There's been a lot of hype around mobile payments over the past year, but the No. 1 problem that the mobile payments market faces is adoption. Consumers simply don't see a reason to replace their cash or plastic with a phone.
And yet one company after another is clamoring to get into the market. Technology companies, such as Google and PayPal have thrown their hats into the ring along with wireless carriers, AT&T, Verizon Wireless, and T-Mobile. Banks, such as Barclays and Bank of America, have also announced plans for a digital wallet and mobile payments. … Read more
PayPal is cutting 3 percent of its workforce, or from 300 to 400 jobs, as new President David Marcus looks to streamline operations and trim costs, according to reports.
PayPal's product and technology groups would be hardest hit by the cuts, which will occur in the next few weeks, Bloomberg said. PayPal currently employs about 13,000 people.
Loan Amortization Schedule for Excel is, no surprise, an XLS file that has loan amortization formulas embedded in it. Distributed as a ZIP file with the XLS sheet and a couple of text files (release notes and license agreement), there's no installation process to follow. Just open the XLS file with Excel (or compatible program) and you're good to go.
The layout of the first sheet is simple: space at the top for loan mount, interest rate, term, and a few other details like payment frequency and compounding period. You just enter your information to see the monthly … Read more
The coffeehouse giant today said that customers will be able to use Square's mobile payment system in about 7,000 U.S. stores starting in early November. Customers will also be able to digitally tip their baristas using Square and Starbucks' existing mobile payment app beginning next summer.
The two companies in August formed an extensive partnership, as part of which Starbucks invested $25 million in the mobile payments company. Under the deal, Square agreed to process credit and debit … Read more
Bank of America is testing a new mobile-payment service that lets customers use their Apple or Google smartphones to scan pictures to pay for things.
The bank is testing technology developed by a company called Paydiant. The solution uses Quick Response or QR codes. The way it works is that users use their smartphones to scan the QR code, which unlocks the users' bank information stored in Bank of America's network to complete the transaction.
The QR codes could be displayed at the register in a store when a customer is checking out, or a restaurant could print the code on the check, allowing patrons to scan their bills right at the table and pay without ever handing over a credit card or cash.
Because the technology doesn't require any special hardware on the device, it can be used with any smartphone running Apple's iOS or Google's Android software.… Read more
Facebook now supports mobile payments through carriers, thanks to a partnership with Bango.
The mobile payments company today announced its Facebook partnership, saying that folks who use the social network's mobile app can now purchase digital goods through carrier billing. Users will be asked to confirm a purchase, and then the charge will show up on their carrier bills, according to Bango.
Bango's payment service is available only in the U.S., U.K., and Germany at the moment. The company promises to make it available elsewhere in the coming months.
By going with Bango, Facebook might increase … Read more
Groupon Payments, the daily-deals provider's answer to Square, is going nationwide.
The company announced on its blog yesterday that its merchants across the U.S. will now be able to sign up for Groupon Payments. Upon doing so, they'll be able to accept major credit cards by simply popping the Groupon card swipe accessory into an iPhone or iPod Touch and installing the associated iOS app. According to Groupon, payments processed through its service are deposited directly into merchant accounts overnight.
Groupon Payments users might find cheaper rates than they would with Square. The latter takes a flat … Read more
Square is growing by leaps, bounds, and venti lattes.
The payment-processing company, which allows merchants to swipe cards with a device connected to mobile devices, today announced that it's now handling $8 billion in transactions every year. Just a year ago, that figure stood at over $1 billion, and earlier this year, Square CEO Jack Dorsey said the company was processing $4 billion in transactions per year.
That growth has meant far more revenue for Square. Although the company doesn't divulge its financials, it takes a fee of 2.75 percent for each card swipe through its service. … Read more
After seemingly overcoming a series of security issues, Google is cashing out of the prepaid payment card market next month.
The Web giant began telling users today to get busy spending whatever balances remain on their cards because those cards will be discontinued on October 17.
The prepaid cards were made obsolete with the introduction of the ability to use any debit and credit cards with Google Wallet, the company said. Google announced on August 1 that its payment system was moving to the cloud, meaning it would be able to accept all major credit and debit cards.
Debuting in … Read more