Thursday, June 28, 2012

UK Firm Threatens to Shake up US Market with Mobile Payment Service


mPowa launches with rich offering to compete with Square and others



LONDON, June 28, 2012 /PRNewswire/ --

A new mobile payment service is launching in the US that will pose a serious challenge to those already operating in the sector. mPowa, launched by British e-commerce serial entrepreneur Dan Wagner, is expected to encroach on the market share held in the US by Square by capitalising on weaknesses of the current American market leader.



mPowa is a service that includes a mobile phone app and a reader which connects to a smartphone or mobile device either by plugging into its headphone socket or via Bluetooth. It allows merchants to take payments on the go and will appeal to a wide range of businesses.

 

The mobile app is free to download on iPhone, iPad, Android, Windows and Blackberry devices and functions as the control centre that accepts payment in multiple currencies anywhere in the world. It monitors payments made by card as well as cash and cheque, as well as processing each transaction securely.

The reader, when connected to a mobile phone, is used to swipe the magnetic strip of the card, or for the chip and pin device, the card is inserted and the customer is prompted to enter their PIN code. mPowa enables businesses, including sole traders, to take payments immediately without waiting for invoices to be issued and paid and mobilizes sales organisations in the field to take payment for goods and services.

mPowa, although released after US competitor Square, differs in that it is the first service of its kind to enable businesses who already accept card payments, through their existing banking arrangements, to now have the benefit of mPowa's mobility. In addition, a new swathe of businesses, particularly SMEs, will be able to accept card payments on the go for the first time.

Unlike Square, mPowa also caters for Chip & PIN cards. As increasing numbers of credit card companies worldwide are beginning to introduce cards bearing a chip, this feature from mPowa is very important both locally and internationally where in many markets it is a requirement for merchants.

Heavyweight European-based entrepreneur Dan Wagner, Chairman and CEO of Powa Technologies, the company behind mPowa, created the product after success with his previous ventures. His first company M.A.I.D (Marketing Analysis & Information Database) was founded in 1984 and after dominating the sector, was sold to Thomson Reuters for approximately half a billion dollars. He established Venda - the world's largest 'on demand' ecommerce provider and has applied his deep affinity with the sector to create another market leading business.

Dan, who has been lauded for his ability to spot trends far in advance, said, "The rich e-commerce heritage of the company borne out of supplying solutions to major global brands and the extensive knowledge we have of the US marketplace has enabled us to create a service that has really differentiated us from what is already available. We have five patents on our important innovations and we have created a compelling offering for all companies - whatever their size. Whether you're a large enterprise looking to mobilise your sales team, a street vendor, or a local plumber who wants to accept payment on the spot, even from customers who don't have cash to hand, this is a product that will have a huge impact right across the country."

"It was incredibly important to us that we were able to cater for the growing number of credit cards globally that bear a chip. Chip & PIN technology is already extensively used throughout Europe and Asia and as more companies introduce it as a way of providing an added layer of security, the features of mPowa become all the more crucial for companies worldwide. mPowa will be an invaluable service for accepting payments whether the point of sale is the doorstep or the shop floor."

Both the mobile app and reader are free and the only cost associated with using mPowa is the small 0.25% fee charged for each credit or debit card payment processed, making it accessible to all businesses. A web-based Merchant Dashboard account management system enables users to fully monitor payments in addition to the mobile app. Meanwhile, receipts can be sent by email or SMS.

About mPowa http://www.mpowa.com

mPowa is a point of sale device that enables credit and debit card payment s to be made on the go. It consists of a mobile phone app for iPhone, iPad, Android, Windows or Blackberry devices, and a card reader. This can be either a magnetic stripe reader (MSR) which can be plugged into the phone's headphone socket or a Chip & PIN device which communicates with the phone through Bluetooth.

mPowa was created by multi award-winning serial entrepreneur Dan Wagner. Dan set up mPowa as the mobile off-shoot of his ecommerce and web publishing platform for small businesses called Powa Technologies. Previously, he established Venda - the world's largest 'on demand' ecommerce provider - and Locayta - sophisticated search and profiling technology - both are now global leaders in their fields.

For more information, interviews and comment about mPowa, please contact Flame PR on +44-203-357-9740 or Rani on +44-203-357-9645 (rani@flamepr.com) or Jermaine on +44-7947-514-814 (Jermaine@flamepr.com) or Kully on +44-7884-246-858. Alternatively please email enquiries@flamepr.com


SOURCE mPowa

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35 "Mobile Payment" Headlines from Around the World

News35 new results for "Mobile Payment"
Fino buys out Nokia's mobile payment business
Times of India
Fino, India's largest business correspondent (BC) and alternative channel for financial services, acquired pre-paid mobile payment business of Nokia Mobile ...
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FINO acquires Nokia's mobile payment arm in all-cash deal
Hindu Business Line
FINO, a technology solutions provider, has acquired the pre-paid mobile payment business of erstwhile Nokia Mobile Payment Services. FINO is the largest ...
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Hindu Business Line
Australia On-Course for a Mobile Payment Future … but Work Still ...
The FINANCIAL
The MasterCard Mobile Payments Readiness Index (MPRI) reveals Australia now sits middle of the pack globally in our readiness for mobile payments, with 17 ...
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MTS plans to launch app for mobile payment through cards
Economic Times
Sistema Shyam Teleservices, which offer telecom services under the MTS brand, plans to power its smartphones with a card swipe device which would facilitate ...
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Girls Scouts Beta Tested Mobile Payment Technology – Cookie ...
Daily Deal Media
girl scout cookies, mobile, daily deal media Every year, Girl Scout troops all across the United States begin to mass market their infamous cookies. This year the ...
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Daily Deal Media
Fino buys Nokia's mobile payment services business in India
ITvoir
Fino buys Nokia's mobile payment services business in India. According to a latest update, financial inclusion facilitating firm Fino has acquired Finnish handse.
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JPMorgan Covers Bases In Crowded Mobile Payment Field
Investor's Business Daily
JPMorgan Chase is expanding its efforts in the increasingly crowded mobile payment arena with a new terminal that works with various types of pay options.
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iPhone 5 Might Feature Mobile Payment Technology
Tapscape
The iPhone 5 might feature NFC support, which would let users checkout at retail stores and restaurants without swiping a credit card or handing over cash.
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Tapscape
Queue Busting May Be More Effective Than Initially Thought, Thanks ...
StorefrontBacktalk
What about mobile payment? If—OK, when—that ... After the first major breach that is unique to a mobile payment scheme - we will see attention from the brands.
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ControlCase Authorized to Certify PCI Compliance with New Point ...
MarketWatch (press release)
In order to keep pace with the steady stream of technology improvements in the retail landscape -- such as the growing use of mobile payment acceptance -- the ...
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Chase Paymentech Launches New Payment Terminal to Help ...
The FINANCIAL
... Australia On-Course for a Mobile Payment Future … but Work Still Needs to be Done · VTB sponsors business program at Engineering Technologies 2012 ...
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MTS to launch mobile as point of sale service
Hindu Business Line
FINO acquires Nokia's mobile payment arm in all-cash deal 18 hr. 19 min. ago. Forms for opening savings bankaccounts to be made simple 18 hr. 27 min. ago ...
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FINO acquires Nokia's prepaid payment services business in India
Expedated
Mumbai based financial inclusion service provider FINO has acquired prepaid mobile payment business of Finnish handset maker Nokia for an undisclosed ...
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Expedated
Why developing economies are embracing mobile banking
Mobile Payments Today
Unbanked populations in countries around the world are relying more on self-service and mobile banking for their financial needs.
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Comviva to offer mobile financial services globally on hosted SaaS ...
VC Circle
... in the ecosystem, retailers or merchants/billers and end-consumers, and that can result in the rapid uptake of mobile payment services in these countries.
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Whatever Happened to Home Depot Fuel?
CSNews Online
"Most of [the feedback] has been anecdotal, but we're excited about it and are really excited to see where [the PayPal mobile payment technology] will go from ...
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CSNews Online
Chase Paymentech offers 'future proof' terminal to accept mobile, EMV
Mobile Payments Today
Merchant acquirer Chase Paymentech, a subsidiary of JPMorgan Chase & Co., has launched a new point of sale terminal it's calling "Future Proof." The device ...
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CorFire and Payfone to Deliver Frictionless Mobile Commerce to ...
Citybizlist (press release)
CorFire · CorPay · Payfone · "Checkout the Mobile Payment Opportunity," by Juniper Research. To find out more about the company in this article and to see if ...
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Fino buys Nokia's Indian mobile money business
Finextra
... still has around 700000 accounts lying dormant, for an undisclosed cash fee and will try to revive it. Fino buys Nokia's mobile payment services business - PTI ...
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Finextra
Why Are You Waving Your Android Phone At My Ass? [ALERT]
MotoringCrunch
The app relies on the NFC technology which is used by mobile payment platforms which include Google Wallet. In theory to be able to get someone's card ...
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Mobile device hardware security market will grow to $1.9 billion by ...
telecomlead.com
"The drivers for embedded chip security are increasing demand of mobile payment transactions, digital rights management, enterprise protection, and control ...
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telecomlead.com
Tesco Pushing Site Customization, Using Mobile and Social Site ...
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After the first major breach that is unique to a mobile payment scheme - we will ... The BK mobile payment is in my opinion, a gateway entry point to introduce ...
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Price Waterhouse Cooper: Only mobile comms can SAVE HUMANITY
Register
A third of Kenya's GDP is now apparently running through Safaricom's M-Pesa mobile-payment platform which was put together by (Safaricom shareholder) ...
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MobiCart inks strategic partnership with Zooz
Telecompaper (subscription)
ZooZ, a provider of in-app mobile payment products, has entered into a strategic partnership with MobiCart, an m-commerce application development platform.
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Watch Google I/O live
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Watch the live feed from Google's annual developer gathering.
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CorFire, Payfone launch m-commerce service for merchants
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... of SK C&C USA and a provider of mobile technology products, has signed a partnership agreement with global mobile payment processing platform Payfone.
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Square addresses #1 request: separate log-ins for multiple workers
GigaOM
Square, the mobile payment wunder-startup, is quietly growing up, adding new features that make it more appealing to bigger businesses and existing ...
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GigaOM
Pyramid In A Big Winner To Boost The Total Return
Investor's Business Daily
JPMorgan Chase (JPM) is keeping its bases covered in the increasingly competitive and crowded mobile payment arena with a terminal that accepts a variety of ...
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The Digital Wallet's Future is Now
TheStreet.com
... are not going to go down without a fight, perhaps part of the reason why Visa made an investment in mobile payment specialist Square last year. Channing ...
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Geeks for good
The Economist (blog)
At the time, the hype around mobile services in the developing world, such as M-PESA, Safaricom's hugely popular mobile payment service in Kenya, was at its ...
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The Economist (blog)
Telcos add 1.85 mn new mobile users in Apr; Bharti leads
Zee News
... Aveo, mulls similar step with Optra · MTS plans to launch app for mobile payment through cards · Yamaha to make cheapest ever motorcycle in India for $500 ...
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Zee News
Mobile hardware security market to hit USD 1.9 bln in 2017
Telecompaper (subscription)
The report further indicates that the primary drivers for embedded chip security are increasing demand of mobile payment transactions, digital rights ...
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Americans Are Phoning the Web
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"Reliable and easy-to-use mobile payment systems, integrated seamlessly into the mobile browsing experience, are also necessary for m-commerce to ...
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Briefly Business: HSBC to sell Axis,Yes Bank stakes for Rs 2450 crore
Indian Express
Mumbai: Fino has acquired Nokia's mobile payment services business in the country. 'Rating agencies should not talk on leadership'. New Delhi: Corporate ...
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Google unveils small-screen tablet Nexus 7
VietNamNet Bridge
With a weight of 340 grams, the tablet is Wi-Fi only and has built-in NFC (Near Field Communication) chips for mobile payment. Barra noted that the new tablet is ...
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VietNamNet Bridge

Blogs6 new results for "Mobile Payment"
Five industries successfully utilizing mobile payment solutions today ...
By Tommy Swanson
Payment processing is a dynamic field of interest that has taken an evolutionary turn in recent years. Heightened awareness to ever-changing payment.
Techi.com
QuickPay and Liberty PlugIns Team to Offer Mobile Payments and ...
By Vegaspos
SAN FRANCISCO, June 26, 2012 /PRNewswire/ — Liberty PlugIns (LPI) has partnered with QuickPay Corp., a premier mobile payment platform provider, to make mobile payments available for electric vehicle (EV) charging stations.
Designer Children Latest News
Fino acquires Nokia's mobile payment services business | eGov ...
By nayana
Financial inclusion facilitating firm Fino said it has bought Nokia's mobile payment services business in the country for an undisclosed amount. This will help the company enter the prepaid mobile payments segment. Fino, which is primarily ...
eGov Magazine
48 Hours in the Valley: Highlighting Vancouver Startups
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Google unveils small-screen tablet Nexus 7 — TalkVietnam
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With a weight of 340 grams, the tablet is Wi-Fi only and has built-in NFC (Near Field Communication) chips for mobile payment. Barra noted that the new tablet is built for the rich content on the company's online store Google Play, including ...
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Gopayment, credit card processing, mobile payment ... - WideStat
This page contains a report on the estimated value of gopayment.ca. Due to the data analysis of gopayment.ca the estimated value of the website is $1663.20 USD. Estimated daily profit from contextual advertising $4.62 USD.
WideStat.com - Website Worth...

Web4 new results for "Mobile Payment"
Square Announces New Mobile Payment Feature | Inc.com
Square's newest feature for its Square Card Reader will allow companies to accept payments easily and securely at multiple locations.
www.inc.com/.../square-announces-new-mobile-payment-feat...
Australia On-Course for a Mobile Payment Future … but Work Still ...
To tweet this release and related images, copy and paste http://bit.ly/MCW4wH to your Twitter handle with the hash tags #MasterCard and #MobilePayments ...
newsroom.mastercard.com/.../australia-on-course-for-a-mobile...
Alipay Launched New Mobile Payment Service | China Internet Watch
Alipay announced new mobile payment service to make fund transfer easier. Users, whoever have an Android device or iPhone, can transfer fund via mobile ...
www.chinainternetwatch.com/.../alipay-launched-new-mobile-...
Mobile Payment | zappit
Mobile payment technology allows users to purchase goods or services using their mobile device. There are currently four versions of mobile payment: ...
zappit.co/technology/mobile-payment/



Debit-Card Reform Will Help Hold Down Consumer Prices, Report Says, According to Merchants Payments Coalition

Image representing Business Wire as depicted i...
Image via CrunchBase

WASHINGTON--()--Consumers are the winners from reform of the debit-card market.
“is heaviest at supermarkets, drugstores, discount retailers, convenience stores and gas stations, which generally earn a very low operating margin.”
As the fees banks charge merchants to process debit-card transactions fall, the authoritative Moody’s Investors Services reports, “we believe retailers will use [the savings] to help shield customers from the impact of [other] rising costs.”
The report says the savings from debit-card reform will especially help retailers whose profit margins are only a few pennies on the dollar to hold prices down as their other costs rise.
“Debit card use,” said the credit-rating company, “is heaviest at supermarkets, drugstores, discount retailers, convenience stores and gas stations, which generally earn a very low operating margin.
“All face rising transportation costs due to higher gas prices and increasing labor costs. In addition, supermarkets face rising food commodity costs and drug stores face pressures on prescription reimbursement rates.”
Until reform, which took effect in October, the powerful duopoly of Visa and MasterCard secretly fixed these “swipe fees” that banks charge to process their cardholders’ debit-card transactions.
Visa, MasterCard and the banks still operate this way with credit cards, which means card fees have risen so high over the years that America’s grocers, gas stations and every other retailer pay the highest fees in the industrialized world. For some retailers, card fees are their second-highest operating cost after labor.
The Moody’s report – “New Debit Rules Hurt Banks and Reshape the Payment Processor Market” – also finds debit reform has introduced competition to this hitherto dysfunctional market. Reform, Moody’s says, “makes payment processing more competitive” – competition that merchants have sought for years.
Elsewhere in the report, Moody’s undermines a key claim by the banks, which oppose reform: “While on the surface it would be easy to presume that retailers would benefit from a reduced debit interchange fee, we do not expect retailers to see a material improvement in their earnings due to the Durbin Amendment.”
In other words, the banks were either wrong or not telling the truth when they claimed during Congressional debate on the Durbin Amendment to the Dodd-Frank financial reform law that retailers would sit on the savings and not use them to help keep prices from rising.
“Here is more evidence that reforming the card market by making it competitive and transparent helps consumers,” said Mallory Duncan, chairman of the Merchants Payments Coalition, a group of retailers that supports reform of the card market.
The Merchants Payments Coalition - UnfairCreditCardFees.com - is a group of retailers, supermarkets, drug stores, convenience stores, fuel stations, on-line merchants and other businesses who are fighting against unfair credit card fees and fighting for a more competitive and transparent card system that works better for consumers and merchants alike. The coalition's member associations collectively represent about 2.7 million stores with approximately 50 million employees.

Contacts

The Merchants Payments Coalition
Mike Flagg, 202-253-4164
mike@hintoncommunications.com

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Mobile Device Hardware Security Market Will Be Valued at $1.9 Billion in 2017, Says ABI Research


LONDON, Jun 27, 2012 (BUSINESS WIRE) -- Security has always been one of the forefront considerations within the mobile device industry. BlackBerry maker Research in Motion (RIM), for example, gained the attention of Wall Street bankers because of the financial industry's need for high levels of data protection and security, along with the convenience of mobile use. A lot of talk in the mobile industry focuses around software security through detection and preventative applications; however, very little seems to be said on embedded mobile device hardware security.
Valued at approximately $430 million in 2012, the mobile device hardware security market will be worth $1.9 billion by 2017. The bulk of the market is attributed to embedded chip security consisting of embedded chip security technology -- such as ARM's TrustZone -- and other semiconductor companies' security solutions. Revenues generated by secure elements for near field communication (NFC) and biometric sensors are also factored into the mix, though relatively small compared to embedded chip security. This will change, however, in the next two years.
"The primary drivers for embedded chip security are increasing demand of mobile payment transactions, digital rights management, enterprise protection, and control access to the device," says Joshua Flood, senior analyst, devices, applications & content. Additionally, semiconductor companies will add further security features onto ARM's TrustZone technology, such as advanced security options for content or platform protection.
Presently, revenues generated from NFC secure elements are a small segment of the mobile device security market. In 2011, only 7% of smartphones had NFC capabilities. Nevertheless, an increase in point of sale (POS) transactions, such as purchasing coffee, transportation vouchers, or even cinema tickets, will increase the number of NFC smartphones. It is estimated that more than 60 smartphone models with NFC capability are available now. Within the next two years, NFC security will account for half of mobile device hardware security revenues.
ABI Research's report, "Mobile Device Security ( http://www.abiresearch.com/research/1003491 )," provides details on the market for biometric sensors in smartphones, tablets, PCs, and laptops.
ABI Research provides in-depth analysis and quantitative forecasting of trends in global connectivity and other emerging technologies. From offices in North America, Europe and Asia, ABI Research's worldwide team of experts advises thousands of decision makers through 40+ research and advisory services. Est. 1990. For more information visit www.abiresearch.com , or call +1.516.624.2500.
SOURCE: ABI Research


NFC mobile payments to exceed US$180 billion in 2017

English: An NFC mobile phone (Nokia 6131 NFCme...
English: An NFC mobile phone (Nokia 6131 NFCmesso) interacting with a smart poster NFC (Nokia 6131 NFCmesso) Smart Poster (Photo credit: Wikipedia)
News1 new result for "Near Field Communications"
NFC mobile payments to exceed US$180 billion in 2017
Computerworld Kenya
Mobile technologies are set to become more advanced and this will drive significant growth in the number of payments made with a near field communications-enabled mobile phone. Payment networks, banks, merchants, mobile device manufacturers and ...
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NXP Deploys NFC in Nexus 7

NEW YORK, NY - MAY 14:  A man uses his cell ph...
NEW YORK, NY - MAY 14: A man uses his cell phone by a sign outside of the JPMorgan Chase headquarters on May 14, 2012 in New York City. Following a $2 billion trading blunder, JPMorgan Chase's chief investment officer Ina Drew retired and will be succeeded by Matt Zames, an executive from JPMorgan's investment bank. At least two others are also being held accountable for the mistake. (Image credit: Getty Images via @daylife)
News4 new results for NFC Mobile Payment
NXP Deploys NFC in Nexus 7
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Featuring an NFC radio controller and an embedded Secure Element, the PN65 is ... an embedded Secure Element for mobile transactions such as payments, ... "NXP is seeing more mobile devices including tablets integrating secure NFC ...
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WyWallet brings mobile payments to Sweden
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JPMorgan Chase launches 'Future Proof' payment terminal
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JPMorgan Chase launches 'Future Proof' payment terminal ... payment cards, EMV-enabled chip cards, NFC-enabled mobile wallets, and contactless payments.
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Apple to Debut NFC in the Next iPhone: Report
NBC San Diego (blog)
Print. Apple to Debut NFC in the Next iPhone: Report. Getty Images. There are reports that Apple will introduce a mobile payments option with the new iPhone.
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Piecemeal mobile security tools inadequate


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We've seen some notable developments around mobile payments that turn ... sale if a device is NFC-enabled or if the app has been linked up with carrier biling.
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Piecemeal mobile security tools inadequate
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Relying solely on antivirus software to safeguard mobile devices insufficient, and ... of mobile handsets set to support near-field communications (NFC) and spark off ... Another major issue currently in the mobile payments security landscape is ...
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iPhone 5 Prototype Spotted with NFC Chip: Why it Could be a Big Deal
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iPhone 5 could 'come with NFC support'
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