News

Inside Clinkle: A Stanford Kid Got $30 Million and Then Everything Blew Up
April 15, 2014, 11:47 am

The week after Thanksgiving, 40 Clinkle employees gathered in the kitchen of their San Francisco office. It was the second time in two days they'd been called together for an all-hands meeting.

At the front of the room stood 21-year-old Clinkle CEO Lucas Duplan, eyes cast down. Next to him stood Barry McCarthy, Clinkle's recently-hired chief operating officer who was more than three times Duplan's age, and a former Netflix colleague of McCarthy's, Allison Hopkins, who had become Clinkle's Chief Talent Director.

One day prior, Duplan had proudly announced a new hire, Chi-Chao Chang. A former Yahoo and xAd executive, Chang was Clinkle's

Paydiant's White-Label Mobile Wallet Selected as a 2014 MITX What's Next Awards Finalist

Paydiant's White-Label Mobile Wallet Selected as a 2014 MITX What's Next Awards Finalist
April 15, 2014, 11:43 am

WELLESLEY, Mass., April 14, 2014 (GLOBE NEWSWIRE) -- Paydiant, Inc. today announced that its white-label, mobile wallet solution for merchants and banks has been selected as a finalist in the Most Innovative Mobile Solution category for the MITX What's Next Awards. Other finalists in the category include Crashlytics, LogMeIn, Nuance Communications and Undertone.

Since 1996 the MITX Award shows have grown to become the largest and most prestigious awards competitions in the country for marketing innovations, celebrating the best creative and technological accomplishments emerging from New England. This year MITX combined its annual Innovation and Interactive Awards into a

4 Ways to Compete for Mobile Payments
April 15, 2014, 11:28 am

A recent survey on FindABetterBank indicates that more and more consumers are beginning to use their smartphones to make payments. Banks and credit should act now to avoid being left out or marginalized. Why? Aside from eroding interchange revenue, mobile payments will be disruptive because it disaggregates a major component of how consumers use their primary bank accounts.

The risk for banks and credit unions is that consumers will adopt and use third parties to make mobile payments. Already, many consumers that make mobile bill payments prefer to use billers’ mobile services over their bank or credit union. Over 2 million retail locations in

Facebook Prepares A Money-Transfer Service, But Still Needs Trust
April 15, 2014, 11:24 am

Facebook has been working since at least late last year on a European-wide service that would allow end users to store and transfer money on Facebook, according to a source in the financial services industry with knowledge of Facebook’s plans.

“Facebook is thinking about financial services in general, money transfer being one of these areas,” the source said, adding there was a 50-50 chance that Facebook would successfully launch such a business. “They are making their minds up about what to do.”

Facebook is reportedly weeks away from getting regulatory approval in Ireland to launch a European e-payments service, and is pushing into the

Kenya shakes up mobile money by licensing three MVNOs
April 15, 2014, 11:19 am

The newcomers can offer customer registration, SIM cards issuance, billing and customer care. They will also be assigned their own numbering range. All will be hosted on the network of Airtel, the country’s second-largest network behind Safaricom.

Mobile Pay is backed by Tangaza Pesa, which already offers a mobile money transfer service. But delivering the service using its own SIM card will improve the firm’s margins.

“While we continue with mobile money services as our core business, our customers will also access voice, data, and SMS services,” Oscar Ikinu (pictured), founder and chief executive of Tangaza Pesa, told The Daily Nation.

Although he would

Ditch your wallet at shops that read your palm for payment
April 14, 2014, 2:56 pm

People have turned to fortune tellers for millennia, but this palm reader is the first I can say with certainty that really does give you a glimpse of the future. Quixter is a palm reader that allows you to pay for things without your wallet simply by placing your hand on a scanner.

To pay for stuff with Quixter all you have to do is type in the last four numbers of your phone number at the cash register, then place your palm on a reader to scan the unique pattern of blood vessels in your hand.

Swedish start-up

Customers are leaving banks that don't offer mobile banking services
April 14, 2014, 2:48 pm

Around 60 percent of mobile device users who switched banks in the fourth quarter of last year cited mobile banking as a factor in the switch, up from only 7 percent in the second quarter of 2010, according to data from AlixPartners cited by the Journal.

Around one-third of banking customers have deposited checks using photo imaging on their mobile devices in the fourth quarter, compared to 22 percent two years earlier, according to AlixPartners.

The good news for banks is that mobile banking costs less than other forms of transactions. The average cost for a mobile transaction is 10 cents,

Santander ‘superwallet’ targets m-commerce
April 14, 2014, 2:42 pm

Launched in Poland through the group’s central and eastern European subsidiary Bank Zachodni WBK, the BZWBK24 mobile banking app allows users in Poland to shop at merchants using the app. They can arrange home delivery, send items such as flowers or buy bus tickets in 30 cities. The app will soon have other abilities added, including booking flights, hotels, tickets to cinemas, ordering taxis and takeaway food from 1,500 restaurants.

The Superwallet product was developed by mobile technology company eLeader and is currently being offered as a white label solution for banks. According to the firm, the biggest advantage of the

Rogers launches suretap wallet app to allow smartphone customers to make purchases
April 14, 2014, 2:39 pm

Apr 14, 2014 (Menafn - M2 EQUITYBITES via COMTEX) --Diversified Canadian communications and media company Rogers Communications RCI announced on Friday the launch of suretap wallet, a new application that lets customers use their smartphones to make payments at thousands of retailers across the country.

Now, with this suretap wallet, customers can safely store eligible payment cards on their smartphone and make purchases by simply holding it up to contactless payment terminals, similar to plastic credit and debit cards.

Beginning immediately, customers can add multiple cards to their suretap wallet including a Rogers Prepaid MasterCard that can be topped up

Facebook plans to launch money transfer service in Europe
April 14, 2014, 2:35 pm

In Ireland it is understood that the company – which employs 500 people in Dublin – has applied for Central Bank authorisation for e-money status that would allow it to issue units of monetary value.

Such a service would allow Facebook to allow members to send units of financial value to one another, as well as buy digital content, such as movies, books and games within Facebook or via app partners.

The move will also enable Facebook to capitalise on the growth of mobile money transfers in developing countries in Africa, Asia and South America, where significant chunks of the population have yet

Free Tablet Payment Solution Comes to Retail
April 11, 2014, 12:22 pm

This week, PayAnywhere may have effectively upped the ante in mobile payments by launching its first ever free touchscreen tablet and stand with built-in credit card reader.

The announcement came at the ETA TRANSACT conference in Las Vegas.

According to a statement provided to MMW, PayAnywhere Storefront offers “a simple pricing model starting at 1.69 percent for swiped credit card transactions, including American Express, Visa, MasterCard, Discover and PayPal all with next-day funding.”

We’re told that the solution also includes data encryption, tokenization and fraud protection, providing both merchants and cardholders with the highest level of security in the industry.

“This is a huge step

Sony Opens Up Mobile Wallet Feature to Digital Music, Movie, Gaming Content
April 11, 2014, 12:19 pm

Sony Network Entertainment International LLC and Sony Computer Entertainment America LLC have unveiled the new feature that enables users of participating mobile networks in this country to top up their account wallet.

Working with mobile payments company Boku, users can get PlayStationStore and Sony Entertainment Network content, including downloadable games, add-ons, themes, movies and TV shows, as well as subscriptions to the Music Unlimited service.

Customers can choose "mobile" as the payment option, enter their mobile phone number, and respond via SMS to confirm the wallet top-up. The wallet top-up charge will appear on their next mobile phone bill, or is debited against

Subway Expands Mobile Ordering
April 11, 2014, 11:54 am

NEW YORK CITY – Subway has enlarged its mobile ordering areas with the start of app pilot program at its Manhattan stores, Mobile Commerce Daily reports. The mobile ordering app, first debuting at certain California locations, allows customers to send orders to a specific store via their smartphones.

“The world is becoming more and more efficient, and with the launch of the Subway mobile app it will enable the customer to order on their mobile device and have it ready for pick up avoiding or lessening their wait time,” said Mike Cochrane, sales director at Atimi Software who is an expert

Mobile payment app Venmo capitalizes on two tech trends

Mobile payment app Venmo capitalizes on two tech trends
April 11, 2014, 11:18 am

A night out in San Francisco at the trendy Ballanḉoire night club. The last thing Kristin Wojkowski wants to worry while swing dancing is carrying a purse. That’s why she loves using Venmo to split bills among friends.

"I would have had to go to the bank to get cash or separate the tab into like six with a credit card which is really inconvenient. I hate stopping by the bank, I never carry cash. I don’t carry a purse. I have my phone with me at all times." Venmo user Kristin Wojkowski said.

Wojkowski also enjoys the

Zimbabwe: EcoCash Transfers Exceed U.S.$4 Billion
April 11, 2014, 10:51 am

Group chief executive Mr Douglas Mboweni told Parliamentarians during a familiarisation tour of the mobile phone company's operations yesterday that EcoCash service now boasts 3,5 million mobile money transfer accounts.

The number of people impacted by the EcoCash service represents roughly 53 percent of the adult people in Zimbabwe while the figure for those with mobile money accounts is equivalent to about 27 percent of the population.

According to the Zimbabwe National Statistical Agency figures released last year, Zimbabwe has 13 million people.

Mr Mboweni said EcoCash has created over 30 000 new jobs and the mobile phone-based accounts opened under EcoCashSave are now

DIMOCO partners with Slovenian network operator Si.mobil:

DIMOCO partners with Slovenian network operator Si.mobil:
April 10, 2014, 11:27 am

Brunn am Gebirge (Austria), 10 April 2014 – Mobile operator payment provider DIMOCO http://www.dimoco.eu co-operates with Slovenian network operator Si.mobil to launch new payment product: Direct carrier billing allows companies to bill their digital content in a more flexible way and in a tariff range of up to 15 euros.

“As a European mobile operator payment partner we closely co-operate with mobile network operators. Thanks to our great partnership with Si.mobil we are now launching our new payment product to bring more flexibility to business customers who want to bill their digital content services via Si.mobils’ network”, says Gerald Tauchner, DIMOCO CEO. 

DIMOCO

Mobile commerce gets a new code
April 10, 2014, 11:23 am

USSD, which stands for unstructured supplementary service data, is the numeric code preceded by a '*' and followed by a '#' (*111#, for instance). Soon customers, regardless of their banking institution, can send a *99# to receive a menu of options on their handsets. The options will include services such as remittances and balance enquiry, which can be operated using a mobile id and password.

Following a stalemate last year, talks resumed after Trai nudged telcos, and banks agreed to pay Rs 1.50 per transaction. The only hitch is that telcos are holding back on bill payment option, which

Shift4 Announces VT4™ For Fast, Secure Mobile Payments
April 10, 2014, 11:19 am

"A lot of the mobile technologies on the market today simply don't provide the features that larger businesses require," said Dave Oder, Shift4's CEO. "Many merchants sacrificed security and PCI compliance in the rush to adopt early mobile solutions. VT4 is the answer that businesses have been looking for; it is mobile payments designed with the enterprise in mind."

Shift4's VT4 provides online and offline processing capabilities that enable users to complete credit, debit, cash, and gift card transactions across all business outlets, including resort properties with onsite retail and restaurants. VT4 is the first 100% bank- and processor-neutral payment app and

Google exec reiterates commitment to mobile payments
April 10, 2014, 11:15 am

LAS VEGAS -- It's been a bumpy ride for Google Wallet since its launch nearly three years ago, but in spite of the obstacles the company has faced, Google head of payments Ariel Bardin says the company isn't giving up on Wallet or the mobile payments market.

"We have been doing this for a while," he said during a presentation Wednesday at the Electronic Transactions Association's Transact 2014 tradeshow here. "And we'll continue to keep doing this for a long while."

He acknowledged the slow consumer adoption of Google Wallet, but highlighted the company's nearly 15-month-long evolution of the product, which now has expanded beyond Google Wallet's

Why Does eBay Want To Keep PayPal?
April 10, 2014, 11:11 am

A few days ago Carl Icahn, who owns approximately 1 percent of eBay, put forth a proposal to spin off PayPal into a separate company, believing that both companies would have a higher value as standalone entities and also issued an open letter to shareholders. eBay's management disagrees with Icahn's conclusion and laid out its arguments for why shareholders should reject the Icahn proposal.

eBay and PayPal have grown faster together than they would have apart. eBay has delivered 30 percent of PayPal's new users and 50 percent of PayPal's mobile volume at a zero acquisition cost. eBay and PayPal provide one another with massive

How and Where to Use Bitcoins
April 9, 2014, 11:41 am

Though it's not technically money (the IRS has declared bitcoin property rather than currency), a growing number of retailers now accept the digital coins alongside traditional payment methods. In fact, the list of retailers accepting bitcoin continues to grow, and now includes big names such as Overstock.com, TigerDirect and Square Marketplace.

The biggest issue holding many retailers back from accepting bitcoin is the volatility of the coins' value. On Nov. 30, 2012, a single bitcoin was worth $12.57 USD, and just one year later, on Nov. 30, 2013, that value rose to $1,126.82 USD. These days the value tends to hover between $500

Westpac brings tap-and-go payments to Samsung Galaxy smartphones
April 9, 2014, 11:35 am

Although it is a burgeoning technology in Australia at the moment, 3 million Australians are expected to have adopted contactless payment technology by 2015 to make $3 billion worth of transactions in the 2015 calendar year.

These numbers represent a broader shift in the ways consumers are spending, with cash payments declining and contactless transactions on the increase according to Westpac chief product officer David Lindberg.

"Eighteen months ago, we could see the momentum building in contactless payments, the ability to take out your credit or debit card and tap it on a terminal and have the payment go through. It was

Mobile payment revolution: Why everyone wants in
April 9, 2014, 11:32 am

The global market for mobile payments is forecast to grow to about $720 billion worth of transactions by 2017, up from $235 billion last year with more than 450 million users, according to research firm Gartner.

Start-ups such as Square but also retailers, internet and tech giants such as Google, Alibaba and Apple are fighting for market share.

Square makes a small device firms can use in conjunction with an app to turn any smartphone into a credit card reader. The firm has received a lot of attention on Wall Street, even from banks whose traditional payment methods it

Mobile payments to spike 40% in 2014
April 9, 2014, 11:28 am

Global payments through mobile devices are expected to reach about $507bn in 2014, soaring 40% year-on-year, according to a report form the analysis firm Juniper Research.

According to the report, the average number of transactions being done though tablets is already more compared to those done via desktop PCs across various markets.

The report revealed that even though spend through smartphones is increasing sharply, they were designed to be used as search and discovery devices with the final purchase being made on the tablet.

The analysts however said that the adoption of contactless mobile payments is growing slowly with just few commercial launches, though in midium terms

Sell MintChip and fast!
April 9, 2014, 11:23 am

A few days ago, the Wall Street Journal reported that an electronic payments system, MintChip – until now under development by the Royal Canadian Mint – is on the block, for sale to private investors.That is a fine idea, because there is little reason for the federal government to deliver directly an electronic payments system.

The Royal Canadian Mint – this country’s issuer of all circulation and commemorative coins –has been developing an electronic payments system dubbed “MintChip.” The Mint is a crown corporation, and Canadian taxpayers are the shareholders.

Government provision of a service might be justified in cases of market

ING DIRECT Changes Its Name to Tangerine
April 8, 2014, 12:03 pm

TORONTO, April 8, 2014 /CNW/ - ING DIRECT has changed its name to Tangerine. The name change is the result of ING DIRECT's sale by ING Groep to Scotiabank in 2012. Tangerine will continue to operate as a wholly-owned subsidiary of Scotiabank.

"Today marks an exciting chapter in our journey to simplify everyday banking for Canadians," said Peter Aceto, president and CEO of Tangerine. "Our approach to delivering banking has always been progressive and our bold new name, Tangerine, is reflective of our commitment to empower, inspire and motivate people and their money. Although our name has changed, our clients can rest assured the values that they have come

PayAnywhere Introduces First Ever Free Tablet Payment Solution
April 8, 2014, 12:01 pm

PayAnywhere®, the professional grade mobile point of sale solution from North American Bancard, today announced PayAnywhere Storefront, its first ever free touchscreen tablet and stand with built-in credit card reader at the ETA TRANSACT conference in Las Vegas. PayAnywhere Storefront provides new simple pricing, industry-leading security protection and advanced business analytics not previously available to merchants in one mobile payments solution.

PayAnywhere Storefront offers a simple pricing model starting at 1.69 percent for swiped credit card transactions, including American Express, Visa, MasterCard, Discover and PayPal all with next-day funding. The solution also includes data encryption, tokenization and fraud protection, providing both

Broadcom on NFC adoption and its role in the Indian market
April 8, 2014, 11:51 am

Broadcom recently introduced the next-generation of near field communication (NFC) controllers designed to deliver low cost solutions for mass market smartphones and wearables. We interview Mr. Ravi Manik,  Director, Corporate Business Development at Broadcom, to get his views on what is the future on NFC and it's importance in the Indian context as per Broadcom.

Broadcom's plan of bringing NFC to affordable device segment sounds like a good initiative. But, is there a demand in the affordable segment for NFC chips?
Broadcom actually sees more people wanting to use simplified pairing enabled by NFC on affordable smartphones. As mobile payments are

Amazon beefs up online offerings in Canada
April 8, 2014, 11:48 am

Amazon made more than a million new products available on its Canadian website on Tuesday as it moves even further away from its roots as an online bookseller.

The Seattle-based retailer said it has opened two new "stores" to sell musical instruments and wireless products, adding to the 14 other storefronts it has launched on the Canadian site in the last year.

“We're committed to delivering an unparalleled selection of everything our customers need — all in one place,” Alexandre Gagnon, country manager for Amazon.ca, said in a statement.

Amazon.ca's musical instruments storefront alone has more than 75,000 items. 

The launch brings further competition to the Canadian retail landscape, which has

Airtel, MTN launch money transfer service in Africa
April 8, 2014, 11:40 am

Such international money transfers have till date been mired by high fees, high usage of informal channels and a lack of proximity to withdraw money.

"MTN has seen strong adoption levels of mobile money in Ivory Coast, and Airtel, in Burkina Faso. With a sizeable community of Burkinabe working in Ivory Coast and sending money back to their home country, the partnership will enhance the mobile money service for customers in both countries," said Pieter Verkade, MTN's chief commercial officer, in a joint media statement.

"This partnership is the first cross border mobile to mobile remittance service in


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1.Facebook plans to launch money transfer service in Europe
2.Kenya shakes up mobile money by licensing three MVNOs
3.Paydiant’s White-Label Mobile Wallet Selected as a 2014 MITX What
4.Ditch your wallet at shops that read your palm for payment
5.Customers are leaving banks that don’t offer mobile banking servi
6.Facebook Prepares A Money-Transfer Service, But Still Needs Trust
7.Inside Clinkle: A Stanford Kid Got $30 Million and Then Everythin
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