Do you want to share your payment card purchase details with your friends?
According to the company, the "Wildcard app brings gift cards to life by offering a convenient and intuitive way to manage and gift on the iPhone." Using the app, you can buy and use gift cards from the iPhone. When you need to make a purchase, the app displays a bar code that the merchant's POS scans.
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"By delivering a rich, user friendly experience, Obopay’s iPhone mobile payment application is unparalleled in the market today. Advanced features include push notifications and family-centric money management tools that enable parents to monitor children’s spending and make real-time transfers to/from family accounts. Children can send requests for emergency money to their parents and receive it in seconds. In addition, it is ideal for small merchants who will benefit from the push requests, advanced history display and tracking capabilities."
Overall transactions for the month showed a growth of 8.9% over 2008, despite one less shopping day in November 2009. Transactions in the month of October 2009 were 8.2% higher than the previous year.
Along comes an alternative technology. Today, Google announced it was beginning a local marketing effort called "Favorite Places on Google" that is based on 2D bar code technology which, as it turns out, can also be read by mobile handsets using their on-board cameras and an on-board application. Google calls this "a new effort to send window decals to over 100,000 local businesses in the U.S. that have been the most sought out and researched on Google.com and Google Maps."
Recently, Starbucks decided to use 2D bar code technology to bridge between mobile handsets and its POS systems for payment. Are we seeing a theme develop here?
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She writes: "Bank income from debit card overdraft fees is variously estimated as $25 billion to $38 billion annually. The recently announced Federal Reserve Bank regulations requiring opt-in procedures will result in a gigantic hit to retail bank P&Ls, as we wrote about recently."
Do you have some ideas for what retail bankers should be doing to respond to the revenue impacts? You can share them here.