Tag: mobile payments application

Indian mobile payments slower than anticipated

The Reserve Bank of India has released a report that indicated that they had expected faster uptake.

According to the most recent Financial Stability Report from the Reserve Bank of India, the uptake of Indian mobile payments and banking has been promising, and yet considerably slower than had been expected over the span of the last three years.

The only banks in the country that can offer services over smartphones and tablets are those that are licensed.

According to the Central Bank in the country, in order to be able to offer Indian mobile paymentshttp://www.mobilecommercepress.com/mobile-banking-rise-australia/853413/, the institutions that wish to provide them to consumers must not only have a license from the Reserve Bank of India, but it must also be supervised by that agency. At the time of the report, there were 78 banks – including a number of them that are regional rural banks, as well as urban co-ops – that had been given the necessary permissions for offering these services.

Many are continuing to see a massive amount of potential from Indian mobile payments.India Mobile Payments

The Financial Stability Report claimed that using smartphones and tablets for banking offers people in India the greatest opportunity for financial inclusion that has ever been available. The report explained that “Helped by the rapid spread of use of mobile telephony, the growth in mobile banking has been encouraging over last three years.”

That said, it also pointed out that the growth and the overall acceptance of using these smartphone based services as a “channel for accessing banking services” has been much lower than had been anticipated.

Aside from the low awareness and adoption levels, there are also challenges in the industry regarding more rapid growth include the fact that banks aren’t capable of connecting bank account numbers with cell phone numbers, and there is a lack of compatibility between the apps and the devices that people are actually using in the country. There is also a lack of partnerships and models for sharing revenue between network operators and the banks, themselves.

Finally, Indian mobile payments have also been held back by the challenges in obtaining a USSD (Unstructured Supplementary Service Data) channel that is in operation for the purpose.

HP teams with Accumulate for mobile payments

HP looks to bolster mobile presence

Hewlett-Packard has announced that it will be bolstering its presence in the mobile payments field. The announcement comes on the heels of the success of a recent payment venture from PKO Bank Polski in Poland. HP has taken note of the bank’s successful mobile initiative and its use of the IKO mobile payments application. In order to improve its standing in the mobile sector, HP will be partnering with Accumulate, a company that specializes in mobile security solutions and commerce.

HP has high hopes for the mobile sector

HP is no stranger to the mobile payments sector. The company already offers a number of security solutions that have helped make mobile transactions safer in the Americas, Europe, and Asia. HP has seen a growing demand for comprehensive mobile payments services, however, and is eager to meet this demand with its own offering. As such, the company will be working with Accumulate in order to help satisfy consumer demand.

Mobile payments firm may be an asset to HP

Mobile Payments Partnership - HP and AccumulateTeaming with Accumulate will give HP access to a wide range of consumers around the world. Accumulate boasts of some 100 million users worldwide, with a prominent presence among financial service firms. The mobile commerce firm has teamed with several banks in order to make new forms of commerce more available to mobile consumers. Accumulate’s experience is likely to provide HP with healthy momentum as it works to expand into the mobile sector.

Secure solutions could be a big hit with consumers

HP will not only be looking to engage consumers with its commerce initiative, of course, as many businesses have come to rely on the services that HP offers. Accumulate and HP aim to offer businesses better mobile payments services that are secure and reliable. Improved security alone is expected to help businesses appeal more effectively to consumers that have been showing interest in making mobile payments.