Category: Featured News

The British authority will enable smartphone and tablet funds transfers among all bank accounts.

The Payments Council in the United Kingdom has announced that the launch of its mobile payments service in 2014 will enable funds transfers among all bank accounts in the country.

Support has already been expressed by Barclays Bank, which will be taking part in the movement.

Barclays Bank has stated that it is in favor of mobile payments, but it will not be alone in providing the service. According to the Payments Council, by the spring of 2014, it will have made it possible for 90 percent of British banks to offer this type of smartphone friendly service.

Customers at Barclays are already using mobile payments through the Pingit app.

This application allows smartphone users to be able to make payments to any bank account in the United Kingdom, provided that the smartphone number of the recipient is on the contact list of the sender.

There are currently eight financial institutions – comprising 90 percent of the current bank accounts in the United Kingdom – which have already made their commitment to offering the new mobile payments service as of the spring of next year. It is expected that they will soon be joined by additional banking institutions, as well. Among those that have already signed up are Barclays, Danske Bank, RBS, HSBC, Cumberland Building Society, Lloyds Banking Group, Metro Bank, and Santander.

There has already been a tremendous adoption of the Pingit app, as the first five days following its release saw over 120,000 downloads. Responding to the considerable demand for using mobile payments, Barclays found itself lowering the minimum age of use from 18 years old, to 16 years old. At the same time, it also increased the transaction value limit.

The Payments Council CEO, Adrian Kamellard, said that “The mobile payments project is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers.” He went on to explain that the newly offered service will provide consumers with a convenient and secure way for sending money to a friend, splitting the bill at a restaurant, or paying a contractor without having to share any bank account details other than a telephone number.

Forrester Research predicts healthy growth for US mobile commerce

Forrester Research, a leading market research firm, has released a new report concerning U.S. mobile payments and the growth the sector is expecting to see in the coming years. Mobile commerce has begun to gain momentum throughout the U.S., largely due to the increasing number of NFC-enabled mobile devices and the rapid adoption of mobile commerce being seen among retailers. Consumers have expressed their interest and willingness to participate in mobile commerce, pushing mobile payments to reach new heights.

Report forecasts mobile payments to reach $90 billion in 2017

According to Forrester Research, mobile payments in the U.S. will reach $90 billion by 2017. The firm predicts a 48% compound annual growth rate over the next two years. The firm expects in-store mobile payments, general mobile commerce, and peer-to-peer transactions to be the driving factors behind this healthy growth. The report notes that a strong focus on mobile commerce coming from numerous companies spread across equally numerous industries is raising awareness of mobile payments among consumers. These consumers, in turn, are discovering mobile commerce services that fit their needs and make use of these services extensively.

Retail industry to play major role in growth of mobile commerce

Forrester Research expects to see significant progress made in mobile commerce come from the retail industry. Over the next five year, the firm forecasts that retailers will put more focus on mobile commerce, potentially seeing major benefits from doing so. During the 2012 holiday season, retailers saw major gains from their focus on mobile commerce, with Black Friday and Cyber Monday producing a great deal of profit for many of the country’s large retailers.

Holiday season places momentum behind mobile commerce

The success of mobile commerce during the 2012 holidays generated a great deal of momentum, encouraging retailers to continue or increase their focus on mobile consumers. While retailers are expected to face significant challenges in the years ahead, most of which will come in the form of competition with other retailers, Forrester Research expects that the industry will continue seeing positive results in regards to mobile commerce.