June 22, 2014
1. Here comes a game changer, bank or any apps can offer NFC payments
On 10th June 2014, world’s leading provider of digital issuance and open wallet platform-as-a-service – Sequent Software – announced that it had received a United States patent for its technology that turns apps into wallets. Patent number 8,745,716 recognizes Sequent’s ability to manage security and control usage of credit, debit and other secure credentials stored on mobile devices and allows managed access to those credentials by mobile apps for transactions in the physical environment.
2. BlackBerry Turns Its Enterprise Talents Into Mobile Payments
On 12 June 2014, world leader in mobile communications – Blackberry Limited – announced a new 3 year agreement with EnStream LP, a mobile payments combined venture owned by Bell, Rogers and TELUS, in order to provide a secure platform supporting transaction services between users and leading banks.
3. Apple in Payments: Bluetooth Edition
At the WWDC 2014 event, Apple introduced a new specification for manufacturers in its MFi program (Made for iPad, iPhone and iPod) that allows them to create headphones that connect to iOS devices using a lightning connector instead of relying on the 3.5mm audio jack. Why is it important? Because as Apple looks to rid itself of any such remaining legacy vestiges, it’s also shedding any ambiguity around who is in control of the iOS hardware ecosystem and what it means to be a third party accessory maker – once reliant on open standards supported by all devices and now serving at Apple’s pleasure. It is a strategy that fits against the backdrop of an iOS ecosystem that is made up of software that is increasingly becoming more open, and hardware that is slowly being walled off – primarily in the name of security. The former is evident in how Apple has opened up third-party access to core authentication services like TouchID. What about the latter?
4. Google introduces its Instant Buy 2 Click Checkout to iOS
Approximately 97% of the mobile shoppers abandon their shopping carts before checkout, according to Google’s blog post. Last month, the company had announced that it was inviting U.S. developers to sign up for their new Google Wallet Instant Buy Android API. On 11th June 2014, Google introduced this same technology to iOS apps.
5. Visa and MasterCard face increasing threat from local networks and crypto currencies
For a very long time Visa and MasterCard have dominated the fintech world enabling rails for the card acceptance. When issuer bank has to transfer money (for a purchase) done by its customer to the receiver (merchant) bank they need a network to complete the transaction. Its like charging a small amount (say a portion of $2 on a $100 transaction) but on millions and millions of transactions. So much so that they add upto Tens of Billions of dollars every day.