October 1, 2010
MobilePay USA demo from Disrupt – Mobile payments with no additional hardware
MobilePay May Be The Death Of The Wallet. Yes, For Real This Time.
Read & watch full video on Techcrunch.com
Fig Card Demonstration
It has been some years that mobile banking & mobile payments have been knocking at the gates of the Jamaican market. Local developer such as Software Architects are probably the best among local developers in respect to this sector.
Now there are various levels or types of mobile payments and mobile banking. First is to look at it from a user perspective. Platforms vary from SMS to Web based application and approach to mobile banking and or mobile payments, and or mobile money transfer better known as remittance.
What if by using your cell phone you were able to replace the need for a credit card, or waiting outside of an ATM machine, or standing in line of a bank waiting to carry out a transaction.
Some local banks are now offering mobile banking. Now Digicel the first Telecom carrier is set to introduce this to the Jamaican market after their test in Haiti.
But mobile banking or sending money to friends via remittance services are not the only value from mobile payments or mobile money transactions. Mobile payments or turning your phone into a credit card or debit card, can be a positive tool in empowering e-commerce on local and international websites regardless if viewed from a computer or a mobile phone.
A local iTunes could emerge where instead of pirated music singles and albums consumers could feel the urge to purchase a song for US$0.45 or $38.70 without having to worry about finding a international credit card.
Mobile phone holders can use their phone to subscribe to websites that charge a fee in order to access content. By now most are aware of the power of the Internet and the commerce element.
From a carrier perspective or a bank perspective their role is critical. However the local economy can gain greatly from this providing that the transaction cost in embracing and utilizing this new technology and service is not high.
If the banks and telecoms hold the consumers hostage or prevent free market access to developers and start ups with innovative products, and services. Then transaction cost may be high due to lack of competition. When this is high it will be harder to provide an incentive for innovation and the birth of a e-commerce ecosystem in Jamaica.
The market has several options and there are several start ups coming into the market with newer and better ways for mobile banking and mobile payments.
INFORMATION ON THE MARKET & THE PLAYERS
According to Think Finance CEO Ken Rees, there are 60 million “unbanked,” individuals in the U.S., which designate consumers who don’t have traditional bank accounts or cannot qualify for credit cards. Think Finance provides this population with pre-paid debit cards, online installment loans, financial literacy tools, and more. The company has served more than 1 million customers through its existing products.
For example, the company offers ThinkCash, an online installment loan that rewards customers for making timely payments and helps them to build a better credit profile. The company is also beta testing its latest product, Elastic, which blends a prepaid debit card with a flexible emergency cash line of credit
MICRO PAYMENTS FOR WEBSITES USING MOBILE PAYMENTS