Tag: mobile wallet

The Royal Bank of Canada will now be embracing Android M biometric support for authentication.

Royal Bank of Canada (RBC) has now announced that it is going to become the first Canadian financial institution to use biometrics for mobile security by way of fingerprint scanning for authorization.

This will allow RBC to use fingerprints as another layer of security authorization for its mobile wallet app.

This announcement also stated that the mobile security will be possible through the addition of new features available through Android. Google first announced those new features at its developers conference. They will become available through the use of Android M, which presently remains in the form of a developer preview. That said, it is expected that this version of the software will be rolled out later on in 2015. It has been speculated that the Android M rollout will likely occur at the same time as the release of two new mobile devices under the Nexus brand.

The Android M mobile security feature will allow fingerprints to be detected and analyzed for authentication.

This will allow any app to be able to use the feature to detect the user’s fingerprint and integrate it into its capabilities for authentication.

According to the RBC digital, payments and cards division executive vice president, Linda Mantia, “This new feature heightens security while providing an exceptional client experience with a simpler and quicker process for authentication and payment.”

Furthermore, beyond fingerprint scanning, the mobile wallet app from RBC will also be adding further digital security features through the Confirm Credentials APIs that have been integrated into Android M. This will make it possible for device users to be able to gain access to secure apps from banks and password managers without the need for having to create new PINs, passwords, or other types of security patterns.

RBC will be rolling out its complete wallet app set of features later in 2015 at which point it is expected to make a relatively large update. At that time, it will be integrating the new mobile security features as well as public Host Card Emulation support.

This will give the users of the application the opportunity to use a new type of transaction through their smartphones.

A mobile wallet based in India, Paytm, has now announced the introduction of a new feature that will give 25 million users the ability to transfer funds to their bank accounts through the use of their smartphones.

This company is operated by One97, which is a business that is backed by Alibaba, the Chinese e-giant.

Mobile wallets have been rapidly rising in popularity in India. This country is one of the markets in the world where this type of smartphone based payments app has the best chances of success, due to the massive population and the low adoption of credit cards. Many merchants, including online retailers, have had to come up with ways to process transactions through cash. In fact, the current estimate is that even though there are more than a billion people in the country, there are only 450 million bank accounts, not all of which are considered to be actively used.

Mobile wallets provide users with greater reliability than cash without having to obtain a bank account.

That said, for those individuals who do have bank accounts, Paytm has now announced that its mobile payments app – which is supported by many different retailers and services, including Uber – has boosted the versatility of its offerings for the management of small floats of cash.

The users of the Immediate Payment Service (IMPS) mobile apps are now able to transfer up to $80 (5,000 INR) per day, and they can make transfers of up to $400 (25,000 INR) per month. The minimum transfer amount is $16 (1,000 INR). The sender needs to have at least $32 (2,000 INR) in credit available to them in order to make the transfer.

This is not the first time that One97 has discussed this new feature, but considering the fact that Alibaba made an investment into the company in February, it is now starting to gain a great deal more attention. That agreement brought an estimated $200 million investment to One97, valuing it at $1 billion and bringing the Chinese e-commerce giant into India for the first time. That company is already wildly successful for its own mobile wallet and payments service, Alipay.