Headline News from PaymentsNews.com – October 2, 2013
On the web:
- MasterCard joining push for fingerprint ID standard - USA Today - "The addition of MasterCard will help FIDO expand its standard to more types of transactions."
- CardFlight, The Stripe For Real-World Payments, Has Raised $1.6 Million From ff Venture Capital - TechCrunch - "The company received $1.6 million in funding that was led by ff Venture Capital, with additional participation from Payment Ventures, Apostolos Apostolakis, Entrepreneurs Roundtable Accelerator, Plug & Play Ventures, and Great Oaks Venture Capital."
- PayPal Makes it Easier to Pay and Get Paid on Samsung Apps and Samsung Hub - PayPal Forward Blog - "Today, we’re thrilled to share that PayPal is a payment option across the Samsung ecosystem."
- How Dwolla Disrupted the Digital Payment Industry - Entrepreneur - "Money is basically data. We should be able to exchange it without paying huge fees."
- Simple Insights: What Caused the Spike? - Simple Insights Blog - "At a certain retailer, transaction volume was 54 times what it had been the previous day. Total spending that day at that retailer was 27 times the normal average daily purchase for the retailer."
- Get Out Of A NYC Cab Without Taking Out Your Wallet - A VC (Fred Wilson) - "...our portfolio company Hailo has completed the integration of their systems with the two credit card payment systems that are used in NYC cabs and now if you use the Hailo app, you can hail and pay with your mobile phone."
- Capital One Charges Into Developer Territory With Beta APIs - Programmable Web - "Big companies like Capital One are following in the footsteps of startups. It’s another step toward every company having an API."
- Savings Is Key to Merchant Payments in Developing Countries - Center for Financial Inclusion Blog - "Savings may not be hugely profitable by itself, but it is the engine that fuels retail payments. And credit too, since savings and payment behavior ought to be primary inputs into credit scoring models."
- Is Bitcoin The New Euro? - TechCrunch - "Bitcoin could be the surprising and beautifully designed world cryptocurrency that will take the euro’s dreams to the next level."
- Bitcoin buzz grows among venture investors, despite risks - Reuters - "Venture capitalists show no sign of shying away from investing in startups related to Bitcoin even as authorities step up their scrutiny of the virtual currency..."
- To an Analog Banker in a Digital World - Strategy+Business (Catherine Palmeri) - "Most bankers I know understand that a major change is taking place with consumers, and that they face imminent disruption from digital technologies. But they don’t fully know how to respond."
- Cover launches in NYC to let you pay restaurant bills with your phone - VentureBeat - "We don’t just replace one form of payment with your phone — we completely eliminate the payment step altogether." See the Cover blog.
- How Apple iBeacon Will Transform Local Commerce - Steve Cheney - "It’s very clear that Apple is starting to put the pieces together to allow consumers to make offline transactions with their device—imagine being in a store and authorizing a payment with your fingerprint and never talking to a salesperson."
- The US is becoming the world’s largest closed-loop payments system - Banking4Tomorrow.com (Brett King) - "I think the simplest way to rally the troops around this would be for US regulators to mandate EMV interoperability for issuers tied to Durbin reforms (you don’t get interchange reduction without it beyond 2015)..."
- Opening the Mobile Wallet: Consumer Sentiment Around Mobile Payments - Huffington Post (Russell J. Sapienza, Jr) - "But while consumers are highly aware of mobile applications like PayPal Mobile, Google Wallet, Starbucks, and Square, and find the convenience and money-saving incentives appealing, many are holding back from using mobile wallets because of security and privacy concerns."
- Small businesses to introduce NFC currency in Valencia - NFC World - "The service will use NFC to transmit 'Orués' from one account to another via an NFC phone or an NFC card."
On the wires:
- Visa Calls for a New Approach to Innovation - Breaking the Barrier Between Security and Innovation - "We are standing at a crossroads, a place where plastic is turning into mobile," said Richey. "As innovation accelerates the electronification of commerce, security needs to be built in from the start."
- CARDFREE Selected by SONIC® Drive-In to Power Mobile Commerce Solution - "CARDFREE’s award-winning commerce platform was designed to help merchants drive incremental visits, larger ticket size, tender preference and more meaningful consumer engagements."
- FIS Brings New eftpos Payments Hub to Australia, Cuts Cost to Innovate - "FIS’ global EFT switching platform will be at the heart of the new hub infrastructure, replacing Australia’s current bilateral networks and processing millions of eftpos transactions each day across the country."
- ACI Worldwide Partners with Experian Decision Analytics to Bring Market Leading Decisioning Solutions to Credit Card Issuers
- What’s Your Digital DNA? MasterCard Study Reveals Five Global Online Personas - "Though consumers are increasingly savvy in managing their online identity, the consumer research reveals there is a clear hierarchy in the kind of information they are willing to share, and there are certain types of organizations they trust most with their data."
- Two Years Later, Consumers Still Not Benefitting from Durbin Amendment - "October 1st marks the two-year anniversary of the implementation of the Durbin amendment and, as predicted by economists, academics and analysts, new research from the Electronic Payments Coalition (EPC) shows that retailers continue to hold on to the $8 billion annual windfall they received from Congress, without passing those savings along to consumers."
- NAFCU's Hunt on Debit Fee Cap: No Evidence of Consumer Savings - “After two years with the Durbin amendment, retailers are reaping $8 billion in rewards while there is still no proof of any savings being passed along to consumers. In fact, consumer prices have continued to rise despite claims to the contrary."
Updates from Glenbrook:
- Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
- Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
- Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
- Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
- Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews