Company allegedly assuming some fraud risk
In preparation for its mobile payment technology, Apple has successfully negotiated deals with five major financial institutions -- American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America -- to lower transaction fees, sources say. One linchpin was convincing them that mobile payments constitute "card present" transactions, which have a lower discount rate than their opposite, owing to lower fraud risk. That card-present rate has been dropped another 15 to 25 basis points however, meaning that Apple should get a roughly 10 percent discount on processing rates.
NFC payment system moves to cloud-based storage
Google Wallet has received some major updates today. The mobile payments platform has opened up to accept all credit and debit cards from American Express, Discover, MasterCard, and Visa, with financial data stored in the cloud instead of on the handset itself. Twenty five national US retailers have partnered with Google for the service, and through a partnership with MasterCard PayPass, mobile payments can be performed at over 200,000 retail locations across the country.
Chase, Capital One, Barclaycard first companies
Isis, the mobile commerce venture between AT&T, T-Mobile, and Verizon have finalized their wireless payment standard for mobile devices, calling it Isis Mobile Wallet. It's due to launch this summer, with Chase, Capital One, and Barclaycard being the first banks to sign up and have their credit, debit, and prepaid cards be compatible with the system. The first merchants to support the system will be located in Salt Lake City and Austin, Texas. Like Google Wallet, its major competitor, Isis Mobile Wallet let users securely pay for goods and merchandise with their handsets.
Scanner directs retail shoppers back to Amex deals
American Express and eBay-owned RedLaser have partnered on a deal involving the latter's mobile apps, a report says. Under the terms of the arrangement, people using RedLaser to scan retail barcodes and find deals will be able to see how many Amex rewards points they have, and possibly buy a product for less through shopAmex, the credit card company's online store. Roughly five million products are listed there, from about 60 online vendors such as Apple and Target.
V.me aims for app, website integration
Visa has reportedly chosen the label V.me to represent its upcoming digital wallet service, which will be paired with a developer program. The service aims to compete with PayPal and other alternatives, providing users with a quick way to make web-based payments without typing in a full credit-card number.
Google Wallet now live with more cards, one phone
As hinted earlier, Google Wallet on Monday went active for real users. The service in starting off will still work on just Citi MasterCards and the virtual Google Prepaid Card, but is now opening to rival cards. American Express, Discover, and Visa are all making their NFC specs available to let banks add the cards to the mobile payment system.
Will offer PayPal-like service to customers
American Express and Verizon Wireless have announced they will integrate Amex's Serve digital payment and commerce platform onto Verizon mobile phones and tablets. Using Serve, Verizon subscribers will be able to make payments and redeem offers directly from their mobile devices. The two companies also plan to use Serve to offer subscribers online and mobile promos with participating shops.
Isis lands four major credit card firms
Isis on Tuesday said it had landed the top four credit card companies in the US for its mobile payment plans. American Express, Discover, MasterCard, and Visa have all agreed to handle payments from NFC-based phones when the service goes live in the first six months of 2012. The approach may give it at least a temporary edge over Google Wallet, which is so far limited to MasterCard.
Foursquare lands AmEx deal in hopes of expansion
Foursquare Labs, the makers of the popular social networking and geo-location entertainment smartphone app Foursquare, has announced a national deal with American Express. The deal will give users of the app, who also hold and American Express card a discount when they ‘check in’ on their smartphone at certain shops and restaurants. The deal comes at the same time as Foursquare Labs announced that it now has over 10 million users, and after a recent trial of the discounting concept at SXSW in March.
AmEx Serve gives Android, Facebook, IOS payments
American Express dipped into digital payments on Monday by unveiling Serve. The approach gives Android and iOS devices, as well as Facebook, a way to to pay friends or bills without having a traditional credit or debit card. It can be loaded up with credit or debit but also works with direct bank accounts and direct-from-Serve payments.
Foursquare 3 detailed for Android, iPhone
Foursquare as teased has provided details of its 3.0 update. The new version is built to encourage visiting unfamiliar places and now has an Explore tab to recommend locations in certain categories. Aside from quick searches, it also bases the suggestions on the check-in history, what friends are visiting, or the particular time and day of the week.
Foursquare 3.0 and AmEx deal due at SXSW
Foursquare promised a major turnout at the South by Southwest festival (SXSW) with a teaser and one of its first direct partnerships. The company is promising the 3.0 version of its app for Android and iOS users at the Austin gathering, possibly soon as March 11. What 3.0 would entail wasn't mentioned, but iPad support is a candidate, as is more advanced media sharing; 18 new badges are in store regardless of platform.
Verizon, AT&T pick where to test phone payments
The planned smartphone payment system being developed by AT&T, Verizon and T-Mobile in the US will soon begin field tests, according to unofficial reports. BusinessWeek says AT&T and Verizon, along with minority partner T-Mobile, are said to be testing the system in Austin, Minneapolis and Salt Lake City. The project is code-named Mercury, with a pilot due to start in the middle of 2011.
US carriers to use NFC on phones for payment
Three of the larger US carriers are developing a smartphone-based alternative to a traditional credit or debit payment, sources claimed on Monday. AT&T, T-Mobile and Verizon are developing a Near Field Communication system like Japan's FeliCa. Buyers would swipe a phone with an NFC chip near a reader to pay for goods at stores rather than use a card.