On the web:
- Rich-Get-Richer Effect Observed in BitCoin Digital Currency Network - MIT Technology Review - "Could bitcoins eventually replace ordinary cash? Kondor and co avoid making any predictions, but the evidence they have unearthed is that the BitCoin network already functions in a way that is uncannily similar to real world currencies."
- The Banks of Tomorrow: Think Google and Facebook - Wired.com - "What this means is banks will gradually disappear into the background of our financial lives. In the future, your bank will look less like your bank — and more like Google or Facebook or Apple."
- British Credit Card Customers to Be Reimbursed - NY Times DealBook - "The settlement concerns credit card protection insurance that was sold inappropriately to seven million British customers with about 23 million credit card accounts since 2005."
- Fed Appeals Rejection of Rule on Debit Card Fees - New York Times - "The Fed’s move raises a spate of important issues five years after the financial crisis of 2008."
- Fed to Appeal Judge's Interchange Ruling - Wall St. Journal - "The Fed's decision to appeal the ruling throws another wrinkle into a long-running battle between retailers and banks over the billions of dollars in fees associated with debit cards."
- Vodafone India launches mobile money transfer with ICICI Bank - NY Daily News - "Vodafone India, along with ICICI Bank, Wednesday launched its mobile money transfer and payment service 'M-Pesa' here."
- CVC Agrees to Buy Skrill From Investcorp for $800 Million - Bloomberg - "The buyout values Skrill at 600 million euros ($800 million)..."
- The battle for identity on the web - Econsultancy - "The four really big prizes of the internet are: content, payments, discovery, and identity."
- Digital Identity and the economic transformation of India - InformationWeek - "We are a proud nation of more than 1.2 billion people but we have only 36 million people who pay income tax which is about 3 percent of the population."
- Millions stolen from US banks after 'wire payment switch' targeted - SC Magazine - "Criminals have recently hijacked the wire payment switch at several US banks to steal millions from accounts, a security analyst says."
- While Other Airlines Hand Out iPads, Delta Chooses Windows Phones for Flight Attendants - Skift Travel - "Importantly, Delta says in a roundabout way that these Nokia Lumia 820s eventually will know something about individual passengers."
On the wires:
- Newly Formed Third Party Payment Processors Association Objects to Discrimination Against Certain Classes of Payments - "The not-for-profit association advocates for third party payment processors, their financial institutions and the merchants and consumers who benefit from the payment services these processors provide."
- Sonic Selects MICROS’ Comprehensive Enterprise Solution - "With MICROS’ innovative food and beverage technology solutions, advanced eCommerce capabilities, and open systems platform, we are uniquely positioned to help SONIC increase guest satisfaction, facilitate business operations and grow its business."
- MICROS and Paypal Collaborate Globally to Deliver Better Mobile Experiences - "Leveraging the capabilities and infrastructure provided by our MICROS Payment Gateway technology, we were able to quickly integrate PayPal with several popular MICROS hospitality and retail POS platforms, and have the ability to support a mass scale deployment of the solution to merchant locations around the world..."
- Ameriana Bank Launches Allied Payment Network’s Picture PayTM - "Once a customer takes a picture of the bill with their smartphone, they simply enter the amount and payment date, and the bill is paid."
- American Express Ranks Highest in Customer Satisfaction for the Seventh Consecutive Year - "The study, released earlier today, places American Express highest in overall satisfaction among 11 of the largest card issuers in the U.S."
Updates from Glenbrook:
- Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
- Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews