It was only a matter of time: American Express has taken a full-out dive into the crowded and ambiguous space full of companies both big and small that are trying to figure out the future of consumer payment transactions. The company today announced Serve, a set of applications designed to let users make payments more easily online or with mobile phones via special accounts funded by credit cards, debit cards, or bank accounts. With this product, the company "aims to expand into new segments of the market that do not rely on traditional charge and credit cards to manage … Read more
We may not have jet packs yet, but pretty soon plastic will be a thing of the past. At least in our wallets, that is.
The technology that will bring us part of the way there is near-field communications (NFC), an exciting tool that lets devices exchange information with one another when in close proximity. So far, its main use has centered on payments, specifically point-of-sale terminals at retailers. In fact, you probably have a credit card from your bank with an NFC chip in it.
The next frontier for those little chips is in smartphones. Like wallets, these have … Read more
Google plans to begin testing a mobile payment service within the next four months, according to a report today.
The company will pay for the installation of thousands of NFC (Near-Field Communication) short-range, wireless point-of-sale systems from VeriFone at stores in New York and San Francisco, Bloomberg reported, citing two unidentified sources familiar with the project. Users of phones with NFC chips in them could then make payments by holding the devices up to the specialized reader.
A Google representative said the company was not commenting on the report. Representatives from VeriFone did not respond to an e-mail seeking comment.… Read more
A number of blogs pointed us today to news that mobile payment company Square is dropping the $.15 per transaction charge for any business using its mobile payments device and service. Square previously charged 2.75 percent of each transaction amount plus a flat $0.15 per transaction fee.
On the one hand, this is not that big of deal considering that the 2.75 percent is where the bulk of the company's revenue will eventually be made as higher-ticket purchases become more the norm. And, if you consider that 2.75 percent of $5 is $.13, the company … Read more
PayPal was hit by an outage early this morning that prevented customers from using the online payment service for more than an hour.
The outage started at 12:11 am PT, according to PayPal's Developer Network. PayPal said it was resolved by 1:23 a.m. PT, though the company acknowledged that access to international PayPal sites, such as ones in the U.K. and Spain, may have been slow or intermittent until 2 a.m. PT
The outage prevented customers from logging into their PayPal accounts. But the company said it didn't affect the ability of merchants … Read more
BARCELONA, Spain--Later this year you'll be able to pay for clothes, taxi fare, and dinner with your mobile phone and leave your credit cards and cash at home.
Visa is planning a commercial rollout in the U.S. in the second half of this year of a service for allowing allow people to turn their existing smartphones into electronic wallets. It uses Near Field Communication (NFC) short-range wireless technology and includes real-time anti-fraud alerts and other features designed to protect consumers from fraud, Bill Gajda, global head of Visa Mobile, told CNET in an interview at Mobile World Congress 2011 … Read more
Using our mobile phones as wallets is closer to reality. At Mobile World Congress in Barcelona this morning, Deutsche Telekom, parent company of T-Mobile USA, says it will unleash the capability to its customers this year.
The first customers to get the full payment system are those subscribers in Germany and Poland. The U.S., Netherlands, and Czech Republic will follow in 2012. Deutsche Telekom said it expected customers to use their phones in place of cash, and eventually in place of tickets for public transportation systems.
The payment system will be run and billed by the carrier, but it requires phones with NFC, or near-field communication, chips embedded inside. The chips allow data to be sent wirelessly over very short distances, around 4 inches. So when a customer waves his phone over a payment terminal, a transaction can be recorded.
But which handset manufacturers will get on board first? Beyond the Nexus S Android phone, few phones have the chips currently embedded. That's where reports from the press conference get really interesting. According to bloggers who were in the room, Deutsche Telekom executives handed out a slide deck that listed manufacturers it expects to launch NFC-equipped phones this year: Apple sometime this year, Samsung in the second quarter of the year, followed by RIM and LG during the third quarter. … Read more
European consumers may finally be able to pay for items via their smartphones next year, through a system under development by LG Electronics.
LG's system would use a combination of near-field communication (NFC) and cloud computing to allow certain retailers in Europe to accept payments from customers using NFC-equipped smartphones. Scheduled to launch sometime in 2012, the system would also find its way into interactive TVs and security products sold by LG, Reuters reported this week.
"The point-of-sale technology, which will be targeted at small and medium-sized businesses..., is currently in beta testing," Jin-Yong Kim, vice president … Read more
Barclaycard, Orange, and T-Mobile have set an early summer date to launch their near-field communications payment system, in which people can make purchases by waving a mobile phone near a payment station.
Near-field communications (NFC) systems require a lot of technology to be developed and deployed at the same time. Most obviously to a user, they require payment stations and mobile phones with processors that can communicate wirelessly. Less obviously, a back-end infrastructure is required to link the local payment with the necessary computers for processing it.
Consumers may soon be able to pay for items on the go directly through their iPhones or iPads.
Apple is reportedly working to outfit the next generation of its smartphone and tablet with near-field communications (NFC) technology, which would let consumers use the devices to make mobile payments as an alternative to cash and credit cards, according to a story today by the Bloomberg news service.
Richard Doherty, director of the technology consulting firm Envisioneering Group, told Bloomberg that both the iPhone 5 from AT&T and the iPad 2 would likely include NFC chips, citing engineers working on … Read more