August 25, 2010 |
Paying for a shopping spree by waving a smart phone may be more exciting than swiping a credit card, but according to Consumers Union, it might not be as safe. The nonprofit testing and information organization, which publishes Consumer Reports, called on regulators Tuesday to implement protective standards on mobile payments. Federal law currently shields credit or debit card holders from many charges associated with lost, stolen or misused cards. But without industry-wide rules for "digital wallet" providers, consumers could risk losing money through fraud, merchant disputes or processing mistakes, the group said.
January 25, 2013 |
Square Inc.'s chief operating officer Keith Rabois abruptly resigned from the mobile payments company on Thursday after accusations were made that he sexually harassed an employee. The mobile payments company said the allegations first came to light two weeks ago when a New York attorney representing the male employee contacted Square. In a blog post , Rabois vigorously denied the allegations and said the relationship was consensual. He said he resigned to avoid causing a distraction at the company.
June 24, 2012 |
Wouldn't it be nice to forget your wallet — permanently? That day is coming sooner than you think. In the walletless future there will be no credit cards to lose, no cash to carry and no concert tickets to leave at home. Already, with a few taps on the screen of your smartphone, you can order a meal at a restaurant, loan your friend 20 bucks or even unlock the door to your house (so you can lose the keys too). Nearly half of U.S. consumers own smartphones, and as they have gained popularity the devices have grown to resemble pocket mini-malls, with rows of virtual storefronts where consumers can buy video games, music, books and TV shows.
November 8, 2001 |
Four credit card companies formed a cross-industry group this week to develop secure, user-friendly payment standards for transactions made using cell phones and other mobile devices. The Mobile Payment Forum was launched by American Express Co., MasterCard International, Visa International and JCB Co. Forum members are expected to include other financial institutions, operators of telecommunication networks, wireless device makers, merchants and software providers.
January 11, 2012 |
People increasingly turned to mobile shopping over the holidays. And they didn't just browse, they bought. Sales over mobile devices during December doubled from the same month in 2010, according to a survey from IBM. About 11% of total online sales in that month were on smartphones and tablet computers, up from 5.5% a year earlier. That tracks with growth in overall online spending, which rose 7.5% in December compared to the same period a year ago, following double-digit growth over Black Friday and Cyber Monday in November.
September 3, 2012 |
Retail giant Wal-Mart Stores Inc. is testing out a new checkout system that enables shoppers to avoid long lines and scan items in store aisles using their smartphones. The world's biggest retailer said that employees have been testing the Scan and Go service at one store in Arkansas, the Wall Street Journal reported. The new system may cut the time it takes to shoppers to scan items but does not allow customers to pay for their purchases via smartphone. The service has not yet been rolled out to shoppers, but Wal-Mart sent employees e-mails this week offering $100 and a $25 Wal-Mart gift card if they went to a supercenter near the retailer's headquarters in Bentonville, Ark., to test out the service, the Journal reported.
August 28, 2012 |
Apple and Google appear to be headed toward a new fight, this one involving mobile wallets. Earlier this week, pictures surfaced of a chip located toward the top of what appear to be parts for the next iPhone. Many believe this chip is for Near-Field Communication technology - or NFC - which allows phones to connect in close range using radio communications. An example of what NFC can be used for is mobile payments, which Google already does with its Google Wallet service.
March 21, 2013 |
When Microsoft Corp. announced recently that it was starting a big push to grow its market in Africa, it cited the continent's big growth opportunities, calling Africa a "game changer in the global economy. " Similarly, IBM Corp., Google Inc., Intel Corp., Hewlett-Packard Co. and other tech companies in recent years also have expanded their presence in Africa. As the growth of tech hardware, software or services flattens or declines in mature markets such as the U.S. and Western Europe, and markets in China, India and Russia grow increasingly competitive, many of the largest tech companies are looking to Africa.
June 23, 2011 |
Square, the mobile payments start-up from Twitter Inc. co-founder Jack Dorsey, has added former Treasury Secretary Lawrence H. Summers to its board of directors. Until late last year, Summers served as President Obama's chief economic advisor. He was president of Harvard University from 2001 to 2006 — while Facebook founder Mark Zuckerberg was a student. The San Francisco payments processor — known for its small, white, cubed credit card readers that plug into the headphone jacks of smartphones and tablets in place of a register — added an extra seat to its board for Summers.
January 9, 2012 |
Online payment service PayPal is edging into brick-and-mortar stores by testing out a new payment system with home improvement chain Home Depot Inc. The system, being rolled out in five Home Depot stores, works in two ways: Using an in-store terminal, shoppers can buy items by punching in a phone number and personal code linked to their PayPal account, or they can pay using a plastic card issued by PayPal that works like a credit card. PayPal, which is owned by online auction giant Ebay Inc., is an online payment service that websites can use to process payments.