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« November 10, 2013 - November 16, 2013 | Main | November 24, 2013 - November 30, 2013 »

November 22, 2013

Headline News from PaymentsNews.com - November 22, 2013

On the web:

  • Will U.S. consumers and retailers ever be ready for NFC? - Mobile Commerce Daily - “While I wouldn’t say that Google has given up on NFC, they certainly are acknowledging a willingness to work outside of that system as an interim solution,” said Brian Stein, managing director at Pervasive Path, Cleveland, OH.

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!

November 21, 2013

Technology and Security Considerations for Mobile Contactless Payments at the Point-of-Sale in the U.S.

Boston fed logo 140pxThe Federal Reserve Bank of Boston has published a new paper titled "Technology and Security Considerations for Mobile Contactless Payments at the Point-of-Sale in the U.S." based on a meeting held in June of its Mobile Payments Industry Workgroup (MPIW.

The group met with POS terminal providers and smart card providers to address the technological and security considerations impacting the rollout of mobile contactless payments at the point-of-sale (POS) in the U.S.

While the discussions sought to better understand primary technologies that support mobile contactless payments in the U.S.—NFC, cloud, or QR codes, discussions were primarily focused on NFC technology given the experience and background of the panelists and the challenges to its widespread adoption.

The findings in this paper are based on that discussion and include the panelists' views on: technical complexity and cost of NFC adoption; security challenges of mobile payments at POS and tools for addressing related vulnerabilities; and practical considerations for the future.

Google Introduces the Google Wallet Card

Google logo 140pxGoogle has announced the Google Wallet Card - a new physical card that allows Google Waller users in the US to spend from their Google Wallet accounts at MasterCard accepting merchants without having to transfer their balances into their bank accounts. The card is free but must be ordered from Google by the user.

An FAQ about the new Google Wallet Card says that "the Google Wallet Card is accepted at millions of MasterCard locations. Choose either credit or debit at checkout, and if you're prompted for a PIN, enter your Google Wallet PIN." Google also noted that "You cannot use the Google Wallet Card outside the US right now."

Headline News from PaymentsNews.com - November 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!

November 20, 2013

U.S. Bank and American Express Announce Card-Issuing Agreement

USBank logo 140pxU.S. Bank and American Express have announced that U.S. Bank will offer credit cards accepted on the American Express network in 2014.

We actively listen to our customers and are focused on delivering the right financial solutions that best meet their needs,” said Pam Joseph, Vice Chairman of U.S. Bank.

“We believe that the American Express network provides a combination of benefits and services that many of our customers want. We’re proud to partner with American Express, a company with a rich history of service that’s dedicated to providing outstanding customer value.”

U.S. Bank is now working with American Express to design programs for U.S. Bank’s customers and expects to begin offering cards on the American Express network by fall 2014. The new American Express-branded cards will be available online, at U.S. Bank’s 3,088 branches and by phone.

Headline News from PaymentsNews.com - November 20, 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!

November 19, 2013

Uber Now Accepts PayPal

PayPal logo 140pxUber has announced that it is now accepting PayPal to pay for rides in Germany, Italy, France, the Netherlands and the US. Uber users can now add PayPal as a payment option in the Uber mobile app. [Update: See PayPal's blog post]

TechCrunch reports that "To add your PayPal account you simply enter in your email/password or phone number and pin, and you’ll be logged in." Users won't need to login to PayPal each time.

Uber CEO Travis Kalanick told TechCrunch that "enabling PayPal was the simplest way to allow a universal payments method that is used across the globe by 140 million users."

PayPal CEO David Marcus told Bloomberg: "It’s important to be where disruption occurs. You want to partner with the companies creating an amazing consumer experience.”

Headline News from PaymentsNews.com - November 19, 2013

On the web:

  • Mapping Bitcoin - New York Times Bits Blog - "One striking thing about the map: Bitcoin is increasingly a Chinese craze."
  • Bitcoin: More than Money - Reason.com (Jerry Brito) - "At its core, Bitcoin is a completely decentralized ledger system. It can be thought of as a massive online version of an accountant's book in which transactions are recorded by deducting from one account and adding to another."
  • Buying Your Holiday Gifts With Bitcoin AVC.com (Fred Wilson) - "When the citizens of the world will be able to buy and sell from each other and from retailers of all shapes and sizes via Bitcoin, then we will have truly realized the potential of a global digital currency."
  • Regulators See Value in Bitcoin, and Investors Hasten to Agree - New York Times - "The virtual currency bitcoin took a big step toward the mainstream on Monday as federal authorities signaled their willingness to accept it as a legitimate payment alternative."
  • Authorities See Worth of Bitcoin - Wall St. Journal - "Senior U.S. law-enforcement and regulatory officials said they see benefits in digital forms of money and are making progress in tackling its risks."
  • This Senate hearing is a Bitcoin lovefest - Washington Post - "All three Obama administration officials expressed concern about Bitcoin being used for illicit uses. But they also stressed that Bitcoin has important legitimate uses and that regulators need to be careful not to stifle innovation in virtual currencies."
  • IngoMoney cashes in $8.4M from Camden Partners - Atlanta Business Journal - "Ingo's algorithms decide in real time whether or not it's a safe risk for a customer bank to accept a check."
  • A Day in the Life of Getting Isis Mobile Payments Up & Running - "Since the ISIS mobile payment platform launched nationwide last week, I decided to give it a try."
  • PR Agencies: What the Visa Shakeup Could Mean for the Industry - "But Visa is the first to draw a line in the sand and have their internal workforce add the work of three agencies to their assumedly already packed to-do lists, choosing not to outsource at all."

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!

November 18, 2013

Rajat Taneja Joins Visa Inc. as Executive Vice President of Technology

Visa logo 60pxhVisa Inc. has announced the appointment of Rajat Taneja as Executive Vice President of Technology. In this role, Mr. Taneja will be responsible for Visa's global technology function including development and delivery of innovative products, engineering and technology operations across the company, as well as ongoing research and development. Mr. Taneja will report directly to Charlie Scharf, CEO of Visa Inc.

"Rajat brings over 20 years of experience as an established global technology executive, and I believe he will play a pivotal role in defining how Visa can take advantage of new innovations, collaborate with technology leaders, grow our business and drive even greater value for our merchant and financial institution clients," said Charlie Scharf, CEO of Visa Inc.

"I am confident that Rajat will build on Visa's 50 years of innovation and continue to expand our best-in-class payments network."

Mr. Taneja joins Visa from Electronic Arts where he was Chief Technology Officer responsible for the company's global technology and investment decisions, management of platform engineering, data center operations and global IT. Prior to EA, Mr. Taneja spent 15 years at Microsoft where he last served as Corporate Vice President of the company's commerce division, which included the development and deployment of Microsoft's online commerce and service platforms behind Xbox Live, Windows Phone, Azure, Office 365 and MSN. Mr. Taneja holds a bachelor's degree in electrical engineering from Jadavpur University, India, and an MBA from Washington State University.

American Express Introduces Use Points for Charges on Smartphones

Amex logo 140pxAmerican Express has launched a new Use Points for Charges feature available in the American Express mobile app that gives eligible Card Members the option to redeem Membership Rewards points for practically any purchase, from gas and groceries to clothing and manicures, all on their smartphones.

“We’re committed to making Membership mobile, recognizing a future where decisions on what, where, and how to buy increasingly happen through mobile devices,” said David Yoo, SVP Mobile Products and Services, American Express. “We want to be where our Card Members are so that they can get the most out of Membership every day, and we can do that by connecting our Card products to the mobile devices our Card Members rely on most.”

The company describes how it works:

  • Download or upgrade the free iOS or Android American Express mobile app
  • Make an eligible purchase over $1.00 using your eligible Card enrolled in the Membership Rewards program
  • Open the mobile app and select Use Points for that particular charge once it hits your statement
  • A credit in the amount of the charge is applied to your account

Unlike rewards programs that only allow customers to redeem from a pre-selected list of options, American Express says its Card Members now have the power to design their own rewards program and treat themselves by redeeming points for almost any purchase with an eligible American Express Card.

First Data, Oberthur Partner for EMV in the US

First data logo 140x60pxFirst Data Corporation and Oberthur Technologies have announced "a strategic partnership to manage and promote EMV in the United States."

The companies say their partnership will leverage Oberthur Technologies' expertise, smart cards, and Common Personalization System, along with both companies' card personalization capabilities, to deliver a robust, secure and comprehensive EMV solution. As part of the partnership, Oberthur Technologies has also become First Data’s preferred provider of EMV smart cards.

With this agreement, First Data extends its market leadership with an outstanding solution that provides card issuers with flexibility, security and control,” said Frank Bisignano, CEO, First Data.

“Oberthur Technologies’ industry-leading EMV technology and chips further strengthen our offering. The partnership reflects First Data’s determination to lead the industry in preparing for the U.S. EMV migration and provide its customers a world-class solution.”

First Data has supported EMV for more than a decade. Globally, the company has been an approved EMV transaction processor since 1999. First Data has also successfully personalized and fulfilled a number of U.S. issuers’ EMV chip card portfolios since the move to EMV in the U.S. began.

Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies

The US Senate Committee on Homeland Security and Governmental Affairs is holding a hearing this afternoon in Washington titled "Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies".

Witnesses testifying include representatives from regulatory agencies, the Secret Service and the Department of Justice, public interest groups, the Bitcoin Foundation and others. Copies of their prepared testimony should be posted on the web site before the hearing - which begins at 3 PM Eastern this afternoon.

Tomorrow, the US Senate House Banking, Housing and Urban Affairs committee is holding a hearing on "The Present and Future Impact of Virtual Currency." Witnesses at tomorrow's hearing include: Ms. Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network; and Mr. David Cotney, Commissioner of Banks, Massachusetts Division of Banks, Mr. Anthony Gallippi, Co-founder and CEO, BitPay, Incorporated; Mr. Chris Larsen, Founder and CEO, Ripple Labs; Ms. Sarah Jane Hughes, University Scholar and Fellow in Commercial Law, Indiana University Maurer School of Law; and Mr. Paul Smocer, BITS President, Financial Services Roundtable.

Headline News from PaymentsNews.com - November 18, 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!

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