10 trends that will impact mobile money in 2015

Mobile Money is taking off.  Buoyed by the launch of NFC payments from the likes of Apple and Google in developed markets and the lowering cost of smartphones in growth markets, it offers convenience, financial inclusion and incredible reach. Yet the technology is typically fragmented and necessarily has varying levels of government regulation to protect consumers. Here, Adel Shahin, Research Manager MEF member and mobile money provider, Novatti discusses the 10 key trends that are shaping mobile money. Mobile money generally refers to financial services provided by Mobile Network …

The Mobile Money Landscape Update

Since the last edition of MEF's Mobile Money ebulletin there have been many new milestones in the ever evolving space. Microsoft announced plans to introduce direct operator billing to all Windows 10 devices, claiming that the move will result in an 8X increase in purchases, while elsewhere Apple Pay continues its roll-out to more countries and Google announced the launch of Android Pay succeeding Google Wallet. The big difference between the two services is that AT&T, Verizon, and T-Mobile will pre-install Android Pay on phones when the service is ready later this year. Check out the …

16 reasons why FinTech, health and education are key drivers of innovation in mobile

Now in their 12th year, MEF’s annual awards, the Meffys is an industry benchmark for the evolution of our ecosystem. In 2005 the first dedicated Innovation Award was introduced to the Meffys and marked "an industry coming of age" according to the ceremony host, UK newsreader Krishnan Guru-Murthy. Fast-forward 10 years and it is the sectors that mobile now enables that is experiencing accelerated growth. The Meffys 2015 features seven Innovation awards including: App, Business Model, Mobile in Education, FinTech, mHealth, Mobile First Markets and Technology. Here we take a look at the …

Nine trends that are shaping the way consumers spend and bank on mobile

In June MEF launched its third annual Global Mobile Money report in association with Wirecard and authored by Tim Green from Mobile Money Revolution. The report, which studied 15,000 mobile users across 15 countries, shows that mobile banking and mobile commerce continues to engage consumers - especially in mobile first markets. 69% of mobile media users globally carried out a banking activity via mobile whilst 66% have carried out a transaction. As new mobile payment models come online, and more sectors embrace mobile as the primary channel for customer engagement and transaction, the …

Mobile payment drivers: why we need to incentivise users

Mobile payments are growing globally.  With Apple Pay, Samsung Pay and Android Pay all maneuvering to capture market share, much of the future growth is touted to come from NFC payments - in-store (in developed markets at least).  For the consumer however the process of unlocking a phone, signing in, sending payment, receiving an e-receipt etc, is perhaps - when compared to tap and pay card payments- still a process that has *friction*. Here John Doornbusch, Solution Architect at global mobile payments provider and MEF member Novatti discusses what the mobile money levers are and how to …

Industry Views: the NFC payments opportunity

Last week MEF launched its annual Global Mobile Money report, which studied 15,000 mobile users across 15 countries.  The headline statistic is that mobile banking and mobile commerce continues to engage consumers - especially in mobile first markets. 69% of mobile media users globally carried out a banking activity via mobile whilst 66% have carried out a transaction. In tandem this year has seen the launch of Samsung Pay and more recently Android Pay, with Apple announcing its expansion plans for Apple Pay earlier this month.  Yet MEF's own report shows that in-store (where NFC payments …

MEF members meet the startups of tomorrow with Barclays Accelerator powered by Techstars

MEF this week hosted a fintech-focused Innovation Meetup with the Barclays Accelerator powered by Techstars, attended by MEF members and invited guests as part of our new and dedicated Innovation Programme. The event showcased the current cohort participating in the Accelerator based at the London Escalator, an open innovation space designed to support start-ups and entrepreneurs. Nine companies (unfortunately the 10th startup was unable to attend) presented a quick-fire pitch about their business to the assembled audience, which was followed by enthusiastic networking, giving MEF …

Industry Views: mobile money – is cash on its way out?

Last week UK Bank, Halifax, released an interesting report.  The headline statistic is that cash makes up just £18.33 of every £100 spent (18%), with digital transactions soaring over the last few years. Smartphone usage has powered the change, and mobile transactions are expected to grow from £9.7bn this year to £53.6bn by 2024. With the launch of Apple Pay and Samsung Pay, plus giant steps forward in direct operator billing and a host of other mobile money technologies and business models, can the industry finally trumpet the beginning of the end of cash? We asked MEF members and the …

12 stats that show how mobile money is growing globally

Mobile Money continues to gather pace.  This year’s Christmas period saw another record breaking year in mobile transaction volumes.  At the same time the halo effect of Apple Pay has seen the launch of similar services, notably Samsung’s Samsung Pay. Here we’ve collected the original reports, research and forecasts over the last three months that illustrate just how mobile money is taking hold, bringing mobile service providers in to direct and collaborative relationships with regulators, banks, and retailers and typify how the ecosystem is evolving, cross sector, cross border from …

The Global Mobile Money Landscape – Updated

The mobile money sector is one of the most fluid in the whole of the mobile ecosystem, with more players entering and exiting, new tech and services being launched or trialed.  Here’s MEF’s quarterly update on the key players in the landscape. Defined by our Global Working Group it categories the ecosystem into in-store payments, online payments, P2P payments, direct operator billing, mobile wallets and mPos. MEF’s Global Mobile Money Landscape, is part of our regular Mobile Money eBulletin series, which you can download for free right now. Thanks to everyone who got in touch to share their …

Innovation Series: disruptive talk from three mobile payment startups

Continuing our Innovation Day series, three mobile payments startups take the stage at MEF Global Forum to share insights on their disruptive business models and discuss the future of the financial services industry as it weaves itself in to the mobile ecosystem. Checkout the presentations from PayNearMe, InStore and Bionym below, plus below that a panel debate on the future of financial services with three Fintech powerhouses - Bill Harris of Personal Capital, Seb Taveau of Mastercard and Darren Foulds from session sponsor Barclays. Eryc Branham, GM & CRO of RocketSpace …

Tackling the barriers to mobile payments

2014 was a big year for mobile payments, Apple made its hotly anticipated move with the launch of the NFC powered Apple Pay, stimulating consumers to reach for their phones to pay for goods at the checkout.  One recent study by Boston Retail Partners estimates that 38% of large US retailers will be accepting Apple Pay by the end of 2015.   Other mobile payments platforms are beginning to catch fire too.  Direct Carrier Billing for example is poised as a highly convenient way to make payments for goods and services in the physical world. Below, Oliver Schmitz, Global Lead KAM Online Retail …

MasterCard is making mobile money a reality in Egypt

In growth economies, where handset penetration is high, mobile is typically the first and sometimes only digital touch-point for consumers within a large under-banked or un-banked population.  Characteristically commerce in the these countries is predominantly cash based, where routine financial tasks like transferring money to friends, paying utility bills or topping up phone credit is a matter (for most at least) of paying with hard cash. However in recent years that situation has begun to change.  Banks, credit card companies, mobile carriers and regulators are increasingly working …

Direct Carrier Billing and Boku’s e-money: from digital to physical purchases

Until recently, in Europe, direct carrier billing (AKA direct operator billing) was restricted to the purchase of digital goods and operated under an exemption to the European Union’s Payment Services Directive (PSD). This regulatory framework was largely established to deal with the purchase of ringtones and wallpapers. Now however, it’s possible for carrier billing providers to operate in full compliance with the PSD using an e-money licence, enabling carrier billing to be used for physical purchases, presenting a major new commerce opportunity. MEF member Boku is one such company that …

Why Direct Operator Billing Is Back In Style

From its early beginnings as a convenient way to purchase a ringtone or game with a premium rate SMS message, paying with your mobile bill has come a long way. Today, Direct Operator Billing (DOB) (sometimes referred to as Direct Carrier Billing) is recognised globally as a highly convenient way to pay for all kinds of digital goods and services. At the same time, the plethora of mobile payment wallets which have been launched over the last year and the global consumers’ increasing appetite to pay for physical goods over their mobile presents a challenge to existing incumbents. So what does …

15 stats that show how mobile money is taking shape globally

Earlier this month we created this Mobile Money Landscape diagram - a who's who of the companies that are booting up the mobile money ecosystem. Take a closer look at the statistics below which we've picked out to illustrate how mobile money is pushing out in every direction, bringing mobile service providers in to direct and collaborative relationships with regulators, banks, and retailers, creating a powerful mix of companies that are all committed to making a secure and sustainable future. Understanding how mobile money is taking shape in growth and established economies will also be …

The Global Mobile Money Landscape

The world of mobile money is an exciting but complex one. The sector has moved firmly into the mainstream with an ecosystem that captures stakeholders from innovative startups to established mobile payment companies as well as MNOs card companies, banks and device manufacturers.  New services are continually being launched and trialed making this one of the most fluid and dynamic areas in mobile. We’ve created a handy infographic to help define the key areas and players in the space. MEF’s member working group defines Mobile Money into six categories: in-store payments, online payments, P2P …

Enabling the move from cash to mobile money

Its no secret that much of the innovation around mobile money and mobile financial services is coming from growth markets.  Typically large sections of the population in these countries are un-banked and have limited access to any physical banking infrastructure yet feature phone and smartphone penetration is high.  Taken together these circumstances have paved the way for mobile money services which are maturing to become essential banking tools that allow more sophisticated financial services to be brought to market. In this guest blog, Sunil Sachdev, MD of financial technology company …

Digital Wallets – Transforming the retail experience

Srinivas Nidugondi, Senior Vice President at Mahindra Comviva heads the mobile financial Solutions business unit. Here he discusses how mobile wallets present a huge opportunity for creative merchants to add value to digital transactions, while sharing his key tips for success and the pitfalls to avoid. The way we use money has undergone a sea-change. After several false starts, financial services and mobile connectivity have forged a mutually beneficial relationship. According to industry estimates, the volume of global mobile transactions is expected to witness 35 per cent annual growth …