Tag: mobile payments adoption

Mobile payments trends study shows increase in usage

The research, conducted by E-Complish, showed that there was a considerable 215 percent rise.

According to the recently released results of research from E-Complish, some of the most important mobile payments trends that have been observed include a major rise in the number of inquiries and transactions.

The firm went over the data that was available regarding the use of this technology over the last two years.

What E-Complish determined in their mobile payments trends study as that there has been an incrase of 215 percent in the use of this technology in 2013 when compared to the usage that was recorded in 2012. The company also noted that they had seen more than 30,000 transactions and that they had recorded processing over $4,500,000 by that date. Comparatively, in 2012, they had seen only 10,000 transactions and their total processing figure was only $1,500,000.

The company has stated that they have every reason to believe that these mobile payments trends will continue.

Mobile Payments UsageThey feel that as consumers are coming to depend on their smartphones for a growing number of daily tasks, including for business purposes and for their banking, they will become increasingly willing and interested in using those same devices to pay for their purchases of products and services. Moreover, a growing number of companies have also started to integrate this form of transaction into those that they offer as the technology works more smoothly into their business models through its simplicity and accessibility.

The E-Complish results showed that customers are using smartphone friendly systems for a wide variety of different purposes, ranging from shopping apps, to personal finance apps, or even the option to pay for services through text messages.

Stephen Price, who founded the company in 1998, has had a careful watch over the mobile payments trends regarding implementation and processing among a range of different types of businesses. He pointed out that efficiency is the primary goal of the company when it comes to the use of the technology. He added that this tech fits into a “diverse range of business models. They’re easily adaptable, and this data proves their versatility.”

Mobile payments in Ghana connected to widespread switch

There has been a transition that has occurred throughout the entire country.

A major change has been going on in Ghana, where all banks will soon be able to bring in mobile payments as an offering for their customers, following enhancements that have been made to the interbank switching and processing system in the country.

This was done by Ghana Interbank Payment and Settlement Systems (GhIPSS), a Bank of Ghana subsidiary.

The enhancements that were made to the national switch were to the gh-link platforms. That is the interbank switching and processing system from GhIPSS which interconnects switches that are run by the country’s various financial institutions and third party institution owned systems. GhIPSS came up with a gh-link mobile payments system in partnership with eTranzact, a Nigerian transaction company. The introduction of gh-link mobile is an element of the mandate from the GhIPSS to turn Ghana into a society that functions with digital transactions. This, according to the chief executive of GhIPSS, Archie Hesse.

Hesse explained that the mobile payments system has been developed and will soon be tested.

Mobile Payments and Ghana BanksThe mobile payments system has already been created. Its testing will begin near the start of 2014 before it will officially be rolled out. All of the country’s banks will then be able to add smartphone based transactions to their offerings.

In 2012, gh-link ATM was introduced by GhIPSS, which gives the debit cards in the country the ability to be use in nearly all of the ATMs throughout the entire country. The Ghana News Agency reported that officials from GhIPSS official have been meeting with other transaction companies. For instance, meetings with MasterCard have brought about integration with cards that are branded by that credit card company into the gh-link platform of ATMs.

Furthermore, beyond mobile payments, GhIPSS has also started a pilot project that uses gh-link hybrid PoS (point of sale) terminals that allow customers of the banks in the country to be able to shop using their local ATM cards. The smartphone based transactions will be added on top of that gh-link platform in order to provide consumers with an added level of flexibility.