Meet the CMA 2016 Finalists: Mobile Wallet

Mobile WalletThis is the age of the mobile wallet. And just like the traditional wallets that this new technology is trying to usurp, there is a seemingly unending range of mobile wallet solutions. And not all of them are tied to the traditional payment infrastructure – as you will soon see.

This award is for the smartest, most consumer-friendly and easy-to-use mobile wallet implementation. Judges will be looking at security, privacy and stability as well as convenience. And so onto our final four finalists (even if that does sound like a terrible pun!).

  • FASTACASH – FASTACASH SOCIAL PLATFORM FOR PAYMENTS (SINGAPORE)
  • CASHCLOUD – CASHCLOUD MOBILE WALLET (LUXEMBOURG)
  • POINTS – POINTS LOYALTY WALLET (CANADA)
  • VUB BANKA – VUB WAVE2PAY (SLOVAKIA)

Fastacash’s innovative technology platform brings payments and money transfer capabilities through social media applications and networks. It enables fastacash’s partners from different industries such as merchants, banks, money transfer operators, and mobile operators, and their end consumers to make payments and share any type of value seamlessly through key social networks and messaging apps, together with digital content such as audio, images, and video, to make the transactions a truly social experience. Social networks covered by fastacash include Facebook Messenger, WhatsApp, WeChat, Skype. The fastacash social platform for payments is designed with the end consumer in mind. By tapping into existing social behaviour, the company ensures that all transactions are secure, and the payments experience is seamless and socially enriched. fastacash’s technology supports both peer-to-peer and person-to-merchant payments. fastacash has now enabled social payments for millions of consumers in multiple international markets. Its technology has been implemented by leading banks, mobile wallet operators, and money transfer operators in India, Singapore, Vietnam, the UK, and Indonesia.

Cashcloud is an international provider of a mobile wallet and payment solution that operates an open, neutral and integrated platform which is totally independent of banks, mobile network operators, and device manufacturers; it works smoothly on IOS and Android operating systems. The Cashcloud mobile wallet application turns your smartphone into a wallet and spans all of the key functions needed for shopping, payments, sending money between friends, collecting bonus points, receiving coupons and social messaging – both online and offline. The offer is rounded out with a prepaid MasterCard® and an NFC sticker based on a partnership with MasterCard®, making cashless and contactless payments even easier than before.  Another innovative highlight within the app is cashcloud’s own virtual currency “cashcredits”. While being part of the cashcloud scheme, the user is able to collect cashcredits via Social Media and campaign interactions and swap them for real money. The option “deals and offers” is providing coupons and vouchers directly to the user’s smartphone. Furthermore parents can open a supervised sub-account for their children allowing them to know exactly what their children spend their pocket money on. With Cashcloud users are able to settle their payments in a simple and mobile way.

The Points Loyalty Wallet enables consumers to seamlessly and securely manage all their digital loyalty programs in one place; it complements and accelerates the use of mobile wallet technology by working alongside existing mobile wallets and loyalty programs, offering a quick-to-market solution which allows members to track loyalty balances, exchange loyalty currency from one program to another, and take advantage of highly personalized geo-targeted merchant offers on-the-go. For mobile wallets and loyalty programs, the Points Loyalty Wallet provides a new and quick-to-market solution for engaging with new and existing members, while driving incremental revenue from loyalty transactions. Points powers the loyalty section for their distribution partners – distribution partners vary from mobile travel apps and sites, to mobile wallets that use the Points Loyalty Wallet functionality within their own apps – to include balance tracking and currency exchange amongst participating loyalty programs. The platform will evolve to include redemption, merchant funded offers and the Buy, Gift and Transfer options. Buy, gift and transfer allows loyalty program members to reach reward goals faster, by purchasing and sharing points/miles via their program’s website.

VUB BANKA is the second biggest bank in Slovakia and a part of Intesa Sanpaolo Group. Their product, Wave2Pay, is a mobile application using HCE technology for mobile payments and with additional functionalities offers customers an alternative to their physical wallet and brings comfort and safety to the payment process by using their phone for payments. This solution merges an application for mobile payments on Android (enabling contactless mobile payments at POS) and/or a contactless sticker (Android, iOS, Windows Phone). The application allows users to see both transaction history and balance enquiry, as well as geolocation of payments. The contactless sticker additionally allows temporary deactivation to ensure higher safety. VUB BANKA is the first and only bank in the Slovak market with NFC HCE mobile payments (competitors’ mobile payments are based on a SIM centric solution). The VUB Wave2Pay is a standalone application (not a part of their mobile banking offering). The Wave2Pay application only for stickers was launched back in 2013 and is available for Android, Windows and iOS phones. In 2014, after less than 1 year of development, VUB upgraded the application for mobile payments using HCE. VUB Wave2Pay is ready for future development in all fields of innovative mobile wallets.

You can find out who the lucky winner for the category will be by attending the awards ceremony that will be held on the 26th April in London. Tickets are still available and can be found by following the link here – but don’t delay as places are limited.

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Categories: Contactless & Mobile Awards

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