ENTRIES TAGGED "Visa"
Visa looks to make allies with new program; PayPal Here heads to Europe; and showrooming, Google disrupt retail.
Visa looks to kick-start NFC
Visa is taking aim at the NFC mobile payment holy grail. On Friday, the company announced the Visa Ready Partner Program. Leena Rao reports at TechCrunch that the initiative “aims to help mobile device manufacturers, technology partners, mobile network operators, and others gain access to Visa IP, licenses and more,” and that Visa “will make APIs and SDKs available to allow mobile point of sale providers to connect to Visa via payments gateways CyberSource and Authorize.Net.”
Rao says the program will serve as a resource for developers and provide a way for financial institutions and retailers to adopt mobile payments solutions. One of the initial program partners announced is Samsung. Ina Fried reports at All Things Digital that per the agreement, future NFC-enabled Samsung phones “will come with Visa’s [PayWave mobile] applet and pre-certified to work with its payment system.” Fried also reports that Visa mobile chief Bill Gadja said that they’re aiming to “turn upstarts into potential allies rather than rivals” with the program.
“Since wireless carriers in the U.S. still have a say in what features are available on devices and which aren’t, there’s a chance that the Visa PayWave technology may only be available on Samsung devices sold internationally and not on most Samsung smartphones sold in the U.S.”
Reardon uses Google Wallet’s uphill battle as an example of potential obstacles Visa may face, noting that “the three major U.S. operators that have already blocked Google Wallet are investors in a joint venture called ISIS, which is building its own NFC-based mobile wallet.” You can read her full report at CNET.
BofA enters Square's arena, V.me exits beta, and plastic likely won't leave the payment space anytime soon.
Here are a few stories that caught my attention in the commerce space this week.
Square aims high, BofA enters mobile payment arena
Square’s partnership with Starbucks launched this month, catapulting the payment startup into a new tier of competition. Gerry Shih at Reuters writes that Square now is looking at processing $10 billion in payments per year and “has attracted a furious response from established or deep-pocketed rivals who are determined to crush the San Francisco-based upstart.” Rivals include PayPal, Groupon and Intuit, among many others.
Shih says Square needs to prove it can compete on this new level, moving beyond food trucks and taxis and into large retailers and big-box chains.
Square’s COO Keith Rabois told Shih that Square eventually plans to process payments for every business in the U.S. and argues that though it won’t happen today, the company is in a good position to make that a reality. Shih reports:
“Because Square acts like an aggregator for its thousands of merchants, Rabois added, Square will be able to negotiate better rates with banks and credit card companies and improve its margins. Square’s daily transaction volume already makes it the equivalent of the 20th largest retailer in the United States, larger than, say, Trader Joe’s or the Gap.”
Square’s competition heated up yet again this week as well, as Bank of America launched Mobile Pay on Demand, which will allow merchants to process payments on iPhones, iPads or Android devices. Tricia Duryee reports at All Things Digital that BofA’s service fees will run 2.7% per transaction (compared to Square’s 2.75%) and that the service will launch at the beginning of December.
In what may be a sign that competition in this space is only going to increase, Trevor Rubel, EVP of strategy and emerging products for Bank of America Merchant Services, told Duryee, “I hate to come out with a commodity product, but every bank should have one.”
Square's frictionless payment doesn't worry PayPal, NFC gets hacked, and mobile payments head to the Olympics.
A look at Square’s new payment app and why PayPal isn’t concerned, an NFC security hack is demoed at Black Hat, and Visa takes mobile payments to the 2012 Summer Olympics. (Commerce Weekly is produced as part of a partnership between O’Reilly and PayPal.)
Some high-end brands are neglecting mobile, new Google Wallet phones, and PayPal's happy surprise.
A survey finds high-end brands are neglecting their mobile strategies. Also, Sprint rolls out two new Google Wallet phones, and PayPal's mobile volume beats its own guesses. (Commerce Weekly is produced as part of a partnership between O'Reilly and PayPal.)
Tap Fish's addictive business model, Isis' NFC partner, and consumers' payment preference.
The Daily Show questions Tap Fish's addictive business model, Isis chooses an NFC partner, and a new survey says consumers may think mobile payments are more secure than credit cards. (Commerce Weekly is produced as part of a partnership between O'Reilly and PayPal.)
Consumers trust old school, PayPal researches online game payments, and a look at smartphone market share.
A survey by Ogilvy & Mather shows consumers trust Visa, MasterCard & American Express the most, but PayPal beats out Google and Apple. Also, PayPal researches online game payments, and a quick look at smart phone platform market share.
Google's payment purchase, Visa's iPhone app, and FarmVille snubs ads.
In the first edition of ePayment Week: Is there a connection between Android 2.3 and Google's purchase of Zetawire? Plus: News on Visa's iPhone app and Zynga's disinterest in advertising.