Category: Mobile Payments

New research from NetSol has shown that this could be very helpful to both the automotive and financial sectors.

According to NetSol Technologies IT and enterprise software provider, mobile technology is having a transformative effect on both the automotive financing and leasing sectors by decreasing the amount of origination and decision making time required for loans.

This conclusion was made within a white paper that was issued by the firm about the impact of mobile tech.

Enterprise mobile technology is making it possible for financial institutions to be able to enhance their operational efficiencies to the extent that significant costs can be reduced from the elimination of the requirement to print and mail out documents to customers and other institutions. Beyond the cost savings, there is also a considerable amount of time savings as the amount of time needed for responses is reduced.

Mobile technology makes it possible for financial institutions to provide customers with information, anywhere.

This means that it doesn’t matter where the customer is, he or she can gain the information that is needed to take out an auto loan using smartphones or tablets, without the need for actual paperwork. This can all be provided to customers on the spot.

NetSol Technologies CEO, Najeeb Ghauri, explained that “Netsol’s research shows how mobile technology is positively impacting the global auto-leasing industry.” Earlier in 2015, the company had implemented a form of mobile point of sale system to an auto company that remained unidentified. This made it possible for dealerships to be able to complete the contract origination process through the use of a smartphone or tablet.

The implementation process, which involved training staff members who would be using the service. Following that period, the unnamed dealer experienced considerable origination time and efficiency improvements, said NetSol.

A recent study conducted by 451 Research suggested that POS systems run over mobile technology are starting to have an impact in multiple sectors, which are not limited to the auto industry. It explained that there is actually a considerable cross-sector draw for using points of sale over devices such as smartphones and tablet computers.

Banks may have serious concerns regarding Apple’s mobile payments service

Some of Australia’s major banks may have a problem with Apple and its new mobile payments service. According to a report from the Financial Review, banks have taken issue with the interchange fees associated with Apple, and if the problem persists, banks may begin looking for alternatives to Apple Pay, which are becoming more plentiful with each passing month. With Samsung and Google launching its own mobile payments services, Apple may have to work to satisfy banks in order to maintain its position in the mobile market.

Banks have no wish to provide Apple with significant fees on transactions being made

The crux of the issue between Apple and Australia’s major banks is $2 billion in interchange fees that the banks make every year. In the United States, it is estimated that Apple earns 15 cents for every $100 that is spent through Apple Pay. In Australia, however, banks are not willing to provide Apple with the cut of the fees that it is asking for. If this problem continues, Apple may have trouble establishing an effective foothold in the Australian market, where consumers are becoming very interested in mobile payments.

Australian banks may be ahead of the curve when it comes to mobile payments

According to Ian Narev, CEO of the Commonwealth Bank of Australia, Apple Pay may face significant challenges in the country due to the existence of other mobile payments products. Narev suggests that many Australian banks are far ahead of others in the world when it comes to mobile payments services. As far as Apple Pay is concerned, there are other services in the country that have the same functionality as Apple’s service that have been available to consumers for 18 months or more.

Banks want Apple to help support the development of a new payments infrastructure

One of the major concerns that banks have concerning Apple Pay in Australia is that the Reserve Bank of Australia is forcing the country’s banks to help cover the cost of development a real-time payments infrastructure. Banks do not want Apple to benefit from the development of this infrastructure without investing into its establishment itself.