Mobile payments – why the latest technology may not be such a good idea

From Pulse –

“In a recent article (‘Reflections on the fintech revolution’) I referred to technology vendors who constantly harassed the financial services industry with a range of new technologies and tech-solutions leaving it up to the banks to find the problem for their solution to solve.

The reality was that there are dozens of problems and for the most part they are all partially solvable by these new technologies. In truth however many of these solutions are simply just not viable. This is either as a pure business proposition or because somewhere along the line the technology is not quite as perfect as one is led to believe.”

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JPMorgan to Pay $166 Million Over Debt-Collection Abuses

From GARP –

“JPMorgan Chase & Co. will pay $166 million and change credit-card collection practices after regulators found that the bank used abusive tactics to collect debts, the Consumer Financial Protection Bureau said on Wednesday.

The company agreed to resolve claims that its Chase Bank USA and Chase Bankcard Services Inc. units pursued the wrong borrowers, sought incorrect amounts or so-called zombie debt that was too old, or relied on documents with improper signatures, according to a CFPB statement.

Of the penalties, $136 million settles claims brought by the Consumer Bureau, 47 states and the District of Columbia. The Office of the Comptroller of the Currency imposed a $30 million penalty in a related action, CFPB said.”

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Apple, Google bet on walletless future, but are shoppers ready?

From The Seattle Times –

#Some pay for deli sandwiches with a flick of their Internet-enabled wristwatches. Osama Bedier waves his phone.

The customers who shop at Mollie Stone’s Market, at the heart of this Silicon Valley city’s startup row, are increasingly buying groceries without cash or credit cards.

“I haven’t carried around cards for a very long time,” Bedier said.

These shoppers are still early-adopting outliers — especially Bedier, the executive who ran Google Wallet before starting his own company to build mobile payment terminals — but Apple, Google and Samsung are counting on them as bellwethers in a new fight to become your inseparable virtual wallet. And despite early resistance from retailers and even consumers, momentum is now building toward making these tap-and-pay systems a widespread consumer habit.”

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