Social finance sites such as Wesabe are not just web based applications that allow users to track spending, but provide personalized advice such as feedback from peers that specifically addresses one’s specific spending and saving patterns. They also provide an interesting opportunity for improving upon, and creating more timely payments studies such as the Federal Reserve’s Retail Payments Research Project.
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I wrote earlier about remote deposit capture (”RDC”) being a popular outcome of Check21. RDC is a process where commercial bank clients scan and transmit their cheques to be deposited into their bank. My point at the time was that, despite the spirit of Check21 being one of efficiency and cost reduction, RDC is a revenue play when you figure that it allows a bank to acquire new customers outside of its geographical footprint.
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Aryty allows you to send prepaid credit to mobile phone accounts in the Philippines from the United States and Canada. This is a brilliant idea combining two mobile payment applications (mobile phone prepaid top-up and overseas remittance) into one.
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The new Payments Watch Careers site has job listings that will help payments professionals find new and exciting opportunities. So if you are looking for a change of scenery in the payments industry, check it out.
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First there was Pay By Touch, which uses fingerprints to authenticate purchasers. Now there is Pay By Voice (actually branded as Voice Pay) which uses biometric voice analysis to authenticate purchasers.
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I listened in on Alogent’s Perspectives on Branch Image Capture Strategy presentation last week. You can download the slides here. Steve Ledford from McKinsey’s Global Concepts was the main speaker.
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Netbanker, a great blog dedicated to online banking has decided to create a new, separate blog to track the evolving mobile banking and payments sector given the amount of material they are generating on mobile financial services alone.
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From a purely technical perspective, you can think of mobile payments being enabled via either hardware or software. The hardware approach is the mobile device as a chip carrier (like smart cards). The software approach involves a “virtual wallet” type concept that is accessed via SMS, WAP (browser on the phone) or a mobile software application.
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Targeted advertising on mobile devices has not escaped the notice of such heavyweights as the CEO of Google:
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The term micro payment is often used when describing mobile payment, contactless and internet payment applications. However I have discovered that there is no generally accepted definition of this term.
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Payments are big business. Total industry revenues are over $200 Billion, almost double the revenues of the entire airline industry. Payments Watch provides insight and analysis on payments industry news from around the world.
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