Tag: mobile payments service

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.

NBE launches new mobile payments service in Egypt

| September 25, 2013

New mobile payments service comes to Egypt

The National Bank of Egypt, along with the Egyptian Banks Company and Mastercard, has launched a new mobile payments service dubbed “Phone Cash.” The service is meant to provide the growing number of consumers with mobile devices a new and more convenient way to pay for products. Mobile payments have been growing more popular in Egypt and throughout Africa in recent years and the African market has become a relatively promising mobile commerce market.

Phone Cash aims to expand the availability of mobile commerce

Phone Cash is designed to be more inclusive than many other mobile commerce platforms. The National Bank of Egypt is keen to see mobile consumers make use of the service whether they have a bank account or not. As such, the service is available to consumers that do not have an account with the National Bank of Egypt or any of the country’s other banking entities. This expands the availability of the mobile payments service and provides consumers without bank accounts another way to manage their money.

Egypt - Mobile PaymentsApplication to function as a digital wallet

The Phone Cash service is meant to act as a sort of digital wallet. Consumers can download the Phone Cash application and use it to store a variety of financial information. The application allows for money transfers from bank accounts and supports a variety of payment cards, leveraging the funds associated with these cards to make mobile payments. The service is supported by Fawry, one of the largest payment services in Egypt. Phone Cash can, therefore, be used at more than 20,000 Fawry outlets in the country.

Mobile payments grow among young Egyptians

Mobile payments have been growing more prominent in Egypt as more consumers get their hands on smartphones and tablets. These consumers tend to be somewhat young, falling between the ages of 21 and 35. Older consumers have shown more caution when it comes to mobile commerce, either because they do not fully understand how mobile payments work or because they are worried about the security of their financial information.