"Barclays’ Pingit app and Payment Council Database: only tip of iceberg of possibilities", says Martin Wilson, CEO of MicroTEC
22 Feb 2012
"The news from the Payments Council today and Barclays' Mobile Payments Service launch certainly created some noise in the market and is a wake-up call for the UK banking community - yet it is also just the tip of the iceberg of what can be done.
With the UK's mobile payments services lagging behind many markets, the launch by Barclays is a real step forward as it enables the sending of money by phone to any registered person irrespective of whom they bank with. MicroTEC welcomes the Barclays launch, which is a wake-up call for their competitors. It creates the need for them to re-vitalise their strategies and realise the potential of a truly mobile payments system.
Yet it is also worth recognising that the industry is still only looking at the tip of the iceberg of what can be done. For example, for some years now, MicroTEC has been providing corporate mobile payment services for banks. This enables them to offer their corporate customers services such as mobile invoice presentments, authorisations and payments and bring significant efficiencies and real savings to the cash-conscious corporate. They also provide banks with access to new sources of liquidity and customers.
On the retail banking side, solutions already used in the Middle East have fewer constraints than the Barclays offering. The Barclays' UK solution is available to smart phone users; there is no SMS service and it serves only P2P, Account to Account payments. MicroTEC services on the other hand do not rely on smart phone apps but also operate using SMS and where no internet is available, enabling far greater reach to a wider range of users. Other services available are bill payments, money transfers for cash-out at ATMs and international remittances in any language and in any currency. These are the kind of services that UK banks could be providing to their customers.
Our aim is to create a payments network across borders and encourage all banks and other partners to co-operate in an open, agnostic system based on a universally deployable platform. We strongly believe that this is the only way to encourage global and mass take up of mobile payments."
Martin Wilson, CEO of mobile payments provider MicroTEC
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