Secret Service warns of chip card scheme — Krebs On Security — “The US Secret Service is warning financial institutions about a new scam involving the temporary theft of chip-based debit cards issued to large corporations. In this scheme, the fraudsters intercept new debit cards in the mail and replace the chips on the cards with chips from old cards. When the unsuspecting business receives and activates the modified card, thieves can start draining funds from the account.”
USA
PayPal expands into mainstream banking
PayPal makes a move toward traditional banking — Wall Street Journal — “The San Jose, Calif-based payments company has been quietly reaching out to groups of customers in recent months with an offer to add basic banking features to their PayPal digital wallet. The features include Federal Deposit Insurance Corp insurance for their balances, a debit card that can be used to withdraw cash at ATMs and the ability to direct-deposit their paychecks.”
Four in five Americans want to use one platform to manage all their finances
Digital is the new language of money: Americans predict payment apps will move to the top spot in their wallet and would like to manage their financial lives in one place — Koski Research — “Americans predict that apps will be the most common in-person payment type in five years… More than four in five Americans (84%) say they are interested in managing their money from one online central platform for deposits, spending, and saving.”
Apple Pay runs Springtime Savings promo with ten leading brands
Latest Apple Pay promo offers 15-30% discounts from Adidas, Boxed, Goat, Headout, Saks Fifth Avenue, more — 9to5Mac — “Apple has been running regular weekly Apple Pay promos for some time now, but this week is offering deals from not just one brand but ten of them. Deals range from free rush shipping to discounts of up to 30%… The offers are applicable when using Apple Pay as your payment method either through the relevant apps, or on the web.”
Walmart applies for multiple automated shopping patents
Walmart files patent applications for drone shopping assistants and smart shopping carts — The Verge — “One of the patents is clearly for the in-store experience, and proposes a sensing device to make shopping carts smart and communicate with a mobile device… There’s also a patent that tracks users through wearables, and several for managing/sensing inventory levels. Walmart has also filed a patent for drones that would assist customers shopping in-store… There are also two patents for autonomous tech. One outlines a method for detecting items placed in a container.”
Apple Pay runs free meal delivery promotion
Apple Pay’s new promo offers up to three free deliveries from Grubhub, Seamless, and Eat24 — MacRumors — “To take advantage of the March Madness-themed promotion, customers can enter the code “HOOPS” at checkout in Grubhub, Seamless, and Eat24 (in apps or on websites), and pay for their orders via Apple Pay to get a free delivery. The offer is limited to three redemptions per diner and three per device during the promo period, and does not cover the cost of the meal in the order.”
Shell rolls out mobile payments at the pump
Customers at participating Shell branded retail stations in the US can now pay at the pump and in store using mobile payment with Chase Pay — JP Morgan Chase — “Millions of consumers of participating Shell branded retail sites in the US are now able to pay for fuel with their mobile devices, using either the Shell app or the Chase Pay app… Customers simply pull up to the pump, enter their pump number, and receive a three-digit code to enter into the dispenser to refuel… Customers can also make purchases using the apps inside Shell convenience stores.”
Macy’s brings mobile self-checkout to department stores
Macy’s to add mobile checkout to all stores by year’s end — CNBC — “The platform allows shoppers to scan barcodes on items (apparel, home goods, etc) with their phones, as they add merchandise to their baskets in stores. Relevant discounts and rewards will also be applied, via a shopper’s loyalty account, throughout. When customers are finished shopping, they will head to a special counter for mobile checkout, where an associate will remove security tags and make sure the number of items scanned adds up to those paid for. Then, they’re ready to go.”
Capital One lets cardholders create virtual card numbers in their browser
Capital One’s shopping assistant Eno can now dole out virtual card numbers in the browser — Techcrunch — “Capital One’s card numbers let you pay without needing to use (or even locate) your credit card account information, once the extension is set up and configured. The extension instantly creates virtual card numbers when you go to a site’s checkout page… The Eno extension will also auto-fill your payment information on the checkout page, and reappear when you return to the same site.”
Bain & Co explains how a Bank of Amazon could save the retailer $250m a year in interchange fees
Banking’s Amazon moment — Bain & Company — “Amazon could avoid more than a quarter of a billion dollars in annual interchange fees in the US alone. This estimate is based on three assumptions: Amazon achieves the bank account penetration our consumer research suggests; 15% of its e-commerce customers pay directly from their Amazon bank account instead of through a credit card; and those customers spend at the same level as Amazon Prime customers.”
US carriers set out joint mobile authentication platform plans
AT&T, Sprint, T-Mobile and Verizon unveil next-generation mobile authentication platform details — AT&T — “This highly secure solution will deliver a cryptographically verified phone number and profile data for users of authorized applications with their consent. Authentication security is strengthened by processing unique attributes such as a network verified mobile number, IP address, SIM card attributes, phone number tenure, phone account type and more. In addition, advanced analytics and machine learning capabilities will be used to help assess risk and protect customers. Registered developers will be able to submit applications through a system using private and permissioned blockchain technology to help ensure application integrity.”
Amazon plots move into mobile payments and financial services
Are you ready for an Amazon-branded checking account? — Wall Street Journal — “Amazon.com Inc is in talks with big banks including JPMorgan Chase about building a checking-account-like product the e-commerce giant could offer its customers, according to people familiar with the matter… Converting its shoppers into financial account holders could also aid Amazon as it ramps up its efforts in payments… The company is now trying to bring Amazon Pay to brick-and-mortar stores, according to people familiar with those plans. It is likely to begin with Whole Foods, which Amazon bought last year for roughly US$13.5bn.”
One in ten young US adults have used Apple Pay to make an in-store payment
Mobile payments survey: Apple Pay leads Google Pay in usage and interest among Millennials and GenZ in 2018 — Dealspotr — “In-store, a surprising 11% of Millennials and 10% of GenZers have used Apple Pay to pay for items in the checkout line. Apple Pay (10%) was significantly more popular than rival payment platforms such as Google’s Android Pay (4%) and Samsung’s Samsung Pay (2%)… 15% of Millennials and 15% of Generation Z have used Apple Pay to pay when shopping online (vs 9% and 9% for Google Pay).”
Apple Pay users doubled in 2017 to 127m, says top analyst
Annual Apple Pay review: Adoptions jumps, but still a long way to go — Loup Ventures — “The number of banks globally that support Apple Pay increased in the past year by 41% to 2,707 banks. We believe there are 127m global active Apple Pay users, up from 62m a year ago. This represents 16% of the active iPhone base… Between 20% and 30% of US iPhone owners use Apple Pay. ~30% of new iPhones are activating Apple Pay.”
Six more Amazon Go stores to open this year?
Amazon plans to open as many as six more cashier-less Amazon Go stores this year — Recode — “Some of the new high-tech stores are likely to open in Amazon’s hometown of Seattle, where the first location is based, as well as Los Angeles… It’s not clear if Amazon will open up Go stores in any other cities this year.”
Researchers aim to print edible RFID tags directly on to food
Graphene on toast, anyone? — Rice University — “The Rice lab of chemist James Tour, which once turned Girl Scout cookies into graphene, is investigating ways to write graphene patterns onto food and other materials to quickly embed conductive identification tags and sensors into the products themselves… ‘This is not ink,’ Tour said. ‘This is taking the material itself and converting it into graphene.'”
Wells Fargo puts AI into mobile app to help customers manage their money
Wells Fargo adds AI enhancement to mobile app, giving personalized account insights to customers nationwide — Wells Fargo — “Insights range from flagging higher-than-normal automatic monthly payments so that customers may look into a change to a reoccurring bill, to reminding a customer to transfer money from savings to a checking account to avoid a possible upcoming overdraft… Currently there are over 50 different prompts a customer can receive based on past and expected future account activity, with plans to continue adding new insights regularly. The feature will expand to small business and credit card customers later this year.”
Walmart adds Store Assistant mode to mobile shopping app
Your shopping trip just got easier with this new store assistant — Walmart — “Next time you visit your local store and open the app, you’ll notice that the Walmart app transforms into Store Assistant. All of the tools you need to make shopping fast and easy, such as Walmart Pay, will be right at your fingertips. We’ve also made the product search bar and the scanner easier to find, so you can quickly read reviews, find items in store and double-check prices.”
E-ZPass lets drivers use their toll pass to make purchases from their car
Verdeva’s PayByCar makes in-vehicle payment simple with unprecedented E-ZPass deal — Verdeva — “Anybody who has an E-ZPass transponder in their car can enroll in PayByCar and be able to drive up and pay without ever reaching for their wallet… When a member drives up to a participating retailer, PayByCar recognizes the toll transponder on the car and the presence of the driver’s cell phone. It authorizes and automates payment using the member’s chosen method for Verdeva non-tolling transactions, which is on file with PayByCar, and offers personalized rewards.”
Apple Pay runs first promo to work both online and in-app
Apple offering Valentine’s Day discount for Apple Pay purchases via 1-800-Flowers — 9To5Mac — “Apple is giving users a $15 discount at the merchant when checking out with Apple Pay. This offer is valid online, or through the app, making it the first Apple Pay promo to be available both in-app and online… Apple has been offering weekly in-app Apple Pay discounts as it looks to push more users to try out the payment method. Last week, Apple offered Under Armour users discounts when checking out with Apple Pay. Previous weeks have offered discounts for Dunkin’ Donuts users, the Goat sneaker app, and SpotHero parking.”