Posted by Barry Silverstein on March 6, 2013 04:13 PM
It may seem counter-intuitive, but MasterCard and Visa are in the midst of a technology war that may some day eliminate plastic credit cards.
At the recent Mobile World Congress, MasterCard introduced a mobile payments system called MasterPass, while Visa announced mobile payment partnerships with Samsung and Roam, a maker of point-of-sale systems. Both MasterCard and Visa, as well as others including Square, PayPal and Affirm, newly launched by PayPal co-founder Max Levchin, are going after the same golden ring: the emerging mobile payments market.
MasterCard's MasterPass is a good example of where mobile payments technology is headed. According to Ed McLaughlin, chief emerging payments officer for MasterCard, "MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience." MasterPass will offer checkout services that support anything from tags, mobile devices and QR codes used at point-of-sale to a simplified checkout process for online retailers. It will also provide "digital wallets" that banks, merchants and partners can adapt for their own use, featuring an open system that even MasterCard competitors can use. Continue reading...
Posted by Barry Silverstein on November 15, 2012 12:06 PM
Back in January 2011, Starbucks became the first national retailer to offer its own mobile payment technology combined with a loyalty program. It led to more than 100 million mobile transactions occurring in its U.S. stores since the launch.
Now, in a move to push mobile commerce even further, Starbucks is accepting payments in some 7,000 retail locations via Square, Twitter co-founder Jack Dorsey's mobile payment app for iOS and Android smartphones. In addition to laying out cash for that latte, users of Square Wallet can browse menu information and store hours, gain access to their transaction history, and even explore nearby businesses. Since Square Wallet is linked to a debit or credit card, there's never a need to reload a balance, and a digital receipt appears instantly.
It's not only been a huge boost for the Square brand (as Dorsey tweeted, "Immensely proud of the teams at Square and Starbucks: 7,000 stores launched 3 months TO THE DAY after signing the deal. #nailedit"). The announcement by Starbucks seems to come at a time of increased activity that could make 2013 the year of mass adoption of mobile payment technology. Indeed, Dorsey this week announced that "Square is now facilitating over $10 billion of commerce annually for small businesses across the US. Up $2 billion in just 2 months."Continue reading...
Posted by Sheila Shayon on May 16, 2012 02:12 PM
The race for NFC-based mobile payments is heating up with projections for 2013 exceeding $13 billion globally, up from just over $7 billion in 2011, according to Gartner research.
Isis, the mobile-payments joint venture backed by AT&T, T-Mobile and Verizon, has signed up Coca-Cola, Macy’s, Aéropostale, Dillard’s, Foot Locker (and its subsidiary Champs Sports) and Jamba Juice, as well as hundreds of local retailers in Texas and Utah who will start accepting Isis payments by this summer.
Both Isis and competitor Google Wallet use NFC chips that store user’s credit card data or pre-loaded digital cash. Both companies are also working with check-out scanners and retailers including Gap, Office Max, Toys ‘R’ Us and Walgreens.
Google Wallet is currently available on four Sprint handsets and none from the mobile operators backing Isis. Sprint is the only U.S. carrier backing Google Wallet and to that end just released the LG Optimus Elite for Virgin Mobile.Continue reading...
in the spotlight
Posted by Sheila Shayon on May 8, 2012 05:06 PM
Visa is launching a beta test of its digital wallet, branded as V.me, with online retailer Buy.com. The PayPal-esque payments system is supported by the credit card brand's new Visa Developer Center that aims to help developers in various fields from gaming, financial, e-commerce and mobile integrate V.me into their products for in-app purchases, currency or direct links to e-commerce check-out pages.
V.me is offering convenience and "next generation commerce" to Buy.com’s 18 million customers who enter their credit card information once, where it’s stored with Visa, and then create an account with Visa, American Express, MasterCard or Discover. Users will receive alerts and near-real-time transaction notification of transactions on their Visa accounts and personalized offers will be coming soon.Continue reading...
Posted by Mark J. Miller on February 28, 2012 02:02 PM
Isis may be the ancient Egyptian goddess of nature and magic, but she would surely have her lid flipped if she were given a digital wallet that only needs to be tapped in order to pay for something.
Such is the power of Isis, the name of the mobile commerce joint venture launched by a trio of U.S. mobile operators — AT&T Mobility, T-Mobile USA, and Verizon Wireless — to bring financial services brands' credit, prepaid, and banking customers to mobile. The venture this week signed Chase, Capital One and Barclaycard US, expanding on charter credit card members Visa, MasterCard, and American Express.
It's a "testament to the vision and commitment of Chase, Capital One and Barclaycard to make mobile commerce a real and positive experience for their customers," stated Michael Abbott, CEO of Isis. "Mobile commerce is more than a new way to pay; it's about extending the relationships consumers enjoy with their banks and merchants into a powerful and convenient new form factor."
Sprint, the fourth major player in the U.S. mobile-phone industry, has instead partnered with Google on its Google Wallet, which PC Mag notes has some kinks to work out. PayPal is also promoting its digital wallet to retailers and other businesses.Continue reading...
Posted by Peter Feld on August 29, 2011 06:00 PM
Dow surges 254 points, pulling nearly even for the year.
Forrester predicts Amazon could sell 3 to 5 million tablets in the fourth quarter of 2011.
American Airlines and others faulted for failing to respond to tweets of customers stranded by Hurricane Irene.
Patent dispute with Apple delays Samsung's Australian tablet launch.
Needing cash, Bank of America cuts investment in Chinese bank.
Facebook settles trademark suit with satiric site Lamebook.
Isis, $100 million joint venture by Verizon, AT&T and T-Mobile for mobile phone payments, takes direct aim at Google.
New York's Gov. Cuomo launches "Open For Business" rebranding of the Empire State as business friendly; seeks proposals.
& Obama picks labor expert, Princeton's Alan B. Kreuger, as economics advisor.