Tag: mobile payments platform

Mobile payments firm aims to mimic success of Square

| October 17, 2013

Mobile payments company uses Square as an example

Mint, an Australian mobile payments company, has been negotiating with three of the largest banks in Australia concerning the launch of a new mobile commerce platform. The company intends for the platform to emulate a similar platform designed by one of the leading companies in the mobile commerce field: Square. U.S.-based Square boasts of one of the most widely used and successful mobile payments services in the world, making it an attractive example for Mint’s initiative.

Mint to base new solution off of Square platform

Mint develops a variety of white label mobile payments applications for several companies interested in engaging mobile consumers. The company recently attained accreditation from Bendigo Bank, giving it the green light to pursue a new payment card initiative. Last month, Mint launched a small card reader designed for smartphones in New Zealand. The reader can process payments from credit cards, making mobile commerce somewhat more accessible to consumers without NFC-enabled devices. This particular product is being used by more than 1,000 Bank of New Zealand customers.

Mint - Mobile PaymentsRegulations may impede success

Mint is expected to launch another mobile payments service within the coming weeks and its latest offering is expected to be based heavily on that pioneered by Square. Square boasts of more than 4 million users worldwide and processes some $15 million in mobile payments every year. Much of Square’s success has been garnered through the relatively lax regulations that exist in the U.S. concerning mobile payments. In Australia, however, staunch regulations may make it difficult for Mint to mimic the success of Square, especially because Mint is forced to work through banks rather than market its mobile commerce solution directly to businesses and consumers.

Consumers eager for NFC-free mobile commerce

Mobile payments are becoming more popular among Australian consumers, which bodes well for Mint’s future plans. Many people are demanding access to mobile commerce services that are not based on NFC technology. This is due to the low availability of NFC-enabled devices. Mint is well positioned to meet consumer demands with its technology and line of products.

US Bank teams with Monitise to make a move on mobile payments

| October 15, 2013

Mobile payments platform planned through new partnership

Mobile payments firm Monitise has announced its partnership with U.S. Bank, one of the leading financial service firms in the United States. Together, the two organizations will launch a new mobile payments platform and encourage consumers to become more accepting of mobile commerce. Consumers have been growing more interested in mobile payments, but relatively few people are comfortable with managing money on their mobile devices, largely due to the security concerns they have regarding their financial information.

Companies plan to engage consumers through the mobile space

U.S. Bank is no stranger to the concept of mobile payments. The bank has been working to grow more accommodating to mobile commerce in recent years in order to better serve the needs of its customers. The bank has introduced many services that allow customers to manage their accounts from their mobile devices, but its new partnership with Monitise is expected to take its mobile commerce endeavors to a new level. Monitise has extensive experience when it comes to mobile payments and may be able to help U.S. Bank establish a more formidable presence in the mobile space.

Mobile Payments partnershipProject to receive support from Nellymoser and Digimarc

Specific details concerning the platform Monitise is developing for U.S. bank have not yet been released. The platform is expected to cover product discovery, selection, and instant checkouts, however. The project will also receive support from Digimarc, a digital identification specialist, and Nellymoser, which specializes in mobile marketing and digital media. Backed by such strong support, the mobile payments platform is expected to garner a significant amount of attention from consumers.

Bank intends to be a leader in mobile payments

U.S. Bank has a strong interest in establishing itself as a leader in the mobile payments space. The bank will have to compete in a crowded arena, however, filled with companies that have already established a strong foothold in the sector. Monitise is well versed in this competition, of course, and may be able to help U.S. Bank achieve its goals in the mobile commerce field.