On the Web:
- With an Eye on Fintech, Andreessen Horowitz Adds a New General Partner (Alex Rampell) - New York Times - "Most recently, Mr. Rampell was co-founder and chief executive of TrialPay, an e-commerce payment and advertising service, which was acquired by Visa this year."
- Obama’s former CTO is headed to PayPal, it’s acquired his retail startup Modest - The Next Web - "Reed’s retail startup Modest, which he co-founded in 2012 with Dylan Richard, has been acquired by PayPal. Both Richard and Reed will now join the company’s Braintree unit, along with their team."
- Group accounts on Venmo launched in beta - Venmo Blog - "Venmo’s mission has always been to connect the world and empower people through payments. And today, we’re excited to announce that we are taking another step towards reaching that goal. We’re launching the beta for groups, a new feature that lets Venmo users create an account for their group or club."
- India: Finance ministry mulls 1% Income Tax rebate for credit/debit card payments - Financial Express - "Credit or debit card users may get to claim 1% of their annual transactions as deduction from income, if a proposal made by a section of the finance ministry is implemented, reports Prasanta Sahu in New Delhi."
- India shakes up financial sector with payments bank licences - FT.com - “This is a really big change, and one that can take banking in India to the next level,” said Shinjini Kumar, head of banking at PwC in India.
- In Conversation: Stripe CEO Patrick Collison On The Limitless Potential Of Payments - Forbes - "Our strategy is the best product comes from a unification of the whole thing, by building a really powerful foundation and enabling additional services on top, fundamentally geared around this thesis of empowering the developer. That strategy is highly differentiated in the industry."
- CFPB on Debt Collection: What Consumers are Complaining About - FICO Blog - "What does this mean for members of the accounts receivable management industry? You’re expected to mitigate risk areas. You’re expected to respond to complaints within 15 days and if the complaint can’t be closed within this time period, document work in progress and final resolution within 60 days."
- The 8 Steps to Becoming a Bitcoin-Savvy Bank - CoinDesk (William Mougayar) - "Don’t just do pilots that automate old processes. Rather, launch major reengineering efforts across all processes and ask the important question: What could Crypto-Tech enable now if we reinvented it?"
On the Wires:
- New American Express Serve® Prepaid Debit Account Earns Rewards - "American Express announced Serve Cash Back, a new prepaid debit Account option that will earn Accountholders 1% cash back on purchases. Consumers who spend in line with the 2012 – 2013 U.S. Department of Labor national averages for gas, groceries, dining out, clothing, transportation and entertainment using the Serve Cash Back Card could potentially earn more than $400 annually when earning 1% cash back."
- In-store Shopping Experience a Major Factor in Major Purchase Decisions, Synchrony Financial Study Finds - "Results show that shoppers enjoy the immediacy and interaction of in-store purchases. Shopping in-store allows them to take the product home on the same day, see and feel the product, and interact with a store associate. Some respondents noted they simply like to shop at the retailer."
Glenbrook's 2015 Payments Education
- Our next Payments Boot Camp session is scheduled for October 13-14 in Palo Alto, California followed by a one-day Insight Workshop on October 15 on the topic of Global Payments.
- If you have questions about our payments education program, please contact Carol Coye Benson for more information.
Updates from Glenbrook:
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews
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: firstname.lastname@example.org!