A rumor that has been circulating for several days appears to have been confirmed: the joint venture of mobile carriers (previously called Isis) will launch in its two test cities (Austin and Salt Lake City) on Monday October 22, 2012. The rumor received some credibility when the Wall Street Journal reported it today. Also, the twitter account @paywithisis, which is unverified but appears to be legitimate, tweeted this today, “It’s official: We’re launching in Austin and SLC on Oct. 22”
It is important to note that the web site has no press releases regarding an October 22 launch date as of today.
Based on Apple’s press conference on September 12, their strategy can be described as: change customer behavior now, encourage an upgrade later.
The Apple wallet going to be called, imaginatively, “Apple Wallet.” It works without an NFC chip, relying instead on geolocation to determine if an iPhone user is in the proximity of a compatible terminal. Geolocation is clearly not permanent solution because it includes obvious problems, such as: unwanted notifications (if you ever want to be notified that you can use your Starbucks card, for example, you’ll be notified whenever you can possibly use your Starbucks card, whether you want to or not), and imperfect functionality indoors (when you are in a shopping mall, GPS has a hard time figuring out exactly where you are).
A detailed forecast and quantitative analysis of the emerging Mobile Commerce industry was presented and discussed at the Pre Paid Press Expo in the Paris Hotel in Las Vegas, and the results were remarkable.
VeriFone has crystallized its long-term position in a pivotal announcement today about a new product determined to put the VeriFone POS devices at the coveted center of payments, loyalty, and mobile commerce industries. As reported by American Banker this morning, VeriFone’s new service is called, “PAYMEDIA Solutions” and it appears to have the feature-rich experience that several different companies are attempting to provide to consumers through the emerging mobile commerce sector. Continue reading “VeriFone Defines Next Generation of Mobile Commerce Services with PAYMEDIA”
A process called “tender steering” is new to most retailers. It means that a retailer can provide incentives to customers to use a particular type of card to pay. This method could give retailers the power to drive interchange rates down by driving customers to some types of cards and away from others.
You might think that after half a century of having little or no control over the fees they pay to accept card payments, retailers would be demanding that all mobile commerce products and NFC-enabled systems support tender steering. They are not. Retailer associations have been virtually silent on the topic, and there are no reports of major retailer pushing this service.
A torrent of advertising and promotional marketing is heading your way to try to get you to use new services on your SmartPhone at retail stores. Perhaps you have already seen some, or signed up for some.
At stake is the future of the credit card system that moves over $11 Trillion per year from consumers to retailers. Some of the largest companies in the world think this system should change, starting now. Other, equally large companies think everything should stay the same.
And these two sides are already lining up on a battlefield, with you standing in the middle. And, if you are not careful, the first casualty will be your privacy.