Mobile payments: What will it take for beacons to take the next step?

From Computer World –

“Beacons — those little ad-beaming mechanisms littering storefronts today — have been heralded as the ultimate mobile app partner for retailers. But as they exist today, they do little more than make Madison Avenue come-ons, teasing shoppers with discounts and offers that the beacons (and even the beacons in conjunction with mobile apps) can't deliver. How can this loop be closed? Can beacons directly process payments? Unlikely, but indirect payments are all but a certainty, although that's at least a couple of years away.”

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Mobile Payment Fraud a Growing Problem: LexisNexis

From eSecurity Planet –

“Mobile commerce transactions accounted for only 14 percent of the total transaction volume, but for 21 percent of the fraudulent transactions in 2014, according to a new report, 2014 LexisNexis True Cost of Fraud mCommerce from LexisNexis Risk Solutions and Javelin Strategy & Research.

The two companies discussed their findings in a recent webinar. Their survey of 1,200 U.S.-based merchants is the largest of its kind, according to Jim Van Dyke, CEO of Javelin Strategy & Research.

Statistics account for some of the difference in the percentage of fraud in mobile transactions, said Aaron Press, director of ecommerce and payment for LexisNexis. Since there are fewer mobile transactions than online transactions, one fraud incident will account for a higher percentage of the total. But even taking that into consideration, the higher incidence of fraud in mobile transactions is statistically significant, Press said.”

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Point Your iPhone at Something You Like, and Amazon’s New App Buys It

From Wired

“Amazon just keeps making it easier for you to buy everything on the web. If the company continues to have its way, you’ll never need to go to the store again.

Today, Amazon is announcing a new feature inside its mobile shopping app that lets you scan items in your home using your smartphone’s camera and quickly order all of your packaged goods online. The new feature, called Flow, will be available inside Amazon’s shopping app for iOS. It’s iPhone-only for now, and the company isn’t saying when it will arrive on other smartphone platforms, or on the Kindle Fire.”

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Mobile wallet progress stalled in 2013, but could heat up in 2014

From ABA Banking Journal

“Multiple technologies vie for customer acceptance. With an annual U.S. retail point-of-sale market of almost $4 trillion up for grabs, the stakes are extremely high. But slow adoption, lack of merchant enthusiasm, fragmented offerings, and blocking by competitors has resulted in stalled growth for mobile wallets, according to research by Javelin Strategy & Research.

The report provides competitive analysis of 12 major mobile wallet providers, breaking down the main changes of each provider over the last year and measuring their attractiveness in the eyes of consumers.”

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Awareness Still a Problem with Mobile Wallet, Says Square’s Dorsey

Square CEO Jack Dorsey, speaking about Square’s ongoing partnership with Starbucks described consumer awareness as a hurdle for mobile payments. Starbucks does little traditional marketing which means retail’s biggest mobile payments evangelist isn't spreading the word as much as it could.

Small Business Management - Chase adds receipt capture to it’s Jot mobile app

Chase has added a feature to its Jot app that allows small business cardholders to capture and file receipts using their mobile phone cameras.

The mobile app and online tool Jot sends small business owners a push alert within seconds of making a purchase with their Ink from Chase card. With the receipt capture feature, customers simply take a photo of a receipt with their mobile camera and attach it to purchases made with an Ink card.

Customers can then sort transactions, download and print receipts online and create and download reports containing purchases and receipts into accounting software, including QuickBooks and Excel.

How to Play the Mobile Banking Revolution

What we are reading … 28th March 2013

Thoughts on the Move to Regulate UK Payments http://shar.es/eFQpZ

You Have The Right to Remain Paperless: The "No Check" CEO Bill of Rights http://dld.bz/cs8km

Basel Committee Cracks Down on Capital-Protection Ploy at Banks http://twb.io/YwedS0

Masked by Gibberish, the Risks Run Amok http://nyti.ms/11oBawS

What are the Benefits of In-Store Mobile Commerce? http://dld.bz/cs8jV

Barclays takes the crown at Digital Wallet Foundry http://www.finextra.com/News/FullStory.aspx?newsitemid=24664

The Next Generation of Video in Banking http://twb.io/YwnBVS

Is BlackBerry becoming a sweeter pill to swallow? http://dld.bz/cs8eq Court Favors Bank in Fraud Dispute http://dld.bz/cs8en

What we are reading … 27th March 2013

Operational Risk Management...: Legal Risk: Over-The-Horizon Digital Radar... http://shar.es/e9rxk

Expansion of FedACH SameDay Service http://www.finextra.com/Community/FullBlog.aspx?blogid=7486

Starbucks Execs Respond To Square Criticism: Innovation Is Messy http://shar.es/eOSP6

Mobile Commerce on the Rise in Asia/Pacific, Says MasterCard Survey http://twb.io/Y1uwK1

Pros and Cons of Mobile Banking http://dld.bz/cs8ee

Focus on the Customer Today to Create the Bank of Tomorrow http://dld.bz/cs8ed

The Cyprus bail-out: A better deal, but still painful http://econ.st/ZjnrDJThe Boy Genius Report: Apple's billion dollar mobile payment magic trick http://dld.bz/cs8dQ

What we are reading … 25th March 2013

Banking on cloud http://www.finextra.com/Community/FullBlog.aspx?blogid=7474

7 Ridiculously Simple Social Media Fixes For Financial Marketers http://bit.ly/148OV3t

RBS to put £700m into upgrading its aging retail banking operations http://dld.bz/crWAW

How Banks Can Compete In the Mobile Shopping Market http://twb.io/YRyELq

Should you switch to an online-only bank? http://on.mktw.net/16GZyKv

FirstMerit Unveils Website that Responds to Mobile Devices http://dld.bz/crWAR

Is China after More than IP? http://www.bankinfosecurity.com/blogs/china-after-more-than-ip-p-1441#.UUlGk7PaXGo.twitter The future for digital wallets http://www.finextra.com/Video/Video.aspx?videoid=354