China’s famous Singles Day demonstrated not only the country’s incredible consumer spending power but also the increasing popularity of mobile payments in emerging markets. Elsewhere, rumour has it Apple is working on a mobile person-to-person payment service, whilst Hailo is taking a leaf out of Uber’s page by rolling out a service that allows people to pay for their black cab journeys using their smartphone.

The figures are staggering. Chinese Alibaba consumers spent an astounding $14.3 billion on Singles Day, the biggest online shopping day in the world, held every year on 11th November.

The tech giant is in talks with a number of US banks about developing a new service that would allow people to send money to each other using iPhones, according to reports from the Wall Street Journal.

Hailo is adopting the payment method that was one of the key factors in driving Uber’s popularity – mobile payments.

Faster Payments Scheme Limpited (FPSL) has increased the limit on its real-time payments service from £100k to £250k, effective today

Mobile payments company Bango has raised £11m in funding, the company said, leaving it with a post-money valuation of £60m.