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    Financial Times

    News about Financial Times.

    Singapore banks to allow transfers with social media IDs

    July 6th, 2016

    Banks in Singapore are working on a service that would let consumers make payments using their Facebook ID or Twitter username. “The system will allow electronic transfers between account holders who have registered their social media identities with their banks,” The Financial Times reports. “The service will be based on Singapore’s existing internal fund transfer system, known as FAST, which brings together 20 banks to allow near-instant fund transfers.” A pilot is due to take place in early 2017.

    PowaTag sold to investors

    March 7th, 2016

    Mobile payments platform PowaTag has been sold to a consortium led by entrepreneur Ben White, administrator Deloitte has confirmed, following news that its parent company Powa Technologies went into administration last month. The company’s ecommerce platform PowaWeb has also been sold to UK-based digital business group Greenlight Digital. The Financial Times reports that the sales were for “undisclosed amounts” and questions the “typically used” valuation of Powa Technologies at US$2.7bn.

    Powa goes into administration

    February 22nd, 2016

    The company behind the PowaTag mobile payments platform has gone into administration, the Financial Times reports. Powa Technologies CEO Dan Wagner “sent an email to staff on Friday telling them that Wellington Management, its largest investor, had called in loans that it had made to the company and forced it into administration,” the publication says. The news follows reports late last week that the company had failed to pay its staff and suppliers.

    Deutsche Bank trials multi-factor authentication

    December 7th, 2015

    Customers of Deutsche Bank are testing technology which verifies their identity by the way they handle and hold their mobile device. “The technology analyses about 50 different factors to build a picture of a user from pressure applied to the pin-pad to how the phone is held, location, facial recognition and thumbprint,” the Financial Times reports. “The bank hopes the system will free customers from passwords and allow it to lift limits on mobile transactions.”

    Alibaba to buy Paytm?

    January 15th, 2015

    Alibaba is in advanced talks to buy an approximately US$500 million stake in One97 Communications, the parent company of Indian mobile payment platform Paytm. “Both Alibaba Group Holding’s e-commerce arm and its online payments unit Alipay are set to participate in the transaction, which will conclude later this month,” the Financial Times reports. When NFC World+ contacted Alibaba for information the e-commerce giant said it has “no comment to offer on this matter”.

    Apple Pay to get 0.15% transaction fee

    September 16th, 2014

    The kickback from card issuers negotiated by Apple for purchases made via its new Apple Pay mobile payments service amounts to 0.15% of the value of each transaction, the Financial Times reports. The “unprecedented deal” will give Apple “a share of the payments’ economics that rivals such as Google do not get for their services,” the article points out.

    Apple iPhone NFC payments rumours reach fever pitch

    September 1st, 2014

    MasterCard, American Express and Visa have all signed deals with Apple for the launch of a mobile payments service that will make use of an NFC chip built into the next iPhone, due to launch on 9 September, according to reports in a number of publications including the Financial Times, Bloomberg and Re/Code. More

    Weve to launch NFC payments in the UK in 2014

    June 11th, 2013

    Weve, the mobile advertising and payments joint venture formed last year by UK mobile network operators Vodafone, EE and O2, aims to launch a mass market NFC payments service “by next year”, CEO David Sear… More

    EU set to approve Project Oscar UK NFC venture

    July 9th, 2012

    The European Commission is set to green light the creation of a joint venture company to bring NFC to market in the UK, according to the Financial Times. Project Oscar, first announced in June 2011… More

    EC extends Oscar deadline

    May 4th, 2012

    The European Commission has prolonged the deadline for a decision on whether to give the go ahead to the UK carrier-led ‘Project Oscar’ NFC joint venture, Bloomberg reports. The decision will now not be made until 19 September, 17 days later than originally planned. “The EU’s merger control authority didn’t give a reason for the extension,” says Bloomberg. Objectors to the venture included Google and PayPal, according to the Financial Times.

    UK NFC JV heads to Brussels

    February 29th, 2012

    Everything Everywhere, Vodafone and O2 will be submitting their plans for a UK-based NFC joint venture to regulators in Brussels next week, the Financial Times reports. Mobile network operator Three, which was not invited to join the venture, is continuing to object to the plans.

    Fujitsu to launch phones and tablets featuring NFC and biometric security

    February 20th, 2012

    Japanese electronics maker Fujitsu is to introduce a wide range of smartphones and tablets with both NFC and biometric security capabilities, according to a Financial Times report. The company is an established phone manufacturer in Japan, where… More

    Schmidt: One-third of merchants could get NFC POS terminals ‘in the next year’

    June 22nd, 2011

    Eric Schmidt, Google’s executive chairman, believes that a third of POS terminals in retail stores and restaurants will be upgraded to allow NFC payments within the next year, the Financial Times reports — and credit card… More

    Clear Channel CEO says NFC will ‘transform’ billboard advertising

    March 4th, 2011

    The CEO of billboard advertising giant Clear Channel International has said the introduction of near field communication technology to billboard advertising will be “transformative” for the industry. In an interview with the Financial Times, William Eccleshare outlined… More