New on the MEF Minute
If banking is something you do on an app, why shouldn’t your telco actually be your bank? It’s more than just an idea. Orange, Telenor and O2 have all launched their own operations. Here’s a look at their activities and their motivations.
In the UK alone, people use mobile banking apps more than 7,610 times a minute, or four billion times a year.
According to the ‘Way We Bank Now’ report by the British Banking Association, they downloaded more than 13.8 million banking apps in 2015, up 25 per cent from 2014.
Mobile consumers don’t book out chunks of time to interact with the mobile web, apps or services. Rather they go online in response to a need that is felt in the moment.
It follows that reducing friction (the time taken to do things via mobile) is a key driver of mobile tech innovation. Consumers want to ‘get their faster’.
iTunes got consumers to music quicker than going to the store. Netflix beat Blockbuster by sidestepping the need for customers to walk to the video shop. eBay triumphed largely because PayPal made it easy to buy in one click. The list goes on.
The same goes for any kind of brand interaction: checking product details, making a complaint, finding directions etc. Reducing time spent on these tasks to the bare minimum is considered a good thing.
A huge rollout of QR code-based payments by MasterCard and EcoBank across Africa and a ‘classico’ VAS deal for Bitbit. Find out more about these stories and more in this week’s member news round-up.
A landmark deal between Ecobank Group and MasterCard will see Masterpass in-store payment extended across all African countries this year.
The partners have already deployed the QR code system in Nigeria, and have set a goal of reaching 100 million customers by 2020.
Find out the week’s top mobile stories from around the world.
This week.. mobile banking to hit 2bn users by 2020, Google ads to incorporate SMS function for brand chat, eBay has a new ShopBot, China pips US for App Store revenue and much more…