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Could Apple's Passbook Become a True Digital Wallet

6/14/12 Digital Trends

A new feature Apple announced this week coming in iOS 6, Passbook, may be a sign of bigger things to come from the Cupertino giant: a true mobile payment system. In iOS 6, Passbook will initially take the form of a sort of digital card carrier for things like store loyalty cards, event tickets, and even boarding passes for airline flights — a convenience feature for many consumers, but hardly earth-shattering. However, Passbook might represent just the tip of the iceberg. After all, Apple is one of the only companies in the industry with the momentum — and almost all the pieces in place — to roll out a true mobile wallet.

Apple's Opportunity: Disrupt the Credit Card Business

6/14/12 ReadWrite Mobile

In the keynote, Apple revealed a statistic that hints at its potential to shake up the consumer-credit industry: The company has 400 million active accounts in iTunes, each with a valid credit card number. Four-hundred million is a substantial number, an installed base that any online-payment system would love to have (hello, Google Wallet!). Using near-field communications, in time the iPhone could replace the plastic credit-card as the way iPhone users pay for lattes, groceries or impulse buys. In short, iTunes may be about to graduate from a way of buying apps and music to a way of buying all kinds of things.

Apple iOS 6 Passbook vs. Google Wallet

6/13/12 CNET

Sorry, Google Wallet fans, but Apple may have just pulled the mobile-payment rug from under Android's feet. In signature Apple fashion, the new iOS 6 Passbook app takes a shockingly simple approach, which is just why it'll prove a hit. Don't get me wrong, Google has made a valiant attempt. As my colleague Maggie Reardon explains, however, the limitations of NFC (Near Field Communication) have become a serious bottleneck, whether for infrastructure deployed in stores or compatible phones. Another and more critical challenge to Google Wallet's mass adoption is the fight for the upper hand in this high-stakes game.

So Why Is M-Commerce Struggling So Much In The U.S.?

6/14/12 StorefrontBacktalk

Does traditional mobile commerce have a shot anymore in the U.S.? Or has the industry muddied it up to the point where we need to start over, as Apple and Burger King are trying? We tried to address that politically sensitive topic in the first of our new monthly columns with Retail Week, the U.K.’s largest retail publication. The reasons why mobile is having trouble are plenty, but it’s fair to say that when MasterCard is the one arguing that mobile payment PCI regulations should perhaps be ignored, something has changed.

Mobile Wallets: Big Opportunity, Big Hurdles

6/12/12 BTN

"Banks, telecoms and payment companies are part of the ecosystem as [participants]; at MasterCard, we want to work with ISIS, Google and banks," said MasterCard Worldwide (MA) Group Head and Senior Vice President James Anderson, who acknowledged the difficulty of a fully open mobile wallet model among stakeholders who will retain some propriety. "A single wallet is unlikely, at least in a free market."

Sprint Hinted Its Touch Wallet NFC App through Slides

6/14/12 The Droid Guy

Sprint is preparing its own wallet service called Touch. Previously, the carrier had offered Google’s service, but had recently opted to develop its own app. However, the company has not disclosed the details of the service to the public to date. Android Central, however, got hold of some presentation slides that divulge some details regarding the Touch app. According to the slides, companies like Best Buy, Target, Starbucks, Barnes & Noble, Macy’s and McDonalds have either forged partnerships with Sprint or are simply being used as examples by the carrier.

Banks Beating ISOs In Rush To Technology

6/13/12 ISO & Agent

Acquiring banks react more quickly than ISOs when innovation arises in the industry, a new study indicates. In fact, ISOs “are not really grasping the shift” in a marketplace becoming crowded with players ranging from Google Inc. to Square Inc., says one of the analysts who conducted the research. Boston-based Aite Group based its report on a survey of 50 merchant acquirers worldwide during the first quarter. The revelation in the Aite report is bank acquirers “are more readily willing to deal with rapid technology transformation than are nonbanks.”

Cardless ATM Transactions Gaining Steam

6/14/12 TheStreet

The need for a wallet or pocketbook is growing less and less important as "cardless" ATM withdrawals get some traction. Royal Bank of Scotland and NatWest just introduced a mobile banking application in the U.K. that allows users to access cash at an ATM without a debit card. All a consumer has to do is request the transaction from their phone, input a six-digit transaction number provided by the bank at the ATM and scoop up their cash.

Visa is Charged Up, Despite Taking Some Hits

6/13/12 MSN Money

Visa saw a steady decline in debit-card transaction volumes in the U.S. over the last two months, as new regulations imposed by the authorities took their toll on debit spending. Prepaid debit cards are not covered by the Durbin amendment and are now being actively promoted by card companies, banks and retail stores who stand to profit from their use. Visa has recently announced collaboration with Obopay to enable disbursement of funds from corporate accounts directly onto Visa prepaid cards.

Home Depot Lowers Prices After Debit Swipe-Fee Victory

6/12/12 American Banker

Home Depot has lowered its prices for more than 3,000 products since the debit swipe fee caps took effect in October, according to Dwaine Kimmet, the retailer's treasurer and vice president of credit. Those price cuts cannot be directly attributed to the regulations, which were enacted as part of the Durbin Amendment to the Dodd-Frank Act, but Home Depot had lower operating costs as a result of the caps, he said.

Postal Service Introduces PayPal as Online Shipping Payment Option

6/11/12 PR Newswire

Customers using Click-N-Ship now can choose to pay for their shipping labels using a credit card, Bill Me Later, or PayPal. PayPal is just one of several enhancements added to the U. S. Postal Service's Click-N-Ship tool and part of a broader redesign of usps.com to make the online shipping and shopping experience more flexible. "Our customers have told us they would like more payment options when shipping online and that's why we are excited to announce we are now accepting PayPal."

US Weekly Jobless Claims Climb to 386,000

6/14/12 MarketWatch

Jobless claims climbed by 6,000 to a seasonally adjusted 386,000 in the week ended June 9, the Labor Department said. Claims from two weeks ago were revised up to 380,000 from an original reading of 377,000, based on more complete data collected at the state level. Economists surveyed by MarketWatch had projected claims would fall to 376,000. Claims have totaled 380,000 or higher over the past three weeks, a level that economists say is consistent with slow hiring trends.

First Data Releases May 2012 SpendTrend

6/11/12 First Data

First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend® analysis for the full month of May 2012 compared to May 2011. SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations. May’s same-store dollar volume growth increased 7.0% year-over-year, up from April’s growth of 5.7%. Transaction growth in May held fairly steady at 5.9%.

Global Payments: Personal Data Exposed?

6/13/12 Bank Info Security

Global Payments Inc., the breached payments processor, now says the scope of its self-discovered data breach may be broader than initially reported. In a June 12 update posted to its breach microsite, Global says hackers may have gained access to servers containing personal information collected from a subset of merchant customers. "The company will notify potentially affected individuals in the coming days with helpful information and make available credit monitoring and identity protection insurance at no cost," Global says.

TSYS Acquiring Solutions Launches Value Added Resource (VAR) Partner Connect Program

6/11/12 TSYS

TSYS announced today the launch of its new VAR Partner Connect Program. The program focuses on TSYS’ extensive VAR partner relationships and provides TSYS clients access to industry-leading third-party payment processing applications across a range of industries. By engaging actively with TSYS, VAR partners will now have access to multiple avenues designed to give them visibility with TSYS clients, as well as more partner support and advanced product and service notifications.

ProPay Partners with Payvision to Expand Global Payment Capabilities

6/14/12 BusinessWire

ProPay, an industry leader in Merchant Services, End-to-End Payment Security, and mobile payment services, announced today that it has partnered with Payvision to expand its payment processing capabilities. Through the partnership with Payvision, ProPay customers have a single source provider they can rely on for their global payment needs. ProPay customers will benefit from this partnership by being able to establish merchant accounts in Europe, Asia and the United States.

Friar Joins Square as CFO

6/13/12 The GreenSheet

Square, the company revolutionizing everyday transactions between buyers and sellers, has hired Sarah Friar to be the company's Chief Financial Officer. Friar was most recently the Senior Vice President, Finance & Strategy, for enterprise cloud computing leader salesforce.com. "I'm thrilled to join a company driving meaningful economic growth while revolutionizing the payment experience for consumers," said Friar.

Mobile-Payments Startup LevelUp Blazes a New Trail in Merchant Pricing

6/11/12 Digital Transactions

In what may be a harbinger of things to come in mobile-payments pricing models, Boston-based LevelUp has dropped its merchant-acceptance fee from 2% of the transaction to zero. Instead, the company will earn merchant fees of 35 cents per dollar of incremental sales generated by the redemption of rewards earned by LevelUp customers.

Kurrenci Is Money For The Web… With A Twist

6/14/12 Tech Crunch

Sometimes an idea is so out there that it’s hard to even explain clearly without sounding like a crazy person. Kurrenci is one of those ideas. Kurrenci is money for the Internet. You “buy” Kurrenci (or earn it through browsing and other interactions) and then you can use it at various locations on the Web, including ecommerce sites, gaming services, and peer-to-peer payments. “We came to this by thinking about the problems that currently exist as they relate to money on the Internet. From the merchant’s perspective, it has become increasingly difficult to acquire a customer.

Samsung Wants To Automate Your Phone With NFC-Equipped TecTiles

6/12/12 Tech Crunch

For 14.99 for a pack of five, you can slap these NFC stickers on the steering wheel, by the front door, on the corner of your desk or anywhere you see fit. They’ll allow you to swipe your phone across them and it will automatically adjust itself to predetermined settings or actions that you’ve already programmed in. So, imagine tapping your phone against a TecTile on your night stand and seeing your phone automatically set an alarm and dim the display to prep you for sleep time.

Burger King Testing Mobile Payments in Salt Lake City

6/13/12 Internet Retailer

Consumers craving a Burger King combo meal in Salt Lake City now need look no further than their smartphone to pay the bill. Burger King Corp. announced today it is testing a mobile payment service in 50 of its locations in the Utah capital and surrounding metropolitan areas. The BK payment app allows consumers to purchase and use a reloadable mobile BK Crown Card. Consumers can download the app via Apple Inc.’s App Store and Android storehouse Google Play, open the app to access their mobile card, and pay by scanning a QR code.

Bar Code-Based Mobile Payments: Mcommerce's Newest Darling

6/11/12 Mobile Commerce Daily

Bar codes are increasingly popular as a way to link mobile users with in-store product information or campaign-related content from a poster or print ad. However, bar codes are also increasingly being used to enable mobile payments, often giving merchants and consumers a quicker and easier path to mcommerce than near-field communications. Probably the best example of how powerful bar codes can be in terms of enabling mobile payments is the Starbucks Card Mobile app.

'My Bank Made Me Fat': The Risk of the Mobile Coupon Play

6/13/12 BankThink

A shopper's smartphone buzzes, alerting her that she's eligible for $1 off a latte at a nearby coffee chain if she picks up the drink in the next few hours. If she makes the purchase, she's caffeinated for a reduced price, the merchant logs an additional sale and the company providing the coupon likely gets a cut. Win-win-win, right? Not so fast. Giving consumers merchant deals via mobile phone as they are shopping is a seductive concept in financial services these days.