All items tagged with "mobile payments"

How Local Businesses And Passbook Could Deliver An iWallet That Beats Any Competition

How Local Businesses And Passbook Could Deliver An iWallet That Beats Any Competition

Passbook could be a brilliant way for Apple to trump any other mobile payment option.

Mobile payment technologies have an interesting and complicated relationship with local businesses. On the one hand, local mom-and-pop restaurants, shops, and services are probably the companies that you’d expect to adopt new payment technologies the slowest – particularly if those technologies require new point of sale hardware like an NFC reader. On the other hand, mobile payment systems could be poised to deliver a new wave of business to such local companies.

Making the situation more complicated is the fact that any mobile payment system (Google Wallet, PayPal in-store purchasing, or any system that Apple may be slowly developing) can’t be considered a solid winner or option unless that system strikes it big with local businesses. A system that only applies to large chains, like the in-store purchasing the PayPal rolled out to Home Depot and other retailers, can’t be considered mainstream unless it’s adopted very widely and by a significant percentage of small businesses.

Further complicating the relationship is the fact that many players in the race to create a true digital wallet are on focusing widely varying options for small and local businesses. That means that no one company is leading and no company really seems to have a consistent strategy for tapping this immense and important market.

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Why PayPal, Amazon, and Apple Are The Leaders In Mobile Payments

Why PayPal, Amazon, and Apple Are The Leaders In Mobile Payments

Despite new technologies for mobile payments, customers trust familiar companies like Apple.

PayPal, Amazon, and Apple are leading the mobile payment market according to IDC. The research company released the results of a business strategy study that focused on new and emerging payment technologies. The 2012 study is eighth year that IDC has conducted the survey, but it is the first year where mobile payments were a major focus.

While many efforts are underway to develop new payment technologies, many of them based around NFC, most new technologies have yet to catch on with consumers.

Overall mobile payments, however, are catching on with consumers. IDC reports that the number of individuals making mobile payments has doubled since last year’s report and that one-third (33%) of consumers have made some form of mobile payment. The data also shows that the mobile payments market is being led established players and existing technologies.

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Apple Plans To Invade The Mobile Payment Industry One Step At A Time [Report]

Apple Plans To Invade The Mobile Payment Industry One Step At A Time [Report]

One day your iPhone and wallet will be one.

We’ve all been waiting with bated breath for Apple to take the mobile payment industry by storm and bring it to the mass consumer market. For years, there have been whispers that Apple is working on its own approach to reinventing mobile payments, including the possibility of a NFC-equipped iPhone. When Apple unveiled Passbook in iOS 6 last month, the company announced its first real foray into mobile payments by partnering with select companies for handling virtual goods like coupons and airline tickets.

According to a new report on The Wall Street Journal, Apple’s Passbook is only a shadow of things to come. The company is “deliberately” working on its own mobile payment system, and while the rest of its competitors scramble to test the waters, Apple is sitting back and developing the right strategy.

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Congress Asks About Mobile Payment Safeguards And Gets Few Solid Answers

Congress Asks About Mobile Payment Safeguards And Gets Few Solid Answers

Congressional testimony raises concerns about consumer protections for mobile payments

Are mobile payments safe? That was a question that the House Financial Services Subcommittee on Financial Institutions and Consumer Credit posed to various finance officials earlier today. The subcommittee didn’t get a particularly clear answer.

According to written testimony provided by Stephanie Martin, associate general counsel for the Federal Reserve Board of Governors, defining what protections apply to mobile payment systems is complicated by the fact that many businesses involved in the transfer of money through mobile devices aren’t banks. Companies involved in mobile payment systems that don’t meet the established definition of providing banking services aren’t subject to certain scrutiny, regulation, or consumer protection laws.

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Why Low-Tech Mobile Payment Options Are Kicking NFC’s Butt

Why Low-Tech Mobile Payment Options Are Kicking NFC’s Butt

The mobile payment options becoming mainstream are the simplest and low-tech ones.

Read enough articles about NFC and its potential for mobile payments and you’ll find yourself thinking the technology is the inevitable mobile payment platform. Every major mobile platform except iOS already includes or will include support for NFC-enabled devices. There are lots of partnerships being announced between key players like device manufacturers, carriers, and banking or credit card companies. It also just seems to make sense that this is the future.

Until you look up from all the stories about what NFC and look at what’s really happening in the  world. You don’t see much evidence of NFC payment systems in everyday life. NFC isn’t yet emerging into mainstream commerce, but there is ample evidence that mobile payments are taking off without it. Those options becoming mainstream are decidedly low tech by comparison, but that’s precisely why they’re succeeding.

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Beginning With An iWallet, Apple Could Revolutionize Personal Banking

Beginning With An iWallet, Apple Could Revolutionize Personal Banking

There’s been a lot of talk over the past year or so about mobile payment systems and the concept of an iWallet. One of the challenges to any digital wallet concept is that it needs several components, most of which are provided by different companies and governed by different regulations. At a minimum, those components need to include on-device hardware, a mobile app or OS that can manage the transaction, a banking or credit card system that actually transfers money from your account to a retailer, support by major POS and cash register systems, and some mechanism for your phone to securely check-in with your selected account(s) to ensure money is available for purchases.

That’s a tall order and a lot of cooperation is needed when you have a different company providing each of those required functions. One way to simplify the process is to have one company deliver all or most of those functions on its own. There are few companies in the world that can pull all those capabilities together. One of them is Apple.

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VeriFone Hopes To SAIL Past Square With Latest Credit Card Reader

VeriFone Hopes To SAIL Past Square With Latest Credit Card Reader

It looks like Square has yet another competitor in the mobile payments arena. Global payment leader VeriFone has announced SAIL, a credit card reader much like Square’s, that will attach to a number of mobile devices. While VeriFone may have a little catching up to do, they have the advantage of an extensive network with a commanding percentage of retail transactions passing through their service.

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Apple Starts Testing Mobile Deals & Payments In-House With Pirq Partnership

Apple Starts Testing Mobile Deals & Payments In-House With Pirq Partnership

Apple employees in silicon valley get a new Pirq

NFC isn’t a new technology. Android and BlackBerry phones with NFC capabilities have been available for a while now and various companies have started looking at implementing NFC as a mobile payment or digital wallet solution. Google Wallet being the most well-known while MasterCard’s new PayPass Wallet Services, which the company announced on Monday is the newest and potentially broadest in scope

Apple, however, hasn’t shown much interest in adding NFC to the iPhone. The lack of NFC hasn’t kept mobile payment options off the iPhone – as we’ve recently reported T.G.I. Fridays and Tabbedout, Boston’s light rail commuter service, and AmTrak have all moved to offer mobile payments using the Starbucks app/virtual card model.

A new deal between Apple and location-based deals startup Pirq, to offer daily food and drink deals to the company’s employees in silicon valley could be a sign of Apple testing the waters with both a deals network and whether such ecommerce options make sense for iPhone users.

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T.G.I. Fridays, Tabbedout Make iPhone-based Mobile Payments A Reality

T.G.I. Fridays, Tabbedout Make iPhone-based Mobile Payments A Reality

Tabbedout makes mobile payments from iPhones mainstream

This week featured a handful of announcements relating to using your iPhone as a virtual wallet including news of Boston’s smartphone-based commuter rail payment system and CVS integrating its loyalty card system into its iPhone app.

Capping the week is news that restaurant chain T.G.I. Fridays announcement that more than of its franchises in the U.S. will begin offering patrons the ability to settle their restaurant or bar tab using an app. The move comes as part of partnership with startup Tabbedout – a mobile payment company that aims to bring iPhone (and Android phone)  payments into the mainstream with a focus on bars and restaurants.

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Could NFC Tags For iPhones Get Apple To Create An iWallet?

Could NFC Tags For iPhones Get Apple To Create An iWallet?

Stick-on NFC chips could prove the need for NFC support in iOS

There have been a handful of technologies touted over the past few years that would remove (or dramatically reduce) the need to carry our credit/debit cards, loyalty cards, and even cash. For the past couple of years, NFC has been the technology of choice for turning our phones into digital wallets. Google and RIM have built NFC support into their respective mobile OSes and a handful of manufacturers have built NFC phones, but the technology hasn’t lived up to the hype.

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