Chase Paymentech is trying to drag the US point-of-sale market into the 21st century, equipping merchants with so-called 'future proof' terminals that accept contactless and EMV chip card payments.
The 'new' terminal - Ingenico's iCT250, which was first launched in Europe way back in August 2009 - "helps merchants prepare for the future", says the JP Morgan unit. It accepts old-fashioned mag-stripe cards as well as EMV-enabled plastic and contactless cards and mobile phones.
Despite finding favour in most of the rest of the developing world thanks to its superior security, EMV is still virtually unheard of in the US, with just five per cent of terminals currently compatible, according to the Nilson Report.
However, this is set to change after Visa, MasterCard and Discover all set out timetables to finally force the switch over the next few years, meaning that merchants will need to upgrade their terminals.
Thursday, 28 June 2012
Tuesday, 26 June 2012
A “Students-Only” Play on Mobile Payments
Moocho.com, like the myriad of other mobile payment hopefuls, turns smartphones into wallets. What distinguishes this California-based startup from the others is the niche that it’s aiming its product at. It's only looking for users among college students.
The closed-loop application works like this: A college student downloads the app and plugs in his/her credit card or debit card so that he/she can make payments at participating merchants using a smartphone.
To encourage usage, Moocho incentivizes the process through instant rewards and loyalty rewards – much like what PayPal and Google, are doing. However, Moocho offers students an added feature: users can charge food and grocery transactions to mom and dad, if the parents agree to connect their cards as well. Moocho says valid purchases are automatically sent to the parents, while other charges are automatically billed to the student’s card.
The startup is pushing its product under the name Moocho Open Tab using the slogan “Pay with Moocho Open Tab & save on every purchase all over campus. Instantly, automatically, and for free”.
The closed-loop application works like this: A college student downloads the app and plugs in his/her credit card or debit card so that he/she can make payments at participating merchants using a smartphone.
To encourage usage, Moocho incentivizes the process through instant rewards and loyalty rewards – much like what PayPal and Google, are doing. However, Moocho offers students an added feature: users can charge food and grocery transactions to mom and dad, if the parents agree to connect their cards as well. Moocho says valid purchases are automatically sent to the parents, while other charges are automatically billed to the student’s card.
The startup is pushing its product under the name Moocho Open Tab using the slogan “Pay with Moocho Open Tab & save on every purchase all over campus. Instantly, automatically, and for free”.
Is banking by smart phone faster?
More banks are allowing customers to deposit checks from their mobile devices. Citibank is one of the latest. Reuters' Felix Salmon puts its app to the test to see if it's better than an old-fashioned trip to the bank. The results are surprising.
Is outsourcing the cause of the RBS debacle?
"Is outsourcing the cause of the RBS debacle?" This is the question posed by Robert Preston, BBC’s Business Editor about the ongoing problems at RBS.
Royal Bank of Scotland says it has fixed what it calls the "technical failure" that has disrupted banking services for millions of NatWest, RBS and Ulster Bank customers on a scale and for longer than has ever happened at any British bank since they computerised.
That aside, what was the real cause of the problem? Read Robert Preston's thoughts HERE.
Royal Bank of Scotland says it has fixed what it calls the "technical failure" that has disrupted banking services for millions of NatWest, RBS and Ulster Bank customers on a scale and for longer than has ever happened at any British bank since they computerised.
That aside, what was the real cause of the problem? Read Robert Preston's thoughts HERE.
Sunday, 24 June 2012
Natwest glitch: RBS chief Stephen Hester faces pressure to explain fault to public
RBS chief executive Stephen Hester has apologised for technical problems which left customers of the group's banks unable to pay bills or access money.
He is under pressure to give a public account of the breakdown of the bank’s computer systems as politicians and small businesses attacked the bank’s failures and the crisis entered its sixth day.
He is under pressure to give a public account of the breakdown of the bank’s computer systems as politicians and small businesses attacked the bank’s failures and the crisis entered its sixth day.
Welsh village being used in mobile wallet tests
A small village in South Wales without a single cash machine has been chosen as the test-bed for a new mobile wallet service from O2.
Rhiwbina was chosen from villages across the UK to demonstrate how the newly launched O2 Wallet could help the 11,000 residents who often find themselves short of cash at the most inconvenient moments.
The O2 Wallet, launched last month, allows users to send and receive money, compare prices and shop via their mobile phone.
Residents of Rhiwbina were challenged to use their digital wallets in everyday situations, such as paying back IOUs, buying a round of drinks in the pub or giving pocket money to their teenagers.
James Le Brocq, managing director at O2 Money, believes the Wallet can solve a variety of everyday money issues for consumers who find themselves strapped for cash in rural backwaters.
Watch this video to see how the O2 Wallet app works.
Rhiwbina was chosen from villages across the UK to demonstrate how the newly launched O2 Wallet could help the 11,000 residents who often find themselves short of cash at the most inconvenient moments.
The O2 Wallet, launched last month, allows users to send and receive money, compare prices and shop via their mobile phone.
Residents of Rhiwbina were challenged to use their digital wallets in everyday situations, such as paying back IOUs, buying a round of drinks in the pub or giving pocket money to their teenagers.
James Le Brocq, managing director at O2 Money, believes the Wallet can solve a variety of everyday money issues for consumers who find themselves strapped for cash in rural backwaters.
Watch this video to see how the O2 Wallet app works.
How Moody’s bank downgrades affect you
Some think Moody's downgrades of major banks will hurt lending but others think the affect will be minor. What do you think?
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