Somewhat following the lead set in the UK by Barclays Bank and its PingIt service, US Bank – part of US Bancorp – has teamed up with Montisie to create what it is calling “an advanced mobile shopping experience” that combines not only checkout/payment, but also product selection.
The move echoes how Barclays has upgraded its PingIt service to make it sit at the heart of the product selection process, as well as streamlining the checkout and payment side of m-commerce. The move is widely seen as a land-grab in the m-payment space by banks, who are starting to get that they are under threat from the likes of PayPal and a raft of third party payment solution providers. It also seeks to ensconce banks at the heart of the m and e-commerce process.
As part of its ongoing payments innovation research and development initiatives, US Bank has been exploring new ways to simplify finding and buying products and services via interactive media for mobile handsets and tablets. As part of this, US Bank and Monitise will develop an advanced mobile shopping experience including product selection and instant checkout payment capabilities.
Leveraging unique digital and audio watermarking and scanning technology for product discovery from Digimarc Corp and Nellymoser, a division of Gruner+Jahr, an initial pilot will integrate mobile action codes, mobile shopping and mobile payments to create a quick and easy way for consumers to discover, learn about, purchase, and share the products they want from their favourite brands.