On the Web:
- Of course eBay has to spin off PayPal. Here’s why it hasn’t done…. yet - PandoDaily (Sarah Lacy) - "The world believes it is inevitable, eventually. The only multi-billion-dollar questions are whether it is happening now and whether it should happen now."
- Why Capital One Labs Is Banking On Experimentation - FastCompany - "Capital One's CIO Rob Alexander says new data tools retrieved from the labs--such as the Bundle acquisition--have quickly help them evaluate how customers interact with credit cards across the company."
- Target's Troubles Go Deeper Than Data - BloombergView - "Target did really well for a long time with a strategy you might dub “the Rich Man’s Wal-Mart.”"
- Consumers Shy Away from Target’s Debit Card in the Wake of the Retailer’s Data Breach - Digital Transactions - "Target’s results confirm that a data breach can hurt a retailer well beyond the up-front costs for fixing and fortifying computer systems, reimbursing general-purpose card issuers for fraud and re-issuance of compromised cards, and paying network fines."
- Millennials Say ‘Venmo Me’ to Fuel Mobile-Payment Surge - Bloomberg - "The broader mobile-wallet market, which in recent years drew entrants such as Google Inc., initially was slow to catch on with a wide audience. Yet, the rising use of peer-to-peer applications among 20-somethings is improving the prospects for adoption of all kinds of smartphone-based payments."
On the Wires:
- Bank of America Reaches Comprehensive Settlement With U.S. Department of Justice and State Attorneys General to Resolve Mortgage-related Litigations and Investigations - “We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future,” said Chief Executive Officer Brian Moynihan.
- The Disruptive Potential of Bitcoin: Why Everyone in Financial Services Should Care - Celent - "The report, The Disruptive Potential of Bitcoin: Why Everyone in Financial Services Should Care explains the inner workings of Bitcoin by dispelling five myths. It describes the ecosystem of various different companies that have emerged around Bitcoin, and recognises some of the early achievements of this ecosystem."
- Worldpay US Teams with OnDeck to Provide Access to Working Capital Services - “Worldpay is committed to providing services to our small business customers that help them grow their businesses,” said Patti Newcomer, chief marketing officer of Worldpay. “By teaming with OnDeck, we can help connect our customers with the working capital they need to be successful.”
- Chemical Bank Partners With First Bankcard to Launch Dream® MasterCard - “We’ve been serving communities across Michigan for nearly 100 years, and we’re excited to be offering Michigan consumers one of the most competitive credit card reward programs available,” said David Ramaker, Chairman, CEO and President of Chemical Bank.
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.
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