Is Paym a failure? This week UK mobile P2P payment platform Paym published its latest figures on user uptake and transaction volumes. Hakim Mendjeli, former head of mobile product and strategy at Lloyds Banking Group, sifts through the data. PayM has published its statistical update running to the end of 2015. I have listed my key take outs below. PayM growth has slowed down substantially We can see that the rate of growth of registered users has decreased in 2015. There have been 139k less registrations in Q2 2015 vs Q2 2014, i.e 18% less registrations (see graph below) 17% of mobile banking users are registered to PayM? As of end of 2015 the Paym registrations stand as just above 3M. So is that big or small? Average transactions value down by 11% Average transaction value has decreased substantially in the last quarter of 2015 - according to PayM it's due to the volume of transaction increase.
Low number of transactions per users Conclusion PayM is still a marginal payment method. PayPal Ties up With BlackBerry to Provide Peer-To-Peer (P2P) Payments Through BBM Chats. BBM has partnered with PayPal to make sending and receiving money via users’ BBM Chats. Users will now be able to connect a PayPal account to the BBM service by selecting the “Send Money” icon.
The service is currently in beta version in select BBM users in Canada. PayPal is a truly global payments platform that is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. User can start sending money to family and friends once they’ve also connected their PayPal accounts to BBM. From there, the user needs to simply select the PayPal icon directly in BBM, enter in the amount of money, review the details and hit send. Earlier, these messenger apps were used only to chat with friends and family, but now, the trend has shifted from mere chatting and sharing pictures and videos to transferring money. Priti Latest posts by Priti (see all) P2P payment app Paymit to launch in Switzerland. Paym celebrates first anniversary. A year after launch, British bank-backed person-to-person mobile payments service Paym says that it has processed nearly £44 million.
Launched under the Payments Council umbrella 12 months ago, Paym lets users make payments from within their financial institutions' app by simply using a mobile phone number as a proxy, without the need to disclose sort codes and account numbers. With 16 banks and building societies signed up (Nationwide will join in May), the service covers 40 million UK current accounts, although only 2.25 million people have signed up, sending an average of £55 a transaction.
Meanwhile, a new survey suggests that mobile payments users are four times more likely to be happy sharing money with friends and family than the average Brit, and some 83% of Paym users think that sharing money is a sign of true friendship, compared to just 53% of all people. Craig Tillotson, MD, Paym, says: "We’re using our mobiles more than ever - and not just for phone calls. Update: How Does Facebook P2P Actually Work? | Lets Talk Payments. Visa Prepares European Tokens And P2P Payments. Apple Pay is coming closer to reality in Europe as Visa prepares for a mid-April launch of a tokenization service customized for the European marketplace. The practice of swapping out a 16-digit credit card number with a basically meaningless token number is considered a necessary component in the future of payments security, and has been since Apple chose to make it the central security feature for Apple Pay. Steve Perry, Visa Europe’s chief digital officer, noted in an interview that his firm’s plan for secure credit card data transmission parallels what Visa Inc offers in the United States.
He declined to comment on whether Apple Pay had agreed to use Visa’s tokens in European markets. “Apple and Visa (Inc) have an agreement around what has happened,” Perry said. Visa’s announcements this week were not all about tokens, however. UK Consumers Say Lunch Is on Me … and on Mobile. February 6, 2015 |Retail & Ecommerce Demand for mobile payments in the UK is ramping up.
Estimates released in October 2014 by 451 Research estimated that total mobile payment transaction value in the UK would more than triple between 2014 and 2018, rising from $1.35 billion to $4.34 billion. January 2015 polling from TNS for mobile payment service provider Paym gave some indication as to the types of payments that consumers in Great Britain were willing to entrust to their mobile phone.
The Paym service, which allows users to make payments to friends and family using just their mobile number, was seen as most useful for paying people back for lunch, cited by 30% of respondents. Indeed, most of the popular responses involved relatively small transaction values. Predictably, millennials made up the lion’s share of Paym users in Great Britain. Other vendors are clearly attuned to this juxtaposition of mobile payments and the dinner table.
Is there a battle looming in the UK between Apple Pay and Zapp? Apple Pay and MCX grabbed the industry's attention late in 2014 for obvious reasons. A similar situation is brewing in the U.K. between Apple Pay and a mobile payments system named Zapp from Vocalink, which created the Faster Payments Service and is owned by all the major U.K. banks. But will more mobile payment options matter to a consumer base that's more than OK with using plastic at the point of sale, especially when the widespread use of contactless cards in the U.K. has already sped up paying in stores, on buses and even on the London Underground? U.K. consumers are somewhat wishy-washy when it comes to mobile payments, at least according to the results of Mobile Payments Today's 2015 State of the Industry consumer survey. When consumers were asked if they were interested in using their mobile phone to send or receive money to friends and acquaintances, the majority of respondents (53 percent) said they were not interested.
Apple's brand Zapp Current market. Paym signs up 1.8 million consumers; £26 million transferred. The Financial Brand - Venmo Quarterly Growth Slows Down, as the Base Grows. Faster and easier to navigate with a crisp new look and exciting new features. Be the first to be notified when the new LTP is launched. Subscribe now! Venmo, the popular peer-to-peer payment app, processed more than $900 Mn in transactions during the fourth quarter of 2014.
However, Venmo showed a slower quarter-over-quarter growth. While the company witnessed a growth rate of 50% between Q2 and Q3 of 2014, the growth rate between Q3 and Q4 was 29% only. Venmo has gained significant popularity over the past year. The following illustration shows the mobile transaction volume trend in Venmo along with quarter wise growth rates. It’s not just about the comparison between the two recent quarters as highlighted. Ray Ray has keen interest in the area of devices, OS and wireless technologies. Latest posts by Ray (see all) Venmo Wins Users, but Still Need to Build a Customer Base. Venmo has become popular among millennials both as a peer-to-peer transaction tool, and, to a lesser extent, a social networking tool, but it still needs to build a revenue base, Bloomberg Businessweek reports.
Since starting in 2009, Venmo’s mash-up of personal finance and social media has proven especially compelling to college kids and urban professionals age 30 and younger. The app first took off primarily in large coastal cities such as New York and San Francisco and is now sweeping, smartphone by smartphone, across the rest of the country.
Venmo executives decline to disclose how many individuals are using the product, but transaction volume on Venmo is growing fast. In the third quarter of 2014, the company says, it processed $700 million in payments, up from $141 million a year earlier. Despite this growth, the company needs to build a revenue base. The way Venmo will make its money, Ready explains, is not by charging consumers for transactions but by charging merchants. Mobile Payment Startup Venmo Is Killing Cash. Kristen Geil, a writer for an Internet marketing firm in Chicago, heard about Venmo for the first time two summers ago. Her new roommate, who had just arrived in town from New York, was raving about this app that allows users to send and receive payments over their smartphones.
There was also a social media component to the app that made the mundane act of splitting bills kind of fun. She assured Geil that it was safe and reliable. Plus, there was no waiting around for checks to clear and no trudging to an ATM for cash. Geil agreed to give it a try. After downloading Venmo onto her iPhone, she hooked it up to her bank account, synced it with her existing network of contacts from Facebook (FB), and got started. The sign-up was easy, the interface clean and intuitive. Geil now hops on Venmo several times a week.
Venmo also doubles, by design, as a social network. Photograph by Eric Helgas for Bloomberg BusinessweekBehind this week’s cover Venmo brings a sizable posse to this fight. Venmo’s Mega Bank/Biometric Plaform Upgrade. Mobile payments app Venmo will now let iPhone users sign into its P2P payments service using Apple’s Touch ID feature and has simplified signing up for customers of four large U.S. banks, VentureBeat reported. Thanks to an app update that rolled out this week, users can now sign into Venmo by using Apple’s fingerprint scanner on the iPhone 5S, 6 and 6 Plus, the company announced on Monday (Nov. 17). PIN protection is also still available for all iPhone and Android Venmo users, but fingerprint scanning on Android phones that have it, such as the Samsung Galaxy S5, isn’t supported. The new version of Venmo also streamlines the onboarding process for customers of Chase, Wells Fargo, Bank of America and Citibank.
Instead of keying in the bank routing number and account number from the face of a check, customers of those banks who are also signed up for online banking can use their online banking user name and password. 685 mil portugueses colocam online anúncios de venda de produtos pessoais. Este valor tem vindo a aumentar desde 2012, estando hoje dois terços acima do verificado nessa data. São sobretudo os homens que têm este hábito (11.2% contra 5.2% junto das mulheres), estando também o valor acima da média junto de indivíduos dos 25 aos 34 anos, residentes na Grande Lisboa e no Grande Porto, assim como entre os indivíduos da classe alta.
A análise realizada teve como base os resultados de 2014 do estudo Bareme Internet da Marktest. Este estudo analisa o universo constituído pelos residentes no Continente com 15 e mais anos. Contacte-nos se deseja mais informações sobre este assunto. O Grupo Marktest autoriza a reprodução desta notícia nos meios de comunicação social desde que indicada a fonte: Grupo Marktest e outras fontes por ele citadas. 6 country wide P2P apps by Councils, 3rd party or Groups of Banks around the world. The rules of the game are changing with changing customer behavior. How can Banks & Fintech incumbents create an enhanced mobile experience for the connected consumer of today? Will the banks be able to compete with nimble startups and aggressive payment tech firms in the Mobile Commerce and peer to peer transfers race? Banks have been a little late to the party, but it seems to me that they are catching on.
We have seen hundreds of banks across the world launch mobile banking and other apps that are beginning to see adoption go high. ClearXchange: It is the first network in the U.S. created by and for financial institutions that lets customers send person-to-person (P2P) payments. The ClearXchange service does not move funds. “Our goal is to provide convenient and safe financial services options for our customers,” said David Owen, eCommerce, Claims and Fraud Executive at Bank of America. The five banks address more than half of P2P payments market in the U.S. Ray. Banks in the UK Wake Up, Join Mobile Payments Market. Mobile payments promise to revolutionize UK commerce. The UK is a sophisticated and enthusiastic consumer technology market, with smartphone adoption and mobile commerce activity both growing fast and surging ahead of other European territories, according to a new eMarketer report, “UK Mobile Payments 2014: A Market Stymied, Despite Potential.” This would appear to have created the platform for consumers and retailers to embrace proximity payment via their beloved handsets.
But the UK is also a curious anomaly. Piecemeal technology adoption by both consumers and retailers has created a fragmented ecosystem, in which use of these mechanisms ranks far behind that of other mobile services—at just 2.2 million mobile payment users forecast for 2014, according to Yankee Group—and behind other countries. None of the technologies in the market today have created the conditions for a mobile payments ecosystem to match the convenience of cash and bank cards at scale.
Banks in the UK Wake Up, Join Mobile Payments Market. Banks in the UK Wake Up, Join Mobile Payments Market. Visa Money Transfer. 22 November 2010 (updated 15 Dec, sorry for previous typos) SUMMARY: VMT may by “Mandatory” but no one cares and is not acting on it.. As one bank told Visa “do you want my attorneys or yours to draw up the waiver”. Correction (11 March) Chase and Bank of America are committing to it in next 6 months.
Visa Money Transfer Overview – Issuer presentation I’ve been on the phone this month with several folks focusing on the unbanked and emerging markets. In my previous blogs, I’ve certainly shared my views on Obopay/Mastercard. VMT also suffers from 2 widely held misperceptions: it is “instant” and mandatory. Retail Banks are very reluctant to provide Visa/MA an avenue for service and product growth that they neither own or control. 1 – Large Bank (<10% probability of success) Work with a large bank (like Bank of America) to lead adoption and create a critical mass with a focused value proposition (example: USBANK mobile phone/NFC). Message for smaller banks.. MoneyGram Example.
Like this: Fiserv Popmoney tapped by US Bank for instant P2P payments | PaymentEye. US Bank is the first large bank in the country to offer real-time P2P payments online and through mobile devices using the Popmoney Instant Payments feature, a product of Fiserv. The real time P2P payment feature expands US Bank’s existing P2P payment service, which it has offered for over a year. Now, customers can send money instantly to friends, family and service providers who bank at participating financial institutions. Instant receipt of funds depends on network availability and, for financial institutions that do not offer the Popmoney personal payments service, depends on the funds availability policy of the financial institution.
Another enhancement recently offered by U.S. Bank enables customers to make the gift of money much more personal by giving customers the option to select virtual cards to attach to payments made over email for special occasions such as birthdays, graduation or holiday gifts. Security worries could hamper take-up of Paym P2P m-payments.