A recent survey and report from Adobe found that a significant number of business do not have a mobile app or mobile-optimized site while 57 percent of companies reported average conversion rates of less than 1 percent for mobile users. Read More
Senate Budget Resolution Includes Provisions for Collecting Online Sales Tax
Government leaders claim that the lack of authority for collecting sales tax with many online purchases costs the U.S billions each year, and to address this issue the United States Senate included a measure allowing state and local governments to collect sales tax directly from online purchases as part of their budget resolution. Read More
Global Growth Expected in Mobile Commerce and Mobile Fraud
A recent survey finds that many consumers want more opportunities to use mobile wallets in-store while online mobile commerce transactions continue to grow as well. Meanwhile several industry and investment analysts are predicting strong years for companies well positioned in the mobile payments market, along with large growth for mobile payments in general. Read More
FDIC Warns There are no Safe Harbors for Mobile Payments
In a recent article from the FDIC’s Supervisory Insights publication mobile payments are discussed in terms of understanding and managing risk for financial institutions. The FDIC states that banks may find that effective risk management with mobile payments requires partnering with several specialized parties, but also cautions that innovations in the mobile marketplace are driven
(More)…
Isis, PayPal, Visa Continue to Test and Develop Mobile Payment Methods
More mobile payment methods and wallets are testing and preparing for commercial launch with mobile joint venture Isis starting trials in two pilot U.S markets, Visa testing NFC (Near Field Communication) payments at the London Olympic Games, and PayPal trialing their mobile payment method with McDonald’s fast food restaurants in France. Read More
NFC Retail Payments Forecasted to Reach $180 Billion Globally by 2017
In a recent report from Juniper Research it was predicted that the total global mobile payment volume will reach $1.3 trillion by 2017 with at least $180 billion of this coming from Near Field Communication (NFC) retail payments. Read More
Discover Partners with, now Compatible with Google Wallet
Discover Financial Services recently announced their partnership with Google Wallet allowing cardholders to use their Discover cards within the Google Wallet application for Near Field Communication (NFC) payments at the point-of-sale as well as through using Google Wallet online. The key feature of this partnership is that Discover customers can login and save their credit
(More)…
Consortium of Major Merchants Announce Mobile Wallet
Competing retailers have formed a new joint venture, the Merchant Customer Exchange (MCX), to offer a mobile wallet of their own. The consortium believes their retail-based solution will deliver an innovative payment approach, but this may also be a way to jumpstart the slow-moving mobile wallet space as well as an effort to hedge against
(More)…
Dwolla Launches Real-Time Bank Transfers, Builds Competitive Alternative to Traditional Payment Networks
Dwolla, an alternative cash based payment network, enables consumers to make retail payments and peer-to-peer transfers over their hybrid ACH network. In June Dwolla launched their FiSync network which enables real-time bank transfers to Dwolla accounts, meaning users can connect participating bank accounts through their Dwolla account to make purchases in-store and online or transfer
(More)…
More Merchants Accepting Payments Over Mobile Devices, More Competitors Entering this Space
In June Square announced that they are now processing $6 billion annually while VeriFone and Intuit compete with similar product offerings that allow merchants to accept and process credit card payments via their mobile device. Meanwhile iZettle, dubbed the Square of Europe, expands from Scandinavia to the UK now with over $16 million raised in
(More)…
