Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
14th October 2011
Google wallet open for all banks
Dickson Chu, global head of digital networks and mobile at Citigroup made a robust speech at the recent BAI Retail Delivery conference. In it his main thrust was that for NFC mobile payments to take off you the sector needed mass market solutions.
He made two important points about the mobile wallet under pilot from Google, MasterCard and Citigroup. First that Google had no interest in entering the financial payment market directly. Secondly that it was open for any MasterCard issuing organisation to join. There has been doubt on both of these counts until now. He said that Google would soon issue open APIs to allow other banks to link in and concluded on this point: "There is no exclusivity and no hidden fees. Get ready. Get your technology ready. The Wallet is open. Participate."
He went on to contrast the strides made by this project and by banks in general with that of mobile operators. Attacking the operators he said: "It's unclear what they are trying to achieve, other than extract a toll as gatekeepers. There's so much more that they could do. As it is they are just hampering the development of NFC as a mass-market commercial proposition."