All post by: Peter Cook

1. Who are the Unbanked?

WorldBank Infographic about the unbanked - worth a read unbanked-flier Read More...

2. Mobile Wallet – Not just a First World Replacement for Credit Cards

In developed economies with high penetration of debit & credit cards, the positioning of a mobile wallet is really that of an alternative to a plastic card – essentially your card's credentials stored in a phone. Maybe multiple cards where the user chooses the card that is going to do the NFC type payment. If we take a purist view on a mobile wallet, these debit or credit cards are only one 'source of funds'. Equally, sources of funds could be a bank account, a mobile wallet based stored value account, loyalty points account, a membership account or a government voucher. Again, in a first world economy, the greatest number of transactions are from traditional debit and credit card plastic and so this is the low hanging fruit for a wallet system. In developing nations, some of these sources of funds are not available. In particular, debit and credit cards are not held by consu Read More...

3. Why PINS are Becoming More Important

We all thought that PINS (called vouchers by many) were for calling cards or topping up prepaid mobile phones.  And with the slow death of calling cards, and other ways to top up prepaid mobiles, surely this would lead to the decline of the PIN. No, no and no. We see huge demand from financial services institutions who realise that the digital world lacks a very basic capability – how do you enable a consumer who has real cash use this cash to access digital services?  For instance, pay real cash into a digital wallet or to pay an online merchant for goods and services. So, simple Use Case.  A consumer in Canada wants to buy goods from a web merchant.  The consumer goes to a Canada Post outlet, buys a Ukash voucher (which has a 19 digit PIN) via the Ezipin Canada service and then redeems the voucher at the payment page of the merchant.  During the redemption pr Read More...

4. Types of Mobile Financial Services

Welcome to the Novatti blog. We will use this space to update our followers on matters that may affect them in the payments industry, present our thoughts on payment industry topics, and discuss new payments developments and technologies. In this first post, we will look at how mobile financial services encompass mobile payments, mobile money and mobile banking.

  1. Mobile banking, by definition, performs actions on a traditional bank account. These actions involve obtaining account information, and transacting on accounts.
  2. Mobile payments are payment for goods and services using a personal mobile device as the transaction terminal. Mobile payments can use a traditional bank account or a mobile money account.
  3. Other services include insurance and microfinance services.
Mobile banking is offered by nearly all of the major banks in developed na Read More...