mobile banking

CMA orders UK banks to open up for mobile

The Competition and Markets Authority (CMA) has released the final report from its retail banking market investigation enforcing widespread technological upgrades in some of the industry’s more traditional institutions.

UK mobile banking use forecast to double

The number of UK mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, according to a new report commissioned by Fiserv, writes Banking Technology. Online banking is still growing too, the research found.

Mobile banking to overtake online within five years

Analyst firm Juniper Research reckons more people will be using mobile apps for banking than web-based options by 2019, as the 800 million people who used their phones for banking more than doubles to 1.75 billion in five years.

Consumers don’t trust mobile payments study finds

Fewer than one in four of UK consumers would use their smartphone like a credit card to make payments even if they had the relevant app, according to a new survey carried out by YouGov on behalf of outsourcing firm Firstsource Solutions.

Ericsson may apply for European financial services licence

Swedish vendor Ericsson, which recently announced its entry into the mobile financial services space with an enabling technology play, has not ruled out the possibility that it may apply for a licence to operate financial services itself. Currently Ericsson is working with an unnamed player in the financial space, and it is that player’s licence that enables the Ericsson white label offering. But Semir Majoub, president of Ericsson Mobile Money Services, told that the company may yet look to apply for a licence of its own.

MTN Cameroon launches mobile money service

Cameroon mobile operator MTN has launched a mobile money service in partnership with local bank Afriland First Bank. The service enables users to make P2P money transfers and buy airtime. MTN plans to extend the service to pay bills and for goods and services in the future. According to Afriland the banking penetration rate in Cameroon is less than 10 per cent.

Mobile banking to generate 90 billion SMS by 2015

Mobile banking services worldwide will be generating 90 billion text messages per annum by 2015, up from 30 billion this year, according to figures released by Juniper Research on Tuesday. The figure equates to one message every two days for each user of mobile banking services, Juniper said.

The mobile commerce revolution

There are several fundamental financial transaction issues faced by 100’s of millions of adults in Africa on a daily basis, ranging from the ordering and payment of goods and services, to the challenges of traditional banking, bill/tax payments, salary withdrawals and international remittances.

Nokia breaks into banking

The world’s leading mobile handset manufacturer, Finland’s Nokia, announced a move into financial services on Wednesday. The new direction for Nokia will see it working with mobile payment specialist Obopay, in which Nokia invested $70m in March this year.