Norway’s Valyou mobile payments closes - lack of NFC-enabled payment terminals a major factor

Norwegian mobile payments service Valyou shuts down

From Finextra -

“Norwegian mobile payments service Valyou has been shut down, with owners Telenor, DNB and SpareBank 1 blaming a lack of NFC-enabled payment terminals and support from their fellow banks and telcos for their project's failure.

Explaining that "after careful consideration of all options Valyou’s owners have decided to wind down the company," a statement on the mobile money firm's site says that its app has been removed from Google Play and will stop working on 30 November.”

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NFC Is a Bigger Tech Opportunity for Merchants than EMV

From Payments Source -

“EMV is far from being a new technology. In fact, European countries have been using EMV chip-enabled credit cards and processing terminals for nearly 30 years.

Despite all the noise around the recent liability shift deadline for merchants to become EMV compliant, this payment technology could soon become a thing of the past, especially as it faces consumers’ increasing adoption of new payment technologies such as Near Field Communication (NFC)-enabled devices and mobile payments.”

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NFC Payments

From Deloitte CIO Journal -

Deloitte predicts that by end-2015, five percent of the base of 600-650 million near-field communication (NFC) equipped phones will be used at least once a month to make contactless in-store payments at retail outlets.