April 10, 2014
The mobile money market is expected to grow to $721 Bn by 2017 according to Gartner estimates. Solutions are appearing in this field from not only FinTech industry but also Retail, Connected Devices and Technology industry with Apple and Amazon joining the fray. It is no wonder that everyone from big players like PayPal, Google, ISIS to startups such as ZooZ, Clutch, Corduro and CloudZync are all rushing to grab a share of this market. Banks on the other hand were a little late to the party, but it seems to me that they are catching on.
Some of the mobile payment apps offered by banks have been discussed below:
In July 2013, the Royal Bank of Canada (RBC) had announced plans to launch an NFC based mobile payments service that stores customer’s card details in the cloud. Earlier this month we talked about the developments regarding the initative. On 21st January 2014, the bank followed through with their statement about the introduction of RBC Wallet – enables users to make payments at any location in Canada that is equipped with Interac Fla ...