2013 Paybefore Awards Category 8: Outstanding Mobile Wallet or Mobile Application
The in-market mobile wallet or mobile application that (1) provides end users with value-added features and/or enhances payment capabilities, user decision-making or loyalty and (2) provides retailers with a strong value proposition.
Program Name: moneto Prepaid MasterCard
Company Names: DeviceFidelity, MasterCard
With real-time balance and transaction history, free P2P money transfers, the only instant cash-back rewards program at hundreds of participating merchants, bill payment and a comprehensive mobile application, the moneto prepaid MasterCard is the ultimate alternative to debit or checking accounts. moneto is also the only prepaid app that can be upgraded for NFC PayPass payment through microSD NFC card for both Android and iPhone.
Launched: August 2012
- Bridges the wireless and financials worlds like no other provider
- Clearly positions prepaid and mobile as best alternative for cash demographics
- Puts cash back into users pocket instead of drowning them with fees. (If the user redeems one cash-back offer per month, Moneto generates cash for the user instead of charging fees.)
- End-to-end encryption, UN/Pw protection for mobile app access and P2P transfer, NFC use with microSD secure element with PIN-protected access
- Cloud-based cash-back—funds sent immediately to account if transaction qualifies—app displays offer based on user location and transaction history
Fees: $2.95 monthly fee waived if $300 spent/month (first three months free)
Pitch: Deserves to be called the best because of its uniqueness, ease of use and overall value. You can download the app, register and activate from the app, load money, pay bills, transfer money and get cash back through online purchases without leaving your house.
Program Name: H&R Block Emerald Prepaid MasterCard Mobile Banking App with Check to Card Feature
Company Names: H&R Block, MasterCard
The H&R Block Emerald Prepaid MasterCard is the first prepaid card using mobile remote deposit capture to give clients instant availability of funds on a mass scale. Check to Card, offered via the Emerald Mobile Banking App, enables cardholders to take a picture of any check, load it to their card using their smartphone and have immediate access to their funds (remote deposit capture). Check to Card enhances the feature set for Emerald Card and drives year-round usage by offering a convenient and immediate way to reload the card at home or on the go.
Metrics: App Launched Dec. 21, 2011, RDC launched to a segment of cardholders July 23, 2012; launched nationally to more than 3 million Emerald Card cardholders on Dec. 21, 2012.
Growth projections for three years: 20% YOY
- Security: 128 bit encryption, login with card number and PIN, payee name must match cardholder, image not retained on phone, daily/weekly deposit limits
- Instant availability of funds
- RDC promotes card usage, extends card life and increases transactions
- Check to Card provides a new, affordable and convenient way to add funds to the card, which in turn increases reload and card usage
- Easy three-step reload feature at home or on the go
Fees: For RDC: 2% fee payroll and govt. printed checks, 4% fee personal checks. $2 minimum for all
Pitch: Mobile bank app with RDC is the first to be available to prepaid consumers on a large scale in the market. It enables immediate access to funds, is easy to use and provides real and instant benefits to cardholders, driving acquisition and retention.
Program Name: PayPal, PayPal Here, PayPal InStore
Company Name: PayPal
PayPal is focused on a simplified experience—making our customers lives better by reducing the distance between what they want, and what they get. In 2012, PayPal made significant moves to eliminate friction in the payments process by making PayPal the way to pay at the point of sale with 23 national retailers, launching PayPal Here—the first global mobile payment solution allowing small businesses to accept almost any form of payment—and partnering with Discover to access its 7 million U.S. locations. PayPal InStore brought the convenience, simplicity of mobile wallets and the reliability of barcode-based payments to stores in the U.K. in July 2012.
Launched: Ongoing through 2012 with $14 billion in mobile payment volume in 2012 (exceeding forecast of $10 billion). PayPal Here available in U.S., Canada, Australia, Japan and Hong Kong.
- Security: Industry-leading anti-fraud technology that gets smarter with every transaction on the systems. Cloud-based so consumer information/payment details are secured in the cloud.
- Working with 23 national brand name retailers to integrate PayPal InStore, such as Famous Footwear, Dollar General, RadioShack and the Home Depot
- One simple way to pay online, via mobile device, and retail
- Merchant promotions stored in the wallet automatically applied to the transaction
- Funded with any branded credit/debit card or bank account
Fees: No fees for consumers. Flat fee for merchants using PayPal Here
Pitch: Why isn’t PayPal a mobile wallet? Consumers need to see the value in order to switch from what they do today. That value can’t just be a different way to pay. It has to be better. It will be provided courtesy of cloud computing—not on a chip in your phone. PayPal’s cloud approach evolves the wallet from a physical thing—whether a traditional wallet or a phone—to a seamless connected experience. Many have said the future of money is the “mobile wallet,” but the technology isn’t the point. At PayPal, we’re genuinely trying to make the lives of our customers easier, not asking them to adopt a new technology. We are solving a problem, bridging online and in-store for merchants into one system in a simple and secure way. For consumers, we provide an easy way to pay—any way they want, anyhow and increasingly anywhere.
*For Paybefore’s purposes, card may mean a physical card or alternate form factor, including a virtual card.
The information provided above was excerpted from Paybefore Award nominations provided by the Nominator. Paybefore has not conducted any independent investigation as to the accuracy or completeness of the submitted information and makes no representation or warranty as to the accuracy, completeness or authenticity of such information. All content is provided on an “as-is” basis.
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Programs with an in-market start date after Sept. 30, 2012, requested and received a participation waiver from Paybefore.