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Credit card companies unite for a checkout button to take on PayPal
Even if you don't use PayPal to send money to friends, there's a good chance you've reached for their checkout button in online stores, which is tied to all of your payment information. It's simply easier than getting up and finding your wallet. Now, the major credit card companies -- Visa, Mastercard, American Express and Discover -- are joining forces for a checkout button of their very own, the Wall Street Journal and Bloomberg report. And yes, it means the end of Masterpass and Visa Checkout, services that attempted to replicate the easy PayPal experience.
You won't have to sign for credit card purchases much longer
For all of the progress the US has made in payment technology, it still clings to the past when it comes to credit card payments. You still have to sign for many in-person purchases, which is downright backwards in an era of chip-based cards and digital tokens. And the financial industry is finally ready to kiss them goodbye. As of later in April, four of the biggest credit card networks (AmEx, Discover, Mastercard and Visa) will no longer require signatures for these credit card transactions. It's up to retailers to decide whether or not to ditch handwritten approvals. As the New York Times noted, though, it's doubtful many retailers will keep up the tradition.
After Math: First!
It was a week of firsts for the tech industry. Facebook finally got around to adding its first African American board member (because it's not like it's already 2018 or anything), a lifeguard drone made its first Hasselhoffian beach rescue, Ferrari announced that it is indeed working on its first electric supercar, and Kodak took a break from slapping its brand on cryptocurrency mining rigs to release the first footage from its upcoming hybrid Super 8 camera. Numbers, because how else will you put entrants in order?
Facebook adds its first African American board member
Today, Facebook announced that the Chairman and CEO of American Express, Kenneth I. Chenault, has joined the company's Board of Directors. It will be effective starting February 5th. It's notable because Chenault will be the board's first African American member.
American Express will stop requiring signatures for purchases
Mastercard and Discover both announced in recent months that, starting next year, they would no longer require signatures for credit card transactions. Now, the Verge reports, American Express has announced it's also moving away from signatures. As of April 2018, American Express signature requirements will be no more and the company says it's because technology advances have made them obsolete. "Our fraud capabilities have advanced so that signatures are no longer necessary to fight fraud," American Express Executive VP Jaromir Divilek said in a statement.
Shopify goes after Square with a new mobile credit card reader
Shopify just released its new card reader that makes it easy for merchants to complete credit or debit card-based sales on the go. The reader accepts chip dips or swipes and works with Visa, Mastercard, American Express and Discover. It connects wirelessly to Android and Apple phones via Bluetooth and at full charge can carry out 400 chip dips and 700 swipe transactions.
Pay an American Express bill just by talking to Alexa
With Amazon's Alexa getting smarter every day, soon enough you won't have to do much yourself. American Express is the latest company to tap into the virtual assistant's skills, allowing customers to use voice commands to check their account balance, review recent charges or make a payment. Alexa devices will also connect to Amex Offers, which is going to let card members browse limited-time deals that may be available through their card. It's worth noting American Express isn't the first financial service to bring these kind of features to Amazon's platform; Capital One started doing something similar earlier this year. If you have an Amex card, as well as an Alexa-enabled device, you can learn how to set this up right here.
American Express teams up with Facebook to offer Amex Bot
If you're an avid Facebook user and American Express customer, you might want to pay attention. American Express has announced Amex Bot, the product of a collaboration with Facebook to offer its card members special ways to keep up with their finances and purchases.
Jawbone and AmEx want you to pay for stuff with your fitness band
If you're looking to get a little more mileage out of that fitness tracker, Jawbone and American Express are about to lend a hand. The duo is teaming up to bring a payment feature to the former company's line of gadgets. Of course, Apple's new wearable sorts payments too, and now a similar function will be on an upcoming Jawbone device. This means that the Up3 that's set to ship next week won't help you pay for a burrito, and neither will it's predecessors. Instead, the collaboration with AmEx will arrive on wearable that we've yet to hear about, so it's unclear if it'll be another band or a smartwatch. If your go-to credit or debit card is Visa or MasterCard, there's no indication if Jawbone's mystery tech will handle payments from those either. However, when it does arrive, it'll wrangle those payments via NFC -- just like the Apple Watch.
Apple is reportedly teaming up with American Express on iPhone payments (update: MasterCard too)
Those longstanding rumors of Apple building a mobile payment service may be coming true sooner than you think. Recode's sources claim that the folks in Cupertino have struck a deal with American Express to work on an iPhone payment system, hot on the heels of The Information's report of a similar agreement with Visa. Details of the system aren't clear beyond a tie-in with the next iPhone (and likely your iTunes account), but Apple is supposedly ready to spill the beans at its September 9th event -- if the leak is accurate, you're going to get the full story pretty quickly.
Isis Mobile Wallet teams up with American Express for nationwide rollout
Isis is gearing up to expand its Mobile Wallet service nationwide in the coming months, but its plans don't end there. The company has just announced that it's teaming up with American Express to bring the latter's Serve platform to Isis Mobile Wallet. Serve account holders will be able to make use of most of the features they already expect from Amex, like loading cash to their accounts, paying bills electronically and adding funds via direct deposit. By joining up with Isis, Serve is now unlocking the Mobile Wallet's capabilities, like NFC-powered payments at participating retail locations. Though Isis is currently limited to Austin and Salt Lake City, the company -- now with Amex on its side -- hopes to reach customers coast to coast before the year is out, though we don't have a specific date for availability just yet. For more info, check out the press release after the break.
American Express cardholders can now buy goods by tweeting special hashtags
If driving to a store and waving your phone by a terminal puts too much sweat on your brow, American Express has launched a new way to part with your money in exchange for physical goods that's even more effortless. Since last year, Amex Sync has let American Express cardholders earn discounts in return for posting tweets including hashtags about certain products, and now it's letting them buy things just by tweeting similar codes. After signing up for the service (and linking their Twitter handle), users can send out a tweet with #BuyAmexGiftCard25, reply to the @AmexSync account to confirm their purchase and wait for the package to arrive via free 2-day shipping. As of now, the outfit is offering a $25 American Express gift card for $15, but will being offering up new products, ranging from a Kindle Fire HD to an Xbox 360, with sweetened prices starting February 13 at noon EST. Not a Twitter user? According to AllThingsD, Leslie Berland, Amex's SVP of digital partnerships and development, says the solution will head to the likes of Facebook and other platforms at some point as well.
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.
