Hope you have a great weekend! For a change, it's going to be warmer and sunny here in the San Francisco Bay Area - yes!
The U.S. retail payments system is in the midst of a transformation. The shift from paper to electronics, the emergence of new instruments and payments channels, the rise in nonbank participation, the change in risk profiles—all are elements of this new landscape. The Federal Reserve takes as one of its mandates fostering a payments system that is safe, efficient, and accessible. How does the Federal Reserve fulfill this mandate in this new environment?
"...tranform physical media (print advertising, billboards,product packages, information signs, in-store merchandising, or even video images)—into live links for accessing information and entertainment online. With the Microsoft Tag application, just aim your camera phone at a Tag and instantly access mobile content, videos, music, contact information, maps, social networks, promotions, and more. Nothing to type, no browsers to launch!"Microsoft says over 100 mobile phones are already supported - including the Apple iPhone.
Here's a tag I just created that links to the URL for Payments News:
Here's a video with more details. What can you think to do with tags in your organization?
If you're interested in learning more about mChek's pilot results and its work with the bottom of the economic pyramid, contact Valerie Rozycki at Valerie@mchek.com.
Sources said over the next four to five years, processing of credit card transactions, which is so far done abroad will shift to India. Sources at the Indian Banks’ Association ... said that India Pay will handle all domestic transactions while it will work with payment networks like Visa and MasterCard for international transactions undertaken by Indian cardholders or foreigners on visit to the country."
The article also mentions National Payment Corporation of India, a new company established by nine banks to focus on "electronics payments, ATM transactions and processing of card payments."
[Editor's note: We'd love to learn more about these payment card processing initiatives in India. If you can share details, please contact me directly.]
"This Javelin research report makes use of consumer data analyzing the propensity to use prepaid products, and also in-depth interviews with prepaid program managers at financial institutions and other third parties to understand the key components of a prepaid processing relationship and how prepaid program managers must approach the establishment of such a relationship. "
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