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Apple is reportedly ending its partnership with Goldman Sachs
It leaves the Apple Card's future uncertain.
Plaid must pay $58 million to users of Venmo, Robinhood and other apps
Even if you've never heard of a company called Plaid, they may owe you part of a multi-million dollar lawsuit settlement.
Major credit card companies launch a one-click checkout button
If you're shopping on Cinemark, Movember or Rakuten any time soon, you might see a new click-to-pay button at checkout. American Express, Discover, Mastercard and Visa have teamed up to create the new option for fast, secure online purchases. Their vision is to have one standard checkout button across all online retail websites, similar to the PayPal experience.
League of Legends American Express debit cards get RP for purchases
American Express is launching League of Legends-branded pre-paid debit cards that give customers Riot Points, in-game currency, with their use. It's kismet – Riot Games wants to make it easier for you to spend money in League of Legends, and American Express wants to make it easier for you to spend money period, as long as that cash comes from its accounts. Card holders will get 1,000 RP for signing up, 1,000 RP the first time they load up $20, 10,000 RP with the first direct deposit of $20 or more and 1,000 for their first 10 purchases. League of Legends cards come with images of Teemo, Vi, Lux, Twisted Fate, the Summoner's Cup or the game's logo. Ads for the cards will start popping up on Wednesday on the League of Legends Championship Series website, The New York Times reports. This isn't American Express' first foray into the digital gaming world – in November it launched a program that rewarded account holders for finishing Halo 4. And you thought Steam was the only reason to hide your wallet in the freezer.
Even American Express wants you to complete Halo 4
If you're playing that Halo 4 game today – and have an American Express card – you'd do well to watch the video above. American Express is offering cash off your bill, gift certificates to Best Buy and other retailers, select deals with partner companies like AMC Theaters, and a chance to go to E3 on their dime, simply for playing Halo 4.After syncing your card with your Xbox Live account, you can complete special objectives in Halo 4 to earn the goods – well, okay, the objectives aren't that special. Finishing the campaign on Normal or tougher difficulties will knock $25 off your statement. Completing a Spartan Ops mission will get you a voucher for $50 at Best Buy when you spend $100, and if you want that free trip to E3 you need to be one of the first 25 to finish the campaign solo on Legendary.Knowing you guys, it's too late for that last one already.
Isis' NFC payments go live in Austin and Salt Lake City: 3 carriers, 9 phones, 1 long way to go (video)
To say that the launch of Isis has felt drawn out would be a mild understatement. The alliance first signaled its intentions two years ago, detailed its first markets one year ago and faced a last-minute delay. All the ducks are finally in a row, however, and residents of both Austin as well as Salt Lake City can tap to pay (or score discounts) at the "hundreds" of locations that accept NFC-based purchases through American Express, Capital One, Chase and Isis' own cash card. Launch day brings app- and SIM-enabled access for nine devices spread rather unevenly across AT&T, T-Mobile and Verizon: only the Droid Incredible 4G LTE is confirmed working for Verizon subscribers, while the rest are divided more equally between multiple Samsung Galaxies and HTC devices like the Amaze 4G and One X. Over 20 phones should be Isis-aware before the end of the year. It's a potentially strong start to one of the few truly cross-network mobile payment systems in the US, but we see a long road ahead before Isis gives Google Wallet some jitters -- there's legions of banks, cities and stores needed before Isis is widespread, and we're not counting on that ever-elusive universal hardware support.
Isis Mobile Wallet app for Android surfaces in Google Play, you probably can't run it
Unofficial rumblings have pointed to Isis Mobile Wallet's trial getting close. If you've remained skeptical all the same, we're pretty sure that seeing Isis' Android app in Google Play will change your mind. The currently T-Mobile-only software confirms that pilot program members will tie their American Express, Capital One or Chase card (as well as a unique card) to Isis for paying through NFC at stores with a SmartTap terminal. We're also promised streamlined loyalty cards and coupons. Before anyone rushes to try the app at the local shop, remember that it's just one piece of the puzzle on top of the special SIM card, one of three NFC-equipped phones and that small matter of living in Austin or Salt Lake City when the service goes live. Having the official app at least lets those who qualify get a head start on what could soon be the only major alternative to Google Wallet in the US.
Square competitor Groupon Payments launches today, promises lowest cost for retailers
Popular deal website Groupon is venturing into the world of smart phone-based credit card payments today, launching the Groupon Payments initiative nationwide after a successful pilot program is the San Francisco Bay Area earlier this year. Groupon's boasting a guaranteed lowest cost pricing to merchants using Groupon Payments for credit card transactions -- MasterCard, Visa, and Discover will cost retailers 1.8 percent of credit card sales, plus a $0.15 per transaction fee, while American Express will cost three percent of credit card sales, plus a $0.15 per transaction fee. The biggest competition in the space comes from Square, headed by former Twitter co-founder Jack Dorsey, which charges a flat 2.75 percent rate on all transactions against all cards, though PayPal, Intuit, and Verifone all offer similar services. Today's news matches up directly with leaks we saw back in May, adding on that merchants will see the day's credit card purchases credited to their bank accounts overnight, rather than waiting two to three business days (per standard practice). Beyond credit card services, Groupon's Merchants app also accepts Groupon daily deals, which helps elucidate why Groupon would be interested in entering the mobile credit card payments market in the first place (beyond it being a lucrative market unto itself, of course). Interested parties can sign up over on Groupon's website, and snag the free payments app right here. Finally -- finally -- you'll be able to sell all those $10 gift certificates to Chili's you've been hoarding. Perhaps charge $5 a pop for their $10 value and ... is this a paradox? This might be a paradox.
Google, PayPal, VeriFone and US carriers band together to form Mobile Payments Committee
There's little doubt that mobile payments hold a ton of potential for the future of commerce, but without proper direction (and willingness for adoption), the technology remains little more than an impractical curiosity for the majority of consumers. In an effort to define a way forward for the mobile payment industry, a large number of heavy hitters have banded together under the umbrella of the Electronic Transactions Association to form the Mobile Payments Committee. Not only does the group include all four of the top US carriers, but also Google, Isis, VeriFone and PayPal. Add to that financial institutions such as Wells Fargo and Capital One, along with American Express, Discover, MasterCard and Visa, and you'll quickly realize that this group is playing to win. Primary goals of the Mobile Payments Committee include fostering relationships with merchants, ensuring consumer access to modern payment methods, exploring best practices and ensuring interoperability of networks, equipment and financial institutions. The group will also engage in lobbying activities with legislators and regulators, and will additionally work to educate both merchants and consumers about the potential of mobile payments. With so many key players (and competitors) sitting around one big table, what wouldn't you give to be a fly on the wall during those meetings? For a little extra insight, just hop the break for the full PR.
AMEX and Zynga team up for themed card, replace cash back with FarmVille rewards
Have you ever judged a friend's financial savvy based on the rewards yield of the cards in their wallet? Now you won't have a choice. For those of you that abhor free flights, detest comped hotel rooms and net severe displeasure from earning cash back, AMEX may finally have your plastic match. It's called the Zynga Serve Rewards card -- yes, the same Zynga that's behind time-sink cash cows like FarmVille, CityVille and CastleVille (?!) -- and it enables you to accrue "Zynga Farm Cash," which as you might imagine provides no financial gratification in the physical world. "FarmVille players now have the ability to plant an interactive Serve Money Tree in their Farms which will give them the ability to level up in game and earn Zynga Farm Cash for virtual awards redemption." We can't make this stuff up. The co-branded prepaid card is tied to a US currency-filled bank account, debit or credit card, and rewards will be assigned for your first five purchases of $25 -- at launch, with further incentives to come later this year. On top of that limitation, there's also a fairly outrageous fee structure (which effectively translates to 2.9 percent of each transaction when the account is funded with another credit card), detailed in full at the source link. Well, at least the card is colorful. Go tell that "Serve Money Tree" that water's on the way!
Isis bolsters its mobile wallet with American Express cards
The carrier-backed Isis mobile payment service added a batch of new financial partners earlier this year, and it's now back with another fairly big addition. The venture announced today that it has brought American Express' various credit card offerings into the fold (including the company's own mobile-linked Serve cards), which will let users of those cards load them into the Isis app and make payments with their NFC-equipped smartphone -- when the service begins its rollout this summer, that is. As you may recall, American Express itself had already signed on as an Isis partner last year, but this is the first time that the company has committed to tying its cards to the platform -- which is a rather important little detail.
V.me by Visa coming to the Europe this autumn, cash starts begging for another chance
Visa Europe is muscling in on the European mobile payments game with V.me. The online service will allow you to store cards from different agencies (including American Express) for payments online and at NFC-enabled cash registers. It is expected to arrive in the UK, Spain and France in the Autumn, but it'll sadly be too late for it to gain any traction, since we'll have worked out how to glue PayTag stickers to our forehead by then.
Engadget giveaway: win one of five Nexus S 4G phones with $1,000 Google Wallet credit!
We're pretty excited about Google Wallet, but the service is currently only available for Nexus S 4G phone owners, leaving most of you waiting for broader implementation. Well, how would you like to skip the line, getting to test it out on a Nexus S 4G of your very own? Google has supplied us with five phones to give away -- the company is even throwing in $1,000 (yes, one THOUSAND dollars) of prepaid credit to help fund those first few dozen taps. There's one catch: you'll need to use your Nexus S 4G with a Sprint plan, though the carrier is throwing in one month of demo service to get you started. Check out our in-depth preview for a detailed look at the service, and simply leave a comment after the break to be entered to win -- after checking that you meet the entry requirements, of course.
A week with Google Wallet (video)
Contactless payments have been something of a curiosity in the credit card industry. MasterCard's PayPass has been around for the better part of a decade, but merchants and banks alike seem hesitant to adopt the technology required to make the system work, and inconsistent implementation adds to the confusion -- particularly for customers. Google's new mobile phone-based Wallet service has the potential to transform the technology from its current status as a transaction turkey, to a future as a checkout champion. But will it work? We spent a week with a Wallet-enabled Nexus S 4G, using the device to pay whenever we encountered a MasterCard PayPass terminal. Unfortunately, that wasn't often enough, limiting us to just a handful of transactions in the first week. Still, with Google just beginning to roll out the service and only a limited selection of launch partners ready to go, it's impossible to deliver a complete verdict just yet. Jump past the break for an inside look at Google Wallet, including a video of the service in action, and a brief look at what the world of contactless payments may look like in the future.%Gallery-130759%
Verizon Wireless to tie American Express' Serve into mobile numbers, keep your credit card holstered
Good news online shopaholics, your tchotchke-buying ways are getting a couple of enablers in the form of American Express and Verizon Wireless. The two titans of industry have teamed up to integrate AMEX's PayPal-like Serve platform into the operator's phones and tablets in the next few months. The service will work by linking your existing mobile number to a Serve account, speeding up the checkout process and ensuring you never second-guess that impulse buy. Sure, this isn't the NFC-chipped, Isis future Big Red promised, but it's a good stopgap for virtual spendthrifts.
Motorola's Atrix Certificate Updater remedies its mobile banking blunder
If you're an Atrix 4G user who has been reeling since your banking apps failed, go ahead and cancel that next therapist appointment -- thankfully for you, a permanent fix is now available in the Android Market. Motorola's Atrix Certificate Updater swaps the troublesome security signatures from v4.1.83 with versions that should play nicely alongside your mobile banking apps. If you're a sucker for punishment and want to restore the v4.1.83 certificates, the change can be reverted by relaunching Motorola's updater. With this misstep out of the way, you can enjoy the Memorial Day holiday and keep your financial life in order -- even while your bank's doors remain tightly locked.
Motorola's Atrix 4G update 4.1.83 breaks the bank (literally)
Fans of mobile banking are discovering harsh surprises after updating their Atrix 4G to v4.1.83. Amongst the numerous improvements in this release (including the widely touted HSUPA fix), Motorola added new SSL certificates to the mix. While such a change would normally be inconsequential, many banking apps have stopped functioning with the new certificates in place -- a rude shock for anyone needing to deposit a paycheck. So far, Moto confirms that American Express, Bank of America, Chase and Discover are affected -- while Wells Fargo and Citibank's apps run just fine. Motorola plans to issue a workaround for affected users, but currently suggests that everyone access their financial institution through Android's web browser. Maybe it's just us, but this sounds like a fine opportunity to take the new Firefox 4 for a spin. [Thanks, David]
PlayStation Network credit card info appears to be safe: 'No unauthorized activity relating to Sony'
It looks like the beleaguered Sony finally caught a break. The company, which has struggled for over a week following a hacker attack that stole massive amounts of player information, says that it looks as though user credit card information remains secure and encrypted. It turns out that Sony had encrypted some personal info but not all of it. Gamespot also reports that several financial companies, including MasterCard, WellsFargo and American Express, have witnessed "no unauthorized activity relating to Sony." Sony's Patrick Seybold passed along the positive news: "The entire credit card table was encrypted and we have no evidence that credit card data was taken. The personal data table, which is a separate data set, was not encrypted, but was, of course, behind a very sophisticated security system that was breached in a malicious attack." Sony's PlayStation Network is still offline while it's rebuilt with a higher level of security. The company saw its shares drop 4.5% today on the Tokyo exchange to $27.71.
Apple Stores stocking Square credit card readers
Jack Dorsey's über-popular credit card readers got a big thumbs-up from Cupertino this week. Square's devices are hitting Apple's 235 US retail locations and Apple.com for $9.95 a pop -- plus the 2.75 percent that the startup takes off the backend each time you use the reader -- or you can always just sign up for a free one over on Square's site. The iPhone / iPad / iPod touch plug-in accepts Visa, MasterCard, Discover, and yes, even American Express. The CEO of VeriFone will no doubt have plenty to say about the matter. Update: It turns out you get a $10 redemption code in the box when you buy a Square reader at an Apple store, so it is still technically free (just not, you know, when you buy it). [Thanks, Michael]
American Express challenges PayPal with 'Serve' digital payment platform
American Express may have been lagging a bit behind the likes of Visa and Mastercard with digital payments over the years, but it's making a pretty big play in the field today. It's just announced its new "Serve" digital payment platform, which is more or less a straight-on competitor to PayPal. That means you'll be able to transfer funds to your Serve account from your bank account or credit card, send money to others using either the website or mobile app (currently available for iOS and Android), and even link your account to a reloadable Serve card, which you can use at any retailer that accepts American Express credit cards. Nothing fancy like NFC payments just yet, but American Express is promising to "quickly evolve" the platform by adding new features and functionality, and it's hoping to kick start things by waiving most of the consumer fees for the first six months. Head on past the break for the complete press release, and hit up the source link below if you'd like to sign up.
