On the Web:
- China Eases Monopoly on Handling of Credit Card Payments - Wall St. Journal - "The State Council, the nation’s cabinet, said in a statement on the main government website late Wednesday that qualified domestic and foreign firms can apply to set up bank card-clearing operations..."
- Ex-Googler Sees Opportunity as Credit Cards Lose the Magnetic Stripe - Wall St. Journal - "On Wednesday, Bedier launched a startup called Poynt Co. and unveiled the company’s first product, a merchant terminal that reads chip-and-pin cards."
- Why This Google Wallet And PayPal Vet Thinks His New Product Will Be A 'No Brainer' - Business Insider - "Poynt is a smart terminal for small to medium-sized businesses that Bedier says takes Square's white dongle card-reader to the next level..."
- Former Google Wallet Head Launches Poynt, A “Future-Proofed” Payment Terminal - TechCrunch - "The former head of Google Wallet and longtime PayPal exec, Osama Bedier, is this morning revealing his new company Poynt, a “future-proofed” payment terminal that combines an Android-based tablet with a hardware docking station..."
- Apple Pay Runs Afoul of MCX, a Group With a Rival Product - New York Times - "Even before Apple Pay was announced, a coalition of retailers refused to accept it in their stores."
- Answers to Your Questions - MCX Blog (Dekkers Davidson) - "Importantly, if a merchant decides to stop working with MCX, there are no fines."
- Stripe CEO: Online Payments Are Misunderstood - Re/Code.net - “The view of payments as a commoditized business comes from shortsightedness and a lack of imagination,” said Collison.
- Technologies for Payment Fraud Prevention: EMV, Encryption and Tokenization - Smart Card Alliance - "The Smart Card Alliance Payments Council developed this white paper to educate payment industry stakeholders on the role of EMV, encryption and tokenization for securing the payments infrastructure and preventing payment fraud."
On the Wires:
- Visa Inc. Reports Strong Fiscal Fourth Quarter Adjusted Earnings Per Share Growth of 17% and Full-Year 2014 Adjusted Earnings Per Share Growth of 19% and Announces a New $5.0 Billion Share Repurchase Program - "Our enviable competitive position, strong business model, and great talent helped us deliver adjusted EPS growth of 17% for the fourth quarter and 19% for the full year in the face of continued tepid economic growth and a strengthening dollar. More importantly, the underlying metrics which will drive our revenue growth over the longer term are strong and getting stronger," said Charlie Scharf, Chief Executive Officer of Visa Inc.
- Poynt Introduces World's First Smart Payment Terminal - "Consumers carry connected supercomputers in their pockets while in-store technology still centers around a glorified calculator," said Poynt founder and CEO, Osama Bedier, former head of Google Wallet and long-time PayPal senior executive. "Solving for that disparity, we borrowed from the best in mobile technology to make the payment terminal smart and help small businesses rise to meet growing consumer expectations."
- Cardlytics Raises $70 Million in Funding - "Led by Discovery Capital, this funding brings Cardlytics’ total venture funding to just over $170 million. Cardlytics intends to use the funds to continue to extend and expand the breadth of the company’s capabilities to make all marketing more relevant and measurable. Morgan Stanley acted as adviser on the deal."
- U.S. Bank Simplifies B2B Electronic Payments - "The Payment Plus basic payment instruction file transmits payment instructions from the customer to U.S. Bank though a simple CSV (common separated value) file that is easy to use and fast to set up. Because it requires the completion of substantially fewer information fields than the standard payment instruction file, typical users won’t need dedicated IT resources to program it."
- 2013 FDIC National Survey of Unbanked and Underbanked Households - "The survey addresses a gap in the availability of comprehensive data on the number of unbanked and underbanked households in the United States."
- CARDFREE Partners with Taco Bell® For New Mobile Commerce Application - “Taco Bell is not only one of the largest QSRs in the country, they are one of the savviest marketers out there,” commented Jon Squire, founder and chief executive officer of CARDFREE. “We are extremely proud to be working with them on what is bound to be a game changer for the industry."
- First Data Reports Third Quarter 2014 Financial Results - “Our results this quarter demonstrate how we are developing innovative products and solutions, collaborating with global brands and strengthening our balance sheet, all while continuing to grow our business,” said Chairman and CEO Frank Bisignano.
- NRF Statement on Mobile Payment Services - "Merchants large and small make business decisions every single day based upon what makes the best sense for the business, their associates and most importantly, their customers. The payment systems they decide to implement are no different. Data security is paramount, but so is flexibility, cost and ease of use."
- ShopKeep Introduces the ShopKeep Gift Card - "ShopKeep, the cloud-based small business technology provider trusted by more than 10,000 small business owners to manage retail shops and restaurants with iPads, today announced that it is expanding its product offering to include the ShopKeep gift card."
Updates from Glenbrook:
- The next session of Glenbrook's Payments Boot Camp will be held Dec 9-10 in Palo Alto, CA. Join us!
- Glenbrook's Bitcoin: Basics and Beyond Workshop will be held Nov 19 in New York City
- Money20/20 as become the go-to event in payments... we'll be there in force. The agenda is now available and the event is 90% sold out - if you've been waiting, it's time to register! Use this promo code to register and receive a 20% discount: "GLENBR20"
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews