On the web:
- California Sues JPMorgan Chase Over Credit Card Cases - NY Times - "JPMorgan Chase … deluged the courts with dubious lawsuits to collect soured credit-card debt."
- How hackers allegedly stole “unlimited” amounts of cash from banks in just hours - ArsTechnica - "Prosecutors didn't identify the payment processors except to say one was in India and the other in the United States."
- PayPal exec aims to “obliterate passwords from the face of the planet” - ArsTechnica - "Our intention is to really obliterate, within a certain number of years, both passwords and PINs..."
- One good reason to accept Bitcoins: It screws credit card companies - Pando Daily - "Merchants should enjoy it while it lasts."
- Mobile Gift Card App Gyft Partners With BitPay To Start Accepting Bitcoin Payments In Its Android App - TechCrunch - "Bitcoin is hard to use today, and that’s a good thing. There are still bugs and it is too risky for the average consumer."
- WePay Debuts Veda, An Intelligent Risk Engine That Leverages Social Media Data To Prevent Merchant Fraud - TechCrunch - "A traditional credit score only shows a sliver of who you are, but an online profile allows us to assign our users a more accurate ‘WePay credit score’ based on their personal history of verified, social data."
- No big bang for mobile payments - Business Spectator - "Key to this is understanding that mobile payments are not a vertical market. Players must understand how the different participants in a payment system – the merchant, issuer, and consumer – can all benefit through mobile."
- Adam Smith, Paul Krugman and Bitcoin - Tomorrow's Transactions Blog - "There won't be a single world currency (whether the Dollar or the Remibi) and there won't be a single virtual currency (whether Bitcoin or MintChip). There will be lots of currencies and we will all be better off because of it."
- Free banking at risk as EU wants us to bank anywhere in Europe - Telegraph - "European proposals that would allow Britons to switch to a bank account in another country could hasten the demise of free banking, experts have warned."
- Mobile Payments Service Wins Bill and Melinda Gates Innovator Award - eCommerce Bytes - "Boleto is a unique barcode payment ticket that contains the customer's unique purchase data and Trak's bank information."
On the wires:
- Eight Members Of New York Cell Of Cybercrime Organization Indicted In $45 Million Cybercrime Campaign - "A four-count federal indictment was unsealed in Brooklyn charging eight defendants with participating in two worldwide cyberattacks that inflicted $45 million in losses on the global financial system in a matter of hours."
- Value-Based Payment Models Expected to Reach Tipping Point by 2018 - "Transitioning to payment models that base compensation on outcomes requires physicians and health plans to exchange new kinds of information – different than what is required under today’s predominant fee-for-service arrangements."
- Retailers, Listen Up: High Rates of Mobile Shopping Cart Abandonment Tied to Poor User Experience - "While the majority of smartphone and tablet owners (68%) have attempted to make a purchase on their device, two-thirds (66%) failed to complete a transaction due to obstacles encountered during checkout."
- First Data Releases April 2013 SpendTrend® Analysis - "Year-over-year dollar volume growth increased 5.1% in April, a slowdown from March’s 6.0% growth."