On the Web:
- Visa Said to Win Best Buy Partnership From MasterCard - Bloomberg - "Citigroup agreed last year to take over the Best Buy cards from Capital One, giving the New York-based bank a loan portfolio valued at about $7 billion at the time."
- Visa, MasterCard to cut credit card fees in Canada - The Globe and Mail - "The two credit card giants, which represent about 90 per cent of the market in Canada, made separate, voluntary proposals to cut so-called interchange fees down to an average rate of 1.5 per cent through 2019."
- What Are the Anti-Apple Pay Merchants Afraid Of? - Re/code.net (Walt Mossberg) - "I’m wondering if CVS, whose name originally stood for “Consumer Value Store,” really believes in letting consumers choose what’s valuable to them."
- The Worm in Apple Pay - Wall St. Journal Opinion (Lyle Beckwith - NACS) - "A mobile-payments system could link directly to an individual’s checking account, or transactions could be completed over the Internet, for example."
- Dabbling in the future of payment: A week of Apple Pay and Google Wallet - Engadget - "Well, the future of mobile payments is looking brighter than ever, but that doesn't mean I'm getting rid of my wallet. Let me tell you why."
- Google Wallet Inventor Dishes on Apple Pay and the Future of Virtual Payments - Inc. - "You have to ride a wave that is already causing change. Apple Pay learned that, and I think the timing of Apple Pay was related to the changes they saw coming."
- UK Government: Digital currencies: Call for Information - Gov.UK - "The scope of this Call for Information is digital currencies, with a focus on digital currencies in their function as a payment method, rather than as a speculative investment."
- Poynt Gets Chase, Vantiv to Partner on Payments - "The two companies are joining as founding partners of Poynt’s payments platform for small merchants, which will also work with new forms of mobile payment such as Apple’s Apple Pay service."
- Skipping the Front Desk, and Checking In With a Click - New York Times - “It’s a simple proposition,” said Mark R. Vondrasek, who leads digital initiatives for Starwood Hotels. “Why can’t I use my phone as my room key?”
- W3C's Web Payments Redesign Could Bypass Bitcoin - CoinDesk - "More specifically, Jacobs said that the core topics that will be addressed are increasing interoperability and security around digital wallets, and identifying and authenticating those who are making payments."
- BlueSnap Raises $50 Million For Its Global Payment Processing Tech - TechCrunch - "Investors behind BlueSnap include the private equity firms Great Hill Partners, Parthenon Capital Partners, which led the most recent financing, and BlueSnap chief executive, Ralph Gangelmaier."
- Banks, Bitcoin & the Blockchain - Bank Systems & Technology - "Bitcoin was built for the Internet. Strip away the currency aspect and look at the technology behind Bitcoin, and you have the first Internet protocol for storing and exchanging value."
- The banking industry needs more effective regulatory reform, says Stanford expert - "Admati portrays banking as fraught with conflicts of interest. "Those who take or allow excessive risks do not bear the sufficient responsibility for the risks or their consequences, and those who are harmed have too little control (or may not realize that they are harmed)," she wrote in her upcoming paper."
- Why Do Some Payment Innovations Succeed While Others Fail? - ingenuity Journal - "In payments, you've got the chicken-egg problem," says Scott Loftesness, a founding partner at Glenbrook Partners, a consulting firm based in Menlo Park, Calif. "You need both a viable consumer value proposition and an equally viable merchant value proposition."
On the Wires:
- First Data Unveils Clover™ Mobile Bringing Power and Portability to Businesses Around the World - “Clover Mobile expands the powerful and versatile Clover family to bring the mobility, efficiency and integration that merchants require and consumers expect. We are committed to helping clients every day with innovative technology that drives deeper engagement and personal service with each transaction.”
- BitPay Launches New Bitcoin Checkout App for One Tap Payments - "By using NFC, a shopper can simply place their phone near the merchant’s POS tablet to receive the secure bitcoin payment instructions, which is a more seamless experience than scanning a QR code."
- MasterCard and Allure to Offer Readers Enhanced Commerce Experience - "By taking Allure’s trusted content and adding a trusted commerce technology in MasterPass, we are creating the ultimate content-to-commerce experience—a beauty destination where women can research, discover, act on desire, and buy on demand,” says editor in chief Linda Wells.
- U.S. Bank is First to Europe With Visa Payables Automation for Business - “U.S. Bank corporate clients in Europe can now take advantage of Visa Payables Automation to streamline the accounts payable process,” said Tad Fordyce, SVP and head of Global Commercial Solutions, Visa Inc. “By automating, corporate clients eliminate processing steps and pay their suppliers more efficiently with safe, reliable and convenient electronic payments.”
- Tip.ly Launches Revolutionary Mobile Payment Application at Money 20/20 - "Tip.ly is the first mobile payment solution with bank grade security that allows people to tip service professionals with their mobile phone without the exchange of any personal information, such as phone numbers, email addresses and credit cards."
- XTec Adds over 100 Federal Agencies for HSPD-12 Smart Card Issuance - “XTec products and solutions have supported smart cards since before HSPD-12,” said XTec President and CEO Albert Fernandez. “We are excited to share this knowledge and experience with GSA and so many other federal agencies.”
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
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews