On the Web:
- EU Files Antitrust Charges Against MasterCard Over Card Payment Costs - Wall St. Journal - "The charges, which follow a two-year investigation, are the latest step in a series of legal battles between the EU and U.S.-based credit card companies over fees. A parallel EU investigation into Visa Inc.’s card fees, opened three years ago, is ongoing."
- American Express Launches Its Own PayPal Alternative - Re/code.net - "The credit card company today is introducing Amex Express Checkout, an alternative payment method its card members can use to more easily check out and pay on partnering websites and apps from merchants such as Ticketmaster, Newegg and Warby Parker." See also: Amex Express Checkout and Stripe/Amex Express Checkout.
- Former Wall Street Journal reporter Michael Casey joins the MIT Media Lab Digital Currency Initiative - Medium (Brian Forde) - "At the Media Lab, Michael will work with students and professors on social impact projects and improving digital currency communication and awareness."
On the Wires:
- CFPB Outlines Guiding Principles for Faster Payment Networks - “Companies developing new financial technologies should be building systems from the outset with consumer protections in mind,” said CFPB Director Richard Cordray. “It is a lot easier to build something right from the start than it is to retrofit it. The CFPB will continue our work to help ensure that financial services marketplaces are safe and transparent for consumers.”
- Forget the Wallet: American Express Launches Amex Express Checkout, a Fast and Secure Way to Pay at Online Merchants with No Accounts to Set Up - "We know our Card Members and merchants want a simple, fast checkout process to make online shopping easy and delightful," said Leslie Berland, executive vice president, Digital Partnerships & Development at American Express. "Amex Express Checkout leverages our unique technology to create a checkout experience unlike any other, one that is valuable to merchants and secure for Card Members, giving them peace of mind."
- European Commission Antitrust: Commission sends Statement of Objections to MasterCard on cross-border rules and inter-regional interchange fees - Commissioner Margrethe Vestager, in charge of competition policy, said: "Many consumers use payment cards every day, when they shop for food, clothes or purchase anything online. We currently suspect MasterCard is artificially raising the costs of card payments, which would harm consumers and retailers in the EU. We have concerns both in relation to the rules MasterCard applies to cross-border transactions within the EU, as well as the fees charged to retailers for receiving payments made with cards issued outside Europe. MasterCard now has an opportunity to respond to our charges".
- Bringing Membership to Life through Mobile: American Express Releases Redesigned iPhone® and Android™ Mobile App - "Available for Personal, Small Business and Corporate Card Members, the redesigned app includes the convenience of Touch ID™ login, nearby offers on a map, rewards information and unique mobile service features like on-the-spot fraud alert verification."
- MasterCard Survey Reveals Americans Anxious about Personal Security but Optimistic About New Ways to Pay - "Our survey reveals there’s a sharp contrast between what people say or think they are doing to protect their information and what they actually do, but that’s understandable – we’re human,” said Carolyn Balfany, SVP of U.S. Product Delivery – EMV, MasterCard. “In today’s digital age, we need the strong combination of what we all can do ourselves to keep our information as safe as possible and what we are doing at MasterCard to bring the latest innovations in safety and security to our cardholders.”
Glenbrook's 2015 Payments Education
- Our next Payments Boot Camp session is scheduled for August 4-5 in Mountain View, California followed by a one-day Insight Workshop on August 6 on the topic of Data in Payments.
- If you have questions about our payments education program, please contact Carol Coye Benson for more information.
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Updates from Glenbrook:
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