A mobile lender and a next-generation authentication platform are among the startups being funded by MasterCard and Silicon Valley Bank, pointing to the untapped potential in mobile for reimagining commerce and financial services.
Banks and financial services
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Visa is rolling out a new service that enables cardholders to set spending controls, temporarily suspend accounts and receive transaction alerts on mobile in a bid to prevent fraudulent transactions, a move that brings the financial marketer up to speed with its competitors.
Fifth Third Bank is illustrating the speed of its mobile application through a game that lets users test their texting abilities while driving installs and customer use.
Visa’s new developer platform, which offers third-party companies the ability to sift through hundreds of commerce-related APIs, indicates the brand’s desire to one-up its competitors in the mobile payments space by creating a massive network of partnerships.
The leader in mobile payments still remains unclear, but Android Pay is gaining speed and the technology as a whole is likely to reach mainstream adoption within four years if added benefit for customers is provided, according to a report from Packaged Facts.
Fifth Third Bank’s Touch ID integration comes in response to customer requests as the tech becomes more widely accepted thanks to how it makes users feel secure and brings added convenience.
Restaurant chain Shake Shack saw a spike in new customers after joining the new Visa Commerce Network, a platform that connects consumers to multiple retailer discounts via mobile notifications.
Chase plans to install new card-free ATM machines this year, enabling customers to withdraw funds and complete other financial transactions using their smartphones.
NEW YORK – An American Express executive at Mobile Marketer’s Mobile FirstLook: Strategy 2016 discussed several challenges and benefits from building mobile solutions for unbanked and underbanked consumers, including millennials.
Direct bank Tangerine claims to be the first in Canada to offer a new secure chat feature, enabling customers to conduct banking transactions via chat in real time.