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Security Notes German Chancellor Angela Merkel frowned on Cyprus. So Italians and Spaniards panicked, pulled their money out of their bank accounts, and bought an obscure cryptocurrency by the name of Bitcoin. When all this happened, in 2013, Bitcoin was just learning to walk, setting itself up, not ready for …
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What 2015 Will Bring
Payments 3.0 This issue inaugurates the Payments 3.0 Fearless Forecast. The expectations discussed here represent a distillation of insights gathered from banks, merchants, card schemes, startups, regulators, and consumers, distilled by 30 years of seeing new payments systems come and go. Apple Pay: 2015 will be the year for Apple …
Read More »Bitcoin Leaves the Station
Cover Story By John Stewart Putting the Silk Road and Mt. Gox disasters behind it, the Bitcoin train is picking up speed. But what’s the real destination? If you want to get an idea of how far Bitcoin has come, take a look at what people are buying with it. At …
Read More »A Quickening Pulse
Components Biometrics in electronic payments didn’t have much life until last year, when Apple’s Touch ID and other applications gave the technology a shot of adrenaline. What’s next? It’s Act II for biometrics in payments. The now-defunct Solidus Networks Inc., better known as Pay By Touch, dominated Act I for …
Read More »The CFPB’s New Prepaid Rule: The Good, the Bad, And the Ugly
Endpoint The proposal would do some useful things, but that advantage is outweighed by its—and the Bureau’s—disadvantages, says Eric Grover. Rule by regulatory mandarins is not only unconstitutional, it suppresses payments competition and innovation, and consequently consumer choice and value. On Nov. 13, the Consumer Financial Protection Bureau released its …
Read More »Retail Groups Blast ‘Inaccuracies’ And ‘Misrepresentations’ in ICBA Release
Retailer organizations are lambasting an Independent Community Bankers of America survey that blamed retailers for breach costs that totaled $90 million at The Home Depot Inc. this year. In a letter to the ICBA and bearing Monday’s date, the chief executives of the Retail Industry Leaders Association, National Retail Federation, …
Read More »MasterCard Expands Its Outreach to Software Developers With a Global ‘Hackathon’
MasterCard Inc. opened up its payment network to third-party software developers in 2012 and since then has participated in a number of regional “hackathons” in which developers create applications that link to MasterCard network services. Now MasterCard is expanding its footprint in the developer space by sponsoring what it calls …
Read More »Forgot About HCE? RBC Puts It Front And Center Again With Its Latest Pilot
Remember host card emulation? You might have lost sight of this variant of mobile payments based on near-field communication amid the flood of publicity Apple Inc.’s SIM-based Apple Pay service generated this fall. But HCE never went away, and now Royal Bank of Canada is making a bid to put …
Read More »CorFire Acquisition Bolsters Mozido’s M-Commerce Presence at Home and Abroad
Mobile-payments platform developer Mozido Inc. expanded its footprint in the budding industry sector with its announcement Thursday that it acquired a majority interest in CorFire, a U.S. m-commerce subsidiary of South Korea-based information-technology provider SK C&C. Mozido already provides the MoTeaf white-label payments platform as well as various person-to-person, bill-payment, …
Read More »House Report Criticizes the FDIC’s Alleged Attempts To Shut Out Disfavored Merchants
A U.S. House of Representatives committee released a report this week blasting the Federal Deposit Insurance Corp. for its role in Operation Choke Point, a federal-government effort to deny payment-processing services to merchants intent on defrauding consumers. The report is one more nail in what appears to be a coffin …
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