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Etsy takes a stab at real world sales with free credit card readers
Etsy is best known for being an online marketplace of folksy gewgaws and crocheted everythings, but it's making moves to help its sellers do more out in the real world. Case in point: The company just took a page out of Square and PayPal's playbooks by offering free, smartphone-friendly credit/debit card readers to its users. The idea's simple enough: Etsy crafters hawking their wares in public can use the reader just like any of the other ones out there, but once they swipe a card, those products automatically get deducted from their online Etsy inventory. Buyers who already have Etsy accounts can leave reviews too, just to make sure everyone knows how rad their new minimalist wallets are. Voilà: sellers get to make money and build deeper connections with actual, physical people, and Etsy gets a sweet (if tiny, think 2.75 percent) cut of each transaction to help fuel its growth. Now if you'll excuse us, we've got some funky brass steampunk corsets to prep for the big craft show next week.
New White House efforts help secure your payments
American banks and stores may already be planning to tighten your payment security, but the White House wants to give those efforts a boost. President Obama has signed an Executive Order that will require the federal government to both issue more secure chip-and-PIN (aka EMV) payment cards and upgrade terminals to match. This isn't just for protecting day-to-day staff expenses -- it also means that pensions, Social Security and veteran payments (all of which tend to go through official debit cards) should be safer. There should also be fewer risks when you're buying from federal locations like national parks and the passport office.
Final's credit card tackles security with unique numbers for each retailer
While newfangled credit cards like Coin and Plastc aim to cut down on wallet clutter by loading up all of your payment methods in one place, another option is taking aim at security. It's called Final, and the chip & PIN card serves up a unique number to every place you shop or a "disposable" set of digits for one-time use. So when the next Target or Home Depot breach happens, you'll only have to deactivate the number assigned to those places rather than go through the hassle with your bank. You can easily deactivate numbers when a subscription has run its course, and set monthly limits so you're alerted when someone tries to go over that amount or that "free trial" runs out. When shopping online, there's a browser extension that quickly generates new numbers and populates the info fields automatically. What about mobile payments? Final plays nice with that digital wallet too, and as you might expect, a online portal offers access to spending info so that you can set goals and keep an eye on things. The company is looking to launch its beta in the first quarter of 2015, and if you're looking to opt in, you can sign up for early access via the source link down below.
Plastc wants to be the only credit card you'll ever need
Your fat wallet wants to meet Plastc -- a device which its manufacturers claim can replace most of the credit/gift/loyalty cards you currently mule about. It works by pairing with an app on your phone (via Bluetooth), which provides near unlimited storage for all your cards (Plastc itself can only store up to 20). The app also logs your transaction history. Does this all sound a little familiar? That's because you're probably recalling a similar device called Coin launched back in 2013. Just like Plastc, it, too, can store various card details that you can call up, depending on which one you want to use. The bad news is that Coin, which promised to ship the first units this year, moved its ETA to spring 2015 (though there's a beta test going on) -- something pre-order customers obviously weren't happy with. So, one has to wonder if an unknown company will be able to do what Coin couldn't and release such an ambitious product on time?
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.
Coin makes up for its delayed smart card launch with an expanded beta test
Not happy that Coin said it was only shipping a beta version of its Bluetooth credit card this fall, rather than the finished product it originally promised for the summer? You're not alone -- and the company is aware that it needs to make amends for angering early adopters. The fledgling payment firm has apologized for both the delay and lack of transparency by significantly expanding the reach of its beta program. It's planning to run a nationwide test for beta backers at "no cost," and it will expand the initial number of slots in that dry run from 10,000 to 15,000 -- not a perfect solution, but definitely more accommodating. It's also hoping to increase the number of slots over time, so you may not have to wait for the finished product if you miss out on the first wave.
Coin's Bluetooth credit card stand-in will reach 10,000 beta testers this fall
If you're one of the adventurous early adopters who pre-ordered Coin, you now finally have the chance to try it out. To recap: This Bluetooth-enabled piece of plastic acts as a stand-in for up to eight different cards, so that you only have to carry one when you're out and about. Until now, Coin has been available to beta testers, but only 1,000 of them -- a far cry from the multitudes who already placed pre-orders. (The startup sold 20,000 units alone in the first five hours its fundraising campaign was open.) Now, in an effort to fully QA the product before it hits stores, the company will expand its beta program to 10,000 people over the coming months. That means you could finally get your hands on one -- if you're willing to settle for non-final hardware.
FTC busts up $275 million credit card scam, sues the folks behind it
The folks down at the Federal Trade Commission are busy helping all of us these days, whether they're weighing in on patent disputes or forcing firms to help cover your child's lack of parental supervision. Today, the FTC charged several companies and individuals with participation in an elaborate shell game from 2010 that was really just a $275 million dollar credit card scam. According to a separate, ongoing lawsuit filed by the Commission, a company called I Works did the stealing, but wouldn't have been able to take $26 million of the total without the aid of the defendants in this new lawsuit.
Engadget Daily: credit card skimming, floating 'Star Wars' holograms and more!
Today, we investigated the tech behind credit card skimming, looked at floating 3D video, learned about next gen lithium ion batteries and checked our Uber passenger ratings. Read on for Engadget's news highlights from the last 24 hours.
What you need to know about card skimming
"Skimming" is a blanket term used when referencing a crime where you take small amounts of money. It literally means to take cash off the top, as if money were the sweet cream floating atop a cauldron of lesser riches. Fifty years ago, skimming might have meant stealing a handful of dollars from your employer, or even millions in elaborate scams we've seen in countless Hollywood films. Today's skimming, however, employs tricks and hardware that are absurdly complex and yet sneaky enough to elude detection. Unless you know what to look for, of course. Today's world of skimming is high-tech, and it wants your credit card and banking info. Though we can't help you catch every conceivable method that crooks are using to try to rip you off, being armed with a bit of knowledge on the topic could save you major hassle down the road. No matter what you take away form this read, at a minimum you'll never look at an ATM or POS terminal the same way again.
United States credit card system begins complete overhaul in the next 18 months
The United States is lagging behind most of the world when it comes to credit card technology, but luckily it's about to catch up. In the next 18 months, the US is gearing up to transition debit and credit cards away from the magnetic stripe to embedded chip technology, which is already widely used in Europe, Asia and beyond. Who can you thank for the long-overdue upgrade? Target, whose data security breach earlier this year highlighted the security flaws in the magnetic stripe system. It's a 50-year-old technology, after all, and it's much easier to counterfeit than the computer chip in your next Visa card.
MasterCard and Visa users may soon flip the switch on KitKat NFC payments
With a consumer reception that could be described as lukewarm at best, mobile payments haven't exactly been a raging success. Despite Google's efforts, Wallet failed to take off, while Isis also continues to struggle, despite support from major US carriers. Now, MasterCard and Visa are readying yet another potential solution, this time tapping the new Host Card Emulation (HCE) support in Android 4.4. The service, which is only supported in NFC-enabled KitKat phones, stores credit card info remotely rather than on an embedded "secure element," expanding compatibility beyond pre-approved apps. With HCE, when you go to make a payment, your phone will transfer credit card data directly to the NFC terminal, without storing it in your handset. MasterCard and Visa are both working to finalize the specification, following various trials over the last few months. Ideally, a significant number of credit card holders will be able to take advantage of HCE-enabled payments beginning later in 2014, with more details to come in the first half of this year. (AP Photo/Manu Fernandez)
The definition of karma: PayPal president's credit card gets hacked
If you've ever lost access to your PayPal holdings through no fault of your own -- say, following a shady money transfer -- you may be tempted to enjoy a little schadenfreude today. PayPal president David Marcus reports that someone used a skimming device to clone his credit card while he was in the UK, letting the perpetrator make a "ton" of fraudulent purchases. It's virtually the embodiment of karmic payback, isn't it? In fairness, the executive is right when he notes that the incident wouldn't have happened if the merchant accepted PayPal; the company would have masked the card number and rendered the skimmer useless. And we sincerely hope that Marcus' finances are back in order. All the same, the affair shows just why business leaders should be sympathetic to their customers' problems -- one day, they may be stuck in the same boat.
Coin eight-in-one Bluetooth credit card adds security features, boosted pre-order availability
Judging by the millions of YouTube views since it launched just last week, there's quite a bit of interest in Coin. The Bluetooth-enabled swipeable lets you add in identifying info from up to eight individual credit, debit, membership, loyalty and gift cards, and comes along with companion Android and iOS apps that boost functionality. While the applications enable you to save detailed card info for online purchases, push additional payment methods to Coin and access the Bluetooth-powered leash that will send an alert if you walk away without your card, the device works independently as well. The company is announcing some additional security features today that should serve to ease at least some fraud concerns. Coin will include an "alarm" that tracks the number of times the card is swiped and sends an app alert if it suspects unauthorized use. It can also be locked to just one card before you hand it over at a store or restaurant, so a clerk can't accidentally (or deliberately) swap cards before swiping. Reps also responded to 50 questions on a new Q&A page, addressing additional security-related and function queries, including ATM compatibility (yes, it will work), photo ID storage (uh, no) and chip and pin support (not yet, but it's in the works). The firm is also releasing additional cards for pre-order, so if you want to get in before the price jumps to $100, there's still time to hand over 50 bucks (plus $5 shipping) at the source link below.
Friday Favorite: Lemon Wallet
Back in the frosty days of February, the guys over at Distil Union sent me one of their very cool Wally iPhone 5 wallets to try out. That ended up being a fortuitous review for a few reasons. First, I found out that the back pain I had experienced for the previous year was due to having a George Costanza (i.e., thick) wallet in my right rear pocket, and second, it pointed me in the direction of Lemon Wallet (free, Plus service available for US$40/year in-app purchase). Lemon Wallet (now in version 7.1.1) has become a favorite of mine for exactly one reason -- it allows me to take a lot of things out of my physical wallet that I really don't want to lug around. What kind of things? Oh, like those frequent shopper cards that businesses like you to sign up for so that after $10,000 in purchases you can get a free can of Spam. Or membership cards for organizations that never require you to actually show the card. Even those credfit or debit cards that you never use, but keep around just in case... To enter cards of any sort, you start out by taking a picture of them. For a credit card, you're then asked to type in your cardholder name. The app uses OCR to make an attempt at filling in the card number and does a pretty good job; if it's wrong, there's a simple way to correct the information. That same OCR capability also tries to pick up the card expiration date, once again allowing for corrections if it selected the wrong date. It's then time to give the card a name like "Company Visa", enter information like the issuing bank's phone number, and then you drag a little window over the CVV number on the back of the card to highlight it. %Gallery-189955% What you end up getting in your virtual wallet is a fairly accurate representation of what your card looks like. I find this to be quite helpful when I am making an online order and don't want to dig out my wallet -- I just go into Lemon Wallet, pull up the virtual card and grab the information from it. One more feature -- any card that you create can added to Passbook with a tap. That's not a good idea for credit cards, but perfect for those membership cards you want to keep at hand. With the free account, you get an up-to-the-minute card balance for one credit card in your virtual wallet. That Plus service I talked about earlier expands that to all of your credit cards in Lemon Wallet through BillGuard. For each card, the balance shows up along with a list of "questionable" charges that you can approve or flag for review. With the Plus feature, every credit or debit card is monitored, and you'll get balance updates, notification of expiration dates, and if you lose your real wallet, you can cancel and restore all of your cards with one tap. One other feature of Lemon Wallet that I don't currently use (but should!) is its ability to let you capture receipts for expense-tracking purposes. You simply snap a photo, add some details and you get a history of all of those purchases you've made. With the Plus plan, the raw data can be exported either as a CSV file or sent to Expensify, Evernote or Box. One note: many reviewers on the App Store were complaining that Lemon Wallet previously did an OCR scan of all of your receipts as well, making it much easier to compile receipt data. Many of the negative reviews I've been seeing say that this much-desired feature was removed in the most recent version update. With all of this personal information, most readers probably wonder how good the app security is. The data is stored and encrypted on your device, then backed up to the cloud. A PIN is required to look at just about anything, and if you go for the Plus service, you'll also get App Lock for adding one more layer of password protection to the app. I've been pretty happy with the app, and it seems to get fairly good reviews on the App Store, except from people who want all of the Plus features at no cost and think it's a "rip off, man!" Anything that keeps me from having to carry a two-inch-thick wallet is OK in my book.
Paytouch lets your fingerprints make purchases, hopes to expand into Europe and America next year
The business of commerce is alive and well, and while there's far too much noise for anyone to stand on the mobile side, Paytouch is hoping to add a new wrinkle on the conventional end. The Barcelona-based outfit was on hand here at The Next Web Conference, showcasing its biometric payment terminal and setting the stage for what's to come. For those unfamiliar, the Paytouch terminal is currently being used at Ushuaïa Ibiza Beach Hotel -- users with a Paytouch account simply link their credit card to their fingerprints, and a two-finger press is all it takes to order another glass of sangria. The benefits are fairly obvious for all parties involved. For the consumer, there's no longer a need to carry a credit card that can be skimmed, lost or stolen; for the retailer, it's able to encourage impulse buying in an entirely new way; for Paytouch, there's a commission paid on each purchase.
Verizon offers another way to pick up a Square reader, make your eventual fortune
Not that there's been a lack of ways to pickup a Square credit card reader, but if you happen to find yourself in a Verizon Wireless store with a few extra bucks and the burning desire to open your own boutique business (and you're not craving coffee or a MacBook), you're in luck. As of today, VZW stores will be offering up the commerce device nationally for $9.97 a pop -- a price that comes with a $10 Square credit. Ka-ching. With $10 billion a year in payments at last count, that pricing structure seems to be working out for the company after all.
Starbucks begins selling Square card readers at 7,000 coffee shops
It wasn't too much of a surprise to see Starbucks begin accepting Square payments at many of its coffee shops last year, but the company's latest expansion of that partnership is a bit more unexpected. It's announced today that it has started selling Square card readers at some 7,000 locations across the US, letting customers pick up a means to accept credit card payments along with their beverage of choice. That's only the latest retail deal for Square following partnerships with Apple, Walmart, Best Buy and others, and as with those the readers themselves are essentially free -- you pay $10 up front, but get a $10 credit that you can redeem after you activate your account.
PayPal Here goes on sale at AT&T stores: like a one-stop shop for account hiccups
PayPal Here, despite all its focus on in-store transactions, hasn't really been available to buy in a US store -- that's been the domain of the seemingly ubiquitous Square reader. eBay's payment wing has at last established that retail beachhead through a deal with AT&T. About 1,800 of the carrier's stores are now carrying PayPal Here readers, and they'll keep the service's big rival from hogging the spotlight at a time when most aren't even aware that there's any competition. If you're still cynical, you can look at the AT&T move as a matter of convenience: at least this way, all your account headaches will come from one place.
Google Wallet to phase out prepaid card, cut-off date set for October 17th
Google Wallet's prepaid card concept has been plagued with its share of security concerns, and though Mountain View seems to have sorted out those issues, it's now phasing out the prepaid card program entirely. The service was intended to make up for a limited choice in debit and credit cards, and now that Google Wallet accepts any and all plastic, the prepaid option is a bit moot. The cut-off date for adding funds to a Google prepaid card is September 17th, and the prepaid option will vanish entirely on October 17th. Whereas users were previously charged $2.00 per month after 180 days without a transaction, they'll get slapped with the same fee after 30 days of no purchases. Google says you can request a refund if you have a remaining balance after the prepaid option kicks the bucket, though it's probably a good idea to just go ahead and spend those leftover dollars. [Thanks, Chris]
