U.K. banks are on course to launch Paym (pronounced Pay Em), a person-to-person mobile payment service that uses mobile phone numbers to identify recipients. The service eliminates the need for senders to know recipients' banking details.
Dallas-based payment processor and mobile payments technology firm Calpian is to receive up to $5 million in investment from entrepreneur Craig Hall, chairman and founder of Hall Financial Group.
Western Union has launched a mobile money transfer service to Nigeria, increasing the reach of Western Union payout options in the country, the company announced.
Cachet Financial Solutions is expanding its prepaid mobile offering with the acquisition of DeviceFidelity's Moneto prepaid mobile platform and core Visa prepaid mobile money platform. In addition, the purchase of DeviceFidelity's prepaid mobile business unit provides Minneapolis-based Cachet with strategic relationships with MasterCard, MoneyGram and Navy Federal Credit Union.
Filipinos and mobile share a special relationship. With a mobile penetration of over 100 percent, almost everyone in the country has a mobile device. A recent study found that more than 50 percent of the residents of Manila, the capital of the Philippines, regard their mobile device as the most important piece of technology they own.