UniCredit and First Data are now conducting a pilot of their first smartphone based transaction solution.
The Italian bank called UniCredit has entered into a partnership with First Data in order to test a new mobile payments service that will be based on the scanning of QR codes.
The pilot is now officially underway and the companies await the first data to gauge its successes.
The testing of the service has already begun, and is using the Mobile Gateway from First Data in order to both generate and to exchange the QR codes required for the mobile payments system transactions between customers and merchants. According to First Data, this system provides the customer and the merchant with a number of different benefits.
The QR codes based system allows for a higher level of security and a lower number of risks per transaction.
By scanning QR codes, it takes out the risks that are connected with having to enter credit card details for making mobile payments. At the same time, First Data also stated that this type of system makes it possible to take advantage of value enhanced service applications, such as offers, coupons, tickets, and paying bills.
The pilot for the system using the QR codes is now underway as the first of a number of different mobile payments services upon which the partnered companies have already agreed to embark. They will be working together in a number of different markets around the globe in order to introduce these new smartphone based services.
According to the First Data president of international regions, John Elkins, “UniCredit has recognized the opportunities that Universal Commerce offers and we are delighted to be working with it to make this a reality for its international customer base.”
There have been a number of different mobile payments services that have already been introduced around the world that currently use QR codes as the method of completing the transaction. Among the most famous for its successes is the system that was implemented by the Starbucks chain of cafes. Its achievements have become a solid example of the possibilities that the technology has to offer.
Middle East becoming more interested in mobile payments
Demands for mobile payments are rising in the Middle East. The Middle East is emerging as one of the most favorable markets for mobile commerce, especially when it comes to the United Arab Emirates and the affluent population of Dubai. Smartphones and tablets are becoming more common throughout the Middle East, exposing consumers to new ways to engage in the world around them. Mobile payments have begun establishing a strong foothold among a new generation of consumers with access to mobile devices.
Universal commerce may be coming in the future
First Data, a leading payment processing company, has coined the term “universal commerce.” This suggests that everyone will be able to participate in a new era of commerce through a singular platform that will be recognized by all retailers and businesses around the world. Such a platform does not have to come from a single company and does not have to be associated with one particular application. Instead, this platform is meant to provide a framework wherein consumers interested in mobile payments can use their smartphones and tablets to purchase products, or use more traditional forms of currency.
First Data finds that Middle East is enthusiastic about mobile payments
According to First Data, consumers in the Middle East are eager for a new way to participate in commerce and that the mobile space may offer the best solution. Research from a study conducted in 2011 by First Data shows that consumers throughout the Middle East are enthusiastic when it comes to online retail, showing strong signs of their support of mobile commerce. The research found that Middle Eastern consumers have a higher chance of participating in mobile payments than any other group in the world.
Mobile commerce finds strong support in Dubai
Mobile commerce has been growing in the Middle East, backed strongly by companies and organizations based in Dubai. The city boasts of one of the most financially active populations in the world, which has given many consumers in Dubai opportunity to engage in mobile commerce before the rest of the region. Those that have participated in the several mobile payments projects that have taken root in the city have praised the convenience and simplicity of mobile commerce.
