Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

« July 2013 | Main | September 2013 »

August 30, 2013

Headline News from PaymentsNews.com - August 30, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 29, 2013

Digital River Launches Mobile Payments Acceptance Solutions

Digital river world payments logo 140pxDigital River has announced the launch of Beanstream Mobile, a suite of mobile payment solutions for iOS and Android devices that enables merchants to turn mobile devices into "a portable card swipe, cash register and comprehensive solution." Beanstream Mobile works with an encrypted card reader and a free downloadable app.

“Existing mobile payment solutions have fallen short for merchants with multi-currency operations, in-store and online sales, and inventories,” said Souheil Badran, senior vice president and general manager, global payments and commerce at Digital River.

“Now, merchants will be able to unify their payment channels with one device and accept credit card mobile payments in 140 currencies through an integration with Digital River World Payments’ international bank connections.”

Unlike most mobile payment solutions, Beanstream Mobile’s interface and encrypted card reader are specifically designed to be white-labeled by brands and financial institutions.

The free Beanstream Mobile apps are now available in the Apple iTunes and Google Play stores. Beanstream API is also available for developers who wish to integrate mobile payment capabilities into their application.

Headline News from PaymentsNews.com - August 29, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 28, 2013

Shopify Enters Mobile POS Market with Shopify POS

Shopify 140pxShopify has announced Shopify POS, an iPad-based point of sale system it says is designed to let anybody easily sell in-store at physical POS in addition to online.

Shopify POS marks a new frontier for Shopify as they branch out from helping people create ecommerce stores, to helping people run and grow businesses across all levels of commerce.

“Shopify is well-known as the world’s best platform used to create and manage an online store,” said Adam McNamara, Shopify Vice President of Product.

“But the future of retail isn’t online versus in-store; it’s a seamless combination of both. Shopify has transitioned from simply powering online sales to powering all commerce: online, offline, mobile, and everything in between.”

Before Shopify POS, merchants who wanted to run an online store as well as a brick-and-mortar retail store had to keep track of two sets of inventories, two product catalogs, and two payment systems.

Headline News from PaymentsNews.com - August 28, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 27, 2013

Headline News from PaymentsNews.com - August 27, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 26, 2013

TSYS to Support PayPal's Expansion to Physical POS

Tsys logo 140pxTSYS has announced it has entered into an agreement with Discover to process PayPal payment transactions within the contiguous United States.

“We are extremely pleased to support PayPal’s expansion into more physical merchant locations. We believe PayPal provides merchants and consumers more choices and helps reach new consumers at the point of sale, relying on our robust payment transaction processing platforms, as well as other value-added products and services,” said Mark Pyke, president of TSYS’ Merchant Services segment.

“We anticipate the addition of PayPal as an added benefit to both merchants and consumers.”

According to TSYS, "PayPal offers consumers several advantages, one of which is that PayPal can serve as a single source to access customers’ credit or debit cards, bank accounts, PayPal balances, or Bill Me Later payment methods all stored in their PayPal accounts at a point-of-sale terminal."

Headline News from PaymentsNews.com - August 26, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 23, 2013

New Payment Data Updates from the Federal Reserve Bank of Kansas City

FedThe payments research team at the Federal Reserve Bank of Kansas City has recently posted three new documents on the subject of interchange fees and public authority involvement in payment card markets around the world:

Many thanks to Fumiko Hayashi and her colleagues for making these publications available!

Hope you have a great weekend - summer is winding down!

August 22, 2013

Headline News from PaymentsNews.com - August 22, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 21, 2013

Fed to Appeal Debit Card Decision

According to a report by Bloomberg, the Federal Reserve's general counsel, Scott Alvarez, told U.S. District Judge Richard Leon that it intends to file its appeal of his decision on debit card interchange fees and network routing requirements later today.

Headline News from PaymentsNews.com - August 21, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 20, 2013

Headline News from PaymentsNews.com - August 20, 2013

On the web:

  • Mobile payment: what will it really look like? - The Telegraph - "Meanwhile, payments are vanishing into apps, and that’s gaining ground. Mobile payments are taking off, just not in the way that people thought."
  • The Debt Collection Company that Helps You Get a Job - HBR Blog - "We've got to do more than hope they hear about a job, let's help them find one."
  • Bitcoin now 'unit of account' in Germany - Guardian - "Germany's ministry of finance has formally recognised the digital currency Bitcoin as a "unit of account" which can be used for private transactions..."
  • PayPal under attack.. Not just Facebook… - FinVentures (Tom Noyes) - "The strategic threat for Paypal is that the nature of competition is changing as advertisers and channels couple payments with other services (social, community, advertising, …) to deliver a better COMMERCE experience through insight into customer data."

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 19, 2013

Global Credit, Debit, and Prepaid Card Fraud Losses Up 14.6% in 2012

In a press release, The Nilson Report announced findings that "issuers, merchants, and acquirers of credit, debit, and prepaid general purpose and private label payment cards worldwide experienced gross fraud losses of $11.27 billion in 2012, up 14.6% over the prior year. Of that $11.27 billion, card issuers lost 63% and merchants and acquirers lost the other 37%." This amounts to a fraud loss rate of 5.22 basis points on total payment card volume of $21.604 trillion in 2012 - up from 5.07 basis points in 2011.

“Adoption of EMV at the point of sale is the strongest defense against counterfeit cards,” said David Robertson, publisher of The Nilson Report.

“EMV adoption would not only help U.S. issuers but also issuers in other parts of the world that must continue to put mag-stripes on their cards to accommodate POS terminals in the U.S. Fraudsters are willingly paying a premium for stolen mag-stripe data from EMV card countries in order to create counterfeit cards for use in the U.S.,” he explained.

Nilson noted that the losses were lowest on PIN-based debit cards where fraud losses were 1.1 basis points of PIN debit card volume.

Headline News from PaymentsNews.com - August 19, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 18, 2013

Aggregation and Aggravation - Micropayments 2013

PaymentsViews logo 140pxOver on our PaymentsViews.com blog in a post titled Aggregation and Aggravation - Micropayments 2013, Glenbrook's Russ Jones laments the lack of a solution to micropayments - saying it's a problem that's never been solved.

Why do micropayments endure as such a challenge in payments? The problem has been the same for many years – the challenge of absorbing fixed payments costs on a small value item. In interchange terms (1.9% plus $0.10), it’s not the 1.9% that’s the problem, its the $0.10.

Russ concludes by noting that "Twenty years into the Internet revolution, the micropayment challenge remains very real for sellers that are dealing in low-cost goods and services. The challenge (or perhaps the opportunity?) will likely increase as more and more of the economy shifts from physical goods to digital goods."

August 16, 2013

Last call for the Bitcoin Survey

GP Logo Horizontal 140pxLet us know what you think. Join the hundreds of other payments industry professionals who have responded to the Bitcoin and Payments Survey.

We've all learned that Bitcoin and other virtual currencies have gained plenty of attention from the financial press, the blogosphere, the tech press, national media, and a long list of entrepreneurs, angel and VC investors. What we haven't learned is what the payments industry itself thinks. That's what the survey is about. It will take just 5 or 10 minutes.

By way of thanks, we will also send you our ebook "Bitcoin and math-based virtual currencies, Some initial thoughts..."

If you'd like to learn more about digital currencies, join Glenbrook Partners and the industry's best thinkers to explore the world of payments at ATM, Debit & Prepaid Forum. Payments News readers receive $200 off registration with promo code PN200.

Headline News from PaymentsNews.com - August 16, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 15, 2013

Headline News from PaymentsNews.com - August 15, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 14, 2013

Groupon Adds POS Terminal Support to Payments Offerings

Groupon logo 140x60pxGroupon has announced the addition of credit card terminals to the company’s existing payments suite for local businesses. Local businesses will have three options to implement Groupon’s payments service on a credit card terminal: configure an existing Verifone and Ingenico device; purchase a Verifone vx520 from Groupon for $150 (with no monthly contract or fees); or rent a Verifone vx520 to own for $15 per month (for 12 months).

“While merchants are attracted to the easy signup, low and transparent pricing and powerful analytics provided by our payments service, not all merchants are ready to immediately adopt an iPad or iPhone for their credit card processing needs,” said Sean Harper, director of product, Groupon.

“We anticipate that most merchants will eventually migrate their payments to tablet and mobile POS systems, but for now, this option lets them use familiar hardware and still benefit from the features of our payments service to save money and better manage their businesses.”

Headline News from PaymentsNews.com - August 14, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 13, 2013

Chase Checkout Introduced by Chase Paymentech

ChasePaymentech logo 140pxChase Paymentech has announced the launch of “Chase Checkout” – a set of solutions to help merchants accept payments however they do business: in store, online or on the go. Merchants can now securely and efficiently accept card payments from their smartphones with the new Chase Mobile Checkout app for Apple iOS or Android and an encrypted card reader.

“We are always looking for ways to help merchants grow their businesses and Chase Checkout does just this by enabling clients to accept payments however they operate,” said Dan Charron, president of Chase Paymentech.

“Chase Checkout is a ‘one-stop shop’ for small-business owners: one agreement, one system, one statement and one trusted merchant services’ relationship to manage.”

Chase says that Checkout gives merchants the convenience of working with one trusted provider – with integrated reporting, 24/7 live U.S.-based customer support and a commitment to security– when they accept payments via:
  • Mobile Checkout: When merchants accept mobile payments with Chase Paymentech, they can process credit and signature debit card payments and gift card transactions in any location within the United States. Merchants have transaction level access to monitor and process voids and returns from their smartphones. Merchants can view sales and transaction summaries from the Mobile Checkout app after the payments have been processed. Additionally, they can create a catalog of item descriptions and images and email or text digital receipts. The use of signature capture and the location of the point of sale on the digital receipt helps minimize fraud and chargebacks. Finally, merchants’ customer data is protected in transit with point-to-point encryption.
  • Retail Checkout: In retail settings, Chase Paymentech’s Future Proof Terminal helps merchants accept both traditional and emerging forms of payment such as EMV (Europay, Mastercard and Visa) chip-enabled cards, NFC-enabled (near field communications) mobile wallets and other contactless payments. Also, through iTerminal®, businesses and professional service firms such as accounting, law and medical, can use their existing computers to accept payments, helping them save on traditional start-up equipment costs.
  • Online Checkout: Chase Paymentech offers e-commerce merchants, and merchants who accept telephone orders, a suite of PCI-compliant and easy-to-use web-based payment processing options accessible with a merchant’s existing computer. These options require no additional hardware and integrate seamlessly with merchants’ shopping cart functionality, catalog creation and inventory management.

Chase says that its Mobile Checkout card reader is "battle-tested for real-world use. The device, which fits securely in the audio port of Apple and Android-enabled smartphones, features the recognizable Chase octagon and includes a rechargeable lithium ion battery so it does not drain the smartphone’s power supply. Having an integrated battery also increases the likelihood of positive card reads on the first swipe, and since hardware encryption is performed in the device, personal information is not stored within the smartphone."

Headline News from PaymentsNews.com - August 13, 2013

On the web:

  • Congress starts looking into Bitcoin - Politico - "The Senate Homeland Security and Government Affairs Committee on Monday sent letters to several agencies..."
  • A Blunder at the Money Factory - New Yorker - "The New Yorker has learned that another production snafu has taken place at one of the country’s two currency factories, according to a document from the Bureau of Engraving and Printing."
  • Visa Global Travel Intentions Study - Visa Blog - "Americans are thirsting for culture, connected online and ready to spend 40 percent more on their next international trip."

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 12, 2013

Headline News from PaymentsNews.com - August 12, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 09, 2013

American Express Holds Semi-Annual Financial Community Meeting

Amex logo 140pxAmerican Express held one of their semi-annual Financial Community Meetings yesterday in New York. The webcast and slides are available online.

Following a review of business results, competitive comparisons and growth opportunities, Dan Schulman, Group President - Enterprise Growth, reviewed the work of his organization - describing the group's mission as: "Breathe Life into the Words 'Financial Inclusion'" and its vision as "Explode the Paradigm: 'It's Expensive to be Poor'" - noting that
"moving money is an individual's right, not a privilege." He went on to discuss the Serve platform and how it's being used for multiple products such as American Express Prepaid, Serve, and Bluebird with Walmart and their success in growing customer relationships.

Headline News from PaymentsNews.com - August 9, 2013

On the web:

On the wires:

  • Coming Soon!

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 08, 2013

American Express Serve, Isis Announce Plan to Link Mobile Wallet Platforms

Amex logo 140pxIsis logo 140x60pxAmerican Express and Isis have announced that they will introduce American Express Serve to the Isis Mobile Wallet in a new co-branded account that will be offered in every Isis Mobile Wallet as a part of a nationwide launch later this year. By adding American Express Serve to the Wallet, customers will be able to pay bills online and send money to friends and family. They will also be able to add cash to their American Express Serve account or fund it using an existing bank account, any credit or debit card or through direct deposit.

“Linking the platforms will allow millions of people to conveniently and inexpensively manage and move their money,” said Dan Schulman, group president, Enterprise Growth, American Express. "From the palm of your hand, consumers including those without access to traditional bank accounts or credit can have access to everyday financial services. And our combined solution works in today’s retail environment, and in the emerging ‘tap to pay’ point of sale ecosystem.”

“Our relationship with American Express Serve underscores our mutual commitment to providing consumers with choice and value in mobile payments,” said Michael Abbott, chief executive officer, Isis. “We learned through our pilot that customers love the convenience of tap and pay with the ability to manage their payments and loyalty programs from one app. By adding American Express Serve to the Isis Wallet, we can immediately provide millions of consumers the opportunity to participate in mobile commerce as we continue to enrich the consumer experience.”

Customers will be able to use eligible American Express Serve accounts within the Isis Mobile Wallet to:
  • Load funds to their American Express Serve account from a variety of sources, including a bank account, debit, credit or charge card, or by receiving money from another American Express Serve account
  • Load cash to their American Express Serve account
  • Tap and pay with their phone at any NFC enabled retail location that accepts American Express
  • Use their American Express Serve Card at any merchant that accepts American Express Cards, both online and offline
  • Pay bills electronically
  • Make person to person (P2P) payments to other American Express Serve accountholders
  • Add funds using direct deposit

According to the FDIC, nearly 70 million Americans do not have bank accounts or access to credit. Many of these Americans are paid in cash and must rely on expensive services to pay their bills or send money to friends or family. By adding alternatives to traditional banking services at a low cost to the Isis and American Express Serve experience, American Express Serve is now able to provide a unique service proposition to millions of Americans.

Headline News from PaymentsNews.com - August 8, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

August 07, 2013

Bitcoin's Growth Not With Pains

PaymentsViews logo 140pxOver on PaymentsViews.com, Glenbrook's George Peabody shares his insights from attending last week's Inside Bitcoins conference in New York City in a post titled Bitcoin's Growth Not Without Pains.

As tools for moving money, these math-based mechanisms have much to offer in terms of speed, security, and cost. It will be a balancing act to maintain those advantages while complying with current and potential regulation.

Fed Reports Revolving Credit in US Declined in June 2013

FedThe Federal Reserve's latest G.19 Consumer Credit report is out and it reports a 3.8 percent decline (annual rate) in revolving consumer credit - after a near record increase the prior month. The amount of revolving credit outstanding in June was $853.6 billion, down from $856.3 billion in May.

Sponsors

News View

Payments Consultants

Subscribe

Languages