Take a selfie to bank: MasterCard testing facial recognition smartphone app

From Al Arabia News –

“MasterCard is testing a security app that uses facial scans and recognition technology to approve payment for purchases made with a smartphone.

In the trial, the U.S. multinational financial services giant will have users hold their phone up as though taking a selfie to approve transactions.

In an interview with CNN Money, MasterCard's president of enterprise security solutions, Ajay Bhall, said “the new generation, which is into selfies ... I think they'll find it cool. They'll embrace it."

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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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How Your Phone's Camera Can Help Pay Bills

From Fox Business –

“In a snap, you can take a selfie with your pals at happy hour or shoot a photo of your family romping on the beach. Now, you can use your camera-equipped smartphone for a less exciting, but no less important task: paying bills.

Two major banks - U.S. Bank and Bank of the West - have introduced features in their mobile apps that enable customers to snap photos of their paper bills from utilities, credit card companies and mortgage servicers. The payment information is then loaded into the bank's online bill-paying system. That means no more fat-fingered typing of addresses, account numbers and other payee data on your smartphone.”

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Has Mobile Banking Usage Reached A Plateau?

From The Financial Brand –

“A Federal Reserve report shows that increases in mobile banking engagement and mobile payments has increased significantly in correlation with the increased ownership in smartphones. The comfort level with mobile banking is also increasing due to the expanded capabilities offered through a mobile device. But is mobile banking use about to plateau?”

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Microsoft might be teaming up with one of Apple's biggest smartphone rivals in China

From Business Insider –

“Buried in the announcement that Microsoft will be releasing Windows 10 to the world this summer was an interesting tidbit — Microsoft and Chinese smartphone manufacturing giant Xiaomi are offering a program for power users to install an early version of Windows 10 on Xiaomi's Mi 4 smartphone, which runs Android.”

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