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 fees could break the $37 billion mark in 2 years
Revenues through smartphone and tablet based banking, money transfers and remote payments are skyrocketing. According to a recent study by Informa Telecoms & Media, service revenues or fees for various mobile payments services could break the $37 billion mark by the year 2016. Newly released m-commerce data has shown that these transactions could skyrocket over the next two years. The report from Informa suggested that the mobile payments markets that stand to enjoy the greatest opportunities in earning service fee revenues are in remote transactions for services and products, as…
Read MoreMobile commerce platform embraced by UK banks
Five banks to pick up Zapp mobile commerce platform later this year Five of the United Kingdom’s largest banks are set to embrace mobile payments. First Direct, Nationwide, Santander, Metro Bank, and HSBC are moving to provide their combined 18 million customers with the ability to make mobile payments leveraging QR codes and NFC technology later this year. This will be made possible through the use of Zapp, a mobile commerce platform from VocaLink. The five banks have adopted the platform as a way to make it easier for mobile…
Read MoreBump Pay app allows smartphone owners to exchange funds
Bump Pay, the second app by Bump Labs, has brought the company into the mobile payments market, allowing its users to tap their phones together in order to exchange money. The Bump Pay app has been developed based on the core technology of the company, which gives two smartphones the ability to transfer data to one another simply by tapping them together. This differs from near field communication (NFC) – which is the foundation of the Google Wallet – in that it requires the two devices to make physical contact…
Read MoreGoogle makes new fee-splitting offer to carriers to increase adoption of Google Wallet
Though Google Wallet found its start last year to launch that company’s entry into the mobile payments sphere, the service has failed to take off as expected, due to the large amount of competition and its reliance on NFC technology, which remains limited among handsets. In order to overcome some of the struggles presented by those hurdles, reports are indicating that Google has been considering making cost sharing offers to carriers such as AT&T and Verizon Wireless, to entice them to adopt the technology so that Google Wallet will increase…
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