To carry out web-based transactions on a mobile phone users were previously required to enter their mobile number on a payment window. The PIN they received via SMS would then have to be typed into a subsequent payment window to complete the transaction.
The one-click service identifies a user via technical details, such as their phone model or mobile browser. Consumers then skip the authentication process and are taken straight through to the purchase confirmation screen.
Chief executive of mopay Ingo Lippert said: “Telefonica and Vodafone, two of the largest telecommunication providers worldwide, are giving their German customers the opportunity to test this new payment experience through mopay — a tremendous demonstration of trust in our technology and drive to innovate. We now plan to roll out the new technology in as many of our 80 markets as possible.”
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.