Last week, Clairmail participated at the inaugural Mobey Day, organized by the bank-led Mobey Forum industry association. Andres Fontao, Clairmail’s director of product marketing, spoke on a panel. Below is a summary of Andres’ panel, from the Bobsguide show report:
The idea of a killer app in the mobile financial services arena is perhaps a misnomer, with banks and others better off focusing on developing the common standards and interoperable networks that could truly drive customer adoption rates.
It is a thought that panelist Andres Fontao, director of product marketing at Clairmail, had some sympathy with, pointing out that SMS messaging was the only real killer app at the moment with 70-80% adoption rates. Whatever you do “try to keep it simple”, he advised.
Of course, his US-based firm is seeking to move into the European mobile FS market and as part of this effort has just recently signed an agreement to provide its mobile payments software to VocaLink as part of the payment processors’ new peer-to-peer (P2P) mobile payments platform in the UK, which will allow bank and building society customers to transfer money to each other using only their mobile phone numbers.
It is perhaps this deal that prompted Monitise to move in with a $173 million acquisition of Clairmail on 26 March, following the end of the Mobey Day event. The P2P mobile payments service in the UK, due to be rolled out later this year, relies on VocaLink’s existing Faster Payments Service (FPS) shared network infrastructure in the UK.
It should go a long way to popularizing mobile payments in the UK because all the necessary bank account numbers and identifier codes are back-ended, meaning all the consumer needs is their friend’s mobile phone number.