Tag: uk bank mobile payments

Mobile payments firm launches new partnerships

Monitise, a developer of mobile payments technology, has announced that it has secured a partnership with a leading bank in the United Kingdom as well as extending a commercial contract with one of the country’s leading financial organizations. The company notes that the demand for mobile payments technology has been growing dramatically over the past year. With 2013 over, many retailers and other businesses have been exposed to the benefits of mobile commerce and these organizations are showing their eagerness to embrace the mobile space in 2014.

Mobile commerce continues to grow

Mobile payments are not only growing more popular among businesses. Consumers have become quite interested in mobile commerce and the demand for new services is beginning to reach new heights. Companies are beginning to feel the pressure to accommodate consumer demand or risk losing ground to their competitors that are more mobile-conscious. Mobile commerce is growing at a quick pace due to the importance smartphones and tablets have come to play in the daily lives of consumers.

Monitise has high hopes for 2014 and beyond

Monitise expects to see its revenue increase by 50% in 2014 as it forms new partnerships in Europe and the U.S. The firm expects 2014 and 2015 to be major years in terms of mobile commerce, but also notes that it will likely see fierce competition emerge onto the scene. Companies like Square, which currently only operates in North America, have established a strong presence and major retail organizations like eBay and Alibaba are beginning to take mobile payments more seriously. While Monitise is behind the technology that is used by several large brands interested in mobile commerce, it is just one among several similar firms that are vying for attention.

Uncertainty lingers in the mobile commerce space

The future of mobile commerce is often painted as bright and fortuitous, but there are still many uncertainties and risks that exist in the sector. Security threats abound as malicious groups become more focused on mobile commerce and stealing financial information from businesses and consumers alike. The capabilities of mobile commerce platforms and how they provide a positive experience to consumers is also called into question quite frequently as retailers and other groups continue to struggle with their adaptation to the mobile space.

The United Kingdom will likely be adding a new smartphone friendly transaction service.

According to a recent announcement, the United Kingdom may soon be adding a brand new mobile payments platform to its offerings and will involved every major bank in the country.

When this comes together, it could be an important example for how financial institutions can collaborate.

The British banks will be working together for this mobile payments platform and may help to provide an example of how other financial institutions around the world can work together in order to make this type of transaction more widespread and to help to provide a more universal experience.

This type of partnership among banks can help to make mobile payments a lot more widespread.

The mobile payments service will be called Zapp and it was initially launched by VocaLink. That company is the collectively owned ATM and transaction network by the British banks. This will simply expand on the type of smartphone transaction service that is available in a similar way that other types of transactions have already been spread.

The Zapp mobile payments service will allow consumers to link their smartphone numbers to their bank accounts. This way, it will let these shoppers use their devices to send money in several different ways and for many different purposes. For example, it will allow everything from paying bills over smartphones to making peer to peer funds transfers.

The announcement revealed that the mobile payments platform has received funding from VocaLink worth £16 million, so far, and that it will still require an additional £100 million in order to bring it up to the ability to launch in 2014, as is intended.

Many different mobile payments platforms are currently launching all over the world, including in the United Kingdom. However, this will be among the first of its kind in terms of collaboration across all major banks in the country. The transactions have been very slow to take off, but it could be just this type of service that may make the difference to convince both businesses and consumers to adopt this cashless form of payment.