Payments have been bandied around as the next big thing at Banks, and several large Banks have appointed Payments Heads.  Summary:  The payments person is embedded in the technology side of the business, and is restricted to viewing their mnadate from that perspective.  I have been studying reports from Deloitte in their financial services research area.  The theme in this quote is agonisingly true about most things in Banks, and certainly in payments. At most banks, payments processes are separated and siloed by product—credit cards, debit cards, checks, ACH transactions, and wire transfers are each supported by independent databases and … Continue reading Payments – the impossible dream for Banks?

Payments News makes a point that is becoming consequential in strategic terms for Banks. Mobile Payments = cheap remittances for the unbanked. Yet the ‘banked’ continue to pay high fees … hmmmm Payments News: A Look at Orange Money – May 07, 2008 As we’ve seen previously with M-PESA in Kenya, the mobile operators are focusing much of their mobile payments initiatives on markets where a large majority of the population is unbanked. Continue reading Mobile operators are focusing their payments initiatives on … unbanked

Payments News picks up that Capital One have closed their groundbreaking debit card pilot. Payments News: Decoupled Debit Tests Shutdown by Capital One – May 05, 2008 Decoupled Debit Tests Shutdown by Capital One Continue reading Capital One close debit card pilot

Dave links to a report that highlights usage of cell phones as a digital wallet in Japan. Great statistic here … almost 16% use their phone for this purpose. Digital Money Forum: We should have such problems Only a sixth of mobile phone subscribers use their handsets as contactless wallets! ONLY A SIXTH!! Well, here in the U.K. it’s about 0.001% so I’m quite jealous. Not just of Japan, but of lots of other places. Continue reading 16% of Japanese mobile users use digital wallet

Till now this service has been reserved for airports in Canada, so its nice to hear that its being rolled out generally. While Banks here debate how to implement pin free debit or smart card electronic purse, this Visa product is a category killer in my view. Its simple fast and convenient, and only one receipt for customers, unlike the two ‘would you like those stapled together’ receipt dance that accompanies debit. RBC p2p – the latest RBC p2p stuff Well, in any case the Visa no signature required program is here in Canada and so now when you go … Continue reading Visa category killer | “no signature required”

What a dream …. well said Dave. Digital Money Forum: Realistic dynamics of contactless Wouldn’t it be a dream if the public could use their phones to book tickets, enter the events, travel on the Underground and buy a coffee just using their phone. What a showcase! Continue reading A real dream for contactless payments

Obopay is a service to watch.  With a $48 million war chest, they are well funded, and provide a simple service well.  Fits well with the dis-aggregated financial services model we have been discussing here.  By that, I mean that the current full service Bank model is showing strain, and in the short run at least, will be faced with many operators providing components of the old Bank model at better value to consumers.  Value, meaning better price, and enhanced convenience. News Blog – Daily Brief: Prepare to Lose Your Wallet – Portfolio.com “When I send you money, all I … Continue reading “When I send you money, all I need is your cell phone number”