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Peer-To-Peer Currency Exchange Puts Users In Control Dwolla Adds Location To Mobile Payments
American Express Partners With Foursquare To Link Cardholders Top 20 Visited Financial Websites For January
Mobile Payments Take Hold Around The World
Luckie & Co. 600 Luckie Drive Birmingham. AL 35223 -7 P 205.879.2121 -7 urunu.luckie.com
PEER-TO-PEER CURRENCY EXCHANGE PUTS USERS IN CONTROL
DWOLLAADDS LOCATION TO MOBILE PAYMENTS
Currency exchange is a function that has long been dominated by banks with high international transfer fees, but a new Irish site hopes to change all that. CurrencyFair is a fully regulated online marketplace that lets ordinary people exchange currencies with other people anonymously, at rates typically available only to multinationals and market professionals.
Users of CurrencyFair can choose to exchange their currency on the spot, selecting from multiple competing market-beating rates, or they can offer their own rate and wait for someone else to match it. Eitherway, the site works on the barter principle whereby an exchange is made only when it benefits both sides. In general, CurrencyFair says rates approach or even beat the Interbank Rate, which is the price financial institutions charge each other. All funds are received and paid out via Electronic Bank Transfer, so no physical notes are involved. Fourteen currencies are currently tradable on the site.
Middlemen have already taken a beating in so many areas at the hands of peer-to-peer sites - to the considerable benefit of consumers - so it's no great surprise to see the same phenomenon come to currency exchange.
Dwolla, the socially savvy P2P payment system, recently launched what it's describing as the nation's first location-based payment technology, called "Spots."
The Iowa-based startup has jumped on the geo-location bandwagon, allowing consumers to pay merchants and friends with an easy to use map tool in the Dwolla app.
"Just like the technology we created to send and receive money through Twitter and Facebook, we crafted Dwolla Spots in order to accommodate an emerging social behavior trend where people virtually check in at their present location," said Dwolla's CEO and co-founder Ben Milne. "Not only
is Dwolla Spots an opportunity for consumers to combine mobile payments with geo-location status, it is also a new advertising and revenue generator for retailers who can now offer promotions to patrons who are in store or nearby. Learn more here.
Luckie & Co, 600 Luckie Drive Birmingham, AL 35223 -7 P 205.879.2121 -7 unutu.luckie.com
TD AMERITRADE DEBUTS MOBILE TRADING PLATORM
TO Ameritrade has rolled out a mobile trading platform for Apple's iPad that lets its clients trade equities, futures and lorex.
TO clients can scan multi-touch charts, create and modify complex orders, watch live streaming news and get real-time quotes.
Additionally, consumers can track and modify orders and alerts, manage positions and view risk and performance metrics.
The application also includes a streaming audio with a ShadowTrader feature.
TOP 20 VISITED FINANCIAL WEBSITES FOR JANUARY
Every month, Compete publishes a list of the 1,000 websites with the most U.S. monthly unique visitors. In January 2011, 43 were financial sites [banking, payments, brokerages, cards, credit reports, lending, or personal finance). Of the 43, 14 were banks. Here are the top 20.
"Users of the iPad will tell you that this device is different from any other because it is central to the user's life," Ms. Sherrod said. "We felt it was important to deliver a best-of-breed application for our clients which would ensure that their personal finances were also central to their lives." Learn more here.
1. paypal.com 30 million
2. chase.com 25
3. bankofamerica.com 24
4. intuit.com 20
5. wellsfargo.com 16
6. capitalone.com 13
7. citibank.com 12
8. hrblock.com 12
9. lowermybills.com 8.5
10. americanexpress.com 8.4
11. taxactonline.com 7.7
12. discovercard.com 7.3
13. taxact.com 7.3
14. wachovia.com 6.2
15. fidelity.com 5.6
16. usbank.com 5.4
17. hsbccreditcard.com 4.9
18. netteller.com 4.5
19. pnc.com 3.9
20. bankrate.com 3.9 Source: MobileCommerceOaily.com
MOBILE PAYMENTS TAKE HOLD AROUND THE WORLD
A six-fold increase in the volume of mobile
payment transactions is on the way in the next four years, according to one research firm.
A forecast from Yankee Group predicts the worldwide transaction value of mobile payments will total $984 billion by 2014, up from $162 billion last year. That includes transactions from mobile banking, international and domestic remittances, contactless cards, mobile coupons and near-field communications.
See the full financial list here. Source: Netbanker.com
Tech-forwards in Asia are already conducting a wide variety of mobile transactions at significantly higher rates than their counterparts in the U.S. and Europe, including checking bank account balances, making purchases, scanning barcodes and transferring money to or from another person. Learn more here.
Sources: eMarketer.com and varunverma.org [picture)
Luckie & Co, 600 Luckie Drive Birmingham, AL 35223 -7 P 205.879.2121 -7 urunu.luckie.com
CITI RELIES ON MOBILE CHANNELS FOR CUSTOMER ENGAGEMENT
Citigroup Inc.'s Citibank is placing mobile at the center of its customer engagement strategy, with cost-cutting and revenue-generation as significant fringe benefits.
The financial services giant has applications for Gocqles Android and Apple's iPhone and iPod touch; a mobile website that is optimized for smartphones and Citi text banking, which lets customers check their account balances, view recent activity and see credit card statements via SMS. In addition, Citi is integrating social media into its mobile platforms.
"We are focused on empowering consumers to manage their financial lives however they want, whenever they want, making the customer experience as optimal as possible," said Tracey Weber, managing director of Internet and mobile consumer banking for Citi. Learn more here.
TAX RETURNS TO BUY TVS, FURNITURE AND A VACATION
ORANGE AND BARCLAYCARD READY FOR CONTACTLESS MOBILE PAYMENT IN THE UK
According to the National Retail Federation's 2011 Tax Returns Consumer Intentions and Actions Survey, many Americans are now keen to use their tax refunds to treat themselves or their families to a major purchase. 13.2% of Americans will spend their refund on a big ticket item, such as a new television or furniture, up from 12.5% last year.
But with the economy also serving as a reminder that it's best to be financially prepared for the worst, 42.1 % of people will put their refunds away for a rainy day vs. 40.3% in 2010. 66.2% of tax payers are expecting a refund this year, up from 65.5% last year.
The launch is scheduled for the second quarter of 2011. Orange and Barclaycard customers in the U.K. will be the first to use their mobile phones to make payments on the high street. 02 is planning a rival scheme that will launch shortly after.
To date there are 42,500 live Barclaycard contactless terminals in retail outlets including Pret a Manger, Eat and Little Chef. Barclaycard is also developing terminals for Co-op stores.
Gerry McQuade, chief development officer at Everything Everywhere, said:
"Very soon, using your mobile to buy a sandwich, a cinema ticket or, in time, even something bigger like a computer, will simply be the norm."
McQuade described the technology as a "revolution" and "a cultural shift that is as important as the launch of the personal credit card or ATMs." Learn more here.
Other ways consumers will use their refunds include:
• 41.9% of consumers plan to pay down debt
• 11.9% planning a vacation
• 29.7% paying for everyday expenses
Sources: Center For Media Research and thenestaz.com (picture]
Luckie & Co. 600 Luckie Drive Birmingham, AL 35223 -7 P 205.879.2121 -7 unoiu.luckie.com
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