Big 4 Q2 Profits
Pre-tax profits among the nation’s top four bank credit card issuers increased 2.2% in the second quarter (Q2/14), compared to one year ago. Sequentially net income rose by 2.7%, according to CardData.
ISIS Wallet
NYC-based ISIS, a joint venture between AT&T Mobility, T-Mobile and Verizon, has decided to change its name to SoftCard to avoid confusion and association with a violent Islamic militant group in the Middle East whose name, when translated into English, is known by the same acronym. The intention to change the name was announced in July and decision to use Softcard was announced this week.
Phishing Attacks Q2
Phishing attacks against the users of Bitcoin sites, notably wallet service Blockchain and the exchange site Coinbase rose in Q2/14. Payoneer’s prepaid MasterCard debit cards have also been heavily attacked.
Blackhawk & Google Wallet
Google Wallet adds prepaid card functionality by teaming with Blackhawk. Google Wallet users will be able to take a picture of their prepaid cards using their phone’s camera.
CurrentC Network
The CurrentC Network is a software-based solution that works with most existing point-of-sale and payment terminals. CurrentC will utilize a secure paycode and will not require additional hardware from most customers or merchants.
Chase redesigns mobile app
Mobile banking just got easier for millions of customers with today’s debut of the redesigned Chase Mobile App for Android, the latest round of innovation to enhance and personalize banking for Chase customers. More than 17 million customers use the Chase Mobile App, up 23% from a year ago and 60% from two years ago. The app enhancements for Android customers will make mobile banking with a more streamlined login, a new design that helps customers locate key information and offer enhanced design elements and functionality that make navigation easier and more intuitive. The enhanced Chase Mobile App for Android has a similar look and feel to the updated Chase Mobile App for iPhone, which Chase released earlier this year.
PayPal adds fingerprint authentication to more Samsung devices
Paypal now lets Samsung Galaxy S5 and Tab S users swipe their fingerprint to log in to pay with PayPal at millions of businesses. We also made it really easy for people to pay at local stores right from their Gear 2 and Gear Fit smart watches. Instead of pulling out a wallet (or a phone for that matter), shoppers pay right from their wrist. By giving more people the option to login with their fingerprint to pay with PayPal, they expand efforts with the Fast IDentity Online (FIDO) Alliance to move more of the industry beyond passwords. You’ll find these experiences globally across the latest smartphones and a new generation of wearables.
Cloud-based POS
A UK concern is bringing cloud-based POS to North America. Cybertill will integrate the MercuryPay payment processing platform to achieve its goal.
Cardinal Patent
New patent for omni-channel payments issued. CardinalCommerce builds the inventions into its Centinel platform.
FIS + Clear2Pay
Brussels-based Clear2Pay is being gobbled up by payments giant FIS. FIS says many institutions are struggling to adapt to the evolving global payments landscape and this acquisition will be helpful.
Wallaby Financial Launches Android App
Wallaby Financial mobile and web-based credit card optimization solutions launched Wallaby for Android Wear. The product introduction further extends Wallaby’s position as the leading provider of financial services apps for wearable devices, smartphones and web. The broad market appeal of Wallaby’s credit card optimization solutions has carried over to a broad range of form factors and feature sets including Google Glass, Pebble, and Samsung devices. Android Wear offers a number of features that enhance the inherent usability of Wallaby’s credit card intelligence and recommendations. Wallaby for Android Wear allows users to activate key commands by voice in addition to other user input techniques. The app also enables users to review their current credit utilization and available credit balances directly on their device.
Kount Announces Payment Processor Fraud Prevention
Fraud and risk management technology leader Kount announced the launch of Kount Central to combat fraud at the payment processor level. Kount Central is designed to integrate with online payment processors such as acquirers, payment service providers, hosted pay pages and payment gateways, enabling each to help all their merchants reduce the negative effects of fraud. As breaches become more widespread, payment processors increasingly face the challenge of providing a trusted, integrated fraud solution to merchants that reduces fraudulent transactions, while mitigating fines and penalties from regulators. As new technologies are rolled out for point-of-sale terminals at brick-and-mortar retailers, it is highly likely that cyber criminals will move online, making the challenge of a fraud-free payment process even more pronounced.