On the Web:
- Gallaga: Two years later, the wait seems longer for mobile wallets - Austin American Statesman - "So much hype. So much money spent. And yet, the promise of mobile payments feels just as far in the future as it did more than two years ago, if not further."
- Square Expands Its Cash Advance Service - New York Times BITS Blog - "Square and Victory Park will both give money to businesses that Square selects, and will divvy up the associated capital extension fees upon the merchant’s repayment."
- Safaricom Slashes Fees for Small M-Pesa Transactions - Business Today - "The new tariffs, which are set to take effect from Thursday 21st August, 2014, will see transaction fees reduced by up to 67% in the low and medium tiered bands..."
- Bitcoin shakes up remittances as poorer people offered digital deals - Guardian - "Soaring rates of mobile phone use in developing countries are helping the entrepreneurs compete with more usual forms of money transfer in countries where remittance rates and fees are highest."
- Banks and disintermediation, Part One - Financial Services Club Blog (Chris Skinner) - "This is where Google will strike to the heart of banking, as the bank becomes a back-end information feed to Google rather than the other way around."
- Lessons From Postal Banking's Past - Credit Slips - "...postal banking may be the key to the current lack of financial inclusion."
- Industry Chief: Payments Firms Warming to Bitcoin Partnerships - CoinDesk - "In an interview with CoinDesk, Electronic Transactions Association (ETA) CEO Jason Oxman talked at length about his organisation, how the digital currency can better execute its agenda in Washington and bitcoin’s potential appeal to the traditional payments industry."
- Amazon Getting Pieces in Place for Next-gen Payment System? - StreetFight - "At first glance, many are seeing Amazon’s new card reader as a competitive move against the likes of Square and PayPal. But this is actually a tiny start to a bigger vision."
- After A Series Of Maintenance Glitches, Bank Simple Rolls Out An Improved, Rebuilt Mobile App - TechCrunch - "The redesigned and re-engineered app offers a variety of improvements, including a new “Goals” section, the addition of a peer-to-peer money transfer service called “Simple Instant,” and more."
- Bitcoin’s Price Falls 12%, to Lowest Value Since May - New York Times - “What’s been weighing on Bitcoin more are shorter-term concerns about whether Bitcoin can develop.”
On the Wires:
- Payza Launches Bitcoin Buying Option in 190 Countries - "As Bitcoin continues to evolve and mature, it's becoming more and more difficult to deny its potential, especially in the developing countries where our current consumers have limited access to a banking infrastructure" noted Firoz Patel, Payza's EVP of Strategic Partnerships and Corporate Affairs.
- NRF Asks U.S. Supreme Court to Review Swipe Fee Ruling - "A petition asking the Supreme Court to consider the case was filed today by NRF, the National Association of Convenience Stores, the Food Marketing Institute, the National Restaurant Association, NRF member Boscov’s Department Store and NACS member Miller Oil Co., all of whom were plaintiffs in the original lawsuit."
- Square Works With Victory Park Capital to Extend Hundreds of Millions of Dollars to Independent Businesses - "We are pleased to be partnering with Square and believe they are uniquely positioned to serve their merchant base with another best in class product,” said Brendan Carroll, partner and co-founder, and Dan Schwartz, managing director with Victory Park Capital. “We've been tremendously impressed with Square Capital’s data-driven approach to merchant finance, and we are confident they will achieve substantial growth in a dramatically underserved market."
- Oberthur Technologies Acquires NagraID Security the Specialist of Powered Display Cards to Secure Access to the Cloud - "NagraID Security SA develops and markets powered display cards to secure access to the cloud, primarily for companies operating in the field of financial payments, authentication and identification solutions, using one-time password (OTP) or dynamic card verification value (DCVV, the 3 or 4 digit security code printed on payment cards) technologies."
- FreedomPay Announces North America's First Fully-Functional, PCI Certified P2PE Technology for Merchants - Tom Durovsik, the CEO of FreedomPay said, “By offering the P2PE-integrated solutions of the FreedomPay Commerce Platform, with leading POS devices and secure distribution systems, we lock down security and enable merchants relying on POS credit card transactions to gain nearly instantaneous PCI compliance for their POS systems and networks."
- Jon Kamaluddin joins Board of Directors of Swedish payments company Klarna - "Jon Kamaluddin was international director at ASOS from 2009 to 2013 after having spent five years as CFO. In his role as international director, Kamaluddin led ASOS global expansion, including the U.S., Russia, China, Germany, and Australia, which helped ASOS grow its overseas sales to almost 60 per cent of its overall sales."
- YapStone Names John Malnar CFO, David Weiss VP of Corporate Development, Alida Rincon VP of Legal and Compliance, Wendy Roberts VP of Risk as Company Projects Annual Growth of 40% - “YapStone is experiencing dramatic domestic and European growth, with 90 new employees hired this year alone across engineering, product development and marketing, from such companies as eBay, Yahoo, Google, PayPal and Square."
Updates from Glenbrook:
- 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.
- Feedback: How are we doing for you? I'd love to hear from you - drop me a quick note: email@example.com or leave me a voicemail: +1.650.469.3421.
- Got news? Please forward press releases to: firstname.lastname@example.org.
- Need consulting help from Glenbrook for one of your payments projects? Let us know your needs here - and we'll get right back to you!
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews