A new opportunity is forming for the payments industry in the burgeoning market for multifunction, Internet-connected smart TVs. It’s a market driven by consumers who watch less and less network and cable TV and instead stream content online, whether on a desktop, a tablet computer or, more commonly now, a smart TV. Leveraging payment functionality online via smart TVs may thus be the next big delivery channel for payment providers.
Boston-based market research firm Strategy Analytics said in its Smart TV Forecast that 76 million smart TVs were shipped globally in
Technology that enables the integration of payment processing and related services � check verification, for example � with such other business functions as customer relationship management and accounting. This type of integration can reduce errors, save merchants time and money, and provide them a better overall picture of their businesses.
The mega retailer-backed mobile wallet enterprise Merchant Customer Exchange has had a rough couple of weeks. First MCX received an onslaught of criticism for reminding its merchant partners that they cannot contractually accept the mobile wallet transactions of competitors. Then a data breach of the MCX pilot program reportedly compromised the email addresses of MCX mobile wallet users. Payment pundits have remarked that these are not auspicious developments for a mobile wallet scheme that hasn’t even yet launched.
After Apple Inc. launched its mobile wallet, Apple Pay, in October 2014,
The fee paid to the card issuing bank by the card acquiring bank by way of the processor. Interchange is the base fee to which all other acquiring and processing fees are added to come up with the merchant discount rate. Interchange rates vary widely based on card type, transaction amount, risks and retail sector. It is assessed on all Visa- and MasterCard-branded cards, even PIN-based debit cards. In certain circumstances interchange flows in reverse, such as following a chargeback.
First it was reported that the recent JPMorgan Chase & Co. data breach was limited to JPMorgan. Then it came out that the breach may have targeted a few other big banks. Now it is being widely reported that the hack may have targeted 13 other financial institutions (FIs) as well. The source of the attack is apparently still unknown.
In the JPMorgan breach, customer information pertaining to 76 million households and 7 million small businesses was compromised, according to an 8-K filing the bank made to the U.S. Securities and
It seems nearly unanimous that the payments industry is behind Apple Inc.’s mobile payments platform, Apple Pay. That confidence largely rests on the security apparatus Apple erects around mobile payments conducted with the newly launched Apple 6, Apple 6 Plus and the first generation Apple Watch. But is that confidence warranted? Matanda Doss, Chief Executive Officer at gateway operator 5th Dimension Logistics LLC, is not so sure.
Apple Pay’s combination of near field communication (NFC) technology, transaction tokenization procedures, data storage on the secure element embedded in mobile devices, and Touch
Apple Inc. made a big splash Sept. 9, 2014, when it revealed Apple Pay, its near field communication (NFC)-powered mobile wallet, will be available on the soon-to-be-released iPhone 6, iPhone 6 Plus and Apple Watch. Some observers have stated not only is this the death knell for plastic payment cards, it also signifies the birth of a behemoth that could knock out competing mobile payment schemes.
One such competitor is Merchant Customer Exchange, a mobile wallet being developed by leading retailers. Of all the high-profile mobile wallet developers, MCX has been
A person who sells bankcard services to merchants on behalf of ISOs, acquirers, and processors. Also known as independent sales agents (ISAs), as well as agents, most MLSs are independent contractors. Others are paid employees of ISOs, acquirers and processors.