Category: Mobile Payments

Arkadi Kuhlmann is starting a new smartphone based service that is being called ZenBanx.

The founder of ING Dierct, Arkadi Kuhlmann, had been out of the public eye for quite some time, but has recently entered into a mobile banking venture with a new partner, Duca Financial Services Credit Union.

As was the case in his last financial services venture, Kuhlmann is seeking to offer an alternative to the standard.

ZenBanx is designed to provide a cheaper and easier form of mobile banking that will allow for foreign currency exchanges, transfers, and other types of transaction. According to Mr. Kuhlmann explained that the pitch is a smartphone based “regulated bank account with a multi-currency capability” that is “designed to let money travel as freely as humans.” ING Direct Canada was a company that was launched in 1997 and that expanded successfully a few years afterward into the U.S.

ZenBanx is a mobile banking venture in which Kuhlmann has been participating since 2012.

ING Groep NV sold ING Direct Canada to the Bank of Nova Scotia in 2012 for $3.1 billion. Kuhlmann stated that using this service would give customers the ability to save in as many as 5 different currency positions, as well as the ability to exchange among them. He also said that customers would be able to send money internationally in a way that is far less expensive and less difficult than the current options that are available to consumers.

At the opening of this mobile payments service, the currencies that will be available for exchange and transfer will be the U.S., Canadian, Singapore, and Honk Kong dollar, the British pound, the Euro, the Japanese Yen, and the Indian Rupee.

Kuhlmann spoke of this mobile banking service and his interpretation of ZenBanx by saying that “I think banking and money hasn’t really been able to keep up with a lot of the needs now,” adding that “You and I can move freely around the world, but moving money has become costly and tedious.” Through his past in the financial sector, he has considerable experience in building and working with a less expensive model of banking.

Retailers are becoming more mobile-centric as a result of emerging trends

New trends are emerging in the United Kingdom digital commerce space. A growing number of retailers are beginning to focus their efforts in the online world, finding ways to make the shopping experience more convenient for consumers. As such, they have begun embracing mobile payments, which allow consumers to make purchasing from their mobile devices in physical stores and online. This move toward mobile-centric commerce is being encouraged by consumers that are beginning to rely on their smartphones and tablets more in daily life.

E-money is beginning to bring more convenience to the world of commerce

As consumers begin to base more of their lives on mobile technology, they are looking for ways to make their shopping experiences more convenient. This has lead to the emergence of e-money, which is the digital representation of their funds. For some, using electronic money is considered safer and faster than using physical forms of payment. Digital currency is also more easily managed by some consumers, which makes it a more attractive option than physical currencies. E-money is becoming particularly popular among those that favor mobile payments.

Biometric technology could help mobile payments thrive

Biometric technology is also becoming more popular in the United Kingdom and the rest of Europe. A recent survey from WorldPay suggests that 49% of European consumers are willing to participate in mobile transactions that are protected by biometric technology. This technology allows consumers to authenticate a transaction using their fingerprints or other biologic information, such as their voice. A growing number of retailers and banks in the United Kingdom are beginning to embrace this technology because of the security it can bring to the mobile payments space.

UK retailers want to mimic the mobile success of their US counterparts

These trends are likely to bolster the attractiveness of mobile payments in the United Kingdom. Many retailers in the UK have taken note of the success that their counterparts in the United States have found in their mobile efforts. Many of these retailers are following the example of those in the United States, making efforts to become more mobile-friendly.