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UK

Welcome to the News View for "UK".

Here, on these archive pages, you'll find all of the articles on Payments News for UK listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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June 25, 2015

Headline News from PaymentsNews.com - June 25, 2015

On the Web:

  • The sale of Visa Europe: a potential setback for merchants in the fight against fees - Treasury Insider - "The news that Visa Inc. is in discussions to purchase its former subsidiary Visa Europe in a possible US$20 billion deal certainly falls into this category – and should be a major concern for European merchants."
  • Suspect in $55 Million A.T.M. Scheme Is Extradited to U.S. - New York Times - "Prosecutors said that hackers including Mr. Findikoglu wormed their way into the computer systems of financial institutions that process prepaid debit cards. Next, they said, the hackers significantly raised the withdrawal limits normally set for the cards, which are often used to pay employees or aid disaster victims."
  • Go New Places with PayPal and Uber - PayPal Forward Blog - "PayPal is now available as a payment option to Uber riders in Canada, Greece, Hong Kong, Israel, Mexico, New Zealand, Singapore, Switzerland and Sweden."
  • HDFC’s PayZapp, India’s First Apple Pay Feature, Enters Mobile Payments - MF Monitor - "Being introduced by the largest private bank, PayZapp, on the back of ApplePay, may emerge as a game changer, as it eliminates the various intervening steps required to pass a mobile transaction, following RBI norms of two-factor authentication."
  • Before paying with bitcoins… - Federal Trade Commission Consumer Information Blog - "In fact, the FTC has received hundreds of complaints involving bitcoins and other virtual currencies. The two most common problems? Online merchants who don’t deliver the product on time — or at all — and merchants who give refunds in store credit, rather than currency."

On the Wires:

  • Organization Announcement: American Express - "With that in mind, today I am announcing the realignment of several businesses and reporting lines in a way that leverages the strengths of our executive team to help us build momentum and capitalize on the growth opportunities we have across the company."
  • FICO Sees 25 Percent Jump in Cross-Border Fraud on UK Debit Cards in 2014 - "Criminals are now opting for card-not-present and cross-border fraud," said Martin Warwick, FICO's fraud chief in Europe, the Middle East and Africa. "The alarming rise in cross-border fraud demands new technology, such as proximity location services that can identify whether the customer's mobile is in the same place where the transaction is occurring. The UK reduced cross-border card fraud from £230 million in 2008 down to £80 million in 2011. But cross-border fraud has nearly doubled since then, and it's time to get it back under control."
  • The Nilson Report: U.S. Household and Credit Card Debt 2014 - "Total household debt in the U.S. was $13.512 trillion at the end of 2014 and credit cards accounted for 6.52% or $881.57 billion, according to the annual report on credit card debt in the U.S. published by The Nilson Report, the top trade newsletter covering the card and mobile payment industries."
  • Auth0 Raises Series A Led By Bessemer to Take the Pain Out of Identity Security - “It’s now painfully obvious that insecure or incomplete authentication implementations are creating vulnerabilities, jeopardizing customer trust, and hindering enterprise adoption of cloud and mobile services,” observed VeriSign co-founder David Cowan, a partner at BVP. “So Bessemer is thrilled to partner with the best identity team in the world to deliver secure login as a service — as easy to use as Twilio, SendGrid and Stripe.”
  • Seamless Distribution AB: SEQR now live in the UK - “Launching SEQR in the US and the UK has been a top priority for us at Seamless. By offering a smart, adaptable mobile payment service, we’ve been able to attract some of the biggest operators in the market. Now that we’re starting to work with merchants and consumers, we’re creating the right conditions to be able to establish ourselves as the biggest mobile payments provider in the UK as well, a market with around 60 million potential customers,” says Peter Fredell, CEO of Seamless.

Glenbrook's 2015 Payments Education

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!

June 23, 2015

Headline News from PaymentsNews.com - June 23, 2015

On the Web:

  • API-Based Money Mover Currency Cloud Taps Sapphire Ventures And Rakuten For $18M - TechCrunch - "The company’s main technology and product is called Payment Engine, and by way of an API, this sits as the essential engine behind a number of other services such as Azimo, TransferWise and xe.com and many others, over 125 in total, who have built businesses around the idea of moving money internationally."
  • Traxpay Nabs Paypal and Mastercard Exec As Chief Operating Officer - Traxpay Blog - “There are very few experts in the financial technology sector that have the breadth and depth of experience that Jochen Siegert brings,” commented Traxpay’s CEO John Bruggeman. “We share a common vision for where the industry is going, and what the market is expecting in terms of innovation for companies transacting on a global scale."

On the Wires:

  • More U.S. Consumers Bank On The Go, Even on Dates - “This survey tells us what our customers have shown us over the last two years,” said Barry Sommers, CEO of Chase Consumer Banking. “They love the ease of handling their routine banking online, on their phone and at an ATM.” More consumers are using their mobile app (33%) or banking online (35%) than last year while only 16% are stopping by branches more often.
  • TNS Provides Pan-Asian Telecommunications Network for Global Payments - Guido Sacchi, Chief Information Officer at Global Payments, added: “We have had a long-standing relationship with TNS because of their extensive global reach and ability to handle the many different protocols and methods used across the Asia Pacific region. By using TNS, we have achieved a standardised, PCI DSS solution that complies with local regulations in each market, meeting Global Payments’ business requirements and allowing us to maintain a high standard of service to our customers.”

Glenbrook's 2015 Payments Education

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!

June 10, 2015

Headline News from PaymentsNews.com - June 10, 2015

On the Web:

  • Fintech Party May Attract Crashers - Wall St. Journal - "When the Financial Stability Oversight Council released its 2015 annual report last month, among the emerging threats to financial stability it called out was the migration of activities out of banking and into innovative new firms."
  • Breach at Winery Card Processor Missing Link - Krebs on Security - "Today, the company responded that it had begun notifying its customers about the incident, and that it was working with law enforcement and the card associations on an investigation."
  • Stripe Now Has An iPhone App For Monitoring Payment Activity - TechCrunch - "The new iPhone app does basically everything its existing online dashboard does, but brings it to an interface more suited for a mobile device. Businesses can also set up notifications for whenever a payment or purchase is made or set up a daily summary."
  • Retailers can bypass £20 limit for Apple Pay transactions in the UK - iMore.com - "With Apple Pay coming to the U.K. in July, payment processing services are considering removing the £20 limit on contactless payments in the country."
  • Millions of Barclays customers will NOT be able to use Apple Pay - Express - "Barclays has its own mobile payment service - Pingit - and has therefore declined to partner with Apple. It means that the bank's 12 million current account customers will not be able to sync their account with Apple Pay to use the service."

On the Wires:

  • Verifone Supports Launch of New Store Rewards Offering within Apple Pay - “Adding loyalty to Apple Pay will open a world of opportunity for a wide range of merchants to engage consumers and grow their businesses,” said Vin D’Agostino, executive vice president of Commerce Enablement, Verifone. “We are proud to support Apple Pay in expanding contactless payments to include loyalty."
  • Global Payments Names Frank T. Young Senior Vice President of Global Product and Innovation - "Young comes to Global Payments having spent his professional career focused on the intersection of innovation, technology and commerce, most recently with Google where he led strategy and partnerships supporting in-store, online and person-to-person payments. Prior to joining Google, he held senior roles at Firethorn, now a division of Qualcomm, MasterCard Advisors and Accenture."

Glenbrook's 2015 Payments Education

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!

June 09, 2015

Headline News from PaymentsNews.com - June 9, 2015

On the Web:

  • PayPal’s Dan Schulman aims at millennials' wallets - Fortune - "When PayPal spins off from eBay this summer, its new CEO will be in the thick of the battle to dominate online payments."
  • Apple Pay transactions will be capped at £20, banks admit - BBC - "But banks have told the BBC payments will be capped at £20, similar to existing contactless payments. The limit on contactless debit and credit cards is due to rise to £30 in September."
  • Square Unveils Mobile Wallet-Friendly Credit Card Reader - New York Times - "The new reader, which Square said will be widely available this fall, operates wirelessly for merchants who want to accept contact-less mobile payments. It also accepts so-called EMV enabled credit cards, a technology that includes a chip built into credit cards for added security."
  • Facebook Is Handing Out Free Beacons to Retailers - Re/code.net - "The idea is that beacons — small devices that can send a signal to a person’s smartphone when they get within a certain proximity — can be used to push information and deals to people while they’re in a prime position to make a purchase."
  • Money Isn’t Free, but Moving It Is Now Cheaper - Wall St. Journal - "We are at that transition point in which most of us own checkbooks and wallets as well as smartphones. Now imagine a time when all we have is our mobile device, or a pin-and-chip card and our thumbprint, and every time we want to support our friends, a local business or even foreign revolutionaries, all it costs us is a moment’s consideration."
  • Your bank account: The next thing to go obsolete - CNN Money - "Not only is banking not for everyone, accounts are inaccessible to about half of the world. People are too poor, live too far from a bank or don't have the required documentation. Abra, a new startup, makes banking more accessible while completely cutting out the actual bank."
  • Banking 2025: The Bank of the Future - "Once the number of new users reaches a critical mass, the process of reorganisation is no longer linear and continuous, but advances in bursts and exponentially. This means that, at a certain point in time, the process of system change gains so much momentum that it can hardly be controlled. In view of the inefficiency of the existing banking system as well as the economic superiority of web-based alternatives, it seems that it is only a matter of time before a system change takes place in the banking business."

On the Wires:

  • Visa Amends Rules to Help Airline Industry Reduce Card-Not-Present Fraud - "Visa Inc. announced at a recent meeting of the Airlines Reporting Corporation (ARC)-sponsored Credit Card Working Group (CCWG) that effective October 2015 it will accept airline-supplied flight manifests as a remedy for fraud payment card chargebacks."
  • Apple Pay Coming to the UK - “Apple Pay has quickly become a big part of millions of users’ everyday shopping routines, providing a simpler, faster and more secure way to pay,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “We’re thrilled to bring Apple Pay to the UK with support at launch from the most popular banks, an incredible roster of merchants and many of our users’ favorite apps.”
  • Apple Pay Coming To MasterCard Customers in the U.K. from July - "MasterCard is working with several banks, including: HSBC; MBNA; RBS/Natwest and Santander, to enable users of an iPhone 6, iPhone 6 Plus or Apple Watch to use their MasterCard credit, debit or prepaid cards directly through Apple Pay."
  • Apple Pay Coming to Millions of UK Visa Cardholders Beginning in July - Jeremy Nicholds, Executive Director of Mobile at Visa Europe, commented: “Contactless payments are already widely embraced by millions of Visa cardholders across the country every day, so adding the simplicity and convenience of Apple Pay will catapult mobile payments into the mainstream. If people leave the house with one item, it’s their mobile phone – we’ve worked alongside Apple and the various banks involved to give customers a really seamless and exciting new payment experience through Apple Pay, so they have new ways to use their favourite Visa cards on the go and when shopping in the apps they love.”
  • Synchrony Financial Integrates Private Label Credit Cards and Patented Dual Cards with Apple Pay - “Through our ongoing innovation and strategic partnerships, we have developed a mobile platform that we can rapidly integrate across retailers and wallets, continuing to offer our value proposition for Apple Pay users,” said Margaret Keane, president and CEO of Synchrony Financial. “Through this approach, Synchrony Financial is helping shape the future of how private label credit cards work when customers choose to make contactless payments.”
  • TSYS Supports Apple Pay in the U.K. - “TSYS’ support of Apple Pay is a landmark opportunity for us and demonstrates our people-centered approach to payments for all parties in the payments ecosystem,” said M. Troy Woods, chairman, president and chief executive officer, TSYS. “Our number one priority is security for the banks and retailers we serve, so their customers can conduct their lives with confidence and convenience. Apple Pay will change the face of the mobile payments industry and our role in the digital marketplace.”
  • First Data to Support Launch of Apple Pay in the UK - “Following the successful launch of Apple Pay in the U.S. last year, First Data is thrilled to support the launch of Apple Pay in the U.K. to help our clients bring their customers added convenience, security and privacy. First Data has established itself as a trusted enabler of mobile payments, and we are proud to help transform the payments landscape for the benefit of our clients,” said Sanjiv Das, Executive Vice President, Head of International Regions, First Data.
  • Walgreens Launches App for Apple Watch to Support Medication Adherence - "Walgreens also announced today the planned integration of Balance Rewards with Apple Pay, coming this fall to stores with the launch of rewards support for Apple Pay. Beginning this fall, Apple Pay will provide immediate access to Balance Rewards without separately scanning a Balance Rewards card. Balance Rewards members will have the ability to earn and redeem Balance Rewards points via Apple Pay, the easy, secure and private way to pay."
  • Visa Europe: Smart devices on track to replace cash and cards - "According to new research from Visa Europe, consumer adoption of mobile payments will grow faster than ever in the next five years, with six in ten Britons (60%) expecting to use their mobile devices for payments at least once a week by 2020."
  • Apriva, Miura Systems Partner to Deliver Added mPOS Functionality to U.S. Market - “As we’ve seen the U.S. market expand in mobile payments and chip card acceptance begin to take off, we saw a great opportunity to bring the EMV, Contactless and NFC technologies we’ve tested and proven in over 35 global markets to the U.S.,” said Mark Roberts, SVP Sales & Marketing, Miura Systems. “With their vast connections and highly respected products, Apriva provided us with the ideal partner to bring our Chip and PIN ready peripherals to customers in the U.S.”
  • Splunk Cloud Drives Security Monitoring and Threat Detection at Orrstown Bank - "Splunk Cloud gives Orrstown Bank centralized visibility into machine data coming from more than 60 unique data sources across its entire hybrid IT environment that includes on-premises servers, Amazon Web Services servers and Microsoft Azure. With the ability to now analyze this hybrid data together in Splunk Cloud, Orrstown Bank has improved IT operations reliability and can quickly detect anomalous behavior across its performance, application and network data logs."

Glenbrook's 2015 Payments Education

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!

May 22, 2015

Headline News from PaymentsNews.com - May 22, 2015

On the Web:

  • Target Settlement With MasterCard Fails to Get Bank Support - AP - "MasterCard Inc. says that not enough issuers approved the deal and that it's still working to resolve the matter."
  • Data Encryption In The Cloud: Square Pegs In Round Holes - Dark Reading - "This is where a line of research I’ve been pursuing, together with a number of fantastic colleagues, comes in. Back in 2009, we flipped the problem around. Forget about square pegs, and change encryption to be a primitive that allows easy specification of the target format — the ciphertexts produced by encryption should come out already formatted in the right “shape.” We called this “format-preserving encryption” (FPE), a name first coined by Terence Spies of HP (formerly Voltage Security)."
  • Pantera Capital’s Dan Morehead on the Future of Bitcoin - StrictlyVC - "I think most of Wall Street realizes that the systems that move money are incredibly antiquated and incredibly inefficient. Most of them were designed in the 1950s. The main thing for wiring money – SWIFT – is basically sending messages and it’s very primitive and can be disrupted by Bitcoin very easily, and most banks would like to see that happen."
  • Bitcoin - The Miner's Dilemma - Published by the Swift Institute - "Authored by Ittay Eyal (Cornell University), this paper focuses on Bitcoin mining pools, an essential part of the bitcoin ecosystem. Mining pools enable small miners to operate with a reasonable business risk. However, when these pools grow too big, they pose a great danger to the entire bitcoin system. The research demonstrates, using The Miner’s Dilemma as a variation of The Prisoner’s Dilemma in game theory, that the current unstable state of the Bitcoin ecosystem can be rectified using a technique called pool block withholding, which in time would make the large public pools unprofitable and therefore encourage miner’s to gravitate to smaller private pools which are more stable. This evolution to smaller pools would stabilise the overall Bitcoin ecosystem."

On the Wires:

  • UK Payments Council: Cash overtaken by ‘non-cash’ payments in 2014 - "Figures published today (21 May) show that the total number of cash payments made by consumers, businesses and financial organisations in the UK fell to 48% last year (from 52% in 2013). This is the first time that ‘non-cash’ payments have exceeded those made with cash, reflecting the steady trend to use automated payment methods and debit cards rather than pay by notes and coins. However, cash remains the most popular payment method by volume, followed by the debit card, which accounted for 24% of all payments last year."
  • High Credit Card Fees Put a Dent in Car Tune-ups for Memorial Day Trips - "In the U.S. swipe fees– the fees that merchants pay every time a customer uses a debit or credit card – are higher than in any other country. These fees are merchants’ fastest-growing cost and their second-highest operating expense – only labor is more. Banks and credit card companies are price-fixing swipe fees and marking them up to make huge profits."

Glenbrook's 2015 Payments Education

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!

April 08, 2015

Headline News from PaymentsNews.com - April 8, 2015

On the Web:

On the Wires:

  • Apple Pay Coming Soon to You: New Banks & Credit Unions Implement Mobile Payment Service for MasterCard Cardholders - “People are passionate about their devices and they’re ready for their connected devices to do more – including acting as a commerce device – as is evident by the positive reception and uptake of Apple Pay,” said Matt Barr, group head, U.S. Emerging Payments MasterCard. “Consumers want to be able to shop where they want, when they want and how they want – and they want to do so with the confidence that their money is safe and secure no matter how they choose to pay. Issuers are delivering on this by enabling their cards within emerging payment platforms like Apple Pay that deliver consumer choice.”
  • U.S. Bank Offers Prepaid Card Services for the American Red Cross - “Our prepaid card conversion to U.S. Bank will enable the American Red Cross to leverage technology in new ways,” said Steve Casey, corporate treasurer of the American Red Cross. “Most importantly, this new card technology will help the Red Cross deliver its mission more efficiently in communities across the country.”
  • Western Union Enables Skype Customers to Top up at Locations across the U.S. - Western Union’s Odilon Almeida, President, Americas and European Union, said, “The relationship is a logical one, as both Western Union and Skype have a mission to connect people when they are apart. “Western Union is optimizing its money transfer system to link cash and digital for money movement and payments across the globe. We are driving our innovation on the back of what our customers want. Skype is a classic example; where customers can enjoy full digital access with a walk-in payment option,” he said.

Glenbrook's 2015 Payments Education Update!

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!

April 01, 2015

Headline News from PaymentsNews.com - April 1, 2015

On the Web:

On the Wires:

  • FIS Drives Digital Disruption from New Innovation Lab in San Francisco - “Our Digital Innovation Lab will serve as an entrepreneurial ‘garage’, where our engineers build new product prototypes with cutting-edge technologies,” said Doug Brown, SVP and GM, Mobile Financial Services, FIS. “Located in the U.S. hub for high-tech innovation, the lab is empowering FIS to set the pace of digital developments for the financial industry.”
  • Heartland and Verifone Renew Alliance; Announce EMV and Encryption Initiative - “A renewed alliance between Heartland and Verifone ensures merchants have access to the most secure and flexible payments solutions on the market today,” said Heartland Chairman and CEO Robert O. Carr. “Verifone’s popular VX terminals are both Heartland Secure-certified and support E3 encryption, providing merchants with an extensive range of payment device options.”
  • Advanced Cash Chooses BitPay to Offer Bitcoin Funding - "As the Bitcoin industry grows in transaction volume and technology development, companies like Advanced Cash need to have a scalable product to compete and meet customer expectations. With BitPay, they are able to provide reliable and efficient services to Bitcoin users by offering frictionless transactions powered by enterprise level software and support service."

Glenbrook's 2015 Payments Education Update!

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 27, 2015

Headline News from PaymentsNews.com - March 27, 2015

On the Web:

On the Wires:

  • Synchrony Financial Extends mApply Mobile Credit Applications for Payment Solutions Customers and Merchants = "Synchrony Financial’s 2014 Major Purchase Consumer Study found that 79% of all shoppers surveyed agree that financing makes large purchases more affordable. Combined with the rapid growth in mobile shopping – 53% of U.S. consumers report using their mobile phone for shopping activities (Synchrony Financial Insights Study, March 2015) – it is clear why the mApply product is popular with both retailers and customers."

Glenbrook's 2015 Payments Education Update!

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 24, 2015

Headline News from PaymentsNews.com - March 24, 2015

On the Web:

  • Understanding and Improving Consumer Financial Health in America - Center for Financial Services Innovation - "This research explores the state of financial health in America in a groundbreaking examination of consumer behaviors, attitudes, and preferences. In it, we define seven consumer financial health segments based on a combination of behaviors and attitudes, offering an analysis that goes beyond income, age, education, or credit score."
  • Optimal Payments to Acquire Digital Payments Rival - "Optimal Payments said on Monday that it had agreed to acquire the digital payment service Skrill Group in a cash-and-share deal that values the business at 1.1 billion euros, or about $1.2 billion."
  • Comments On The Proposed Bitlicense Regulations - AVC.com (Fred Wilson) - "This blog post is being submitted as a public comment on the revised Bitlicense regulations and should be read as such."
  • The New York BitLicense and California’s Digital Currency Bill – A Comparison - CoinCenter - "All in all, I’m optimistic that we’ll see progress in both New York and California. Each wants to be a leader in the exploding new FinTech space, they face increasing competition from the UK and other international jurisdictions, and they have each been quite receptive to input from those of us the cryptocurrency ecosystem."
  • Trouble at AmEx: Some cardholders can leave home without it - AP - "One of the biggest threats to AmEx is the slew of competing cards aimed at the well-to-do, sometimes with lower annual fees."

On the Wires:

  • Fiserv Completes First Tokenized Transactions via Accel Debit Payments Network - “Fiserv offers one of the first debit payment networks to enable tokenization, which is required for transactions such as those conducted using Apple Pay™,” said Kevin Gregoire, president, Financial Institutions Group, Fiserv. “Apple Pay is just one example of the rapid changes in the payments landscape, and it is important for Fiserv to equip our clients to deliver the capabilities consumers expect at an accelerated pace. We anticipate that tokenization will play an increasing role in the debit payments industry and Accel is well positioned to accommodate further developments.”

Glenbrook's 2015 Payments Education Update!

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, 2015

Headline News from PaymentsNews.com - March 6, 2015

On the Web:

On the Wires:

Glenbrook's 2015 Payments Education Schedule Now Available!

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 06, 2015

Headline News from PaymentsNews.com - February 6, 2015

On the Web:

  • Post Paytm stake buy, Ant Financial has no plan to invest in other Indian cos - FirstPost Business - "This deal is being seen as Alibaba's entry into India, with One97's Vijay Shekhar Sharma telling us earlier that Jack Ma was completely involved in discussions leading up to this transaction."
  • Palantir Buys Fancy That To Add Retail, Shopping Data To Its Analytics Platform - TechCrunch - "Among its features, Fancy That optimizes store operations, including clearing inventories, managing discounts, and understanding customers’ retail habits."
  • Feature Friday: Digital Money Accounting - A VC (Fred Wilson) - "I want Mint.com for digital money services, starting with the Venmo and Coinbase mobile apps. That would be super helpful for me and, I suspect, for everyone using these digital money services."
  • The Race to Replace Bitcoin - Observer - "There’s an epic battle for the future of money, and the outcome is murky. It might have several winners. It might have no winners. But one thing is crystal clear: The most exciting battle in this long war is taking place in San Francisco, and the town isn’t big enough for both Ripple Labs and Stellar, two of the contenders hoping to replace not just Bitcoin but the almighty dollar."
  • Bitcoin continues to evolve into a worse version of the current system - FT Alphaville - "The delay, we are told, came about because the low price of bitcoin caused a breakdown in the so-called “block creation” process, which underpins how the technology clears transactions without the need of a trusted third party such as a bank."
  • The first country to roll out its own digital cash - CNBC - "In 2000, Ecuador moved to ditch its stumbling currency for the U.S. dollar. Now more than 15 years later, the South American country is revamping its monetary system again—using digital currencies."
  • Lessons from an erroneous fraud alert - CreditCards.com - "Before my face got too red, I quickly pulled out another credit card, alas with no rewards, and paid for our food."

On the Wires:

  • UK Consumers turn to contactless as usage surges - "Contactless has now firmly stepped into the mainstream. With usage soaring every month last year, we’ve seen people flocking to contactless payments as they switch away from cash. For retailers, contactless means quicker queues at the tills and greater convenience for their customers.”
  • Intuit Working With State Governments to Solve Emerging Tax Fraud Problem - "During this tax season, Intuit and some states have seen an increase in suspicious filings and attempts by criminals to use stolen identity information to file fraudulent state tax returns and claim tax refunds."

Glenbrook's 2015 Payments Education Schedule Now Available!

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 04, 2015

Headline News from PaymentsNews.com - February 4, 2015

On the Web:

On the Wires:

  • Wells Fargo Customers Can Now Redeem Credit Card Rewards at ATMs - “Customers live their lives on-the-go and being able to conveniently and simply access their accounts and rewards when and how they want is important,” said Alicia Moore, head of Wells Fargo ATM Banking. “We are always looking for ways to add innovative features and benefits to our ATM network, which gives customers access to their money and accounts 24 hours a day, 365 days a year. By providing customers the ability to redeem rewards for cash or account credit directly at the ATM, we’ve made it more convenient for them to feel truly rewarded for doing business with Wells Fargo.”
  • Consumers Can Now Use Their BECU, Fifth Third, First Niagra and Hungtington MasterCard with Apple Pay - "MasterCard cardholders with a consumer credit or debit card from BECU, Fifth Third, First Niagara and Huntington National Bank now have access to easier, more secure everyday payments through Apple Pay."
  • First Tech Federal Credit Union Selects MasterCard for Member Payment Solutions - “MasterCard offers our members the very best in card payment solutions that will enable them to better manage their financial transactions with First Tech while also providing additional security,” said Greg Mitchell, chief executive officer of First Tech Federal Credit Union.
  • First Data Receives Data Security Approval from UK Information Commissioner’s Office - “We are committed to setting the industry standard for superior data privacy protection,” said Cindy Armine-Klein, Chief Control Officer at First Data. “By conforming to the strict data privacy standards set forth by the EU, we can offer our clients the peace of mind that comes with knowing they have a trusted partner managing their data.”
  • Four More PSCU Credit Unions Enable Members to Use Apple Pay - "PSCU announced today that Visa cardholders with consumer debit and credit cards from Altra Federal Credit Union (Onalaska, WI), Andrews Federal Credit Union (Suitland, MD), and Wescom Credit Union (Pasadena, CA); and members with credit cards from BECU (Tukwila, WA) now have access to Apple Pay..."
  • Remitly Expands to India - "Remitly’s coverage in India spans a network of over 120 banks and their branches. Instant direct deposit is available for many banks year-round, 24/7, including ICICI, Yes Bank, and PNB. Four-hour deposit is available during regular Indian banking hours for all other banks."

Glenbrook's 2015 Payments Education Schedule Now Available!

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!

January 19, 2015

Headline News from PaymentsNews.com - January 19, 2015

On the Web:

  • Wirecard’s Smart Band: A mobile wallet you wear around your wrist - GigaOm - "As with other the universal credit card concepts like LoopPay, Coin and Plastc; Wirecard lets you load a credit or debit card’s credentials into its device and use it to pay for goods in place of a plastic card. But instead of just emulating the digits on your card for a magnetic stripe reader, the Smart Band uses a new secure payments technology backed by Google, MasterCard and Visa called Host Card Emulation (HCE)."
  • Are you a Tier 1 or a Tier 2 token requestor? (It matters) - SimplyTapp Blog - "With all the talk about Token Service Providers and token requesting, I felt it was worth describing a bit more about the role of a "Token Requestor"."
  • BBA, Payments Council Respond to UK 'Call for Information' on Digital Currencies - CoinDesk - "The BBA, the leading group representing the UK's biggest banks, has issued a response to the government's 'Call for Information' on digital currencies."
  • How Was Your Credit Card Stolen? - Krebs on Security - "But it occurred to me recently that I’ve never published a primer on the types of card fraud and the likelihood with each of the cardholder ever learning how their account was compromised. This post is an effort to remedy that."

Glenbrook's 2015 Payments Education Schedule Now Available!

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!

December 08, 2014

Headline News from PaymentsNews.com - December 8, 2014

On the Web:

  • Regulation, the Blockchain and Programmable Money - PaymentsViews.com (George Peabody) - "Programmability of asset transfers has enormous potential to save money and simplify public and private transactions. A hallmark of any regulation should be its ability to accommodate that kind of innovation."
  • Stripe is the breakthrough startup of 2014 - Mashable - "Stripe is a key reason that some of these on-demand startups have been able to get off the ground so quickly — and Stripe has prospered in return. Tens of thousands of businesses now use the Stripe API for payments."
  • Toward a Breach Canary for Data Brokers - Krebs on Security - "Despite their apparent role in facilitating (albeit unknowingly) these ID theft services, to my knowledge the data brokers involved have never been held publicly accountable in any court of law or by Congress."
  • EMVCo Launches ‘A Guide to EMV Chip Technology v2.0’ - EMVco - "First published in 2011, the guide has been updated to reflect EMVCo’s new branding and imagery, detail the evolution of the technical body and communicate the latest transaction figures, first published in November 2014. The document also provides insight into the latest EMV Chip Specifications and introduces EMVCo’s Next Generation activity."
  • Investment in European Payment Firms Hits Record Levels - Wall St. Journal - "Nascent payments and transaction processing companies in Europe raised $417.9 million through 26 deals in the nine months to September, more than seven times what was raised during the same period last year, according to figures from data provider Dow Jones VentureSource."
  • Banks Urge Clients to Take Cash Elsewhere - Wall St. Journal - "J.P. Morgan told some clients of its commercial bank recently that it would begin charging monthly fees on deposit accounts from which clients can withdraw money at any time."
  • Apple Pay will be the mobile wallet of choice and here's why - Financial Services Club Blog (Chris Skinner) - "In other words, Apple Pay could be the Uber for mobile payments."
  • Why Apple Pay will win (Part 2) - Financial Services Club Blog (Chris Skinner) - "The Apple Pay wallet system, with its own bank partner (if it needs one) and now you don’t need a card registered or anything. You don’t need PayPal or Visa or MasterCard. You just need Apple. Just a thought."
  • Wish List: Apple Pay your friends - SixColors (Dan Moren) - "In theory, Apple could even offer the ability to send funds to people via the Internet. Apple Pay already works for some online transactions, and once again Square Cash has proved that you can transfer funds online without too much hassle."
  • Starbucks brews iBeacon strategy to support premium coffee play - Mobile Commerce Daily - "Starbucks said it would bring out iBeacon technology in the coming year to allow customers at its premium-coffee Roastery and Tasting Rooms to access information about freshly brewed coffee via smartphones."
  • Alibaba’s Alipay Now Sees Over Half Of Its Transactions In China From Mobile Devices - TechCrunch - "The company‘s latest report found that 54 percent of the number of transactions on its PayPal-like service during the first ten months of 2014 were from mobile devices."
  • How the Rising Dollar Could Trigger the Next Global Financial Crisis - Wall St. Journal - "When the emerging-market currency is strong and the dollar is weak, that manufacturer’s balance sheet looks sturdier–and the local bank sees that and lends more readily. Thus a weak dollar can lead to a global credit boom."

On the Wires:

  • Dynamics Inc. Raises $70 Million in Series C Funding - "New investors MasterCard and CIBC were joined by existing backers Bain Capital Ventures and Adams Capital Management."
  • MasterCard and Dynamics Inc. Partner to Drive Innovation within Interactive Payment Card Market - “At MasterCard, we are focused on driving innovation across the entire payments industry, and continue to invest in the technologies, solutions and companies that will help our customers and partners expand their business and serve their cardholders in new ways,” said Carlos Menendez, Group Executive, Global Credit and Debit Products at MasterCard. “In working with Dynamics, we have secured a partner with deep technology capabilities and market-leading manufacturing capabilities to help drive innovation in the interactive payment card market while moving in lockstep with MasterCard’s mobile and digital enablement strategy.”
  • Speed for all – Faster Payments publishes vision for a New Access Model - "More challenger banks and other non-traditional players could benefit from direct access to Faster Payments, the UK’s immediate internet, mobile and phone banking payment service, through proposals for a New Access Model published today, (Monday 8 December)."
  • SWIFT enters into real-time retail domestic payments - "On 2nd December, Australia's New Payments Platform (NPP) Steering Committee announced it has selected SWIFT to provide the infrastructure for its New Payments Platform (NPP) project, a new Australian fast payments infrastructure."
  • BitPay Integrates With DriveWealth to Bring Bitcoin to Investors Worldwide - “Providing users with the added security of bitcoin as a payment method makes the whole process easier, and gives users peace of mind,” says Tony Gallippi, Co-Founder and Executive Chairman of BitPay. “With Bitcoin, users will no longer have to wait days or weeks for an account to be funded because this integration will make their deposit process seamless.”
  • Fiserv Names Marc West Division President, Digital Channels - "Before joining Fiserv in 2013, West was the president and CEO at Mamasource, an e-commerce platform focused on moms, where he focused on business growth and strategic partnerships. He has also served as managing director of e-Business at Barclays Global Investors, and has held senior leadership positions at H&R Block and Electronic Arts."

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!

November 04, 2014

Headline News from PaymentsNews.com - November 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!

October 23, 2014

Headline News from PaymentsNews.com - October 23, 2014

On the Web:

  • Considering Bitcoin as a Payment Network - PaymentsViews.com (Russ Jones) - "What sort of payment system is Bitcoin? I’d say it is most similar to an open loop payment system that uses the push model. It offers close to real-time processing between end-parties and uses real-time gross settlement to complete each transaction. ..."
  • Costs and Benefits of Building Faster Payment Systems: The U.K. Experience and Implications for the United States - Federal Reserve Bank of Boston - "This paper examines the economic cost-benefit analysis underlying the U.K. FPS investment decision and describes the subsequent diffusion and use of FPS through 2013. The paper also assesses the effects that FPS likely had on the rest of the U.K. payment system and highlights key unanswered questions for future research."
  • The Dawn of Diners Club, and the Credit Card - New York Times - "Diners Club initially charged a $5 annual fee to users (equivalent to $49 today) and a fee of 7 percent to 10 percent of the charge to the business accepting the card."
  • Better Your Business With Square App Marketplace - Square Blog - "Whether you’re looking for easy sales tax reporting and filing with TaxJar, a wireless kitchen display system with Fresh KDS, or a comprehensive view of your social and online marketing efforts alongside sales with SumAll, you can find business apps that sync seamlessly with your Square account."
  • Why America has been slow to adopt modern credit-card technology - Economist - "As the (probably apocryphal) Winston Churchill aphorism goes, you can always count on the Americans to do the right thing—after they have tried everything else."
  • Etsy Introduces Credit Card Reader to Go Beyond the Web - "With the launch, Etsy will for the first time start earning a cut of transactions that happen away from its digital platform."
  • The 12 Best Answers from Gavin Andresen's Reddit AMA - CoinDesk - "They should use the block chain as the world's most secure distributed ledger."
  • Apple Pay’s First TV Ad Is A World Series Spot From MasterCard And MLB - TechCrunch - "Remember, this is a MasterCard ad, not an Apple ad, meaning this is yet another sign that payments providers think Apple could be the company to make mobile payments really take off, and are investing resources and backing accordingly."
  • In Palo Alto, Even the Hummus Guy Has an E-Commerce Startup - Re/code.net - "His new app — Wondermall — is an iPad shopping play in which a user can scroll through a virtual mall populated with anchor stores like Macy’s and Banana Republic."
  • Tipalti lands $13M to become a bigger international payment platform - VentureBeat - “When you’re paying your supplier, there isn’t a simple, common denominator,” CEO and co-founder Chen Amit told VentureBeat.
  • Mobile Payments: Ready for Primetime - The Clearing House Banking Perspectives (Dave Fortney) - "The great consumer adoption fallacy is that consumers will use mobile payments simply because they’re new and cool. The opposite is more likely true; tech enthusiasts aside, most consumers are resistant to change and will only accept it if given a compelling reason. Consider it the human equivalent to Newton’s first law of motion: an object at rest tends to stay at rest unless acted upon by an outside force."

On the Wires:

  • The Clearing House to Undertake a Multi-Year Effort to Design and Develop a Secure, Real-Time Payment System - “The digital economy moves in real time and our customers expect us to keep pace,” said Richard Davis, Chairman, President, and CEO of U.S. Bank and Chairman of The Clearing House. “We will work with the industry to build a real-time payment infrastructure, which will enable consumers to pay and get paid securely and conveniently.”
  • U.S. Bank Launches Corporate Payments Mobile App for On-The-Go Account Access - “Mobile devices are blurring the line between corporate and consumer need,” said Dominic Venturo, chief innovation officer for U.S. Bank. “Customers want a consistent, familiar experience, whether they’re paying their mortgage at home or managing invoices at work. Tools must be simple, intuitive, and offer high-value, low-cost functionality."
  • Worldpay Supports Apple Pay - “Enabling our merchants to process Apple Pay payments is a natural extension of Worldpay’s secure payment offerings,” said Tony Catalfano, President and CEO of Worldpay US. “We are committed to ongoing improvements that enable our merchants to accept new methods of payment as they evolve and intersect with new technologies."

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!

October 08, 2014

Headline News from PaymentsNews.com - October 8, 2014

On the Web:

  • More retailers partner with Zapp to offer mobile payments - Retail Gazette (UK) - "This will massively benefit retailers, especially small and medium businesses, especially because Zapp transactions are a considerably lower cost than cards and other alternative payment methods."
  • Plastc wants to replace your entire wallet with a single card - The Verge - "Like Coin, Plastc syncs with your phone using Bluetooth. It lets you swipe between 20 cards or barcodes using an E-ink touchscreen, and offers NFC (like the iPhone 6) for contactless transactions, an EMV "chip" for the latest card readers, and RFID so you can replace your office building’s ID card."

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!

September 16, 2014

Headline News from PaymentsNews.com - September 16, 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!

September 15, 2014

Headline News from PaymentsNews.com - September 15, 2014

On the Web:

  • The New AmEx - Barron's - "While 64% of card purchases were for travel and entertainment in 1990, those areas now make up just 26% of spending on the cards."
  • The Critical Path #122: Where the Money is - Asymco.com (Horace Dediu) - "How and why does Apple get paid for Apple Pay? Anders and Horace dive into the payments value chain and break it all down for you: whats in it for users, merchants, issuing banks and payment networks."
  • Why Apple Pay could succeed where others have had underwhelming results - ArsTechnica - "Instead, Apple Pay will succeed where others have seen only tepid results because of timing (that key element in both comedy and product launches)."
  • Did Apple just become a big bank? - TheHill.com - “People have been paying in the United States using plastic cards for 40 years. This is, without question, the most significant technological change in payments in four decades.”
  • The Digital Wallet Revolution - New York Times - "That’s the sort of thing that the current generation of digital wallets already promises; the only obstacle is adoption by retailers. But that won’t be an obstacle for long. Frictionless exchange is a killer app."
  • Digital Wallets - Credit Slips (Adam Levitin) - "The term "digital wallet" gets used a lot without much precision. It's important to understand what a digital wallet is, and isn't."
  • Mobile operators abandon joint 'wave and pay' project as Apple looms - Telegraph (UK) - "Weve, a company owned by EE, O2 and Vodafone, has abandoned plans for a standard 'mobile wallet’ service that it was hoped would make it easier for retailers and banks to work with the operators."
  • The ATM and the Battle for Bitcoin’s Physical Interface - CoinDesk - "The ATM Industry Association released a position paper on bitcoin ATMs this month, calling for greater regulation and welcoming bitcoin ATM operators into the fold."

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!

September 08, 2014

Headline News from PaymentsNews.com - September 8, 2014

On the Web:

On the Wires:

  • BitPay Opens Larger Amsterdam Office - “Europeans are familiar with multiple currencies and are at the forefront of mobile technology adoption, so it’s easy to see why bitcoin is popular and widely-used.”

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!

August 11, 2014

Headline News from PaymentsNews.com - August 11, 2014

On the Web:

  • Mobile-Payments Firms Order Up New Strategy: Restaurants - Wall St. Journal Digits Blog - "Priceline’s OpenTable unit, which it bought this year for $2.6 billion, is set to announce Monday it will expand a restaurant-focused payment app nationwide, from a test in about 20 restaurants in San Francisco."
  • Who Wants Automated Fraud Alerts? 91% of People - FICO Banking Analytics Blog - "Banks in the UK and some other countries brought fraud levels much lower, then focused on how to make the purchase process much more streamlined. This has allowed fraud losses to rise."
  • Simplifying the Bull: How Picasso Helps to Teach Apple’s Style - New York Times (Brian X. Chen) - "Steven P. Jobs established Apple University as a way to inculcate employees into Apple’s business culture and educate them about its history, particularly as the company grew and the tech business changed."

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!

August 08, 2014

Headline News from PaymentsNews.com - August 8, 2014

On the Web:

  • Credit Scores Could Rise With FICO’s New Model - New York Times - "Because of the new scoring model, individuals with a median score of 711 — and an otherwise clean credit history, except for unpaid medical debts — may see their FICO score rise by 25 points."
  • How Uber Explains Our Economic Moment - HBR Blogs (Andrew McAfee) - "My driver said he’d been with Uber ever since he’d graduated from his master’s program in IT project management last year. This profession was, according to him, going through hard times."
  • How Bitcoin Went Legit - Management Today (UK) - "Charlotte Bowyer, head of digital policy at think tank the Adam Smith Institute, says the signs are there that the Bitcoin community is beginning to get serious about professionalising the currency..."
  • How Innovation in Payments Can Drive Local Marketing - StreetFight - "What we’re doing is making that more efficient, and, as a side benefit, simplifying the advertising infrastructure so that payment components can be given away for free."
  • Intuit Acquires UK-Based Payroll Service PaySuite - TechCrunch - "PaySuite is one of the larger providers of payroll software in the U.K. The company says that the partnership will help them to continue development for “small businesses, accountants and bookkeepers across the U.K. and around the world.”"
  • Gemalto Buys SafeNet for $890 Million - Wall St. Journal - "Gemalto said Friday that U.S.-based SafeNet's network data protection offering, which includes cryptographic systems used in cloud-based security, was a good fit with its authentication technology."
  • Oh Thank Heaven, Even 7-Eleven Has a Venture Capital Arm - Re/code.net - "The company sees itself not just as a place to get a hot dog or nachos, but potentially as the first or last mile for all manner of commerce."

On the Wires:

  • FICO Score 9 Introduces Refined Analysis of Medical Collections - "This latest version of the FICO® Score, the industry-standard measure of U.S. consumer credit risk, captures recent consumer behavior to give lenders better risk assessments across the credit lifecycle and all credit products."
  • TSYS Releases Payment Security White Paper - "The white paper suggests issuers are actively engaged in steps to establish a stronger payments ecosystem that includes layered security measures — such as card tokenization, EMV, adaptive risk-based 3D Secure and cardholder alerts — along with strong customer education to provide assurance which in turn increases usage and loyalty."

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!

July 28, 2014

Headline News from PaymentsNews.com - July 28, 2014

On the Web:

On the Wires:

  • Coming Soon!

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!

July 03, 2014

Headline News from PaymentsNews.com - July 3, 2014

On the Web:

  • Irish Central Banker Envisions Hybrid Bitcoin-Fiat Future - CoinDesk - "To begin his talks, Murphy invited gathered attendees to join him on a thought experiment that envisioned a world in which digital currencies are used for payments in “a substantial amount” of goods and services."
  • How Bitcoin can transform the developing world - Guardian (Jamie Bartlett) - "The end game for crypto-currencies like Bitcoin is a perfect, frictionless market: a peer-to-peer currency where I could transfer Bitcoin directly to wherever I want without having to go via any intermediary at all."
  • Apple invention changes iPhone user authentication settings based on location - Apple Insider - "For example, a user may only need a simple four-digit passcode to unlock a device while at home, but authentication via Apple's Touch ID when in public areas like a shopping mall."
  • M-PESA: The Best of Both Worlds - BBVA Research - "M-PESA, a mobile banking and payment system in Kenya, represents the gold standard for innovative financial services. It creates an environment where even the most poverty stricken resident of a remote African village can become “financially included”."
  • Here Are Four Threats the Internet Faces in the Next Decade - Wall St. Journal Digits - "What are the biggest threats to the Internet? To mark its 25th anniversary, Pew Research Center asked thousands of thinkers, businesspeople, analysts and other esteemed technology followers to consider what the Internet might look like in a decade..."
  • Network Effects: the Entrepreneur, the Investor, and the Poor in Bangladesh - GSMA Blog - "Today there is a small but thriving young crowd of new entrepreneurs, tech hubs, and startups that are just beginning to scratch the surface of solving some of Bangladesh’s biggest problems in health, transportation, education, and financial services."
  • In-room Wi-Fi could hit 4.6Gbps with new tri-band chips - ArsTechnica - "Qualcomm has purchased Wilocity, a startup making Wi-Fi chips that support multi-gigabit streaming by operating in the 60GHz band."

On the Wires:

  • eBay and Argos Move to Next Stage of Click & Collect Partnership - Tanya Lawler, UK Vice President, eBay, said: “Retail has changed and shoppers are in the driving seat like never before. They want to shop anytime, anywhere, on any device and British shoppers love to Click & Collect. It’s a service being rapidly adopted by larger retailers and this partnership with Argos now gives tens of thousands of sellers the chance to capitalise on Click & Collect, even if they have no high street presence of their own.”

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!

July 01, 2014

Headline News from PaymentsNews.com - July 1, 2014

On the Web:

On the Wires:

  • MasterCard and Borderfree Team Up to Bring Exclusive Savings at Top U.S. Retailers - David Chan, Senior Vice President and Group Head, Market Development, South East Asia, MasterCard, said: “In an increasingly globalized world, consumers have a growing desire for the products and brands that these international online merchants carry. Through our partnership with Borderfree, we are able to provide MasterCard cardholders savings on shipping costs and an enhanced global shopping experience that is smooth, simple and most importantly secure.”
  • 1-800-FLOWERS.COM Partners with Coinbase to Accept Bitcoin - "Beginning this fall, 1-800-FLOWERS will be adding bitcoin as a payment option across its extensive family of gifting sites, including 1-800-FLOWERS.COM, FannieMay.com, Cheryl’s.com, ThePopcornFactory.com, 1-800-Baskets.com, FruitBouquets.com, and Stockyards.com."
  • Hold the Phone: U.S. Consumers Wouldn’t Last One Day Without Access to Their Smartphone - "Almost one in two (47 percent) U.S. consumers admit they wouldn’t last a day without their smartphone, and many consider their devices more important than daily staples such as coffee and television, according to a new report released today by Bank of America. Of those who use their phones for banking, almost one-third (31 percent) say they log on at least once a day, and four out of five (82 percent) access their accounts at least once a week or more."
  • State Bank of India Launches New Digital Online and Self-Service Banking Solutions with Support from Accenture - “InTouch is the start of SBI’s Digital journey,” said S K Mishra, deputy managing director, State Bank of India. “This is our attempt to put our brand in touch with the dreams of the aspirational customer. It’s a deep rooted transformation that has three aspects: a transformation of the customer experience we deliver; introduction of device centric technology that is at the forefront of our global peers; and transformation of the behavioral model of our staff-base to be even more customer centric.”

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!

June 30, 2014

Headline News from PaymentsNews.com - June 30, 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!

May 01, 2014

Headline News from PaymentsNews.com - May 1, 2014

On the Web:

  • Merchants and Billers: Leverage = Options x Time! - PaymentsViews.com (Jay DeWitt) - "The solution to these situations simple: figure out when your acquirer contract expires, and get it on your planning calendar so you’re teed up to begin negotiations 6-12 months before contract term."
  • In Bitcoin Debate, Larry Summers Sides with the History of Change - Wall St. Journal Moneybeat - "To Mr. Summers, the potential contained in bitcoin’s breakthrough technology, with its fast, low-cost system for confirming transactions, is demonstrated by problems with the current multi-layered system for domestic and global fund transfers."
  • Payment Innovation Is Not Enough For Retail - TechCrunch (Dax Desilva) - "Commerce is all about bringing the right product to the right shopper at the right time, but the payment only addresses the close. To differentiate, merchants need to focus on innovating everything else that happens long before we reach the register..."
  • The death of cash? Debit card use surges - Telegraph (UK) - "Plastic and automated payments are now the most popular method of payment by both volume and size of transactions, according to current account data published by Halifax."
  • HCE vs. BLE: Which has the bigger in-store potential? - Mobile Commerce Daily - "While both NFC and BLE are likely to bring some important innovations to the in-store experience, they also have their limitations."
  • EMV is Not a Panacea for Transaction Security - Verifone Blog (Jeff Wakefield) - "Yes, EMV is more secure than mag-stripe technology, and when fully rolled out it will do a good job of reducing card fraud. But until mag-stripes are eliminated from cards; mag-stripe readers are no longer in use, and until merchants completely eliminate usable data from their environments, EMV will remain a “better option,” but it won’t prevent the theft of cardholder entirely."
  • ‘Dark Wallet’ Is About to Make Bitcoin Money Laundering Easier Than Ever - Wired - "On Thursday, a collective of politically radical coders that calls itself unSystem plans to release the first version of Dark Wallet: a bitcoin application designed to protect its users’ identities far more strongly..."

On the Wires:

  • Chase Launches Marriott Rewards Premier Visa Signature Business Credit Card for Small Business Owners On the Go - "Chase Card Services and Marriott Rewards® today announced the launch of the Marriott Rewards Premier Visa Signature® Business Credit Card designed for small business owners who travel frequently for business or pleasure. With the Marriott Rewards Premier Business Credit Card, small business owners have the ability to earn accelerated Marriott Reward points on all purchases, accumulate free night stays, and receive automatic Silver Elite Status once they become a cardholder."
  • MasterCard Incorporated Reports First-Quarter 2014 Financial Results - "The company reported net income of $870 million, up 14%, and earnings per diluted share of $0.73, up 18%, in each case versus the year-ago period."
  • Worldpay announces strategic acquisition of Cobre Bem Tecnologia - "Worldpay Group today announced that it has acquired Cobre Bem Tecnologia, a leading provider of payment solutions in Latin America, for an undisclosed amount. With this transaction, Worldpay’s eCommerce division will further strengthen its global reach, giving its customers access to a wide range of payment products in Brazil, Argentina, Colombia, Chile and Mexico."
  • Qualcomm Establishes Retail Solutions Subsidiary as Standalone Company -- Gimbal, Inc. - "The QRS team has made tremendous progress with the Gimbal technology platform and I am excited to continue leading this group as CEO of Gimbal, Inc.," said Rocco Fabiano, current president of QRS. "I am eager to continue working with this team under a new corporate structure that will permit the business to respond quickly to this rapidly evolving ecosystem."
  • Wells Fargo Commercial Cards Are Europe-Bound - "In a related announcement, Wells Fargo said all new USD WellsOne® Commercial Cards will be embedded with microprocessor chips defined by E.M.V. (Europay, MasterCard, and Visa) standards. In addition, Wells Fargo has begun migrating all of its existing cardholders over in advance of the October 2015 deadline in the United States."
  • Wells Fargo Launches Wells Fargo Works for Small BusinessSM - "Wells Fargo Works for Small Business provides wide-ranging support for business owners throughout the U.S. to help them build knowledge, access capital and expand their community of support. Wells Fargo Works for Small Business encompasses the company’s commitment to helping small businesses grow."

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!

April 21, 2014

Headline News from PaymentsNews.com - April 21, 2014

On the Web:

  • Mobile-Payments Startup Square Discusses Possible Sale - Wall St. Journal - "With losses widening and cash shrinking, representatives of mobile-payments startup Square Inc. have discussed a possible sale to several deeper-pocketed rivals, according to people familiar with the matter."
  • Facebook: Taking on PayPal with socially useful banking - The Independent (UK) - "As a new entrant to the financial-services marketplace, Facebook therefore has a huge advantage. It remains the go-to social network which gives it instant access to potentially millions of fed up UK bank customers."
  • The plot to kill the password - The Verge - "Since 2012, a group called the FIDO Alliance has been working on that standard, building a bridge between hardware projects like Samsung’s fingerprint reader and the online services they’re connecting to."
  • 8 Tools to Send Messages to Shoppers Based on In-Store Movements - StreetFight - "Here are eight tools that merchants can use to send offers or promotions based on their customers’ real-time indoor movements."
  • Using Bitcoin to Build a Better Common Law - The Umlaut - "The basic idea is to use multiple addresses per private key in order to make it harder to hijack your bitcoins."

On the Wires:

  • NetSpend, Western Union to Introduce Co-Branded Prepaid Card in the U.S. - “Combining the strengths of Western Union’s global brand and expertise in moving money with NetSpend’s deep prepaid knowledge and unique product capabilities, creates an incredible opportunity for us to better serve an underserved market,” said Dan Henry, chief executive officer of NetSpend.

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 27, 2014

Headline News from PaymentsNews.com - March 27, 2014

On the Web:

  • Putin warns West against curbing use of payment systems in Russia - Reuters - "President Vladimir Putin warned the West on Thursday that curbing Russians' use of payment systems based in the United States and Europe would backfire..."
  • Google’s brilliant plan to get millions to adopt its e-money system: Gmail - "While the service has been available since last summer to anyone who had a Google Wallet account or had already been sent money via Gmail, Google now seems to be starting to push it out to the broader public."
  • The Fierce Battle for the Soul of Bitcoin - Wired - "Meanwhile, some of the new entrants to the bitcoin universe—venture capitalists and entrepreneurs—have a much different vision. They see bitcoin as something more practical: a hyperefficient online transaction system like Visa, but cheaper, faster, and more flexible."
  • Wal-Mart sues Visa over interchange fees - City Wire - "The suit claims that Visa raised interchange fees by 234% between 1998 to 2006. The complaint also alleges Visa’s anticompetitive conduct generated more than $350 billion in interchange fees for the colluding issuers during the damages period ..."
  • Target, Visa Say Fraud Limited in Wake of Data Breach - Wall St. Journal - "Target Corp. said it has seen relatively little fraudulent activity on its cards following a massive data breach over the holidays..."
  • Despite Challenges, Bitcoin Technology is Here to Stay - CoinDesk - "Governments must beware of being too heavy-handed with bitcoin, he said. If not, they run the risk not only of pushing bitcoin activity into other countries, but also giving rise to more secretive technologies."

On the Wires:

  • TSYS Signs Payments Agreement with Virgin Money - Kelley Knutson, executive vice president of TSYS’ International Services segment, said, "We will help to ensure Virgin Money’s efforts to grow their cards business are successful by combining our experience in international markets with the strength of the Virgin brand."
  • Businesses Deposit $1 Billion Through Wells Fargo Mobile App - "Wells Fargo & Company – the first major U.S. bank to offer mobile services for corporate and commercial customers – today said that businesses have made more than $1 billion in mobile deposits through its CEO Mobile® Deposit service."
  • VeriFone Welcomes New Member to Board of Directors - "VeriFone Systems, Inc. today announced that Richard A. McGinn will leave the board and be replaced by long-time retail and consumer financial services veteran Jane J. Thompson, effective immediately."

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!

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