Category: Payments

Payments2 Comments

Report: “The Role of Convenience and Risk in Consumers’ Means of Payment” | Bank of Canada

Colin Henderson

This is an unusual but insightful new working paper released today, on what the Bank of Canada refer to, in a somewhat quirky fashion, as “means of payment”. The survey and analysis compares use of cash, debit and credit. What is insightful, is that after establishing the consumer view on the three payment methods it tries to get at why people feel this way. When I asked Dave Birch the other day – what is the right strategy of banks and payments providers to increase their volumes? …. his answer was simple – increase share by taking it from cash. … Continue reading Report: “The Role of Convenience and Risk in Consumers’ Means of Payment” | Bank of Canada

Payments1 Comment

A chat with Dave Birch | whirlwind review of changes in financial services

Colin Henderson

Today I had the pleasure of a chat with Dave while he visited Toronto on business. Inevitably the conversation weaved in and around banks, payments, and what is wrong with both. As we chatted it is evident there is much change going on in the world of financial services, and that change may or may not be as expected. It appears banks are not innovating much anywhere at the moment as predicted, while on the payments front there is a host of activity and very different activity in many parts of the world. This fits with my general theme of … Continue reading A chat with Dave Birch | whirlwind review of changes in financial services

Payments

German and French banks push ahead with new debit card scheme | Finextra

Colin Henderson

Not often we see a plausible alternative in the payments space from banks, but here is one in the works. German and French banks push ahead with new debit card scheme | finextra Bundesbank board member Hans Georg Fabritius told the conference that a Visa and MasterCard duopoly is “an unsatisfying vision” for political and economic reasons. However, he warned that while the French and German project, called Monnet, is “promising” it is only a concept and he would want other countries to join in. Continue reading German and French banks push ahead with new debit card scheme | Finextra

Innovation, Payments

DOCOMO to Launch Mobile Remittance Service

Colin Henderson

Banks continue to be challenged by disintermediation from telco’s and here is another example, this time in Japan.  The service will launch 21st July, and allow sending up to $200 with only the payee’s phone number being required. An interesting tweak is the ability to have the money deposited with DOCOMO under the guise of a credit to your account, however this is deposit taking by another name. DOCOMO to launch mobile payments service Customers of DOCOMO’s i-mode™ mobile Internet service on the FOMA™ 3G network will be able to remit up to 20,000 yen (about 208 U.S. dollars) per … Continue reading DOCOMO to Launch Mobile Remittance Service

Payments

Bell, Rogers, Telus to launch mobile payment service | Canada

Colin Henderson

Canadian Telco’s beat the banks out with the first serious country wide example of mobile payments in Canada, and frankly one of few in the world.  This is just one more example of disaggregated financial services, that cip away parts of what was previously banks’ territory. The use of NFC technology is also worth noting here.  NFC (Near Field Communications) permits wireless data transfer over distances up to 10 cm.  This is designed to eliminate accidentally purchasing Dave Birch’s coffee for him. In all seriousness while this has been a long time coming, my sense has always been that the … Continue reading Bell, Rogers, Telus to launch mobile payment service | Canada

Payments

Fiserv try to kick start mobile banking with Mobile Money FastTrack

Colin Henderson

Mobile still gets more attention from Vendors than it does from many banks and this continues to surprise me.  Certainly the large banks have uptake in their mobile offerrings, but it is not stellar growth.  Tower Group recently noted the economic crisis could change that. Meantime here is another excellent offerring from Fiserv that appears to be geared to help banks get over that hurdle by making the integration of mobile transactional banking and payments easier and faster to implement. Fiserv Brookfield Wis., June 1, 2009Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today introduced … Continue reading Fiserv try to kick start mobile banking with Mobile Money FastTrack

Payments

Mizuho Bank & NTT DoCoMo plan to launch a financial services and remittance service

Colin Henderson

Mobile payments continues to grow worldwide, yet limited in North America so far. Mizuho and NTT DoCoMo launch mobile payments service Mizuho Bank, in partnership with NTT DoCoMo plans to launch a financial services and remittance services via mobile phone ＮＴＴドコモがみずほ銀行と提携し、携帯電話を使った送金サービスなどの金融業務に乗り出す方針であることが２６日、わかった。 Researched by Nobuyo Henderson Continue reading Mizuho Bank & NTT DoCoMo plan to launch a financial services and remittance service

Payments, Uncategorized2 Comments

Rogers Wireless joins RBC and Visa m-payments pilot

Colin Henderson

This is an exciting development.  After reporting on the far east and their advances in types of wireless payments, RBC in Canada and Rogers wireless announce a new pilot in the works.  Rogers Wireless joins RBC and Visa m-payments pilot RBC (Toronto:RY.TO)(NYSE:RY), Visa and Rogers Wireless have come together for the next phase of the mobile phone payment pilot, which will ultimately allow Canadians the flexibility to make purchases securely at the point of sale with a wave of their mobile phone. Its to be aimed at small payments, and using Motorola phones.  That latter point is a hinderance it … Continue reading Rogers Wireless joins RBC and Visa m-payments pilot

Payments

CashEdge announce a service that allows small business to transfer funds between banks

Colin Henderson

CashEdge announce a service that allows small business to transfer funds to their own accounts at another bank. CashEdge Launches Me-to-Me Transfers for Small Businesses Small Business Me-to-Me Transfers, part of the TransferNow™ for Small Businesses Product Suite, enables financial institutions to offer secure inter-institution funds transfer services to their small business customers. Continue reading CashEdge announce a service that allows small business to transfer funds between banks

Payments3 Comments

Canada makes the right decision on cheque presentment

Colin Henderson

This decision by the Canadian Payments Association to discontinue the Truncation and Electronic Cheque Presentment (TECP) is the smartest thing I have seen banks do for a while.  CPA Board Decides Not to Proceed Further with Image-Based Clearing Initiative | Payments News The decision was reached after thorough analysis of the findings of the industry-wide project review. During the review, it became clear that the enhancements to efficiency that had been originally anticipated would not be fully realized due to implementation delays and the ongoing evolution of the marketplace towards electronic payments. This review also highlighted the complexity of moving … Continue reading Canada makes the right decision on cheque presentment