Intuit Buys Mobile Money Ventures

Intuit Inc. has acquired mobile Web banking technology assets from Mobile Money Ventures, a global solutions provider of next-generation mobile financial solutions. The deal supports Intuit Financial Services' position as a leading online and mobile technology provider to financial institutions, Intuit said.

The deal allows Intuit to directly manage customer support, and have full control over the design of its mobile Web banking solutions.

Customers of more than 320 U.S. banks and credit unions use Intuit's existing mobile Web technology, which was provided by MMV. Intuit also provides text message and downloadable application solutions to enable financial institution customers to conduct their critical banking tasks from virtually any mobile phone." Intuit Press Release - Intuit Buys Mobile Money Ventures Platform to Bolster Mobile Banking Capabilities.

Mobile Money Ventures, based in San Mateo, Calif., was formed in 2008 as a joint venture that combined the strengths of Citigroup, a leading, global financial services company, and SK Telecom Americas, an early-stage technology innovator. As an Intuit partner, MMV provided a proven mobile Web banking solution currently reaching more than 400,000 consumers. MMV's offering is optimized for all major handsets and screen sizes, making it right for all customers - regardless of their mobile device.

Mobile Money in Asia

Asia Eyes Growth in Mobile Money

Why Mobile Money is Important in Developing Regions

For many, mobile money transfers are intriguing not because they represent a new business and industry, though that is important. Making mobile phones function as a virtual bank or ATM in places where the banking infrastructure is under-developed is important as an economic development tool.

Visa outlines ‘digital wallet’ vision

Visa’s head of mobile innovation, Bill Gajda, says mobile devices are becoming “true digital wallets.” That's an interesting way of putting things, as you might have been thinking Visa is mostly interested in the "payment" or transaction part of the mobile money business. It is, of course. But the related businesses, ranging from advertising, local commerce and credentials management to loyalty and marketing programs are not areas Visa might see as outside the scope of its extended ambitions.

Referencing what he described as “the convergence of mobile and payment networks,” Gajda’s vision for a mobile wallet focuses on “mobilizing existing Visa accounts, extending mobile banking to payments, enhancing the consumer payment experience, enabling customer control, and offering new transaction types."

Visa outlines ‘digital wallet’ vision; signs up 100,000 payWave users in Korea

The History of Money According to Barclay's

Barclay's takes a look at the history of money, as it promotes new mobile money ventures.

Egypt Mobile Operator to Launch Mobile Money Transfer Service

Mobile phone operators in Egypt are planning to launch money transfer services. Of the country's some 80 million inhabitants, analysts estimate that only about 10 percent of the population owns and uses a credit card. Mobile money transfer services, which recently received an initial green light from authorities in Egypt, could assist the millions who don't have access to a credit card or bank account, while also helping line the pockets of mobile operators.

"In a country where a small number use credit cards, there's a potential for mobile payment as an alternative for the circulation of cash,"said Hassan Kabbani, chief executive officer of the Egyptian Co. for Mobile Services, better known as Mobinil, the country's biggest mobile operator by subscribers. Read more..

The launch date for mobile money transfer services, or MMTS, in Egypt, is still to be determined, but comes at a time when similar systems started in Africa have proved a raging success."

Apple, EMC, Ericsson, Microsoft, RIM, Sony Share Nortel Patents

Nortel Networks Corporation has sold about 6,000 patents to a consortium of bidders including Apple, EMC, Ericsson, Microsoft, Research In Motion and Sony. Google is not on the list.

The sale includes more than 6,000 patents and patent applications spanning wireless, wireless 4G, data networking, optical, voice, internet, service provider, semiconductors and other patents. The extensive patent portfolio touches nearly every aspect of telecommunications and additional markets as well, including Internet search and social networking.

Given the amount of patent infringement activity in the mobile business these days, the deal essentially means Apple, Microsoft, RIM and Sony Ericsson have gained some protection against such lawsuits, the typical resolution being cross licensing between the parties. But a firm needs a trove of patents to have something to trade.

The sale increases the likelihood of patent infringement suits against Google, because Google will not be seen as having sufficient protection in the form of intellectual property to cross license.

Nortel Announces the Winning Bidder of Its Patent Portfolio for a Purchase Price of US$4.5 Billion - MarketWatch: