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May 31, 2013

Chart of the Week - Bitcoin Market Capitalization

For this week's Chart of the Week, we swing our attention back to what's happening in the world of Bitcoin.

Bitcoin has been a media star over the last few months - with lots of writers and editors focusing on this unusual - and potentially disruptive - digital currency. This chart (from blockchain.info) shows the total market capitalization in the Bitcoin world - the product of the number of Bitcoins that have been minted times their value. This value fluctuates daily as it would for any other commodity or currency. It appears to have settled in - for the moment - at $1.5 billion in value being represented by these bits stored in the Bitcoin block chain.

Editor's note: Have you bought Bitcoins? If so, tell me about it by sending me an email: editor@paymentsnews.com

Bitcoin Market Capitalization 31May2013

Headline News - May 31, 2013

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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!

May 30, 2013

FIs Should Prepare for Crowded and Fragmented Multi-Wallet Future in Mobile

Mobey forum logo 140pxIn a new white paper titled "Structures and Approaches: The Changing Face of the Mobile Wallet", the Mobey Forum says that "banks and financial institutions launching mobile wallets in the immediate future should expect to enter a hotly contested market, crowded with own-brand solutions that are limited to the delivery of proprietary services only."

The paper outlines the current range of mobile wallet structures coming to market and outlines some of the key considerations that financial institutions should take into account when evaluating which approach is the most appropriate for them. The paper contends that the majority of financial institutions will, in the short term, attempt to develop their own proprietary wallets in a partner-independent manner. Only when a secure element (SE) is required, or when core functionalities become too difficult for financial institutions to achieve alone, are they likely to open their solutions and seek to cooperate with other stakeholders.

Headline News - May 30, 2013

On the web:

On the wires:

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!

May 29, 2013

Headline News - May 29, 2013

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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!

May 28, 2013

Visa: With 3.5 Million Visa Chip Cards Issued Since 2011, EMV Continues to Gain Momentum

Visa logo 60pxhIn a Visa Viewpoints blog post today, Visa announced that U.S. Visa card "issuers have put what averages out to over 5,000 new chip-enabled cards in the hands of U.S. cardholders every day. As of March 31, the total number of Visa chip cards in market was at 3.5 million and growing."

The article's author, Stephanie Ericksen, continues:

We’re very pleased with the progress the U.S. has made over the past two years.

With each new card, the U.S. payments ecosystem gets one step closer to achieving the improved security that EMV technology affords to consumers, merchants and issuers. That’s because when a chip is inserted into the payment terminal, the chip generates a code that is unique to that transaction. This code renders stolen payment information useless at the point of sale, reducing its value to criminals and shrinking counterfeit fraud.

The opportunity that chip presents goes beyond security, and will enable new and emerging forms of electronic payment, such as NFC-based mobile payments.

Visa announced its EMV migration roadmap for the US market in August 2011.

NRF Files Brief Asking for Rejection of Settlement re: Credit Card Interchange Fees

NRF logo 140In a press release, the National Retail Federation and number of retailers have announced that they have "asked a federal judge to reject a proposed settlement of an antitrust lawsuit over credit card swipe fees that drive up prices for consumers by $30 billion a year, calling the proposal a “surrender” that does nothing to address the “evil” of price fixing by Visa, MasterCard and their banks."
“This is an empty settlement,” NRF Senior Vice President and General Counsel Mallory Duncan said. “It fails to address the price fixing that harms merchants and their customers, it takes away retailers’ legal rights to ever try again, and it offers virtually nothing in return. It should be tossed out of court as the failure that it is.”
The NRF and the retailers who supported the brief say they have opted out of money offered under the settlement because of accompanying restrictions on future legal action. A copy of the brief filed with the court can be downloaded here.

Chase Names Mike Passilla CEO of Merchant Services

Chase logo 140pxJPMorgan Chase has announced that Mike Passilla has been named chief executive officer of Merchant Services, a newly created role that will oversee Chase’s growing payments and merchant services business including Chase Paymentech, Chase’s merchant offers business, as well as Chase Merchant Services, Chase’s recently-announced merchant payments initiative. Passilla joins Chase from Elavon where he most recently served as president and CEO.

Merchants represent an important client base for Chase, and we want to bring together our full suite of leading services for merchants under one organization,” said Gordon Smith, CEO of Chase Consumer & Community Banking.

"Chase has been at the forefront of innovation in the payments industry, and I’m confident Mike’s vision and experience will help us continue to be a leader in this important area.”

Additionally, Dan Charron was named president of Chase Paymentech and will report to Passilla.

Earlier this year, JPMorgan Chase announced the creation of Chase Merchant Services, a new payments proposition that will allow Chase to bring advantageous solutions for merchants and differentiated experiences to cardholders. Ray Fischer, president of Chase Merchant Services, also will report to Passilla.

Headline News - May 28, 2013

On the web:

On the wires:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

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