mastercard payments

MasterCard Rolls Out Gadget Payment

Credit card company MasterCard is working with diverse innovators to launch a program that would make mobile payments possible from any device. The technology – announced this week in Las Vegas – works with gadgets as unsuspecting as a GM car key fob. MasterCard plans to bring mobile payments to “a wide array of consumer products across the automotive, fashion, technology wearables and yet-to-be-imagined categories,” stated a story in Top Tech News. The program is supported by technology from NXP Qualcomm, and “puts in place a standard for expanding secure contactless and embedded payment options globally,” said MasterCard. Mobile payment

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Samsung Pay a Hit in South Korea

In its first month of use in South Korea, Samsung Pay has done incredibly well. The service which allows its users to pay for items with their smartphones at participating vendors has proven to be both popular and profitable, according to the smartphone maker. Samsung reported more than $30 million in transactions were made between August 20 and September 20. More than 1.5 million individual transactions have occurred and approximately 36 percent of Samsung users in South Korea are actively using the service, with ten percent using it every day. “Although the details on Samsung Pay usage are constantly being

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Google Wallet Redesigned as Peer-To-Peer Payment App for iOS

The new Google Wallet for iOS was recently launched with a new focus on peer-to-peer payments. The completely rebuilt app went live on Android in September, and is now also available on iOS. Android Pay was launched by Google earlier this month in an attempt to turn Google Wallet into a peer-to-peer payments service. Google Wallet allows users to send money to anyone in the U.S. using only an email address. An added bonus is the person accepting the transfer does not need to be a user of the Wallet service to receive payments. A Google Wallet Card can be

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AmEx to Stop Merchant Curbs

The credit card giants in the United States are gearing up to slug it out at the checkout counter once again. After years of prohibiting merchants who accept its cards from steering customers to other brands, American Express is lifting these restrictions. The change comes after a federal judge found in February that AmEx’s rules on the matter were anti-competitive. This week, a separate court denied the company’s request to keep the rules in place pending its appeal. This means that starting next month, merchants will be able to offer discounts or rebates to customers paying with a card from

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Google Interested in Buying Mobile Payments Company Softcard

To compete with Apple Pay, rumors suggest Google is interested in buying mobile payments company Softcard. The price may be under $100 million, which is either a huge bargain or a sign of Softcard’s current difficulties as a company. Both Google and Softcard have declined to comment on the M&A rumors, but Softcard is currently in a consolidation phase, laying off around 60 employees earlier this month. “Softcard is taking steps to reduce costs and strengthen its business. This includes simplifying the company’s organizational structure and consolidating all operations into its Dallas and New York offices, which involves layoffs across

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Verifone PAYware Mobile e355 mPOS Supports Multiple Payment Types

Verifone has come up with a new mobile Point of Sale system (mPOS) supporting multiple payments types, device form factors and mobile operating systems. The cost associated with maintaining and upgrading both hardware and software to support a fast-moving smartphone industry is arguably one of the main reasons for the slow adoption and support of mobile payments. The prospect of having to update mobile payment systems whenever a new operating system, payment method or device comes out can be a daunting prospect to vendors. Additionally, competing mobile payments are oftentimes mutually exclusive. The PAYware Mobile e355 has been developed by

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QR Code Payments to Rival Apple Pay?

Some major retailers have blocked Apple Pay in favor of an alternative payment method set for release in 2015. Apple Pay received ample support from retailers during its September launch, but NFC terminals at Rite Aid and CVS enabling Apple Pay have reportedly been disabled. In a leaked memo to Rite Aid employees explaining the company no longer accepts Apple Pay, a payment system called CurrentC was hinted at being available in the first half of 2015. Developed by Merchant Customer Exchange (MCX), this rival payment system is likely to be adopted by a group of major U.S. retailers including

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Millennials Shy Away from Credit Cards

While millennials are often painted as being carefree and irresponsible, a new study indicates they may have learned a lesson or two about debt from the recent economic slowdown. According to the Bankrate.com, 63 percent of millennials don’t own a credit card, something most attribute to economic instability and growing student debt, while others have difficulty obtaining one. Though declining use of credit is not something the banks like to see, students interviewed by the Daily Aztec seem to be increasingly cautious. “It can be a good thing to help you build credit, or it can be totally evil,” one

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Credit Card Breach Rocks Home Depot

Home Depot is the latest retailer to be rocked by a credit card scandal, with cybersecurity expert Brian Krebs pointing the finger at the big box store as the source of the latest breach. It’s not small potatoes – Krebs has suggested victims could have had their information scooped at most of Home Depot’s 2,200 stores, meaning it could have an even larger impact than 2013’s Target breach. It appears criminals may have accessed data from the stores’ point-of-sale terminals for several months. On Thursday, Home Depot announced it is offering credit monitoring and identity protection services to affected customers.

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Merchant Petition Asks Court to Reconsider Swipe Fees

A handful of merchants groups are asking the U.S. Supreme Court to take a second look at the debit card swipe fee cap. The National Association of Convenience Stores, the Food Marketing Institute, the National Restaurant Association, the National Retail Federation, Boscov’s and Miller Oil Co. all filed the petition asking the court to have another look at the Federal Reserve’s decision to cap swipe fees at 21 cents per transaction instead of lowering it. Originally, the Federal Reserve had pegged the average incremental cost at four cents per transaction and suggested the cap should be no higher than 12

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