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« December 22, 2013 - December 28, 2013 | Main | January 5, 2014 - January 11, 2014 »

January 03, 2014

Headline News from PaymentsNews.com - January 3, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

  • Bitcoin is messy. Let’s fix it. - Startup Management - "A Bitcoin-supported money system is going to happen. There is no question about it. It is unstoppable."
  • Bitcoin Is an Expensive Way to Pay for Stuff - Bloomberg Opinion (Matt Levine) - "The claim that Bitcoin could one day provide a low-transaction-cost alternative (or currently provides an anonymous or accessible alternative) to the U.S. dollar payments system is separate from the claim that Bitcoin is currently a cheaper, or free, payments alternative."
  • India May Relax E-Commerce Rules, Opening The Door Further For Amazon And Other Global Giants - TechCrunch - "As India prepares to reconsider the ban on foreign investments in the country’s e-commerce sector, two of the world’s biggest e-commerce companies — Amazon and eBay — are anxiously hoping to conquer what they refer to as their last frontier."
  • Target card breach and what to do: Our view - USA Today Editorial - "The best thing that could happen is if this latest megabreach forced the industry and Congress to fix some of the system's most troubling vulnerabilities."
  • Bitcoin Is Good - Re/code (Fred Ehrsam) - "Approaching bitcoin as a currency or store of value is focusing on a single and secondary application of the bitcoin network (analogous to analyzing a single feature built on top of the Internet, like email)."
  • Who Needs Bitcoin? Venezuela Has Its 'Sucre' - Wall St. Journal - "Where the pseudonymous Mr. Nakamoto is credited with creating bitcoin, the late Venezuelan president created the sucre, a virtual currency designed to dethrone the dollar as the main trading currency used with his country's regional trading partners: Ecuador, Cuba, Bolivia and Nicaragua."
  • U.S. Bank updates app with photo balance transfer, keyword search - Mobile Commerce Daily - "Improving and expanding photo banking and other mobile banking options are among strategies U.S. Bank is leveraging to give it a competitive advantage with younger consumer, who are increasingly banking online."

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. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 02, 2014

NRF Files Appeal in Credit Card Interchange Fee Settlement

NRF logo 140The National Retail Federation has announced "it has formally filed an appeal of a controversial antitrust lawsuit settlement covering credit card swipe fees, asking the 2nd U.S. Circuit Court of Appeals to overturn a lower court’s ruling."

NRF Senior Vice President and General Counsel Mallory Duncan issued the following statement after the notice to appeal was filed with the court:

NRF is filing the appeal to overturn the flawed credit card swipe fee settlement. The settlement does nothing to reform the price-fixing payments system that has let credit card swipe fees skyrocket over the past decade and nothing to keep them from continuing to soar in the future. Instead of lowering fees, the card industry’s settlement proposes that merchants pass them along to consumers in the form of surcharges. That is absolutely the opposite of what retailers sought, and major retailers have soundly rejected surcharging.

“There has been no agreement to this settlement by the retail industry. Instead, there’s a settlement with nine individual retailers whose views are not representative of the collective industry. A majority of the original plaintiffs in the case repudiated the settlement as soon as they saw its terms, the nation’s largest retailers have spoken out against it, and close to 8,000 retailers and merchants have formally rejected the proposal. This is an abuse of the class action system and should never have been approved.

“The only people pleased with this settlement are Visa and MasterCard, because it means they can continue collecting tens of billions of dollars in hidden fees, the class action lawyers who stand to collect half a billion dollars in fees without fixing the problem, and a lower court, which has cleared a time-consuming case off its docket, but has done a serious disservice to merchants and the public in the process.”

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries.

Headline News from PaymentsNews.com - January 2, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 30, 2013

Happy New Year from Glenbrook!

Happy New Year iStock 000031208272SmallDear Friends,

What a year it has been! I recently posted an article on PaymentsViews.com summing up some of my thoughts - it begins:

Twelve months ago, there were still people in our industry who didn't know what Bitcoin was. There were still people who believed that EMV would roll out in the U.S. just like it did in the UK or Canada or ... There were still people who thought that the developing world would build payments systems that work like those of the developed world. And I could go on...but have decided to look forward, instead.

What are the key developments and ideas for payments in the year ahead? At Glenbrook, we've been thinking about the most important themes that describe both the current state of affairs and the new innovations that matter - to help bring the crystal ball into focus.

I hope you'll continue reading the rest of my article "The State of Payments: 2014" on Payments Views!

It's also been an incredible year for the team here at Glenbrook. We've particularly enjoyed our ongoing interactions with our clients and with the attendees of our boot camps and payments workshops. We thank you very much for your trust and confidence in us.

Please let your colleagues know that we have two Payments Boot Camps coming up early in 2014 - one in Palo Alto, California (February 4th & 5th) and one in New York City (March 18th & 19th). Follow this link for more information on the current agenda, testimonials, and online registration.

The world of payments continues to impress and excite us. We hope we can educate, support, and inspire each other in 2014!

Best wishes for a great 2014 from all of us here at Glenbrook.

Carol Coye Benson

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