This press release suggests some imminent changes at Dexit.  Their model is, in my view, not extendible as architected.  The concept of another merchant terminal is too complicated for merchants and consumers.  The whole aspect of which I covered earlier, of merchant terminals is critical to future payments’ success. CNW Group TORONTO, June 1 /CNW/ – Dexit Inc. (TSX: DXT), the creator and operator of the Dexit(R) electronic payment facilitation service for small transactions, reported in its Management’s Discussion and Analysis for the period ended March 31, 2006 and in earlier public documents that under the Merchant Licence Agreement with … Continue reading Strange press release from Canadian micropayment provider, Dexit, suggests problems

This is a matter that North American card acquirers, such as Moneris, and Paymenttech must consider otherwise the merchant experience will be terrible, and that would translate into consumer confusion. Card Technology, The Smart Card News Source Three of Japan’s largest convenience store chains are reportedly in talks to accept multiple brands of contactless credit and electronic purses on the same card readers. Without interoperable readers, consumers would be confused about where they could use a particular brand of contactless payment and merchants would have to install multiple readers. Continue reading Japanese Stores Turn To Interoperable Contactless Readers

Check 21 in the US, and TECP in Canada is all the more critical as we watch cheque volumes decline significantly.  The US Federal Reserve has already reduced their number of processing centres by half, but processing centres should be eliminated or at least reduced to one. Finextra: Fed closes more cheque processing centres; cuts 130 jobs Since 2003 the Fed has cut the number of cheque processing centres in the US from 45 to just 18 as more consumers and businesses continue to switch from paper to electronic payments. The Fed says its most recent study shows that about … Continue reading Cheque processing centres in the US cut from 45 to 18

Interesting view from a government group on something we Banks consider private space. Group looks at obstacles to switching bank accounts | info-europa The European Commission* is to create an expert group on customer mobility in relation to bank accounts. In particular, the group will identify any legal, administrative or other obstacles that customers encounter when opening, closing or switching bank accounts at both domestic and cross-border level."A bank account is often a prerequisite to accessing a whole array of other financial products, such as loans and investments. Most customers get these services from the bank where they have their … Continue reading European Commision to create an expert group on customer mobility in relation to bank accounts

Good background data on Apple retail stores.  They make the retail experience compelling focussing on simplicity, and interactivity, supported by the Genius bar, hosted by experts.  Their sales per foot confirm the success of their approach. The Daily News Online The stores’ growth rate in revenue per store — an increase of 44 percent from 2004 to 2005 — eclipses industry norms. By comparison, major retailers like Target Corp., Wal-Mart Stores Inc., and Best Buy Co. Inc. saw growth rates of 3 percent to 6 percent in 2005. Apple’s stores also reap more revenue per square foot than others: Its … Continue reading Banks can learn from Apple retail store approach

There is an evolving space in the US financial services space for the "unbanked". These are different ethnic groups, with less trust in typical banks, or simply poor people who don't feel there needs are represented by banks. globeandmail.com : The name of the game The full-service financial service machines that TIO makes (think ATMs 2.0) are placed convenience stores or other high-traffic areas. They allow users to replenish credits on pre-paid store cards, dispense cash, send money orders, transfer money, pay bills and cash cheques.The TIO machines have found a ready clientele among many Americans, particularly those who Mr. … Continue reading ATM 2.0 is serving a burgeoning Hispanic community need in the US