In my dreams, I can walk up to any cashier and make a payment by waving my hand over a terminal, much like Obi Wan Kenobi’s “These aren’t the droids you’re looking for” trick in Star Wars. And that’s all I would have to do. Link
By D.J. Murphy, Editor-in-Chief, CardNotPresent.com
The emerging trend of fitness wearables, a passion for taking friction out of payment transactions and melted chocolate coalesced over the past year into a startup that hopes you never have to take a wallet—or a phone—out of your pocket to pay for things ever again.
FitPay, a California-based company, was conceived when CEO Michael Orlando, a payments veteran from CyberSource and authentication technology company Jumio, went on a bike ride. Orlando and a friend planned a long ride with a stop for refreshments, so he took along a pouch with his phone, a credit card and a chocolate energy bar. When the pair finished their ride on the hot California day, Orlando’s hopes for a cold beer were dashed when he opened the pouch and his energy bar had melted over his phone and the card, rendering both of them useless. More
From Bloomberg Views by Mohamed A. El-Erian:
The more I use Uber, the more I am convinced of the transformational power of recent technology innovations, especially when it is intelligently combined with behavioral science and economic principles. Indeed, it is only a matter of time until this potent mix disrupts an increasing number of industries, including certain segments of finance. More.
FitPay Founder and CEO Michael Orlando will speak on a panel at the Money 20/20 conference in Las Vegas, November 2-5, 2014. The panel, which takes place on November 3, will explore gaining consumer insights though integrated payment data.
“Merchants now have the opportunity to leverage integrated payments data to gain insights into consumer behavior, reduce risk of fraud and make more informed business decisions. This session will discuss how big data and shopping insights are enabling merchants to get a detailed understanding of inventory, optimize sales and provide a seamless shopping experience across all channels.”
Conference information can be found here.
Here is an interesting post from from LetsTalkPayments.com about mobile payments and identity theft:
In the final pre-launch days, a possible issue with Apple Pay has come to light – does Apple or the card issuer know who is actually loading a credit card into Apple Passbook? As Apple Pay and the myriad of payment alternatives become available to tens of millions of consumers, mobile payment providers and card issuers face a basic problem – is the person loading a credit card into a mobile wallet the account holder of that card? More
From The Washington Post:
Why the Mobile Payments Space is the Most Exciting Space in Tech Right Now
It seems as if every big player in the tech sector is developing a mobile payment solution. It’s not just Apple Pay, which was announced with much fanfare at the big Apple launch event in early September, and reportedly could go live as early as Oct. 20. There are now rumors that Facebook is working on mobile payments. Add to the mix PayPal, Square and Google and it’s clear that some of the smartest innovators in the tech world are on the cusp of breaking the mobile payments space wide open. More…
The Open Mobile Summit, which is takes place in San Francisco this November, has posted an interesting interview with Itai Vonshak of Pebble. Vonshak discusses the role of wearables as a new breed of consumer technology and the key to a seamless consumer experience.
The interview can and information about the Summit can be found here.
Here’s a good summary by KrebsonSecurity of the data breach that Home Depot recently disclosed:
“Home Depot said today that cyber criminals armed with custom-built malware stole an estimated 56 million debit and credit card numbers from its customers between April and September 2014. That disclosure officially makes the incident the largest retail card breach on record. More…
The New York Times has an interesting story about Apple Pay and privacy. Good topic. Loved the photo behind Timothy D. Cook, Apple’s chief executive. Holding your watch up to an old-school point of sale (POS) machine? At FitPay, we call that friction.
Here’s the full story: link.
FitPay, a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), is a proprietary technology platform that adds contactless payment capabilities to wearable and IoT devices with very little start-up time, no investment in software development and access to the leading card networks. With payment capabilities powered by FitPay, IoT device manufacturers can create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in a competitive marketplace.
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