Young entrepreneur Lucas Duplan said his startup, Clinkle, has figured out a way for people to pay for things in a physical store without using cash or credit card. And, it doesn't require a mobile card reader, the hardware popularized by payments company Square.
"No one has really cracked the nut," Duplan said, adding that none of the apps currently available can really help people leave their physical wallets behind. He leaves the door open for other benefits, like how to use consumer's shopping habit data to create other features.
"Our product is fundamentally a … Read more
Square, the mobile payments startup best known for its credit card readers, is branching into e-commerce to take on the likes of eBay and Amazon.
The company on Tuesday launched Square Market, an online marketplace that allows merchants to sell their wares online without the expense of building and maintaining their own sites.
"Creating an online marketplace is our next step in making commerce easy for everyone," Ajit Varma, Square's director of discovery, said in a statement. "Square Market makes local businesses accessible to customers down the block and across the country."
The marketplace allows … Read more
SAN FRANCISCO -- After eight years as director of engineering for iPhone, iPod, and iPad accessories at Apple, Jesse Dorogusker could have gone just about anywhere he wanted for his next gig.
He chose Square, the mobile payments company that, among other things, gives away its signature credit card reader for free.
By Dorogusker's own admission, that's a "terrible hardware business" model. So what inspired someone with a solid gold resume to leave a company that makes billions on hardware for a place that gives away his work for nothing?
For Dorogusker, it was the opportunity … Read more
Apple is eyeing yet another way to dabble in the mobile payments market.
Dubbed "Method and system for managing credits via a mobile device," the application published Thursday by the U.S. Patent and Trademark Office envisions a system whereby mobile users would receive credits or coupons to be stored in their account. Acting as virtual currency, such credits could be used to help pay bills or buy items at a point of purchase.
Adoption of tap-and-pay technology on smartphones has been a disappointment and has slowed growth of the overall mobile-payments market. But bright spots still remain for companies looking to provide mobile money services to consumers around the world, according to a report from market research firm, Gartner.
In a report published Tuesday, Gartner said the value of transactions using a technology called Near Field Communications, or NFC, "has been reduced by more than 40 percent throughout the forecast period due to disappointing adoption of NFC technology in all markets in 2012 and the fact that some high-profile services, such as … Read more
Mobile-payment-processing company Square has brought its operation to Japan.
The company announced the news on Thursday, saying that it will charge merchants 3.25 percent per swipe. As with its service in the U.S., all funds will be automatically deposited into the merchant's bank account on the next business day.
In order to bring Square to Japan, the company teamed up with Sumitomo Mitsui Card Corporation, a credit card processing firm in Japan. The terms of that partnership were not announced.
Square's entry into Japan comes about a year after PayPal brought its own offering, PayPal Here, … Read more
LAS VEGAS -- Sprint Nextel's prepaid arm, Boost Mobile, is taking its own stab at the digital wallet.
The company on Tuesday unveiled its Boost Mobile Wallet program, which is an Android application that allows its prepaid customers to manage their funds, transfer funds, send money overseas, and pay bills.
While the heavy-hitters such as Google and Isis -- which is a joint venture between Verizon Wireless, AT&T, and T-Mobile -- are going after the high-end, tech-savvy user with their own digital wallets, Boost is going the opposite route. The company is instead targeting customers who tend … Read more
Even though Checkout was replaced by Wallet in 2011, it still has been an option for those merchants who are adamant about using the old service in their operations. But on November 20, that will come to an end. Google said by that time merchants who use Checkout will have two options: (1) move to another service, such as Google partners Braintree, Shopify, or Freshbooks, if they don't have their own payment processing, or (2) … Read more
PayPal is taking a major leap into the payment-processing space: it's eliminating fees for businesses that sign up for its service.
The news was announced on Tuesday by PayPal president David Marcus, who said that any business that dumps its old point-of-sale (POS) services in favor of PayPal Here -- the company's mobile-payment-processing service -- or another POS offering that integrates PayPal's technology, it'll wave fees through the rest of the year.
"We will offer free credit, debit card, check, and of course PayPal processing for the remainder of the year to any qualifying U.… Read more