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March 17, 2014

Headline News from PaymentsNews.com - March 17, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 14, 2014

Headline News from PaymentsNews.com - March 14, 2014

On the Web:

  • Accidental disruption: Max Levchin discusses how close PayPal was to never existing at all! - PandoDaily - "It’s often said that it’s better to be lucky than good. Fortunately for PayPal, Levchin, Thiel, and the company’s other early execs were both lucky and good."
  • Consumers Not Powerless in the Face of Card Fraud - New York Times - "The United States is such a fraud-friendly country in part because we still use old-fashioned magnetic stripes on the back of our cards. This makes it relatively easy for thieves to make counterfeit ones."
  • Xapo Raises $20 Million To Bury Your Bitcoin Underground - TechCrunch - "The wallet, said Wences, works like a checking account while the vault works like a savings account. They have no intention of ever becoming an exchange."
  • Wearing Apple - furbo.org (Craig Hockenberry) - "But the biggest feature of all would be that this wearable device could support iBeacon."
  • China Suspends Two Forms of Smartphone Payments - Wall St. Journal - "A People's Bank of China official who declined to be named said the bank issued a directive Thursday ordering the suspension of online payments using QR codes and virtual credit cards in smartphone payment systems."
  • Introducing Myself - Bitcoin Foundation (Jim Harper, Global Policy Counsel) - "To that end—prioritizing—I have already begun a study of the risks that Bitcoin faces and their severity, how to address them and, when possible, how to measure success or failure."
  • Buffett: ‘Stay Away’ From Bitcoin - Wall St. Journal MoneyBeat - He called it “a very effective way” of transmitting money, but said that “a check is a way of transmitting money, too.”

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 13, 2014

A Look at the Evolution of Payments in Southern Africa

PaymentsViews logo 140pxIn a new post titled How to Get Along and Do Good on our PaymentsViews blog, Glenbrook's Elizabeth McQuerry writes about recent developments with payments in southern Africa led by the efforts of the Southern African Development Community (SADC).

Building on a new base of real time gross settlement (RTGS) systems in most countries (efforts supported by the World Bank), the central bank governors in the SADC countries agreed back in 2009 to deploy the additional infrastructures needed to easily exchange bank to bank payments among the SADC countries. These systems have become a regional inter-bank settlement system and a regional clearing capability for EFT credits and debits.
Be sure to read the rest of her post and comment here.

Headline News from PaymentsNews.com - March 13, 2014

On the Web:

  • Introducing Xapo - Xapo Blog - "At Xapo, we understand that Bitcoin’s ultimate success will be based on trust – both in the currency itself and in the industry’s security and service providers."
  • Building the Fort Knox for Bitcoin - wall St. Journal - "A Silicon Valley startup called Xapo is among a handful of young companies trying to become the Fort Knox of bitcoin, building secret bank vaults deep in the earth that would safely store millions of dollars worth of bitcoin code on computer drives."
  • New York BitLicense Order - Virtual Currency Report - "While the latest NYDFS statements leave a lot of unanswered questions and do not provide a clear path forward for virtual currency firms, it appears on balance to be a step forward for those virtual currency exchanges seeking licensure in New York."
  • Missed Alarms and 40 Million Stolen Credit Card Numbers: How Target Blew It - Bloomberg BusinessWeek - "The biggest retail hack in U.S. history wasn’t particularly inventive, nor did it appear destined for success."
  • What is Apple’s commerce and payments strategy? - Mobile Commerce Daily (Tim Dunn) - "The stars are aligning for Apple to make a dynamic move into the commerce and payments space."
  • Bank of England: Digital Currencies are Similar to Commodities - CoinDesk - "“Digital currencies are not at present widely used as a medium of exchange. Instead, their popularity largely derives from their ability to serve as an asset class..."
  • Flypay Raises £1M To Make Settling Your Restaurant Bill “Waiter-Free” - TechCrunch - "Aiming to get the time it takes to ask for and settle a restaurant bill down from an average of ten minutes to closer to a minute, you simply scan an on-table QR code/NFC tag to first recall the bill."
  • How Real Is Loyalty and Rewards Fraud? - "The threat of fraud to rewards programs is real, and financial institutions and retailers must be cautioned about relaxing their guards just because a surge in fraud has yet to occur."

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 12, 2014

MasterCard, Fiserv Partner on Debit EMV for Accel Network

MasterCard LogoFiserv and MasterCard have announced an agreement to make MasterCard’s U.S. common debit EMV solution available for the Accel debit network.

Under the agreement, MasterCard issuers will be able to "select and implement network relationships, while merchants and acquirers will continue to route transactions as they prefer, without introducing multiple applications and complicated technology upgrades."

This represents our continued commitment to help issuers, merchants and others continue the migration to the EMV standard here in the U.S.,” said Chris McWilton, president, North American Markets, MasterCard.

“In this agreement, Fiserv and the Accel network are able to provide their customers a solution that can be activated today, delivering enhanced security while streamlining implementation and accelerating delivery of chip cards to our shared cardholders.”

“As a leader in card processing, we are committed to providing our clients with a simple, streamlined path to implement EMV,” said Kevin Gregoire, group president, Financial Institutions Group, Fiserv.

“We are pleased to partner with MasterCard as part of a comprehensive, Regulation II compliant solution that includes Accel Network processing, card production and personalization, and industry-leading fraud and risk mitigation.”

MasterCard says its U.S. common debit EMV solution is "consistent with the EMV Migration Forum’s recommendations, including a single common debit application identifier (AID) and single application on each card, as well as multiple ways to verify the cardholder’s identity."

Starbucks Enhances Starbucks App for iPhone

Starbucks logoStarbucks has announced upcoming enhancements to its mobile app for iPhone to be available March 19 - including "shake to pay" and "digital tipping".

With shake to pay, customers can now bring the barcode of their Starbucks Card front and center at any time, simply by shaking their mobile device. Digital tipping gives customers the option to provide a tip in the following denominations: $0.50, $1.00, $2.00.

With more than 11 percent of transactions a week now happening with a mobile device in our stores, and nearly 10 million customers currently using our mobile app, we’re thrilled to make the digital experience even easier and more rewarding for our customers and partners,” said Adam Brotman, chief digital officer for Starbucks.

“This update to the Starbucks App for iPhone is an important next step in digital innovation at Starbucks and one of the many ways we’ll expand and improve our digital experience in the months to come.”

The Starbucks App for iPhone is available for download from the App Store or at http://sbux.co/StarbucksforiPhone. Additionally, customers can access their Starbucks account using Passbook, allowing customers’ mobile Starbucks Cards to appear on their iPhone screen automatically after they enter a favorite Starbucks® store.

Headline News from PaymentsNews.com - March 12, 2014

On Twitter:

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 11, 2014

EMVCo Publishes Technical Framework for its Payment Tokenisation Specification

EMVco logo 140pxThe EMV Payment Tokenisation Specification - Technical Framework v1.0 has been published by EMVCo. The technical document is designed to allow market implementers to develop interoperable tokenisation solutions.

The new specification will help provide the payments community with a consistent, secure and globally interoperable environment to make digital payments when using a mobile handset, tablet, personal computer or other smart device. This will encourage industry efficiencies and security enhancements for digital commerce.

From a technical perspective, the document provides an insight into the role the specification will have in facilitating broad-based acceptance of a payment token as a replacement for a traditional card account number. This includes data message formats to ensure the interoperability of tokens and the consistent approach that should be used to route and authenticate a payment token. The framework also explains how security can be improved by limiting payment tokens for use in a specific environment, and how an existing ecosystem can advance to become globally interoperable.

Dave Meadon, current EMVCo Executive Committee Chair, comments:

It is vital that we have a consistent approach to identify and verify a payment token request, which is supported by industry agreed channel controls to manage where and when the payment token can be used. This level of consistency eliminates data vulnerabilities at key points in the transaction, which ultimately enhances security.”
EMVCo has publically released this document to encourage industry adoption of the specification and aid its evolution. The new specification will maintain compatibility with the current payment infrastructure and will be complementary to the existing EMV Chip Specifications to ensure consistency across all payment environments.

Headline News from PaymentsNews.com - March 11, 2014

On the Web:

  • Starbucks CEO on mobile payments - Fox News - "Starbucks CEO Howard Schultz on the success and expansion of the company’s mobile payment platform."
  • Why I'm Joining PayPal - PayPal Forward Blog (Rakesh “Rocky” Agrawal) - "Part of my role at PayPal will be to help small businesses and entrepreneurs understand online commerce and payments."
  • A Deeper Look at Uber’s Dynamic Pricing Model - Above the Crowd (Bill Gurley) - "So why does Uber’s dynamic pricing even exist? The answer lies in understanding that Uber is fundamentally a marketplace, where supply is controlled not by the company but by the legion of independent contractors and transportation providers with whom they work."
  • Decentralizing Identity - Continuations (Albert Wenger) - "It is still early days for all of this, but the potential for these emerging decentralized identity systems is to further push power to the people and away from central authorities."
  • Bitcoin and Cryptocurrencies: A Critical Insight - IBM Academy of Technology TechNotes - "Bitcoin allows you to transfer economic value to any individual, anywhere in the world, without the involvement or approval of a third party, at minimal cost. This architecture is unlike any payment sys-tem that has previously existed. We are now observing a proliferation of new entrants building on its insights."
  • Top 50 credit unions grow in the face of new regulations - SNL Financial - "After several years of growth, the nation's credit unions saw the first drop in aggregate net income since 2008."
  • McDonald’s Sweden takes mobile payments to the next level - Mobile Commerce Daily - "The technology is being powered by Seamless’ SEQR mobile wallet solution."
  • How Banks Should Respond to the New Players in Payments - Bank Systems & Technology - "Silicon Valley Bank has taken a different approach to new payments players, by using its unique position in the “cradle of innovation” to incubate payments startups in partnership with MasterCard, Reekita Grewal shared."
  • Millennials see banks as irrelevant | Scratch - "This turned out to be a longer post than I expected. The catalyst was the millennial belief in irrelevance of banks. This is not to be ignored or ignored at your banks peril."

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 10, 2014

UK Payments Council Details New Paym Mobile Payments Service

Paym logoThe UK Payments Council has announced that its new secure way for consumers to pay using just a mobile number will be called Paym [pronounced “Pay Em”] and has released the brand's logo as well.

According to the press release, "final testing for Paym is on track and the launch date will be announced in April, when participating banks and building societies will be able to use the logo. The industry-wide collaborative project is the first service with the potential to link up every current account in the country with a mobile number."

Adrian Kamellard, Chief Executive of the Payments Council, said:

We’re all used to the idea of a ‘mobile update’ to improve our apps - Paym is a mobile update for payments that means you can pay securely using just a mobile number. Paym will make it easier to repay a friend for cinema tickets, split a restaurant bill or settle up for a colleague’s birthday collection.”

“Paym is a great example of industry-wide collaboration that delivers tangible benefits for customers. The service has the potential to link up every bank account in the country with a mobile number - millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay.”

Paym will be integrated into customers’ existing mobile banking or payment apps as an additional way to pay, making it possible to send and receive payments using just a mobile number. At launch, customers of nine bank and building society brands - Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank - will be able to use the new service.

Headline News from PaymentsNews.com - March 10, 201

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 07, 2014

MasterCard, Visa Launch Cross-Industry Effort to Accelerate Payment Security

Visa150MasterCard LogoMasterCard and Visa have announced the formation of a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions. The companies say that the group "will initially focus on the adoption of EMV chip technology in the United States, in addition to addressing other security-related topics, including tokenization, point-to-point encryption and broader needs of the region."

“One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters,” said Chris McWilton, president of North American Markets, MasterCard.

"Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust. EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels.”

This new group will include a diverse group of participants in the payments systems including --- banks of all sizes, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups. The formation of the group is a public recognition of the importance of all parties to work together and will ensure all voices can contribute to the strategic direction of payment security.

The recent high-profile breaches have served as a catalyst for much needed collaboration between the retail and financial services industry on the issue of payment security,” said Ryan McInerney, president, Visa Inc.

“As we have long said, no one industry or technology can solve the issue of payment system fraud on its own. These conversations will serve as a useful forum to share ideas, break down barriers and spur the adoption of next generation security solutions for the benefit of all.”

With a priority on delivering meaningful solutions that benefit consumers, merchants and financial institutions of all sizes, this group will focus on a broad range of security-related topics, including:

  • Advancing the migration to EMV in the United States. Chip technology generates a unique code for every transaction, making it nearly impossible for criminals to use the card for counterfeit fraud.
  • Promoting additional security solutions like tokenization and point to point encryption. While EMV addresses the physical point of sale, the need to protect mobile and online transactions is critical. In tokenization, the traditional account number will be replaced with a unique digital payment code, providing an additional layer of security.
  • Developing an actionable roadmap for securing the future across all segments of the payments industry.

MasterCard and Visa expect this group will complement and engage with other efforts across the industry, including proprietary risk councils, EMV task forces and the standard management bodies.

Q&A re EMV, Data Breaches, HCE and the Pace of Change in Payments

PaymentsViews logo 140pxOver on our PaymentsViews.com blog, Glenbrook's George Peabody interviews me about some of the current issues on payments in the US.

George writes:

In this email conversation, Scott and I work through some hot issues as he reminds me about the sometimes unfortunate pace, and instigation, of payments industry change."

Perhaps you'll enjoy it! We'd welcome your comments!

Headline News from PaymentsNews.com - March 7, 2014

On Twitter:

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 06, 2014

Headline News from PaymentsNews.com - March 6, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 05, 2014

Headline News from PaymentsNews.com - March 5, 2014

On the Web:

  • Target CIO Resigns Following Massive Data Breach - TechCrunch - "Target Corp.’s Chief Information Officer Beth Jacob is resigning, effective immediately..."
  • Sally Beauty Hit By Credit Card Breach - Krebs on Security - "Nationwide beauty products chain Sally Beauty appears to be the latest victim of a breach targeting their payment systems in stores..."
  • Stripe launches new Checkout - Stripe Blog - "Each site should not have to duplicate the work of device optimization and A/B testing. When you use Checkout, you have a team of Stripe engineers and designers continually optimizing your payment interface."
  • EBay CEO Reiterates Company Stronger With PayPal - Wall St. Journal - "EBay helps PayPal grow faster by creating a flywheel effect because PayPal is the primary and, in some cases, exclusive way to pay on eBay."
  • HCE: We're not in Kansas anymore - Mobile Payments Today (Cherian Abraham) - "There is a lot of potential in the closed-loop space with HCE, that retailers are ignoring due to a "scorched earth" approach toward contactless."

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 04, 2014

Headline News from PaymentsNews.com - March 4, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 03, 2014

American Express Introduces the Amex EveryDay℠ Credit Card - No Annual Fee, EMV

Amex logo 140pxAmerican Express has introduced the Amex EveryDay Credit Card, calling it "a new no annual fee credit card that puts a twist on the traditional rewards program." The EveryDay Card will be available by April 2, 2014. The card has no annual fee, includes EMV smart chip technology and a rewards program incentive for both encouraging more frequent use of the card (20% kicker to rewards when used 20 times or more per month as well as double rewards when used for purchases at supermarkets.

Our goal is to be a more inclusive and welcoming brand by building new products for different lifestyles and spending needs, backed by the service and quality that has made American Express so successful,” said Josh Silverman, president, Consumer Products & Services, American Express.

“The average American uses their credit or debit card twice a day, and shops most within 20 minutes of their home,” added Silverman. “So we designed a card that doesn’t require you to change your daily ritual – but rewards you for where you already shop.”

American Express says that the new Amex EveryDay Credit Card was "designed with the multi-tasker in mind, like busy moms juggling family, work and their personal lives. The Card rewards Card Members at the places they already shop, and includes access to the retail protection, security and service expected from American Express."

Amex is using Tina Fey in its TV and print advertising along with photographs shot by photographer Annie Leibovitz.

Cards and Wallets and Mobile Payments - Oh My!

PaymentsViews logo 140pxOver on our PaymentsViews.com blog, Glenbrook's Carol Coye Benson tries her had at a one page diagram illustrating the evolution of cards, wallets and mobile payments.

What really jumps out for me is the issue of card-not-present rules for cloud wallets. Particularly if these wallets are populated with issuer tokens...
Read her post here - and add your comments!

Headline News from PaymentsNews.com - March 3, 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).

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

February 28, 2014

Headline News from PaymentsNews.com - February 28, 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).

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

February 27, 2014

Visa Introduces Prepaid Clearinghouse Service to Help Reduce Fraud

Visa 2014 logo 140x60Visa has announced a new Prepaid Clearinghouse Service - "a centralized database that allows financial institutions, processors and prepaid program managers to share prepaid card data such as enrollments, load funding, suspected fraudulent information and previously reported fraud on existing card accounts." Visa says the new service will provide information sharing to better identify and stop fraudulent enrollments, funding, use and other fraud schemes involving prepaid cards.

Visa’s Prepaid Clearinghouse Service will deliver a comprehensive compilation of prepaid account-level data from across the industry, which will help reduce prepaid fraud losses for consumers, financial institutions and their clients,” said Brian Triplett, SVP, head of North America prepaid products.

“Criminals are increasingly targeting prepaid products which more and more consumers are using for every day purchases. While existing laws and industry safeguards help limit most consumer losses, PCS is a huge step forward for the industry towards proactively preventing fraud schemes targeting prepaid cards.”

Prepaid Clearinghouse Service participants will have access to a "holistic view of prepaid fraud across the industry, enabling them to detect and protect their customers and their portfolios from fraud efficiently and effectively."

Reporting information into PCS will be required for all U.S. Visa-issuing financial institutions and program managers, yet PCS is capable of supporting multiple network-branded prepaid cards. All U.S. Visa prepaid issuing financial institutions and their program managers will be required to report into PCS by June 2015.

Visa's Prepaid Clearinghouse Service is modeled after Visa’s Issuers’ Clearinghouse Service (ICS), which was created to help reduce bankcard credit and fraud losses. All Visa-issuing members submit information on both fraudulent applications and consumer credit card applications for use during the application and underwriting process.

The Chernobyl of Payments?

PaymentsViews logo 140pxIn an article titled "Is the Target Breach the Chernobyl of Payments?" on our PaymentsViews.com blog, Glenbrook's Allen Weinberg says he's "been thinking that the Target breach has become the Chernobyl of the payments world."

I’m wondering if we, who unlike Europeans and others, can’t be bothered to use Verified by Visa and MasterCard SecureCode because “we’re protected anyway”, may be taking a different view of who we give our payment credentials to after “Payments Chernobyl” and what steps we’ll be willing to take to protect our accounts.

Has the Target breach affected your use of cards for payments? Read Allen's article and add your comments - he'd enjoy hearing from you.

Headline News from PaymentsNews.com - February 27, 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!

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

February 26, 2014

Visa, First Data's STAR Partner on Common EMV Debit Solution

Visa 2014 logo 140x60Visa and First Data’s STAR Network have announced an agreement to share Visa’s common debit solution offering.

The two companies say that "collaboration ... on the license agreement will help to enable the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID). First Data’s STAR Network will use PIN and no CVM functionality on the common AID to facilitate different types of debit transactions on its network, including PIN, PINless and signature cardholder verification methods. The AID will facilitate U.S. debit transactions from any debit network that licenses the Visa common AID solution and is enabled on a Visa card.

This agreement is a significant step to accelerate EMV adoption by addressing Regulation II compliance for debit EMV transactions,” said Barry McCarthy, president, First Data Financial Services.

“First Data’s STAR Network is pleased to lead the effort by being one of the first debit networks to take this step and assist issuers, acquirers, and merchants with equal access to a shared EMV chip card technology. Not only does it accelerate the migration to EMV adoption, but also moves the industry a step closer to additional debit payment security,” McCarthy added.

With the addition of First Data’s STAR Network, Visa debit issuers can now choose among several competing network options for their EMV chip debit cards, while also reducing the complexities of chip implementation.

New on PaymentsViews.com: Mt.Gox Collapses, Bitcoin Shrugs It Off

PaymentsViews logo 140pxIn a post on our PaymentsViews.com web site, Glenbrook's George Peabody takes a look at recent Bitcoin events - and writes "This is not, however, an existential event for Bitcoin as some news outlets have claimed."

Headline News from PaymentsNews.com - February 26, 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!

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

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!

On Twitter:

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

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.

Dispatch from the Smart Card Alliance Payments Conference

PaymentsViews logo 140pxIn a post over on our PaymentsViews.com blog, Glenbrook's George Peabody provides an update from his visit to the Smart Card Alliance Payments Conference held earlier this month in Salt Lake City.

This year, for EMV in the USA, that groundhog must not have seen his shadow because the card standard’s long winter in the US looks to be ending and, while hardly early, this may be springtime for EMV in the USA.

Glenbrook Partners

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