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Lloyds Banking Group has rolled out a suite of new features for its mobile banking app, including spend tracking, bill payment alerts and spare change savings options. 
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Here’s something to think about the next time you are swigging down a frothy Double Mocha Macchiato at the viridian mermaid’s: your Starbucks Rewards app is one of the main reasons why the U.S. lags behind China, Sweden and many others in adopting mobile fintech and cryptopayment solutions.
Vineet Anand's insight:
Interesting article that touches at the surface level the rationale for slow adoption to mobile payments. I do not agree with the walled garden limitations holding back growth in mobile payments - the issue is more complex than shared by the author. Key drivers for US slower adoption, missing in the article, are EMV adoption by both issuers and merchants (Europe and Asia started more than a decade ago), lack of contactless cards (VISA and JPM are now getting serious), absence of dual cards, marketing rewards for usage of contactless, removing friction with Networks, Issuers, and Acquirers open to adopting EMV wherein US is one of the last developed markets. The market is large enough to support multiple players from Apple Pay, Google Pay, Venmo, PP, Starbucks and others - similar to Sweden, India, China, South Korea, UK and others. Technology adoption across the different personas needs to be enabled.
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Santander Spain has opened its API marketplace to its first fintech firm, pan-European savings platform Raisin, enabling customers to register their details with the startup with a simple button press.
Vineet Anand's insight:
Raisin gains access to Santander marketplace for access to information via 'Santander Connect'!
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The Australian Payments Council is calling for input from businesses, NGOs, government and consumers on what’s needed to support payments in the digital economy of the future.
Vineet Anand's insight:
Interesting trends are slated by the Australian Payments Council:
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The Church of England has teamed up with payments firm SumUp to trial a 'digital collection plate' that lets members of church congregations donate with their card or phone, rather than cash.
Vineet Anand's insight:
Parishioners can now pay digitally at Church of England with product offering from SumUp. Church goes digital.. next opportunity is RPA in their back office processes!
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TD Ameritrade is making it possible for individual investors to fund a brokerage account with just a few clicks on an Apple iPhone.
Vineet Anand's insight:
TD introduces a faster credit to brokerage account using Apple Pay. Traditional funding can take 3 to 5 business days for most brokerage accounts; a daunting wait for investors. Apple Pay will be an expensive option and limited to iPhone potential customers. TCH, Zelle are options that will have daily limitations.
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Customers of Lloyds, Halifax and Bank of Scotland have been affected by a Faster Payments glitch that has left them unable to transfer money.
Vineet Anand's insight:
Some of LBG customers impacted by Faster Payments outage!
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Malaysian consumers can now conduct instant P2P payments using just the recipient's mobile phone, passport or identity card numbers with the go-live of the country's Real Time Payments platform.
Vineet Anand's insight:
DuitNow, the real-time payments goes live in Malaysia instituted by Paynet, a coalition of banks and Centra Bank.
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With Brexit on the horizon, UK challenger bank Starling is setting up an Irish subsidiary that will let it move into European markets, beginning with France and Germany.
Vineet Anand's insight:
Starlings roadmap to France and Germany via Ireland through subsidiary.
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Waiting on LG Pay for your LG phone? It might be a while in the U.S.
Vineet Anand's insight:
Delays to market will impact an already highly fragmented: Customers can choose between phone-based near-field communication (NFC) wallets, like Apple Pay, Google Pay, and Samsung Pay; bank-based products; individual wallets from retailers; and more, making selecting the right wallet confusing. Fragmentation is particularly relevant to Android customers
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Beem It, a person-to-person mobile payments app backed by Commonwealth Bank, National Bank of Australia and Westpac, has launched.
Vineet Anand's insight:
Westpac, NAB, and CBA launch Beem It, a P2P payments app to counter Apple Pay, which has been a long standing competitor to disintermediate their loyal customer base. Going to courts in past has not proven or cast a dent to Apple Pay's stance.
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HSBC customers in China can now make payments with a selfie, thanks to the introduction of facial recognition technology in the bank's mobile app.
Vineet Anand's insight:
HSBC enables Selfie payments in China! iPhone X will enable greater acceptance of facial authentication for mobile banking services. We need to get away from SMS related 2FA solutions.
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ImaginBank, the CaixaBank mobile-only bank, has launched the Spanish banking industry’s first ever chatbot, offering special promotions to users o
Vineet Anand's insight:
ImgainBank rolls out chat bots for offers and promotions to its base of 90k customers.
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The prevalence of mobile banking in Europe is soaring, with nearly half of phone owners now managing their finances through their handsets, ne
Vineet Anand's insight:
Mobile banking adoption rate surges with Netherlands leading the fray ahead of UK which is at 55% currently. Next 12 months will see greater rise in more phone owners managing finances through their handset. There is a significant increase in use of a primary mobile payments application with speed being primary reason.
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Norway's BankID is to begin a pilot programme to test in-app authentication and biometric logins for one-click access to financial services.
Vineet Anand's insight:
BankID to support biometric logins for for Apple and Android apps. BankID used across 80% of all adults in Norway to access government departments, online banking access, and mobile operators.
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"technological innovation may also alter the role of central banks in managing the money supply and acting as a lender of last resort".
Vineet Anand's insight:
Interesting comments from Irish Central Bank, that recently updated its guidance notes for Fintech participants: - "technological innovation may also alter the role of central banks in managing the money supply and acting as a lender of last resort". - "At one level, growth in various types of electronic payment technologies looks set to reduce the traditional role of notes and coins in the monetary system," - "At another level, there is much discussion of the relative merits of more widespread adoption of private-sector digital currencies versus a new role for central banks in the direct issuance and management of publicly-backed digital currencies."
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Four state-run Thai banks and fifteen commercial institutions are to begin registration mid-July for a new national payment scheme, enabling customer
Vineet Anand's insight:
Faster payments with 19 banks in Thailand to go live in October for consumer payments under $141, while corporate payments will be enabled at a later stage!
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Visa has signed up more than 40 financial institutions to its new issuer-branded digital commerce app, which lets firms offer their customers a hos
Vineet Anand's insight:
Visa offers digital commerce application for small banks to create services like card control, balance checks, token services
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Sweden's SEB has contributed $4.2 million to a $10 million funding round in local PFM outfit Tink, making it the fifth-largest shareholder in th
Vineet Anand's insight:
Tink has received $10 million in funding for it PFM application from SEB and ABN Amro. SEB to roll-out this feature as part of it next version release.
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With half of Americans now banking through their smartphones and tablets, providers are finally taking steps to move the channel out of onlin
Vineet Anand's insight:
Mobile banking adoption rates have increased dramatically in 2015 as compared to 2014. 32% increase in new account opening through mobile device and high growth in mobile banking enrollment indicates a shift in consumer usage of smartphone for transaction banking growth. Banks have a long way to go while embracing digital and smart bot intelligence based solutions.
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Finextra: Vodafone is to launch its M-Pesa mobile money service in Ghana, where 64% of the population do not have bank accounts.
Vineet Anand's insight:
Ghana will be the 11th market for M-Pesa which is growing at 27% with ~23 million active users. The Ghana market represents a great opportunity of 15 million potential users that do not have access to bank relationships.
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Finextra: Bank of America has given its mobile app a refresh, enabling customers to log in with their fingerprints and access accounts via the Apple Watch.
Vineet Anand's insight:
BofA mobile offers fingerprint login capabilities for both Android and Apple apps including the option to set-up one time auth for each sign-in!
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Finextra: ING Bank in the Netherlands is introducing voice-activated payments through its mobile app, enabling customers to authorise transactions by conversing with a virtual assistant on their phone.
Vineet Anand's insight:
Inge the avatar from ING Bank to enable voice activated payments!
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Finextra: With mobile banking firmly entrenched in the consumer space, the industry is on the brink of another revolution in the B2B sector, as corporate treasury professionals slowly begin to discard decades-old methods of transferring funds in favour of payments executed on smartphones and tablets, figures from HSBC show.
Vineet Anand's insight:
B2B mobile frontier shows signs of adoption in UK for HSBC!
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Finextra: Tech giant Accenture has formed an alliance with neo-bank Moven to develop and sell digital tools to financial services firms around the world.
Vineet Anand's insight:
Neo-bank Moven to partner with accenture for digital services with the later benefiting in augmenting its mobility services!
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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LBG introduces spare change, spend tracking and payment alerts using ML on Android!