MOBILE BANKING

BofA sets mobile record

Bank of America’s (BofA) US mobile web-based banking service
notched up its 500,000th active user in November, a level that a
study by research company TowerGroup reveals is higher than that of
all other US banks combined. The service became available
nationwide to BofA’s 21 million online banking customers in May
2007. Key features of BofA’s mobile banking are an ability to
transfer money between accounts and to other BofA customers, and to
check balances on current, savings and credit card accounts.

ONLINE PAYMENTS

US shoppers flock online

Online spending by US consumers during the 2007 Christmas holiday
season will soar 20 percent compared with last year’s season to $39
billion, forecasts Jupiter Research. In addition, the research
company predicts, the number of online shoppers will grow by 6
percent to 126 million.

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By GlobalData

PREPAID CARDS

VCard arrives in Australia

Australians reluctant to use their credit cards for online
purchases now have an alternative, the Visa-branded VCard, a
prepaid voucher that allows them to purchase up to A$1,000 credit
($880). The VCard, which costs A$5.50, was developed and is
distributed by Australian prepaid card specialist SCX Global.

CONTACTLESS PAYMENTS

Royal Bank of Scotland trials mobile contactless
payments

The Royal Bank of Scotland has announced that it is running an
in-house contactless payments trial using Nokia 6131 near field
communications-enabled handsets at its Edinburgh headquarters. The
trial is based on MasterCard’s PayPass contactless payment system
and is the forerunner to public trials in 2008, said the
bank.

MOBILE PAYMENTS

Monitise and Visa team up to offer m-shopping and funds
transfer

Visa Europe and UK mobile banking service provider Monitise have
joined forces to develop a mobile prepaid shopping voucher service.
The service will allow consumers to create a Visa prepaid account
on their mobile phone and load the account with funds from a bank
account or a credit or debit card. The account will enable online
purchases and the transfer of funds to third parties via the mobile
phone.