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STMicroelectronics Teams with FitPay and G&D to Create Turnkey, Certification-Ready Solution for Wearable Devices

ST, Giesecke & Devrient (G&D), and FitPay join forces to overcome traditional barriers to OEMs implementing payment applications on wearable devices

Mobile payments may go mainstream on wearable devices like smartwatches by taking advantage of a new ready-to-use payment solution containing technology from STMicroelectronics (NYSE: STM) , a global semiconductor leader serving customers across the spectrum of electronics applications.

ST, G&D, and FitPay have used ST’s security chip to jointly create the first secure hardware and software solution that is pre-approved for use by device manufacturers with the aim to develop integrated tokenized payments from Mastercard or Visa.

Read more.

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No Wallet, No Phone, No Card Required – But Ya Gotta Have Heart

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

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Money 20/20: Intelligence Beyond the Swipe

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.

Panel description:

“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.

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Fintech Startups Could Bolster Apple Pay Against Identity Theft

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

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Why the Mobile Payments Space is the Most Exciting Space in Tech Right Now

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…

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Reducing Friction Through Wearables

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.

 

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Frictionless?

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.