs) and banks. Nearly…

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Western Union adds new payment entity combining online, prepaid card, and mobile business

Western Union Mobile Campaign

The biggest payment transfer company in the world, Western Union Co., has announced that it will be combining its online, prepaid card, and mobile business to create a single new entity which will provide consumers with a larger number of services and will grow their customer base. The official online portal for the company,, provides payment transfer services among two hundred countries around the world. This portal will now become a new element of the Western Union Ventures unit, under the leadership of Dianne Scott, the company’s chief marketing…

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In 2015, mobile payment transactions will be worth $670 billion per year

Mobile Commerce Growth

Juniper Research has released the results of their latest study regarding the value of near-field communications (NFC) transactions, mobile payments for purchases both digital and physical, and money transfers over mobile devices, and has announced that by 2015 it will have reached $670 billion.  When compared to the total Juniper Research is expecting for this year, which is $240 billion, this is a notable increase.  It also indicated that over the next year and a half, there will be twenty more countries that will start to embrace NFC payment services…

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