Tag: mobile transactions

Mobile payments moves forward with app through Barclays

Retailers will be able to accept these transactions through the new Buyit application.

Barclays’ has taken a new step forward to prove itself as a banking industry innovator by unveiling a new offering to customers in the United Kingdom that allow them to use mobile payments.

These transactions will be based on the use of QR codes printed on various forms of advertisements.

In order to use the mobile payments, the Buyit app is required. It allows customers to scan QR codes on ads in order to make purchases. It is drawn from the popularity of Barclay’s previously launched app Pingit. That app was released earlier this year. The new application, however, helps to extend smartphone transactions beyond the Pingit person to person support so that retailers can also take part.

Barclays’ has high hopes that this mobile payments offering will have a similar impact on its stocks to the last one.

Retail Mobile PaymentsAccording to one recent report, the company has been maintaining a price estimate of $22 for the stock, and that is currently riding around 20 percent above the market price where it currently stands. U.K. regulators have raised concerns about the banking industry’s capital shortfalls in light of the impact that the European region’s slowdown among banking institutions. That could help to explain the price difference that has been observed.

Barclays is hoping to keep itself at the head of the game by remaining a technology leader. Mobile payments offerings is a central part of that effort. It has previously achieved this type of solid success through the use of ATMs, which are now ubiquitous. The organization has also been leading the way in other contactless transaction solutions.

It was Barclays that launched the very first mobile payments solution in the country. The Pingit app allows customers to send money to one another using only the cell number of the recipient and without the need for the sender to know any of the recipient’s account details. The service is available for free for everyone in the United Kingdom, provided that they have a bank account and a smartphone with which to make the funds exchange.

Mobile payments startup launched by co-founder of PayPal

mobile payments AffirmThe business will be a rival, and was just opened under the name Affirm.

Co-founder of PayPal, Max Levchin, has just announced the launch of a business that will be a direct rival to the mobile payments segment of the company, which will be called Affirm.

This new company will add itself to the rapidly growing and highly competitive smartphone based marketplace.

The technology that is being offered through Affirm is meant to assist shoppers in completing mobile payments more quickly and easily when making purchases online by way of their devices such as smartphones and tablets, says the official website of the company. At the moment, eBay’s PayPal is the online payment leader, but it is facing growing competition from startups that are making their way into the mcommerce space.

Affirm is concentrating on streamlining mobile payments for a far faster checkout process.

The goal of the company is to help to decrease the amount of information that needs to be typed in when making a purchase over a small device such as a smartphone. Entering credit card numbers, shipping addresses, and other data can be time consuming and frustrating when using a very small screen or a touchscreen typing pad.

Affirm has claimed to have reduced the process of making a purchase online so that it involves two simply taps on the screen of a smartphone. The first is to actually choose Affirm on the website of the participating merchant, and the second is to actually confirm the order itself. At the moment, the identity of the user is confirmed through Facebook. Therefore, there will be a third step that must be taken for first time users, which involves having to log in to their Facebook accounts and then giving permission to use the Affirm app.

Levchin was one of PayPal’s two cofounders (Peter Thiel being the other), and held the position of Chief Technology Officer for four years. After that point, the online and mobile payments company was acquired by eBay. It was Levchin who created and constructed the unique and state of the art fraud prevention and online security systems for PayPal.