My Way News - Will Apple Pay be the next iRevolution?
My Way News reports: "Mobile pay isn't new; rival tech companies and the banking industry
have worked on such systems for years. But Apple is launching its new
service at an ideal time, says Gartner tech analyst Van Baker. Consumers
are increasingly worried about the security of traditional credit and
debit cards and U.S. merchants are facing new mandates to switch to
safer chip-based cards or other payment systems."
2014/10/16
2014/10/14
My Way News - South Korea identity thefts forces ID overhaul
My Way News reports: "After an avalanche of data breaches, South Korea's national identity card system has been raided so thoroughly by thieves that the government says it might have to issue new ID numbers to every citizen over 17 [...] ID numbers and personal details of an estimated 80 percent of South Korea's 50 million people have been stolen from banks and other targets since 2004, according to experts. Those numbers stay with South Koreans for life and, instead of being picked randomly, are based on their age, sex and other details. They are used to confirm identity, get a job or government services and even to buy cigarettes."
Comment: Not the Mark, but a good example of how mandatory identification systems can be imposed by governments...and how they can go awry.
My Way News reports: "After an avalanche of data breaches, South Korea's national identity card system has been raided so thoroughly by thieves that the government says it might have to issue new ID numbers to every citizen over 17 [...] ID numbers and personal details of an estimated 80 percent of South Korea's 50 million people have been stolen from banks and other targets since 2004, according to experts. Those numbers stay with South Koreans for life and, instead of being picked randomly, are based on their age, sex and other details. They are used to confirm identity, get a job or government services and even to buy cigarettes."
Comment: Not the Mark, but a good example of how mandatory identification systems can be imposed by governments...and how they can go awry.
2014/10/07
Your phone is your next credit card - CNN.com
CNN reports: "More than 70% of U.S. adults have smartphones, and more than one in five have already used a 'mobile wallet' in the past 90 days, according to Mary Monahan, executive vice president and research director at Javelin Strategy. More than half of mobile purchasers bought physical goods with their phones. The trend lines are clear. And as more apps and smartphones push mobile payments, consumers will become increasingly willing to ditch plastic for their phones."
CNN reports: "More than 70% of U.S. adults have smartphones, and more than one in five have already used a 'mobile wallet' in the past 90 days, according to Mary Monahan, executive vice president and research director at Javelin Strategy. More than half of mobile purchasers bought physical goods with their phones. The trend lines are clear. And as more apps and smartphones push mobile payments, consumers will become increasingly willing to ditch plastic for their phones."
My Way News - Twitter sues FBI, DOJ to release NSA request info
My Way News reports: "Twitter is suing the FBI and the Department of Justice to be able to release more information about government surveillance of its users. The social media company filed a lawsuit Tuesday in a California federal court to publish its full 'transparency report,' which documents government requests for user information. Twitter Inc. published a surveillance report in July but couldn't include the exact number of national security requests it received because Internet companies are prohibited from disclosing that information, even if they didn't get any requests."
My Way News reports: "Twitter is suing the FBI and the Department of Justice to be able to release more information about government surveillance of its users. The social media company filed a lawsuit Tuesday in a California federal court to publish its full 'transparency report,' which documents government requests for user information. Twitter Inc. published a surveillance report in July but couldn't include the exact number of national security requests it received because Internet companies are prohibited from disclosing that information, even if they didn't get any requests."
2014/09/19
My Way News - License plate scanner networks capture movements
My Way News reports: "A rapidly expanding digital network that uses cameras mounted to traffic signals and police cruisers captures the movements of millions of vehicles across the U.S., regardless of whether the drivers are being investigated by law enforcement."
My Way News reports: "A rapidly expanding digital network that uses cameras mounted to traffic signals and police cruisers captures the movements of millions of vehicles across the U.S., regardless of whether the drivers are being investigated by law enforcement."
2014/09/18
My Way News - Apple locks itself out of devices with passwords
My Way News reports: "Apple has tightened its technological security so not even the company can pry into a password-protected iPhone or iPad, a move meant to reassure the millions of people who are increasingly storing vital pieces of their lives on the devices. [...] Like other technology companies, Apple is trying to depict itself as a trustworthy steward of people's information after former National Security Agency contractor Edward Snowden leaked documents revealing government spies' efforts to snoop on emails and other personal information as part of an effort to identify potential terrorists. Apple, like its peers, has lashed out at the U.S. government's digital surveillance programs and stressed that it isn't cooperating with any of the spying."
My Way News reports: "Apple has tightened its technological security so not even the company can pry into a password-protected iPhone or iPad, a move meant to reassure the millions of people who are increasingly storing vital pieces of their lives on the devices. [...] Like other technology companies, Apple is trying to depict itself as a trustworthy steward of people's information after former National Security Agency contractor Edward Snowden leaked documents revealing government spies' efforts to snoop on emails and other personal information as part of an effort to identify potential terrorists. Apple, like its peers, has lashed out at the U.S. government's digital surveillance programs and stressed that it isn't cooperating with any of the spying."
2014/09/12
My Way News - Apple pushes digital wallet with Apple Pay
My Way News reports: "The technology company on Tuesday introduced a new digital wallet service called Apple Pay that is integrated with its Passbook credential-storage app and its fingerprint ID security system. [...] So-called mobile proximity payments are expected to grow exponentially over the next few years. [...] Apple said department stores like Macy's and Bloomingdales, drugstores including Walgreen's and Duane Reade, and other stores including McDonald's, Staples, Subway and Whole Foods are participating in Apple Pay."
Comment: It will be interesting to see if this becomes a popular method of payment or merely a novelty for trendy urban hipsters. It could certainly be an important milestone on the way to a cashless society. One important thing to note, for our purposes, it's just a domestic product, U.S. only, not an international product. That could change, of course, and I'm sure Apple would love that. Critics would probably point out that that consumers in Asia (particularly Japan and South Korea) have been paying with their phones for quite some time, so you could say the U.S. is finally catching up. Still, there is no global standard for NFC and mobile payments and that's really what we are looking for.
My Way News reports: "The technology company on Tuesday introduced a new digital wallet service called Apple Pay that is integrated with its Passbook credential-storage app and its fingerprint ID security system. [...] So-called mobile proximity payments are expected to grow exponentially over the next few years. [...] Apple said department stores like Macy's and Bloomingdales, drugstores including Walgreen's and Duane Reade, and other stores including McDonald's, Staples, Subway and Whole Foods are participating in Apple Pay."
Comment: It will be interesting to see if this becomes a popular method of payment or merely a novelty for trendy urban hipsters. It could certainly be an important milestone on the way to a cashless society. One important thing to note, for our purposes, it's just a domestic product, U.S. only, not an international product. That could change, of course, and I'm sure Apple would love that. Critics would probably point out that that consumers in Asia (particularly Japan and South Korea) have been paying with their phones for quite some time, so you could say the U.S. is finally catching up. Still, there is no global standard for NFC and mobile payments and that's really what we are looking for.
2014/09/02
Ecuador heralds digital currency plans
AP reports: "Ecuador is planning to create what it calls the world's first digital currency issued by a central bank, which some analysts believe could be a first step toward abandoning the country's existing currency, the U.S. dollar."
Comment: It's always interesting when the world gets a new payment system, but this is a very new development, it will need lots of work to be implemented and become trusted by the people of Ecuador. Still, if it works, promoting digital currencies could be an attractive nationalist alternative to developing countries chafing at the restrictions placed on them by the current international financial system.
AP reports: "Ecuador is planning to create what it calls the world's first digital currency issued by a central bank, which some analysts believe could be a first step toward abandoning the country's existing currency, the U.S. dollar."
Comment: It's always interesting when the world gets a new payment system, but this is a very new development, it will need lots of work to be implemented and become trusted by the people of Ecuador. Still, if it works, promoting digital currencies could be an attractive nationalist alternative to developing countries chafing at the restrictions placed on them by the current international financial system.
2014/08/13
My Way News - Amazon debuts mobile payment app and card reader
My Way News reports: "Amazon is taking direct aim at mobile payment systems such as Square by introducing the Amazon Local Register, a credit-card processing device and mobile app designed to help small business owners accept payments through their smartphones and tablets. The move places the largest U.S. e-commerce retailer in competition with Square and other established mobile payment processing systems such as PayPal Here and Intuit's GoPayment."
My Way News reports: "Amazon is taking direct aim at mobile payment systems such as Square by introducing the Amazon Local Register, a credit-card processing device and mobile app designed to help small business owners accept payments through their smartphones and tablets. The move places the largest U.S. e-commerce retailer in competition with Square and other established mobile payment processing systems such as PayPal Here and Intuit's GoPayment."
2014/07/16
My Way News - Visa launches new service to pay online
My Way News reports: "As more customers shop on smaller screens like smartphones and tablets, the hassle of entering in credit card numbers and billing addresses is becoming a sticking point and payment processors have been working to find ways to simplify the process. Beginning Wednesday, users can sign up with Visa credit and debit cards, as well as other branded cards, and enter their card information just once. Then they will be able pay for things via Visa by only entering their username and password at participating sites. The service is currently being offered in the U.S., Canada and Australia, Visa Checkout joins similar services like eBay's PayPal, MasterCard's MasterPass, Amazon's one-click checkout and others."
My Way News reports: "As more customers shop on smaller screens like smartphones and tablets, the hassle of entering in credit card numbers and billing addresses is becoming a sticking point and payment processors have been working to find ways to simplify the process. Beginning Wednesday, users can sign up with Visa credit and debit cards, as well as other branded cards, and enter their card information just once. Then they will be able pay for things via Visa by only entering their username and password at participating sites. The service is currently being offered in the U.S., Canada and Australia, Visa Checkout joins similar services like eBay's PayPal, MasterCard's MasterPass, Amazon's one-click checkout and others."
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