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Mobile Payments

Welcome to the News View for "Mobile Payments".

Here, on these archive pages, you'll find all of the articles on Payments News for Mobile Payments listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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February 25, 2014

Headline News from PaymentsNews.com - February 25, 2014

Glenbrook's Payments Insight Workshop series this spring focuses on three key topics for payments professionals: Bitcoin - Basics and Beyond (March 26), Data in Payments (April 22) and Innovation in Payments (May 8). Offered in a small group setting in the San Francisco Bay Area, registration is now open for each of these workshops!

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February 24, 2014

PayPal to Support Fingerprint Authentication on Samsung's New Galaxy S5

PayPal logo 140x60pxPayPal and Samsung have announced there are enabling Samsung Galaxy S5 users to login and shop at any merchant that accepts PayPal on mobile and in-stores with only their fingerprint. The companies say that this "new secure, biometric feature means Galaxy S5 users will no longer need to remember passwords or login details across millions of PayPal merchants. PayPal will be the first global payments company to support Samsung’s mobile fingerprint authentication technology."

We spearheaded the Fast IDentity Online Alliance last year and predicted that the industry would soon move beyond passwords, and this announcement brings us one step closer to that reality,” said Hill Ferguson, Chief Product Officer for PayPal.

“By working with Samsung to leverage fingerprint authentication technology on their new Galaxy S5, we are able to demonstrate that consumers don’t need to face a tradeoff between security and convenience. With a simple swipe of a finger, consumers can still securely log into their PayPal account to shop and pay with the convenience that mobile devices afford.”

PayPal says it is providing a secure wallet in the cloud and doesn’t store personal information on the device. "Customers can use their finger to pay with PayPal from their new Galaxy S5 because the FIDO Ready™ software on the device securely communicates between the fingerprint sensor on their device and PayPal’s service in the cloud. The only information the device shares with PayPal is a unique encrypted key that allows PayPal to verify the identity of the customer without having to store any biometric information on PayPal’s servers."

Starting in April, PayPal fingerprint authentication on the Samsung Galaxy S5 will be available in 26 markets globally, including Australia, Brazil, Hong Kong, Russia, United Kingdom and United States. To watch a video of the experience, click here.

Headline News from PaymentsNews.com - February 24, 2014

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. The ebook versions are priced at US$9.99.

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February 23, 2014

MasterCard Launches MasterPass In-App Payments

MasterCard logo 140pxMasterCard has announced MasterPass™ in-app payments enabling consumers to make secure purchases within a mobile app. MasterCard says that MasterPass in-app payments "eliminate the need to store payment card credentials across numerous mobile apps, providing consumers with a fast and simple payment experience."

MasterPass in-app payments is the latest offering from MasterCard to address the specific needs of the digital ecosystem. We’re creating great experiences for consumers across all channels and all devices, and enabling merchants to reach new consumers in ways not possible in the pre-digital world,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard.

“We’re also developing a framework to make all payments using MasterPass as or more secure than anything we can do on cards today, ensuring that consumers can benefit from the highest possible levels of security.”

MasterPass in-app payments extend the capabilities of the current browser-based MasterPass digital service into the mobile app environment, and provide consumers with one secure direct relationship with their bank. Apps with MasterPass embedded in them enable consumers to complete a purchase with as few as one click or touch on their favorite connected device without leaving the app environment. MasterPass in-app payments will be made available to developers and merchants beginning in Q2 of this year.

MasterCard to Acquire C-SAM

MasterCard logo 140pxMasterCard has announced it has entered into an agreement to acquire C-SAM - a provider of mobile wallet and on-device software and services. MasterCard said this acquisition "will speed the development and deployment of mobile wallets and payment solutions globally, including the rollout of its MasterPass™ digital service."

Consumers today are living digital lifestyles, shopping in new ways using a range of new products and devices. Bringing C-SAM’s mobile expertise into MasterCard will help us launch a wider range of mobile and virtual solutions better and faster – bringing convenience and choice to consumers, while adding value to our expanding partnerships with telcos, governments and merchants,” said Ed McLaughlin, Chief Emerging Payments Officer, MasterCard.

“The acquisition of C-SAM is a significant milestone in our company’s history. While we have enjoyed a strong, longstanding relationship with MasterCard, the team is excited to be formally joining such an innovative and industry-leading organization to deliver end-to-end device-based solutions for service providers around the globe,” said Felix Marx, Chief Executive Officer, C-SAM.

MasterCard says that adding C-SAM’s proven expertise in developing mobile platforms will support MasterCard’s work with financial institutions to bring new, innovative and secure solutions to market. C-SAM’s on-device application and back-end infrastructure will aid development efforts to enable consumers to use MasterPass both in-store and online across multiple communications technologies, including NFC, QR/barcodes and remote checkout.

Terms of the agreement were not disclosed. The closing of the acquisition is subject to regulatory approval and is expected in the first quarter of this year.

February 21, 2014

Headline News from PaymentsNews.com - February 21, 2014

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. The ebook versions are priced at US$9.99.

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  • BitPay Sponsors the LAUNCH Hackathon - "To encourage more development of open-source tools that benefit everybody in the bitcoin space, BitPay is offering developers of LAUNCH an additional financial incentive for projects that utilize BitPay’s Bitcoin Payment Gateway API or the open source library Bitcore."

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February 20, 2014

Headline News from PaymentsNews.com - February 20, 2014

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. The ebook versions are priced at US$9.99.

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February 19, 2014

MasterCard Adds Support for NFC-based Mobile Payments Using HCE

MasterCard logo 140pxMasterCard has announced it will publish a specification for Host Card Emulation (HCE) for secure near field communication (NFC) payment transactions. HCE enables payments and other NFC services – including loyalty programs, building access and transit passes – to be delivered without the use of a secure element (SE).

MasterCard says that "the specification, developed over the past year with Capital One and Banco Sabadell, marks a significant industry milestone that, in addition to MasterCard’s longstanding support for embedded and SIM-based SE implementations, will drive greatly expanded availability of mobile contactless payments for consumers."

Consumers are now shopping and paying in whatever way best fits their needs and lifestyles – and from every device they own. To meet their expectations for convenience, we need to accelerate the availability of services in the market. The use of HCE provides a very attractive way forward to launch an increased number of NFC-based offerings,” said James Anderson, Group Head, Emerging Payments at MasterCard.

“We continue to set standards and deliver solutions to our partners and customers that deliver great experiences for safe and secure digital payments.”

HCE is supported in Android OS KitKat 4.4, which began shipping in November 2013. MasterCard said its approach to HCE combines custom software on the mobile device with highly secure cloud-based processing. This greatly simplifies and speeds the deployment process of NFC-based mobile offerings to consumers by card-issuing financial institutions.

MasterCard plans to publish its secure remote payment specifications during the first half of 2014.

Visa Announces Support for Cloud-Based Mobile Payments and HCE on Andorid

Visa 2014 logo 140x60Visa has announced support for new options to securely deploy mobile payment programs, including for the first time an option to host Visa payWave-enabled accounts in a secure, virtual cloud. Visa says that "the move expands Visa’s support for mobile payments globally and will give financial institutions greater choice in offering consumers secure ways to pay with smartphones."

Our clients and partners around the globe are continuously looking for flexible, cost efficient and secure ways to enable mobile payments,” said Elizabeth Buse, Executive Vice President, Global Solutions, Visa Inc.

“The Android HCE feature provides us with a platform to evolve the Visa payWave standard, support the development of secure, cloud-based mobile applications, while at the same time offer greater choice to our clients.”

Visa said its support for cloud-based payments follows the introduction of a new feature in the Android mobile operating system called Host Card Emulation (HCE); HCE allows any NFC application on an Android device to emulate a smart card, letting users wave-to-pay with their smartphones, while permitting financial institutions to host payment accounts in a secure, virtual cloud.

Visa also plans to deploy several layers of security to protect payment accounts in the cloud, including at the Visa network, application and hardware levels. One-time use data, real-time transaction analysis, payment tokens and device fingerprinting technology make up a multi-layered defense against unauthorized account access.

Loop Launches LoopWallet for Mobile Payments

Loop has announced the release of its LoopWallet™ app to U.S. consumers - now available at the Apple App Store, with an Android version planned for release in April 2014. Loop is also offering the Loop Fob for $39, saying it is the first of many "AppCessories" that give users the ability to swipe and store their credit or debit, gift and reward cards into their smartphones.

“Loop users are making history as they embark on an exciting new era of secure smartphone-enabled payments. Loop gives users an intuitive way to simplify and organize their wallets. Just download the free LoopWallet app, order a Loop AppCessory, swipe your cards into your smartphone, and pay at almost everywhere in the world,” said Will Graylin, CEO of Loop. “It’s a true breakthrough that brings more convenience to consumers and with a new level of security beyond chip cards.”

"With its patented technology, payment card data is encrypted and stored in dedicated hardware secure memory, within the Loop Fob or any Loop enabled device. Partnering with payment card issuers, Loop’s technology can also generate dynamic card data every time a payment is made, making such data unusable for those trying to clone a card. Its contactless chip does not wear out and fits into virtually any form factor that consumers want to carry – from smartphones to fobs, to charge cases, to smart watches, the possibilities are limitless."

Loop was founded by two payment industry pioneers, Will Graylin and George Wallner.

Headline News from PaymentsNews.com - February 19, 2014

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. The ebook versions are priced at US$9.99.

On the Web:

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Updates from Glenbrook:

February 17, 2014

Headline News from PaymentsNews.com - February 17, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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  • Coming Soon!

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February 14, 2014

Headline News from PaymentsNews.com - February 14, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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February 12, 2014

MCX Adds Paydiant to Power Mobile Payments

Mcx logo 140x60pxMerchant Customer Exchange (MCX) has announced that it will add Paydiant's cloud-based, white label platform to its custom developed mobile commerce infrastructure.

"We are really enthusiastic about the momentum MCX is making as a company. Paydiant adds unique mobile wallet capabilities and proven retail experience that seamlessly complements MCX's existing technology platform. Additionally, the recent addition of Wendy's and Acme Fresh Market underscores the appeal of MCX to merchants of all sizes and across all categories. It also marks MCX's expanding presence in the quick-service restaurant industry," said MCX CEO, Dekkers Davidson.

"Both the partnership and recent additions to our MCX merchant members are key milestones as we work to ultimately bring to market the best mobile commerce solution for consumers and merchants alike."

Paydiant's technology will allow MCX member merchants to leverage existing smartphones, point-of-sale (POS) and payment terminals. It will include an easy-to-implement application programming interface (API) to enable MCX members to integrate complete mobile wallet capabilities and value- added services into their own branded iPhone and Android applications. In addition, the solution will allow retailers to avoid sharing sensitive customer information with third parties.

MCX also announced that Wendy's® and Acme Fresh Market are among the latest merchants to become MCX merchant members. With restaurants nationwide, Wendy's is the world's third-largest quick-service hamburger company. Acme Fresh Market is a regional grocery store chain with locations throughout Northeast Ohio.

February 10, 2014

Headline News from PaymentsNews.com - February 10, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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February 06, 2014

Headline News from PaymentsNews.com - February 6, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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February 05, 2014

Isis Launches Promotion for Wells Fargo Credit Cardholders

Isis logo 140x60pxIsis has launched a promotion offering Wells Fargo credit card holders "the potential for 20 percent back and a $20 statement credit the first time they tap to pay using the Isis Mobile Wallet® at hundreds of thousands of retail locations nationwide."

Now through April 30, 2014, consumers using a participating Wells Fargo credit card in the Isis Mobile Wallet will receive a $20 credit applied to their statement the first time they tap to pay, along with an additional 20 percent back in statement credits on all tap and pay purchases, up to $100 in statement credits per calendar month.

The 20/20 promotion rewards consumers every time they tap to pay using a participating Wells Fargo credit card at any retail location that accepts contactless payments,” said Ryan Hughes, senior vice president, banking and business development, Isis.

“Our work with Wells Fargo is an example of two brands coming together to offer consumers a new, secure and exciting way to pay.”

In December, Wells Fargo and Isis announced the first phase of an agreement that allows Wells Fargo Visa consumer credit card holders to load their cards into the Isis Mobile Wallet. For a complete description of promotional rules and conditions, visit: www.wellsfargo.com/isis.

February 04, 2014

Headline News from PaymentsNews.com - February 4, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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February 03, 2014

Headline News from PaymentsNews.com - February 3, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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January 30, 2014

PaymentsViews.com: The Biggest Mobile Payments Story You’ve Never Heard

PaymentsViews logo 140pxIn an article titled The Biggest Mobile Payments Story You’ve Never Heard over on our PaymentsViews.com blog, Glenbrook's Elizabeth McQuerry writes about developments in mobile payments in Latin America. Elizabeth writes:

As we move into 2014 – yet (again) the year when many say mobile payments are destined to gain traction – let’s look at some key developments in the space. No, I’m not talking about the newest pilot participant in ISIS or whether Apple will be the new sheriff in town. Instead, let’s look to the south to where the foundation is being laid for mobile payments to take hold in a few Latin American countries.

If you're so inclined, Elizabeth would appreciate your comments on the article!

Headline News from PaymentsNews.com - January 30, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

On the Web:

  • Amazon’s Ambition in Physical Retail May Go Way Beyond Payments - Re/code.net - "The goal is to make this new collection of tools and services as critical to brick-and-mortar shops as its Amazon Web Services offering has become to online businesses."
  • Apple introduces us to a Major Financial System Beyond iWallet - Patently Apple - "On January 30, 2014, the US Patent & Trademark Office published a major patent application from Apple that reveals a new financial Systems Integration System." Meeting the Needs of Non-Traditional Consumers and Achieving Scale with Mobile Contactless Payments in the U.S. - Federal Reserve Bank of Boston - Mobile Payments Industry Workgroup - "In November 2013, the Mobile Payments Industry Workgroup (MPIW) met with academia, government, non-profits, card networks, mobile wallet providers, transit authorities, issuing banks, and retailers to gain a better understanding of fundamental consumer mobile payment adoption issues by exploring how mobile financial services and payments can meet the needs of non-traditional consumers and what is needed to achieve scale in the U.S. mobile payments market. The findings in this paper are based on the discussions at this meeting and include panelists' views on mobile technology and financial access considerations for the underserved consumer, broader consumer market adoption for mobile retail payments, and the transformational role of mobile technology for financial services."
  • Visa CEO Doesn’t See Bitcoin As Business Threat - CoinDesk - "Visa CEO Charlie Scharf offered his opinion of bitcoin and other emerging virtual currencies on 30th January in a conference call discussing Visa’s first-quarter fiscal earnings."
  • Fred Wilson's 5 Predictions for the Future of Your Money - Inc. - "If you like the way Wilson makes bets with his venture-capital fund, Union Square Ventures, which has invested in Etsy, Tumblr, and Twitter, you might just like the way he thinks about the future of currencies."
  • Why Bitcoin is here to stay - ZDNet - "...the drivers are simply too powerful - crypto-currency is around to stay and the changes to our global economy because of it will be staggering. So take a reality pill and strap in."
  • Coinbase and Mint Announce First Bitcoin Personal Finance Integration - "This partnership marks a milestone in the ongoing evolution of bitcoin as Mint becomes the first personal finance and money management tool enabling users to view their bitcoin transactions."
  • PayPal Wants Role In Apple’s Mobile Payments Dreams - Re/code.net - "Three payments industry executives tell Re/code that eBay-owned PayPal has been pitching Apple on helping the consumer electronics maker bring its long-rumored payments initiative to fruition."
  • Ribbon Takes On Square Cash, PayPal & Others With A Peer-To-Peer Payments Service That Lets You Send Money For Free - TechCrunch - "The difference here, besides not yet being available in a native app format, is that Ribbon works with both debit and credit card users, and will allow you to send payments to others without first having a Ribbon account."
  • Mobile Payments, Electric Cars and the Keys to Driving Change - Re/code.net - "The shared issues between e-cars and smartphone payments boil down to cost of hardware (the phone, the car), infrastructure (networks and merchant acceptance, filling stations), but perhaps most importantly, the catalyst for changing human behavior."
  • GhIPSS Urges Banks to Issue Local Cards - Payments Afrika - "Ghana Interbank Payment and Settlement Systems (GhIPSS) has urged banks to issue more proprietary ‘local’ ATM cards to their customers. Historically most banks in Ghana would issue international cards..."

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January 29, 2014

Headline News from PaymentsNews.com - January 29, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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January 28, 2014

Headline News from PaymentsNews.com - January 28, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.
Upcoming Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City.

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On the Wires:

  • Bitcoin vs. Electronic Money: Digital But Different - "A new CGAP report released today compares the main differences between Bitcoin and electronic money (e-money). The report shows that Bitcoin as a virtual currency is markedly different from e-money and cautions regulators and policy makers not to confuse the two."
  • Clinkle Names PayPal’s Mike Liberatore As Chief Financial Officer - "Liberatore joins the company from PayPal, where he served as senior director of large enterprise finance and the North America financial planning and analysis (FP&A) group."
  • Bluetooth® Smart Technology Unveiled as the Magic Behind Beacons - "Bluetooth Smart brings three essential features to the beacon experience: an intelligent wireless connection that can authenticate and manage interactions; an extremely power-efficient connection that doesn’t drain the user’s phone battery; and ubiquitous support from phone manufacturers and mobile operating systems."
  • FIS Continues its Leadership Role in U.S. EMV Smart Card Transition - “Smart card technology is the way of the future; it’s vital in mitigating card-present fraud; it offers greater spending convenience to people traveling overseas, where EMV already is standard; and it allows the U.S. to move to more secure processing of card transactions,” said Bob Woodbury, SVP and General Manager, FIS Payments Networks.
  • GTCR Closes $3.85 Billion Buyout Fund - "Target investments will continue to focus on companies across high-growth sectors, including Financial Services & Technology, Healthcare and Information Services & Technology."

Updates from Glenbrook:

January 27, 2014

Headline News from PaymentsNews.com - January 27, 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.

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January 23, 2014

Headline News from PaymentsNews.com - January 23, 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.

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January 22, 2014

Headline News from PaymentsNews.com - January 22, 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:

  • The Value of PayPal and eBay Together - PayPal Forward Blog - "No other payments competitor has achieved PayPal’s success – because no other competitor has a commerce platform like eBay. PayPal is successful precisely because we are part of eBay Inc., not in spite of it."
  • Gang Rigged Pumps With Bluetooth Skimmers - Krebs on Security - "This blog has featured several stories about gas-pump skimmers that were Bluetooth enabled. What’s remarkable is how common these attacks have become."
  • A new way to pay: Dash rolls out more mobile payment tools at restaurants - Macworld - "If you have Dash installed on your phone, the Bluetooth-enabled Dashboard pushes you an alert when you walk into a venue where you can use the app to pay."
  • EBay Says Icahn Proposes PayPal Spinoff - Bloomberg - "The investor is proposing to spin off online payments unit PayPal, one of EBay’s faster-growing businesses."
  • LG Reveals Fingerprint ID Coming to their Smartphones this Year - "LG Electronics has revealed that they'll be integrating fingerprint recognition functionality into their premium smartphones ... later this year..."
  • Argentina restricts online shopping as foreign reserves drop - BBC - "Argentina has introduced new restrictions on online shopping as part of efforts to stop foreign currency reserves from falling any further."
  • Bitcoin Targets Payments Business of Giants Visa to JPMorgan - Bloomberg BusinessWeek - “Perhaps the rise of Bitcoin will put pressure on big banks to get us a more modern payment system,” said Jennifer Tescher, president of the Center for Financial Services Innovation, a Chicago-based research group.
  • Card-Theft Software Grew in Internet's Dark Alleys - Wall St. Journal - "The Reedum malware worked like a Trojan horse by hiding its malicious nature and compromising systems from inside."
  • Priorities for the future - Visa Europe (Nicolas Huss) - "As a membership organisation focused on European solutions for the best interests of all parties in our four‐party model, our continued success is good for the European economy because electronic payments fuel commerce, replace inefficient and expensive cash and fight the shadow economy."
  • Visa to step up marketing of V.me - Marketing Week (UK) - "Jonathan Vaux, V.me commercial director, says it will use “assets” such as its World Cup sponsorship to raise awareness of the service. Ads will push the convenience and security of V.me."
  • T-Mobile Hopes to Shake Up the Check-Cashing Industry, Too - Re/code.net - "Through the combination of a smartphone and a prepaid Visa debit card, T-Mobile (and its banking partner, Bancorp) aims to offer many of the services typically offered through a bank, including check cashing, direct deposit and bill pay."
  • T-Mobile wants to be your next bank The Verge - "T-Mobile's chief marketing officer Mike Sievert says the service could save the "typical household" using a check casher to cash their paychecks "about $1,500 per year.""
  • On the Matter of Why Bitcoin Matters - Medium (Glenn Fleishman) - "As a currency, I have little faith that it will become a replacement for dollars, euros, or renminbi. As a model for a future payment and transaction system, I believe it’s already shown its value."
  • B2B e-commerce gets its own publication - Internet Retailer - "B2Bec News, a weekly e-mail newsletter, will cover technology and strategies that manufacturers, wholesalers and distributors are using to sell online to businesses, government agencies and nonprofits, including universities and hospitals."

On the Wires:

Updates from Glenbrook:

January 21, 2014

Headline News from PaymentsNews.com - January 21, 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:

January 17, 2014

Headline News from PaymentsNews.com - January 17, 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:

  • Retailers Urge Appeals Court to Make Federal Reserve Follow the Law - The Merchants Payments Coalition, a group of merchants fighting for a more competitive and transparent bank-card industry, said today: “Judge Leon struck a blow for fairness with his original ruling. We think the evidence will also prove as compelling to the appeals court. We look forward to that court reaffirming the Durbin Amendment as passed and sending the Federal Reserve back to the drawing board to ensure it actually follows the law.”
  • "NRF Asks Appeals Court to Uphold Order for Lower Swipe Fee Cap - "The National Retail Federation today asked an appeals court to uphold a judge’s ruling that the Federal Reserve set its cap on debit card swipe fees far higher than intended by Congress and that the cap needs to be recalculated at a lower level."
  • Retailers Comment On The Data Security Act - "PIN-and-chip cards are widely used across the globe, and it’s time for the bankcard industry in the United States to adopt that technology to better protect our consumers. We must transition away from 1960s technology and adopt a 21st century system that will help reduce and prevent fraud and protect customers from the threat posed by sophisticated cybercriminals, hackers and data thieves."
  • U.S. Bank Announces Plan to Wind Down Checking Account Advance - "U.S. Bank will begin to wind down its short-term, small-dollar deposit advance product, Checking Account Advance, to align with final regulatory guidance issued by the Office of Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC)."
  • FinCapDev 2014 Opens Call for Proposals - “Mobile technology has the potential to expand access to critical financial services and support, improving consumer financial health,” said Jennifer Tescher, President & CEO of the Center for Financial Services Innovation. “That’s what FinCapDev is all about: leveraging that potential and enabling innovators to build products for consumers who want and need better access to high-quality tools and information.”
  • Acculynk Gains Ground in Europe with Secure PIN-Based Authentication Patent Grant - "Acculynk, the first global PIN-debit authentication gateway, announced today that the European Patent Office granted Acculynk patent protection for the company’s propriety process for PIN based authentication over the Internet."

Updates from Glenbrook:

January 16, 2014

EMVCo to Work on Payment Tokenization Standards

EMVco logo 140pxEMVCo - which is collectively owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa - has announced that it is expanding its scope to lead the payments industry's work to standardize payment tokenization. EMVCo says that "the new specification will help provide the payments community with a consistent, secure and interoperable environment to make digital payments when using a mobile handset, tablet, personal computer or other smart device."

Tokenization is the process of replacing a traditional card account number with a unique payment token that is restricted in how it can be used with a specific device, merchant, transaction type or channel. When using tokenization, merchants and digital wallet operators do not need to store card account numbers; instead they are able to store payment tokens that can only be used for their designated purpose. The tokenization process happens in the background in a manner that is expected to be invisible to the consumer.

Key elements of EMVCo’s work include adding new data fields to provide richer industry information about the transaction, which will improve transaction efficiency and enhance the consumer and merchant payment experience by helping to prevent fraudulent card account use. EMVCo will also create a consistent approach to identify and verify the valid use of a token during payment processing including authorization, capture, clearing and settlement.

EMVCo’s announcement follows an earlier joint announcement from MasterCard, Visa and American Express that proposed an initial framework for industry collaboration to standardize payment tokenization. EMVCo says it will now build on this framework with collective input from all of its members and the industry as a whole.

Headline News from PaymentsNews.com - January 16, 2014

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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.

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