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Square gets financial backing from Visa, asks to see some ID
Everything's coming up Jack Dorsey these days. Last week Apple started stocking Square's iPhone credit card readers in its 235 US retail locations, and now, according to Reuters, Visa has put its plastic where its mouth is. The credit card giant has invested in the personal payments startup, scoring itself a spot on Square's advisory board in the process. No word on how much Visa is actually dropping on the company, but one thing stands to reason: it probably didn't make the deposit via Verifone. If you would like to invest in a Square reader, it'll cost you a lot less -- the company is still offering smartphone plug-ins for free on its site.
Square gets the backing of credit card giant Visa
Mobile payment startup Square confirmed it received a strategic investment from Visa. Square produces a credit card reader that connects to the headphone jack of an iPhone, iPad or other mobile platform. The Square application on the device accepts the credit card information from the reader and processes the payment on the fly. It's an easy way for small businesses to accept credit card payments with minimal hardware requirements and a small 2.75 percent per transaction fee. [Past TUAW coverage of Square is here. –Ed.] The company is growing -- in the first quarter of 2011 alone, Square processed US$66 million in payments and predicts it will triple that figure to an astounding $198 million in Q2. Square also expanded its retail footprint and is now available online from Apple and in Apple retail stores in the US. This endorsement by a major credit card company boosts the startup's reputation and could help the company exceed its lofty goals. The amount of money invested by Visa was not disclosed, but Square confirmed Visa will become an advisor to the company. Visa and Square are excellent partners, as over two-thirds of Square's payments are made using Visa-backed credit cards. Though it enjoys a cozy relationship with Visa, the mobile payment service will still accept payments from MasterCard, American Express and Discover.
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]
Discover cardholders can send money to anyone with a cell phone, email address
With NFC payment systems just starting to roll out in the US, it'll be awhile yet before you can cut up those credit cards for good. But in the present, at least, you can use your handset to make sure you don't get stuck with a $100 bar tab... again. Discover just announced that it will let its cardholders send money to people in 60 countries -- so long as they have either a cell phone number or email address. As AllThingsD notes, Visa and American Express have hatched similar plans, though Discover is the first of the bunch to partner with PayPal. While people sending money don't need PayPal accounts, people receiving moola do -- or, at least, they must be willing to create one. For senders the service is free and, in fact, they get 0.25 percent cash back for the first $3,000 exchanged. As for Discover, a smaller player than Visa and MasterCard, it hopes some of PayPal's 230 million customers will sign up for a shiny new credit card while they're at it.
Samsung and Visa join forces to enable NFC mobile payment at 2012 Olympics
From a gadgeteer's point of view, one of the best things about the Olympics is its tendency to bring in new technologies to the hosting city. Take the 2012 games, for example: not only are the London Underground stations getting WiFi hotspots, but news has it that Samsung and Visa are holding hands to deliver NFC mobile payment solutions to the city. In fact, more than 60,000 locations in London are already geared up with contactless payment systems, and right now Visa is negotiating with banks to get its contactless cards and mobile phones approved. For the latter, one such device will be Samsung's Olympic and Paralympic Games mobile handset that comes with a Visa-enabled SIM card, and it'll be made available to sponsored athletes as well as various retailers. Furthermore, this alliance will continue after the Olympics, and Visa is rolling out its mobile payment system in many other countries as we speak, so it shouldn't be long before we hear more Visa handset announcements.
Charge Anywhere update turns Nexus S into full-on mobile payment terminal
Processing mobile payments via an external dongle? That's so early 2011. Charge Anywhere has a less troublesome idea, and if you're the lucky owner of a Google Nexus S, you could soon be accepting cold, hard virtual cash via NFC. For those already familiar with the space, you'll know that this very company already has applications out for the iPhone, BlackBerry and Android devices, but all of those obviously require a credit card swiping mechanism to be connected. According to CNET, the latest version will include support for the NFC module embedded within the Nexus S, enabling it to be a full-on mobile payment terminal with no additional hardware required. Both MasterCard PayPass and Visa Blink payments could be ingested, but don't go searching for the update in the Android Market; the company's done with the new build, but it won't be let loose to the public until it's ran past larger customers first. We don't get the impression that the NFC-compatible version will run any more than the $9.99 per month, but it's obviously a wait-and-see affair for now.
Visa brings contactless payments to Euro iPhones, dongle required for now
We're still some time away from iPhoners being able to tap cellies onto payment pads and walk off with purchases, though rumors and analysts and job postings all say that won't be for long. The lack of an NFC-equipped iPhone isn't stopping Visa from launching its Visa Mobile application for trials in Europe, which for now requires an external attachment, the (somewhat aged) iCarte accessory from Wireless Dynamics. With the app and the dongle users can start trying out phoney payments at various NFC-enabled terminals in Europe, presumably ahead of the release of a proper NFC-supporting iPhone sometime in the coming months. For now, though, is adding an extra inch to your handset more convenient than fumbling for a credit card? We'll let our European readers make that call.
McDonald's to start accepting contactless Visa payments in all UK restaurants by this summer
The UK already has a big old investment in contactless technology with London's rather successful Oystercard travel scheme, but now the whole Kingdom can get a taste for airborne payments thanks to a new initiative from McDonald's and Visa. The two giants of commerce are uniting to bring NFC tech to all of the former's 1,200 fast food restaurants within the UK, allowing hungry Brits to pay for meals costing up to £15 by simply waving their credit card in front of the till Obi-wan-style. Of course, the real excitement of such large-scale NFC proliferation is in the potential to use those automated tills with your Nexus S (which has an NFC chip built right in) and other devices coming up this year that look set to feature the technology. So yeah, Visa had better be working hard on putting together some mobile apps. [Thanks, Steve]
Visa releases iPhone app with discounts, merchant directory
TechCrunch reports that payment processor Visa has released an iPhone app in the US* that gives shoppers access to some 50 merchants. Visa's new app comes with two services you can use, Offers and Locator. Offers: Receive merchant discounts and special offers directly on your iPhone. The offers are stored on your iPhone and can be redeemed at physical retail locations, online, or by telephone. You can select your preferences for the types of offers that are sent to your iPhone. Locator: Access maps and directions to nearby ATMs that accept Visa and retailers with special offers. Visa's app was developed in conjunction with the UK-based mobile banking firm Monetize. With financial firms showing growing interest in iOS apps, there's no reason an app couldn't eventually replace the plastic in your wallet. For now, Visa's iOS app isn't revolutionary. It's more of a cautionary "dip your toe into the app pool to see how the water feels" approach. *According to iTunes, it was released on November 24.
Visa clears DeviceFidelity's In2Pay mobile payment microSD card for use in smartphones
No iPhone? No problem. If you'll recall, we heard back in May that Visa was in cahoots with DeviceFidelity, with the two trumpeting a not-exactly-svelte In2Pay case that would add contactless payment support to Apple's darling. Today, the rest of the world is finally being taken into consideration. The aforementioned firms have just cleared a new In2Pay microSD solution for use in the real world, with the BlackBerry Bold 9650 and the Samsung Vibrant in particular named as compatible. In theory, it seems that nearly any smartphone with a microSD slot could be ushered into the arena, and Visa itself expects to add additional phone models for use with this technology, "including phones based on the Symbian and Windows operating systems." This unveiling is happening after a solid 18 months of testing around the globe, but there's no definitive word on which banks will be offering this to customers. Between this and the sudden interest in NFC, America seems more poised than ever before to slip ever further into an endless pool of debt, and with way less friction than before! We kid, we kid... kind of.
New York, New Jersey transit pilot iPhone payment system
MTA New York City Transit, New Jersey Transit and the Port Authority of New York and New Jersey have collaborated with Visa to create a payment system that uses Visa's PayWave technology and several popular smartphones, including the iPhone. Travelers trying out the service can pay for passage onto the trains by simply waving a properly-equipped iPhone over a special sensor at the turnstiles. Here's how it works. First, iPhones equipped with PayWave and special sensors (don't ask us how you get one) are activated, which let the users know when it's ready to use. Then, it's held before the sensor and presto! You're in. Currently, the pilot program is limited to 28 stops along the Lexington line of the New York subway system. Similar testing is being done in London, Paris, Istanbul, Singapore and Kuala Lumpur. It's a neat idea. I've certainly lost track of how much credit I've got on a card, and I detest waiting in line at the machine. Of course, this also means an increase of people waving easily dropped (or grabbed) iPhones around. [Via Electronista]
Visa rolling out payWave mobile phone payments in NY subway and taxis
DeviceFidelity's mobile twist on Visa's payWave system is a nice little solution to the fact that nobody's bothered to build contactless payment chips into US mobile phones just yet -- DeviceFidelity just stuffs the Visa smart chip circuitry into a microSD card and lets you on your way. Of course, this supplants the much needed additional storage on an Android handset, and requires a chunky add-on case for the iPhone, but at least it's a start. Visa will now start allowing those payWave-enabled devices to make contactless payments at subway turnstiles and taxi backseats in New York City as part of a new trial for the tech. Of course you've been able to do this with all sorts of chipped credit cards already, but there's something very future-ey about swiping your phone to make a payment -- now how about ditching the clunky add-ons and building some of this circuitry in by default?
Visa gets Bank of America on board for mobile payments trial, starting in New York next month
It didn't take long for Visa to react to the three-headed beast of AT&T, T-Mobile and Verizon entering the mobile payments arena. The world's foremost payment processing company has just announced that it's about to start a trial of its contactless payment system in partnership with Bank of America. Kicking off in the New York area this September and lasting through the end of the year, the scheme will most likely involve the MicroSD NFC communicator and In2Pay iPhone case that DeviceFidelity has been developing for Visa. No disclosures are being made on the size of this pilot scheme, though we're told that only a "select" group of employees and customers will be getting the mobile payment chips. Don't worry if you miss out on this one, though, as a similar trial is scheduled to begin in October with US Bancorp. That should give you enough time to turn yourself into a high-rolling select customer, right?
In2Pay is the name of Visa and DeviceFidelity's money-grubbing iPhone case
Visa has been trying to finagle its way onto mobiles for quite a while, and its latest attempt, done in partnership with DeviceFidelity, has now been named as the In2Pay system for iPhones of 3G and 3GS varieties. Built around an app ensconced on a MicroSD card inside that oh-so-special iPhone case, this offers contactless payments anywhere that Visa's payWave is available, as well as secure access to buildings and computer networks. Yep, that sounds like it's definitely going to end in tears, but the brave cash collectors are pressing ahead. Trials are still set for the second quarter of this year, which makes them imminent, and soon thereafter we'll all be making our ill-advised purchases with even greater ease. Video and full PR after the break.
Visa and DeviceFidelity working to bring mobile payment functionality to iPhone
This ain't the first rodeo for Visa and DeviceFidelity, and if we had to guess, we suspect it won't be the last. Just a few short months after teaming up to bring contactless payments to any mobile with a microSD slot, the two are at it again -- this time aiming for the oh-so-tantalizing iPhone market. Reportedly, the tandem is toiling away in an effort to concoct a protective iPhone shell with a secure memory card that hosts Vista's contactless payment app, payWave. As it stands, the product would only function on the iPhone 3G and iPhone 3GS, leaving upcoming iPhone 4G / HD / Barhopper buyers out in the cold. As with any other payWave-enabled handset, this would allow users to simply tap and go when checking out, a process that our pals over in Japan have had down for centuries now. If all goes well, market trials of the payment-enabled iPhone are set to begin this summer, or approximately six months too late for anyone to seriously care.
Coming soon: Paying for stuff on Visa by waving your iPhone
You've probably seen contactless payment terminals before. They're used in many stores, restaurants, and other locations, with either a smart credit card containing a secure memory card or some sort of fob being used to make the payment. You just wave it at the terminal, and you've paid your bill. Visa and DeviceFidelity are working on a way to let iPhone users make payments by waving their iPhones in front of contactless payment terminals. They'll be offering an iPhone case with an embedded secure memory card that hosts Visa's payment application, Visa payWave. Any place you find a Visa contactless payment terminal, there will also be a potential spot for iPhone users to pay for goods or services using their Visa credit card account. Security is still important: Visa notes that the mobile payment application can be protected with a password, and that users will have to treat the case as if it were a credit card, calling the bank if it gets lost or stolen. Market trials of this service are expected to start this summer. It's an interesting proposal, but we'll have to see what the case looks like. And of course it's only for Visa customers so far -- customers of other card companies will have to figure out their own solutions.
Visa teams with DeviceFidelity for contactless payments via microSD card
Visa has been working on contactless (a.k.a. NFC) payments for quite some time, and it's now teamed up with DeviceFidelity in the hope of bringing them to even more cellphone users. That company makes (among other things) a contactless payment system contained on a microSD card which, when paired with Visa's own payWave system, will let you use just about any microSD card slot-equipped cellphone to make pay contactless payments at between 50,000 to 60,000 merchants in the US. Exact specifics are otherwise a bit light, but Visa says trials are scheduled to begin in the second quarter of this year.
It's in the debt: Introducing the EA Sports prepaid debit card
EA Sports wants to get in your wallet. We're talking about the new EA Sports DebitSmart Visa prepaid card. It works like a lot of other prepaid debit cards: you give EA money, it puts that money on the card. However, EA is trying to sweeten the deal (paying money to use money is a deal?) through the inclusion of EA Sports Reward Points, fractions of payments made with the card that are converted to points which consumers can then use toward EA Sports purchases via EA's site. EA marketing VP Todd Sitrin calls the program "a perfect marriage of encouraging responsible spending while providing a unique reward program." History teaches us otherwise, so if you'll excuse us, we'll just be sitting in the corner, waiting for the other shoe to drop.
An Authenticator in your Visa
This is only slightly WoW-related, but it's worth a mention, I think, considering that when it happens, you'll be able to tell all your friends just what these things are. Our good friend Relmstein reports that Visa is planning to put an authenticator, of all things, in their credit cards. We of course all know how the Blizzard Authenticator works: you punch a button on the Authenticator, it gives you a code, and then that code can be used to synch up with the server. The Emue Card that Visa is testing right now works the same way: you punch in a PIN, it'll give you another code to enter on an online shopping site, and thus no one who just gets your card information can actually use your card (much like right now with a Blizzard Authenticator, no one who just gets your password can actually sign in). But it's all built in to the normal credit card.Very interesting. What Visa's doing with their credit cards might not be completely relevant to WoW, but it is relevant to note that of all of the accounts and passwords in your life that you might like to keep secure, a Blizzard account with an Authenticator attached is probably the most locked-down. Companies have started using Authenticator-like technology to have their employees log in to local networks, and obviously credit card and banking companies are testing things like this. But when it comes down to actual widespread usage, Blizzard is way ahead of the curve. Odds are that your WoW account right now is even more protected than your checking account. We'll likely be using the same authenticator system for other secure connections in the future.
Visa rolls out its first commercial NFC payment system
Nokia fulfilled its part of the bargain by rolling out its NFC-enabled 6212 cellphone last year, and it looks like Visa is now finally making the phone a good deal more useful -- in Malaysia, at least. That's where the company has launched its first commercial NFC (or Near Field Communications) payment service for point-of-sale transactions, which will let folks simply wave the phone in front of a reader to make a purchase instead of going to the hassle of swiping a card. What's more, it doesn't look like this is simply a limited trial, with 1,800 stores in the country ready to accept the magical payments out of the gate, and Maxis and Maybank on board to let folks easily access their credit account. Better still, Visa has also said that this move finally signals the shift from pilot programs to actual roll-outs, although it's unfortunately not being all that specific about the next few markets on tap just yet.
