Payments News picks up that Capital One have closed their groundbreaking debit card pilot. Payments News: Decoupled Debit Tests Shutdown by Capital One – May 05, 2008 Decoupled Debit Tests Shutdown by Capital One Continue reading Capital One close debit card pilot
Dave links to a report that highlights usage of cell phones as a digital wallet in Japan. Great statistic here … almost 16% use their phone for this purpose. Digital Money Forum: We should have such problems Only a sixth of mobile phone subscribers use their handsets as contactless wallets! ONLY A SIXTH!! Well, here in the U.K. it’s about 0.001% so I’m quite jealous. Not just of Japan, but of lots of other places. Continue reading 16% of Japanese mobile users use digital wallet
Diverse presentations in the first part of todays session at DigitalMoneyForum. The first two were on the unified payment initiative in Europe, SEPA. It is a complex initiative, that is designed to standardise three payments at first: credit transfer (bank to bank deposits – doesn’t exist in North America) direct debit card payments Lots of rules and regulations, but the message is that such standardisation cannot occur without regulation, but that it also requires co-operation and engagement of users (Banks) in order to make it happen practically. It does seem quite bogged down, and I am still not clear when … Continue reading Payments, Russia and Europe | Digital Money Forum
Off to London now for the conference. I am really looking forward to this event, and the content. The panel in particular should be an interesting chat. Co-participants are: Expert Panel: Meet the Bloggers Moderator: Steve Bowbrick Chris Skinner, Balatro Aneace Haddad, Welcome RT Colin Henderson, Bankwatch Scott Loftesness, Payments News Dave Birch, Digital Money Blog I am sure we will get into some good discussion about whats wrong with payments, and missing in electronic money/ smart cards/ alternative financial services/ social lending. What really interests me, is that I feel I know each of these participants personally, yet have … Continue reading Digital Money Forum conference – 2008
Till now this service has been reserved for airports in Canada, so its nice to hear that its being rolled out generally. While Banks here debate how to implement pin free debit or smart card electronic purse, this Visa product is a category killer in my view. Its simple fast and convenient, and only one receipt for customers, unlike the two ‘would you like those stapled together’ receipt dance that accompanies debit. RBC p2p – the latest RBC p2p stuff Well, in any case the Visa no signature required program is here in Canada and so now when you go … Continue reading Visa category killer | “no signature required”
What a dream …. well said Dave. Digital Money Forum: Realistic dynamics of contactless Wouldn’t it be a dream if the public could use their phones to book tickets, enter the events, travel on the Underground and buy a coffee just using their phone. What a showcase! Continue reading A real dream for contactless payments
Obopay is a service to watch. With a $48 million war chest, they are well funded, and provide a simple service well. Fits well with the dis-aggregated financial services model we have been discussing here. By that, I mean that the current full service Bank model is showing strain, and in the short run at least, will be faced with many operators providing components of the old Bank model at better value to consumers. Value, meaning better price, and enhanced convenience. News Blog – Daily Brief: Prepare to Lose Your Wallet – Portfolio.com “When I send you money, all I … Continue reading “When I send you money, all I need is your cell phone number”
This from Chris on Finextra, notes the growing competition in online payments. We have become accustomed to seeing Paypal at online checkouts. But competition is here not just from Google, but Amazon, Banking consortia, and others. Chris notes this announcement from Amazon. First PayPal, then Google, now Amazon and the Banks “You can use the extensive feature set of Amazon FPS to conduct a wide variety of transactions under virtually any set of constraints. Key features include: Send and receive money using credit card, bank account or Amazon Payments balance transfer as payment methods …. Technorati Tags: payments, transaction+acquiring Continue reading Online payment transaction acquiring heats up …
Thanks to Bruce at Javelin, for this tip. While his point is the end of the prospective merchant centric debit system, I also see here the opening for new services from Banks. Tempo | News & Events SAN MATEO, CA — July 17, 2007 — Tempo Payments, Inc., today announced the availability of Tempo™ Debit, the first debit solution that enables financial institutions and other issuers to rapidly deploy comprehensive ACH-based debit card programs. Shattering long-standing barriers to increased debit card use, Tempo Debit allows institutions to establish debit card relationships with consumers other than their own checking account customers. … Continue reading Tempo Debit allows institutions to establish debit card relationships with consumers other than their own checking account customers
I have to update something that I missed earlier in June. The event was the CapitalOne debit card, and I realised I had missed a significant nuance while chatting to Jason from Wesabe later in June. The significance began to sink in. CapitalOne do not have or even need a checking account as I wrongly wrote here. CapitalOne becomes a Bank with checking accounts « The Bankwatch This makes Capital One a bank with a checking account. From my reading of their site, which does have lots of words, they are oferring credit card type protection for debit card purchases. … Continue reading CapitalOne attack Banks with standalone debit card
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