On the Web:
- Mobile Wallet Laughingstock Clinkle Finally Launches To Let You Pay Friends And Earn “Treats” - TechCrunch - "After 17 months of jokes about vaporware college payments startup Clinkle, its iOS and Android apps finally launched today at a few colleges."
- New Level of Smartphone Encryption Alarms Law Enforcement - Wall St. Journal - "Last week's announcements surprised senior federal law-enforcement officials, some of whom described it as the most alarming consequence to date of the frayed relationship between the federal government and the tech industry..."
- US regulator raises alarm for 'Armageddon-type' cyber attack - Guardian - "...one of the top regulators regulators of the American financial system has said that the prospect of an “Armageddon-type cyber event” is one of the most significant issues he plans to address in the next year."
- What Apple Pay Could Mean for Retailers - eMarketer - "Since Apple Pay only works on the iPhone 6, its benefits are limited to a small segment of the market, not nearly enough people to transform the payments landscape in one fell swoop."
- How Alibaba Makes Money from Ads - Wall St. Journal Digits - "Advertising accounts for more than half of Alibaba’s revenue, according to estimates by iResearch."
- Mastercard trials voice and face recognition mobile payment technology - ComputerWorld UK - "Mastercard says it has completed a "successful" voice and facial recognition payments trial. The credit card firm created a beta mobile app which it tested in an "e-commerce environment on over 14,000 transactions"."
- Traxpay Raises $15M, Teams With MasterCard To Be The PayPal Of The B2B World - TechCrunch - “Customers want to complete payments outside the Eurozone,” Bruggeman says. “Our customers want us to go global. We are going to be in the U.S. by early next year and Asia by early next year.”
On the Wires:
- Federal Reserve’s Mobile Payments Industry Workgroup Discusses Tokenization Landscape in the U.S.; Finds Opportunities and Challenges - “The security of mobile payments has always been a top concern and one of the main barriers to widespread adoption of certain mobile and digital payment technologies,” said Marianne Crowe, vice president of Payment Strategies at the Federal Reserve Bank of Boston and chair of the MPIW.
- Yodlee Launches the Yodlee Enterprise API, a Custom-Built API and Developer Portal to Unite Bank Systems and Drive Innovation - “Financial institutions have craved the ability to accelerate innovation with both internal and external developers, but have never had a safe and effective way to do so,” said Yodlee CEO Anil Arora. “We’re pleased to finally meet those needs with a revolutionary new approach that we believe will fundamentally change the paradigm for bank innovation and agility.”
- At FTC’s Request, Court Halts Bogus Bitcoin Mining Operation - "At the request of the Federal Trade Commission, a federal court has shut down Butterfly Labs, a Missouri-based company that allegedly deceptively marketed specialized computers designed to produce Bitcoins, a payment system sometimes referred to as “virtual currency.”"
- Citi® Price Rewind Now Can Help Shoppers Save Even More - “While other cards make you do the work to find a lower price, Citi Price Rewind does the searching for you – a benefit you’ll only find at Citi. And now it searches for 60 days, so Citi cardmembers have a better shot at getting a refund of the price difference,” said Paula Kelley, Managing Director, Customer Solutions, Citi Cards.
- Alibaba Joins FIDO Alliance Board of Directors - "We look forward to participating on the FIDO Alliance board, and assuring that commerce and authentication are uniquely cooperative and seamlessly compatible," said Ni Liang, Alibaba group, senior director, department of security.
- Traxpay Closes $15 Million Series B Round to Transform B2B Payments and Financial Transactions - “Traxpay is transforming the way that B2B companies collaborate, interact, and transact by connecting and streamlining financial flows, enterprise data, and business logic across our award winning B2B Dynamic Payments platform,” said John Bruggeman, CEO of Traxpay.
Updates from Glenbrook:
- Join Elizabeth McQueery and Manfred Schuck for Glenbrook's Payments in Europe Workshop - Oct 9 in Palo Alto, CA
- Glenbrook Payments Boot Camps: Oct 7-8 in Palo Alto, CA.; Oct 21-22 in New York City; Dec 9-10 in Palo Alto, CA.
- Money20/20 has become the go-to event in payments. We'll be there in force... will you? Use this promo code to register "GLENBR20"
- The Kindle edition of our book "Payments Systems in the U.S. - Second Edition" - is now available in the Kindle Store as well as in an iBooks version for your iPad or Mac in the iBooks Store.
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