Tag: mobile payments

Apple Pay has managed to find success where other services have failed

Apple Pay has been finding significant success as a mobile payments service in the few months since its launch, but the service could face challenges in the future. When Apple launched its payment service in September of this year, many believed that it would be a game changer in the mobile commerce space. The service launched with the support of several major retail companies and financial institutions and has been gaining more support from these sectors since.

Report shows that mobile payments among iOS users is rising dramatically

A recent report released by Investment Technology Group found that Apple Pay has already had a significant impact. The report shows that 60% of new Apple Pay users made a payment through the service multiple times during November, suggesting that the platform is engaging consumers effectively. By comparison, 20% of new PayPal customers used the company’s service during the same period.  The report also shows that Apple Pay customers used the service approximately 1.4 times per week.

Consumers are likely to continue using Apple Pay with merchants they already purchase products from

The retail partners that Apple has acquired for the launch of Apple Pay have helped the service flourish. Those with iOS devices have been without a comprehensive mobile payments solution for some time, and many were happy to use Apple Pay when it was launched in September. The report from Investment Technology Group shows that Apple Pay users were more likely to continue using the service with the same retailers numerous times, with 66% of consumers using the service at the same merchant for future transactions.

 Mobile payments is coming under regulatory scrutiny

Despite the success of Apple Pay, it could be subject to restrictive financial regulations in the future. Apple may be subject to examination by the Consumer Financial Protection Bureau, which has grown somewhat concerned about the mobile payments space recently. While the agency has not yet taken steps to examine companies like Apple and determine whether or not they must comply with the Consumer Financial Protection Act, mobile payments have been falling under more regulatory scrutiny recently.

This app has partnered with the State Bank of India in order to reach people without banking access in the country.

The Amdocs mobile wallet app has now entered into a partnership with the State Bank of India for the purpose of reaching the millions of people throughout the country who are unbanked, so that they can have access to digital banking capabilities.

The company has now officially announced its white label solution that targets the underbanked and unbanked populations.

Amdocs provides global customer experience solutions for the telecom industry. It announced that it will be bringing a mobile wallet to the unbanked and underbanked populations of the world. That said, it also made a second announcement, which was of a new partnership that it had opened up with Triotech, the State Bank of India, and Bharat Sanchar Nigram Ltd (the Indian telecom). It has offered its new solution with the intention to be able to reach about 75 million households within the country.

The mobile wallet gives users the ability to complete a range of different types of transaction.

Users of the app are able to take part in a broad spectrum of mobile payments and banking capabilities. This includes paying their bills, applying for a microloan, making payments in-store through their debit and credit cards, as well as with prepaid cards.

A significant move by Amdocs that made this new mobile payments and banking solution possible was its acquisition of Utiba, which took place earlier in 2014, and that had already launched its first m-commerce in 2004 in the Philippines.

It is pushing to take part of the massive potential presented by the tremendous unbanked population around the world which, according to the World Bank, is made up of 2.5 billion people. The Amdocs division president of emerging offerings, Patrick McGrory, explained that it is seeing a considerable opportunity to bring together the efforts of telecoms and banks in order to be able to serve that population, particularly as much of the unbanked population of the world also happens to be smartphone owners, making it a potentially perfect fit.