BBM Money poised to expand later this year

By Bla1ze on 25 Mar 2014 10:00 pm EDT

Unless you live in Indonesia, you've likely never actually used BBM Money but the service itself has not been forgotten about by BlackBerry. Now that BBM has grown a bit by going cross-platform on iOS, Android and soon Windows Phone as well as the launch of BBM Channels, there's more potential then ever for BBM Money to reach an audience and according to David Proulx, Senior Director of BBM Business Development in a recent interview with ReCode, we should be hearing more soon.

“Because we are, by nature, private and secure and reliable and regulatory-compliant, we are ideally suited to bring value in mobile money and financial services,” said Proulx. A BBM person-to-person money transfer service has been in trials in Indonesia, but Proulx said to expect BlackBerry to expand to more countries and more services this year. One area of keen interest is international transfers, Proulx said.

In an earlier post we outlined how the service could potentially take off but all the right pieces needed to be in place before it could be fully realized. We'd certainly need some more info to go on before proclaiming this as something great but the potential is certainly there and it would be something beneficial not only to BBM users but BlackBerry themselves when monetization is considered. 

Via: BerryReview

Reader comments

BBM Money poised to expand later this year


Imagine you can pay for your convenience store and groceries with (UK) London Oyster using your BlackBerry device?

I've been saying this since 2011, BlackBerry can redeem its coolness by working with local micro payment partners such as London Oyster (UK transport payment non-contact smartcard).

Similar situation in Asia. eg: there would be a huge market if you can use BlackBerry device to pay for your grocery, etc. using your Octopus card payment which I understand is very widely used in Hong Kong.

BlackBerry coolness would go way, way up.
Actually be a cool reason to buy BB10 devices in the eyes of the consumer.

Well, if the store has an NFC micro-payment terminal then you can do that. Unfortunately these are only in test rollouts across some countries.

This seems to be more like easy-banking than a purchasing function. Kind of like GEO payments for BBM.

Maybe it will be similar to "Email Money Transfer" here in Canada which is restricted within the country, but this BBM Money Transfer could be across international boundaries.

What do you mean? I can tap-purchase using my Z10 today, using the CIBC (Canadian bank) app that is tied to my VISA card. No need to swipe a card anymore.

And given that NFC enabled terminals are now the standard in most Canadian retailers, this has become an easy way to pay...

Posted via CB10

That is tied to a specific bank. I want one independent of which bank I choose. It should be able to work as long as you have a VISA or Mastercard card.

Mmm...CB10! Just the tip though...

Visa and MC are licensed to banks etc, isn't it? So your VISA or MC has to be tied to the institution operating that card. Where the institution is not a bank, it will have a correspondent bank to handle this activity.

I mean that I don't want to have to have a specific bank app. The same way I don't need to use a special bank app to make credit card purchases.

I want to be able to enter my CC details into a secure section of the OS and I just tap the device and it makes a standard CC transaction.

I get that it is linked to my bank. I just don't want to have it dependent on each person's banks supporting the platform. Right now it is limited to the CIBC or whatever the bank's name is.

It should be independent of an app by the bank.

Mmm...CB10! Just the tip though...

BlackBerry cannot insure (provide insurance for) transactions that it will not have oversight over. BlackBerry will have no way to validate the balances being put to and fro unless they are the creditor themselves...
And, they don't have the financial fortitude to execute such a bold plan.

It would have to remain the will of banks to provide such services, and, perhaps regulators/legislators to create standards in which third parties can facilitate such transactions on behalf of others.

This is not just a matter of security, but consumer protection.
Thus is why BBM Money will only appear in controlled markets one nation at a time with strong limits in what can be transferred ect.

... it's true that, everyone would love to see the technology being used full out to it's maximum potential. But there are valid reasons why no one just dives in...

With that being said, BlackBerry is in a position to move further than most of it's competition because of their emphasis on security. and hells ya, I would love to be able to BBM money transfer payments. Interac email transfer is a huge convenience. BUT BBM?!? that would be baller sauce:
Boop, pay for ma shwarma, Boop, here's ma rent, Boop, here's a loan, Boop transfer money to Brazil, Boop, Notification: some womens is making it rain on you for the good time they had at your cottage last weekend - do you accept their moneys?

I might be dreaming in a tangent a bit... But I feel you...

Apple and Google are already ahead in the payment system bandwagon. This is only a small fish approach. Everything BlackBerry does is small potatoes vs Google and Apple

Posted via CB10

Email Money Transfer is simply money wired via your email that links through your bank account. You need to set up internet banking on your bank account and that's it. The originating bank and the recipient bank, of course, has their embedded security.
So if I, hypothetical, want to send you $500 all I need is your email address. Then I open my bank account and just follow the simple instructions, when I'm done I hit "send" and that's it.
On the recipient end, they get an email and follow the link which will ask them what bank account they want the money deposited into; they also follow all the simple instructions and in less than two minutes the money is deposited.
Since BlackBerry just got FIPS certification, these banks should be able to use BBM (your pin) in lieu of the email to have money wired or transferred. The BBM pin is already secured (email tied to BB ID and tied to whatever BlackBerry uses to secure these pins). IMHO, the BBM pin would be even more secure than just any email address; meaning there will be additional "trail" for tracking if needed. :)

Really appreciate the walk-thru!
Wow that is really an elegant process.
I like the idea of doing it through our PINs!
...but these do change with the device so as long as there is a disassociate/unauthorize the phone from your account.
I think some banks in the U.S. allow for something similar. I'm going to have to read more about it, but like you said, integrated with BBM would be fantastic! Thanks again!

It is pretty awesome, but I'll wait until everything is finished before cheering.

BlackBerry has always had 'potential' and many good ideas, but it's the execution that sometimes falls short.

I wish them luck.

Posted via CB10

I would be all over this if it was a good exchange rate for international transfers...

Posted via CB10

I think thats a great idea!!! You can buy BBMcoin, and transfer them from user to user and they can make money from currency exchange (eg. US to CDN).

no its able to do fund transfers like a banking service but through BBM and your phone. Its not fake currency like Bitcoin

Fake currency like Bitcoin? All fiat currently is fake, in so far as it has no backing beyond the belief that it has value by those that use it. And seeing as how many people seem to think Bitcoin has value, it's no more fake than another currency.

Buy a bb, get a droid for free

They shouldn't sleep on this! They'd be the first major IM to offer it, which would make a lot of undecided mobile users reconsider what IM is actually useful, and safe. If an IM is able to offer mobile money transfers, that's just the ultimate testament to the level of security being offered. It cannot be ignored.


Would actually be funny if they get support from North American banks for BBM Money before those banks even release an app for their BlackBerry 10 users

BBM has lots of potential, just a matter of playing it out right and keep surprising the users

Posted via CB10

That would be funny...haha.

Though, most people have credit-cards that BBM could use to authorise bank-co-operation shouldn't actually be necessary.

Been waiting to hear news on this been reading a lot about this in the forums and other blogs. So much potential. I'm said once ilk say it again BBM is BlackBerry's ACE the potential and the features they can implement are endless

Posted via CB10

That's great news hope it comes to Canada(more than just tim Hortons that is)

Blaze you've been busy lately

Posted via CB10

No doubt beta testing Red Bull, Monster and RockStar case purchases with BBM Money!

Posted via CB10

Another great move by BlackBerry and another reason BBM will be the premier IM platform. All these goodies make whatsapp look pretty shabby at the moment.

Posted via CB10

Time to buy more BlackBerry shares on the next dip, love the new direction the business is going

Posted via CB10

BBM petty cash for some business people? Instead of a company credit card? Link it to interact in North America and the potential market penetration is huge and instant. Is Interact international in scope?

Tim Smith from my Z10 on Rogers

I agree, I could use it to forward money to my kids at school, load it on monday morning for their weekly needs.

Posted via CB10

So, is this supposed to do POS, plus e-transfers (interac)? Turn BlackBerry into PayPal, or allow carrier billing, and BBM provides the infrastructure? That would be very very cool.

Posted via CB10

Too bad that BBM money only available on second tier bank, bank Permata.

I have been waiting BlackBerry to make it available on first tier bank like BCA and still no good news until now.

Posted via CB 10.3

They're still testing. No need to overly complicate things with multiple banks. Hopefully they will expand soon though!

Posted via CB10 on my Z30

That's because BBM Money is practically developed by Bank Permata. It's not like BlackBerry approached Permata to build it in the first hand.

Apple has been hinting at their own payment service so this would be an interesting move by BBRY. Question is should they open this up on all the other platforms? I say YES (as long as they take a small cut out of every transfer) .

Posted via CB10

Opening it on all platforms would make sense. Instantly tens of millions of potential users. If it is linked to a system such as Interact, it will become ubiquitous.

Tim Smith from my Z10 on Rogers

I want when BlackBerry Jakarta launch its provide an application using this BBM Money that can be use as payment for Jakarta public transportation like the TransJakarta Busway and Commuter Line Rail Way :)
It make BlackBerry Jakarta so spesial for Jakarta people

Posted via CB10

This goes a long way for BBM's image as a secure service. Its an empirical real world example as apposed to just saying " We are secure. :) "

If this had the ability to load bitcoin on the wallet there could be some major heads turned. To the moon!

Posted via CB10

Especially if you are able to load the millions of bitcoins that have recently been stolen. Might raise a few eye brows.

Looking forward to this, and hopefully can eventually replace my PayPal. Lets see WhatsApp do something like this lol, Nope.

You mean Facebook?

FB Money, transfer you funds, and get a load of spam with it for free!

"No Q10?" -> "Buy from Chen... "

I would really enjoy using bbm money.

There are really times I wanna send money to my friends and suppliers.

Posted via CB10

Money and banking, investment etc should be key pillars for BlackBerry which is the only out of the box secure system to handle it. Get ING or such or form BerryBank and get on to it!

Posted via CB10

Sorry for the anti climax guys, but, BBM and channels is just not popular enough. BBM is sitting at plus minus a hundred million. How many of these are youngsters who are not going to be able to use BB money. That's why I came up with this wild idea which I started a thread on.

Just a thought. To stop all the bickering, jealousy and arguing about whose IM app is better. Why doesn't BB bring (I mean copy) out a whatsapp type of IM app and call it BlackChat or whatever name they want to call it. Its clear that those who know anything about security and other reasons of choice prefer BBM. Those that want their whole contact list in a messaging app like Whatsapp can use BlackChat. We will then have a choice of either or both. BB cant be sued for copying cause most of the IM apps out there are all really stolen from BBM. BB can introduce voice and video to BlackChat almost immediately as we already have the code in BBM. Its all about choice. Blackberry will be the first to have two IM apps, one that uses pins and one that uses phone numbers. BB could even combine the two into one app and in settings you would have a toggle to turn on one or the other or both. I don't use Whatsapp, I deleted it the day BBM went cross. But I would use BlackChat, or whatever name is used, if it was a native BB app. As I said, just a thought.

This could make BB cool and popular again. Don't know whether BBM money can.

Why wouldn't youngsters unable to use it? BBM Money is, put it simply, e-wallet connected with your BB id. So, once parents load certain amount of money to their kids' accounts, those kids will be able to freely use/spend the money.

I posted a similar idea of using BBM 'skins' that mimic other IM platforms but run on BBM and that gets your permission to use, integrate and manage both (or multiple) contact wouldn't need separate apps, but you'd have to be careful with lawsuits....

Posted via CB10

I think this is an awesome and potentially grand thing for BlackBerry :). Well done

C0038297E Quote of the Day (BBM Channel)

BBM Money will probably be similar to Western Union in the way they transfer money. All customers are assigned a unique 10-digit Money Transfer Control Number(MTCN) per transaction, the sender must provide the recipient with the MCTN which they in turn must present to Western Union in order to complete the transaction. BBM is ideally suited for such transactions given the emphasis BlackBerry places on security and privacy.

Hey man, BBM me twenty quid would ya?

Mom can you BBM forty dollars? I'm out of gas and over drafted my checking account.

I just bought the tix. $50 each, BBM me your half

Guys I found a great deal on some Ralph Lauren chinos. Bbm me your size and 17$ and I'll buy you a pair. Khaki, gray, or pale blue.

I could go on

Posted via CB10

Yep, man. Exactly. Why only shoot messages?

Shoot hard cold cash through the interwebs, and on our favourite platform.

"No Q10?" -> "Buy from Chen... "

Well, it's not exactly a blue ocean there with regards to mobile payments is it?...

I hope they put it all together if not too late already as these systems are all about adoption scale...We've already seen how the the inventor of smart of phones missed the smartphone revolution sorely...That was another management team though!...Fingers crossed!

Posted via CB10

Monetization of free apps/services always promises high gains in the beginning...but the amount of innovation needed to stay ahead of the very thing you innovated will be immense. So, if BBM does this, I hope the R&D team are beefed up and ready to stay key players in this emerging market.

Posted via CB10

Well I don't know anyone who's actively using BBM Money other than, perhaps, Permata's customers who want to reload their prepaid cell phone account. It severely lacking in features anyway

BBM Money would be great for enterprise and consumers if they can unlock it's potential. For enterprise, would be great to connect finance folk to their employees to wire funds domestic/international for expenses via some workflow approval so it would eliminate the reimbursement process for companies. Again, add on NFC capabilities for company issued BlackBerries to also act as security passes. I'd also note that if I was an executive/management, I want good accurate e-mails (free of errors and short-form) because they are business records and hands down BlackBerry devices have the best keyboards, physical or virtual, out there. For consumer side, start following the micro-payment trends that make sense peer-to-peer like we've seen in parts of Africa. Team up with financial institutions and transit companies to utilize BlackBerry's end-to-end security. I'd suggest BlackBerry to strategically team up with Hong Kong's MTR Octopus card and get BlackBerry in as the sole secure and endorsed device to use Octopus services. It would be a good pilot for both and if successful, market it and then expand to other countries that MTR operates using similar Octopus services and partners. Start working with other transit commissions around the world to enable this capability. In Canada, BlackBerry is teamed up with retailer Tim Horton's and the bank CIBC for NFC payments. Metrolinx in southern Ontario could also be a partner with their Presto card. BBM Money then allows individuals to send funds to users of all these services. So let's say a student needs cash to charge their transit needs and to buy some coffee/food to study, send mom/dad a BBM and voila student's need fulfilled.

Posted via CB10

How does BlackBerry monetize this service? Is there a flat fee per transaction or is it a graded scale depending on the dollar amount?

Lots of potential. Let's see where it goes.

Posted while peeking and flowing on my incredible BBQ10! 

With BitCoin on the slide with all the conspiracies behind it, perhaps it an opportune time for BlackBerry to enter the scene.

Exciting. If it catches, expect the stock to rocket over the next year.

I have been looking forward to this since I first heard about it!! Hope Canada gets it soon!!

Posted via CB10

Those new marijuana boutiques in Colorado and California are mostly cash only due to Fed Regs. Maybe BBM money will be a good alternative to that cash only business model.

Posted via CB10

If BlackBerry wants BBM to really compete, they have to look at two products. Microsoft's Lync, and SMS.

If you're in a (Corporate) Microsoft world (I am), Lync is amazing. It integrates completely with Outlook, making online meetings a breeze, integrating voice, video, app, and desktop sharing, remote control (support LOVES this!), and integrates with VOIP. The iOS and Android clients allow VOIP calls too!

Yes, BBM supports a lot of this, but in a very closed environment, and it doesn't integrate with the Calendar nearly as well. It needs to offer all of the features Lync does, PLUS be able to play BlackBerry's Work/Personal game as does BlackBerry 10. Imagine if BBM could support two networks - one work and one personal - AND perform all the tricks that Lync does in its closed, corporate environment! SEAMLESSLY, of course!

I'm sure most can't believe I include SMS, but think about it. SMS can be used by EVERY Cell, Feature, and Smartphone there is! It is the ultimate platform-less communications medium.

All that said, we're all playing wait and see with What's App now that Facebook has taken it over.

All that said, one thing BBM absolutely MUST lose is the inability to run on multiple devices at the same time. It's ludicrous that I can't run BBM on my iPad without breaking it off from my Q10. And, of course, it needs a way to communicate through the Desktop.