Turkish mobile operator, Turkcell, is launching a mobile wallet solution (view press release). The solution dubbed Turkcell Wallet, will allow consumers to buy goods and services in store or online via their smartphones. The solution is a SIM based application, meaning that transactions can be initiated through the SIM menu on phones, or with a native application on smartphone. In addition, it supports contactless payments through NFC-enabled phones.
Consumers can also bank via their mobiles, transfer funds, top-up their prepaid accounts and have access to mobile loyalty programmes. Turkcell customers can activate Turkcell Wallet by adding their cards with an SMS or by loading cash into their wallets through Garanti ATMs or Turkcell Communication Centres.
There are increasing calls for the use of open banking APIs from industry groups and even the UK Treasury. It is clear that this market shift is inevitable, but while this openness will facilitate innovation and drive competition, there is uncertainty.
The European Banking Authority (EBA) has published the long-awaited draft of the Regulatory Technical Standards (RTS) covering Secure Customer Authentication (SCA) and secure communication. Tom Hay, head of payments at Icon Solutions shares his thoughts on whether they will be effective.
In another big deal for the global payments industry this week, credit card firm Visa has inked a partnership with digital payments processor PayPal.
The five fintech startups joining credit card company’s Capital One’s new fintech accelerator in Nottingham have been named, including Credit Kudos, Multisense, Pariti, Warwick Analytics and WealRo.