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
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
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
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.
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.
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
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
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.
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.
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
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
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
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
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
"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 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
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
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:
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
“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.
Mobile commerce gets a new code
April 10, 2014, 11:23 am
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.
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."
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
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
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
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.
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.
analysts however said that the adoption of contactless mobile payments
is growing slowly with just few commercial launches, though in midium
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
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