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Archive: News in brief

US millennials lead the way for mobile payments

May 19th, 2015

Some 41% of US millennials aged between 18 and 34 are now using mobile payments, compared to 18% of 35- to 44-year-olds, 14% of 45- to 54-year-olds, 10% of 55- to 64-year-olds and 8% of those aged over 65, research from POS supplier Harbortouch has revealed. One in four of the 1,000 respondents surveyed also believes the restaurant industry is the most likely to widely adopt mobile payments in the near future.

Starbucks denies mobile payment hack

May 19th, 2015

Starbucks has issued a statement denying its mobile payment app has been hacked, following a report by investigative journalist Bob Sullivan. The article claimed hackers had recently stolen money from several Starbucks customers by gaining access to their credit card information through the coffee chain’s app and using the auto-load function. “Starbucks takes the obligation to protect customers’ information seriously,” the company says. “News reports that the Starbucks mobile app has been hacked are false.”

Axis to make 50,000 terminals contactless in India

May 19th, 2015

India’s Axis Bank is to enable all of its 50,000 merchant point-of-sale terminals to accept contactless payments by the end of this year in order to “facilitate significant usage of contactless NFC-based cards issued by all banks”. The move follows the Reserve Bank of India’s relaxation of its requirement for two-factor authentication for contactless payments up to a value of Rs2,000 (US$31).

Face++ raises $25m for selfie payments

May 19th, 2015

Face++, the Chinese facial recognition technology startup behind Alibaba’s selfie payments service, has secured an additional $25m in a series B funding round, taking the total raised to $47m. Existing investors Qiming Venture Partners and Innovation Works contributed to the round, the company told TechCrunch.

Apple in buy out talks with Clinkle?

May 18th, 2015

Apple has reportedly been in acquisition talks with troubled mobile payments startup Clinkle amidst claims that seven of the company’s staff quit their roles last week following frustration with CEO Lucas Duplan. “This is only the latest bad news after years of ridicule for its massive $30m funding round despite lacking a publicly available product, and highly critical reports of Duplan’s leadership through repeated layoffs at Clinkle,” TechCrunch reports.

Trader Joe’s gears up for Apple Pay

May 18th, 2015

US grocery chain Trader Joe’s is reportedly gearing up to begin accepting Apple Pay NFC payments in its stores. “Kiosks at Trader Joe’s checkout counters have been seeing upgrades in recent weeks and months to VeriFone touchscreen machines,” AppleInsider reports. “Some of these payment terminals already advertise that they accept Apple Pay.” Trader Joe’s has more than 400 locations across the country.

Samsung Wallet to close on June 30th

May 18th, 2015

Samsung is to discontinue its Samsung Wallet service on 30 June 2015 as it gears up to roll out Samsung Pay later in the year. “We are sorry to inform you that the app and its related content will not be accessible after the termination date,” the company explains in an email sent to Samsung Wallet users and seen by Sammobile.

Google to launch mobile buy buttons?

May 18th, 2015

Google is expected to add buy buttons to search results pages on mobile devices in the coming weeks that will guide consumers to product pages where they can pick sizes, colours and shipping options before completing a purchase. “The buttons will accompany sponsored or paid search results, often displayed under a ‘Shop on Google’ heading at the top of the page,” WSJ reports. “Retailers including Macy’s are in talks with Google about taking part in the launch.”

India gets PIN-free contactless payments

May 15th, 2015

Contactless users in India can make payments of up to Rs2,000 (US$31) without using a PIN, following the Reserve Bank of India’s relaxation of its requirement for two-factor authentication. “Beyond this transaction limit the card has to be processed as a contact payment, and authentication with PIN will be mandatory,” the bank says. “Banks have been advised to put in place suitable velocity checks as considered appropriate.”

US mobile payments to hit $487bn

May 15th, 2015

US mobile proximity payments will rise to US$487bn gross dollar volume (GDV) by 2020, up from $7.5bn GDV this year, Aite Group forecasts. “While mobile proximity payments will grow quickly as NFC distribution becomes universal and customers begin to use the platforms,” says author Thad Peterson, “mobile commerce will drive more transaction volume than mobile proximity payments in the next five years.”

Global biometrics market to hit $14.9bn by 2024

May 15th, 2015

The global biometrics market will increase from US$2bn in 2015 to $14.9bn by 2024, with cumulative revenue for the 10-year period reaching $67.8bn, market intelligence firm Tractica forecasts. “Biometric modalities that are likely to generate the most revenue include fingerprint, iris image and voice recognition,” the company says. “Key use cases include consumer device authentication, mobile banking, ATMs, government IT systems, POS transactions, pharmacy dispensing and wearable device authentication.”

UK contactless payments up 150%

May 15th, 2015

The number of contactless transactions in the UK has risen 150% in the last six months, with the average transaction now valued at £7.24, payments processor Worldpay has revealed. Credit and debit card transaction volumes are also on the rise across the country, with card payments up 9.3% in London, followed by Leeds (8.9%), Reading (8%), Southampton (7.9%), and Liverpool (7.7%).

Samsung ‘paid $250m for LoopPay’

May 14th, 2015

Samsung paid about US$250m to acquire LoopPay, developer of the magnetic secure transmission (MST) technology that will form a key part of Samsung Pay when it launches later this year, according to Recode. The figure could rise based on executive or company performance but “the terms of the earnouts are not known”.

Denmark government aims for cashless society

May 13th, 2015

The government in Denmark has proposed doing away with the obligation for retailers in the country to accept payment in cash, in an attempt to replace it with other methods such as plastic cards and mobile payments. “The government said, as of next year, businesses such as clothing retailers, gas stations and restaurants should no longer be legally bound to accept cash,” Reuters reports. The proposal will need to be approved by parliament but is “unlikely to meet much opposition”.

iPhone 6s to include improved Touch ID

May 13th, 2015

A research note published by KGI Securities’ Ming-Chi Kuo has revealed a number of changes planned for Apple’s so-called iPhone 6s, expected to be unveiled in September, including an improved Touch ID sensor which “will improve the Apple Pay experience with faster, more secure readings,” Apple Insider reports.

Visa in talks over $20bn Visa Europe acquisition

May 12th, 2015

Visa is in preliminary talks to buy former subsidiary Visa Europe in a deal that may be valued at as much as US$20bn. “The talks, which began when Visa approached Visa Europe, are at an early stage and could fall apart if the two sides can’t agree on a price,” Bloomberg reports. “Visa Europe is owned by more than 3,000 European banks and has a put option that would force its former parent to buy it within about nine months if at least 80% of its board agrees.”

US in-store mobile payments to hit $54bn by 2019

May 11th, 2015

Mobile proximity payments — those made by consumers at the physical point of sale using a mobile device — in the US will total US$54bn by 2019, Javelin Strategy and Research has projected. Today, mobile proximity payments make up 1% of all retail transactions says Javelin, with almost one in six iOS smartphone owners making a proximity purchase within a 30 day period, nearly double the rate of Android smartphone owners.

350m NFC SEs shipped in 2014

May 8th, 2015

A total of 350m NFC secure elements were shipped in 2014, a 30% increase on the previous year, vendor association Eurosmart has revealed. It has also predicted that shipments will hit 550m this year. “The announcement of Apple Pay boosted the NFC market to an all-time high,” the association says. “We expect the growth in NFC secure elements to continue.”

Apple Pay signs up first casino resort

May 8th, 2015

The Cosmopolitan of Las Vegas has become the first casino resort to announce support for Apple Pay. “With a few point of sales already live, by early June, the resort’s front desk, concierge, VIP services, restaurant collection and lounges, bars and select retailers will offer the new payment method,” the casino says.

Samsung to use NXP SE for Chinese devices

May 8th, 2015

Samsung will build NXP’s SmartMX P61N1M3 embedded secure element into versions of its Galaxy S6 destined for China, where it will be used in the Samsung Pay NFC mobile payments service. The phone maker has previously also used Oberthur’s Pearl secure element in other versions of the flagship smartphone.

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