M-commerce, P2P payments and dynamic personalisation key issues for mobile banking in 2013
Citibank India enabled NFC mobile payments in 2009 and is now banking on m-commerce and P2P payments, while Bank of East Asia believes dynamic personalisation is the next big thing. January 22, 2013 | ResearchWhen Citibank India piloted a mobile payments project in Bengaluru, India back in 2009, it set out to validate the commercial, operational and technical viability of leveraging near field communication (NFC) technology for mobile proximity payments. The project was envisioned and developed by Citi Global Growth Ventures in collaboration with Citibank India. Citibank India partnered with mobile phone operator, Vodafone, handset maker Nokia, technology provider ViVOtech and MasterCard. Though this pilot did not extend to other cities, a few key important lessons were drawn from it: - A wide choice of NFC-enabled hand phones is key to achieving critical mass in NFC payments adoption. That Citibank was able to roll out one of the world’s largest NFC pilot projects in 2009, when most banks were just beginning to grasp the concept of it, demonstrated the bank’s capability in building successful alliances single-handedly across the entire value chain of NFC payments, including the regulator—a feat which is impossible for most banks even today. Despite NFC availability, customers still utili...
Categories: Innovation,Mobile banking,retail,Retail Payments,technology, Innovation,Mobile Banking,Retail Banking,Retail Payments,Technology & Operations, Keywords:NFC, RBI, P2P, Vodafone, MasterCard, Cash-to-mobile, Citibank, Bank Of East Asia, Vincent Hui, Sridhar Iyer
NFC, RBI, P2P, Vodafone, MasterCard, Cash-to-mobile, Citibank, Bank of East Asia, Vincent Hui, Sridhar Iyer
|