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The move will allow Chirpify members to pay merchants and each other on the Twitter, Facebook, and Instagram social networks with American Express, Discover, MasterCard, and Visa cards or with ACH transfers. It also propels the fledgling Portland, Ore.-based company further into the fast-growing world of social commerce, where companies …
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Incidents of Fraud Following a Data Breach Nearly Double in Two Years, Study Finds
Just because a consumer’s financial information is compromised in a data breach does not mean the consumer will become a fraud victim. But the linkage between breaches and fraud is becoming much stronger, according to new data from Javelin Strategy & Research. Javelin recently reviewed data from its annual …
Read More »As Adoption Lags, Gartner Shaves 40% Off Its NFC-Based Mobile Payments Forecast
Lackluster adoption has prompted a major research firm to make a sharp downward revision of its five-year projection for mobile payments based on near-field communication (NFC) technology. Worldwide NFC payments volume will reach $22 billion by 2016, down 40% from the original forecast released a year ago, says Gartner Inc. …
Read More »VeriFone’s Interim CEO Eats Humble Pie As the Company Cleans Up a Bergeron-Era Mess
VeriFone Systems Inc. interim chief executive officer Richard McGinn gave a blunt review of the company’s recent past Wednesday in the point-of-sale hardware and payment software provider’s first quarterly earnings call in memory without former chief executive Douglas Bergeron. McGinn said the company under-invested in research and development and …
Read More »The FTC’s Breach Lawsuit Against Wyndham Becomes a Cybersecurity Flashpoint
A formerly obscure lawsuit filed by the Federal Trade Commission against Wyndham Worldwide Corp. and three subsidiaries in the wake of three data breaches at the hotel chain has become the flashpoint of a growing debate about the lack of a federal law governing data security on the Internet and …
Read More »The Gimlet Eye: With EMV Coming, It’s Time for PINs Online
It is not the purpose of this column, this month, to draw up a bill of indictment against the Europay-MasterCard-Visa (EMV) specification for chip cards. After all, EMV has acquired an air of inevitability in the United States now that the four principal card networks have issued deadlines for processor …
Read More »Trends & Tactics
Why Is First Data Dissing PayPal POS? Discover Financial Services has recruited 50 merchant acquirers to bring acceptance of leading online payment system PayPal to more than 2 million physical merchant locations by year’s end. Still holding out, at least as late as late May, was No. 1 merchant processor …
Read More »Security Notes: Too Late for EMV in the U.S.
Gideon Samid • Gideon@BitMint.com How would you counsel a society that uses manual typewriters? Would you explain the clear advantages of an electric typewriter, or would you point them to computer technology? Similarly, for the huge national effort called EMV (Europay-MasterCard-Visa) migration. Consider EMV in light of “pay-phone” technology. Just …
Read More »Acquiring: Fee Fight
Elizabeth Whalen Merchants focus most of their attention on interchange when they think of card-acceptance costs, but now network fees and related charges are in the spotlight. Are such charges an expression of oligopolistic power? When MasterCard Inc.’s new digital-wallet fee takes effect this month, it will join a growing …
Read More »Security: The Battle of the Bits
Linda Punch With law enforcement’s spotlight on Bitcoin and other digital currencies, a startup called BitMint hopes its approach will inject much-needed trust into the business. Developers of digital currencies are struggling to find the right mix of features to win over a mass market. One of the latest efforts …
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