Mobile Payment Groups Aim to Win Over U.K. Consumers
Tech firms, banks, and telecom operators are hoping to attract more U.K. mobile payers and shoppers using a wide variety of mobile payment options. Startup Klarna expects to have its service launched this summer with several British retailers, with the service featuring complex algorithms to check transactions for fraud. Pingit is a standalone app that has been downloaded by 2.8 million people since its launch in 2012. Mobile operator EE allows contactless payments via smartphone for purchases under 20 British pounds. Money must be preloaded on to a digital wallet, and account details are stored on a secure part of the phone’s SIM card. Vodafone is expected to launch a similar wallet service in the U.K. this summer, while rivals are offering ticketing and online payment functions. The three largest mobile phone groups have combined resources to form a venture called Weve, which is likely to expand into payments next year. Weve, which has access to the details of about 22 million customers of the three groups, already has launched an app called Pouch that offers a loyalty scheme for participating retailers.
From “Mobile Payments Groups Set Sights on Winning Over U.K. Wallets”
Financial Times (06/02/14) Davies, Sally; Thomas, Daniel