There’s no doubt payment at the register is changing, but how ordinary payments will look in the future is still anyone’s guess. Smartphones are currently the most popular method for making mobile payments, but smartwatches and wristbands can also be used. Visa previously showed off an NFC-based payment ring at the Olympics last year, and now it is back with another product, this one in the form of sunglasses.
It has never been easier to buy stuff online, be they digital goods or ordering for physical ones. But, like many conveniences, that may have come at a price that no one will be willing to pay. According to security researchers from Newcastle University in the UK, that price is security. They have demonstrated that it only takes six seconds to get a Visa credit or debit card’s number, expiry date, and security code, all thanks to a lax security implementation in its online payment system.
We've seen several tech-enabled rings in the last few years, from failed attempts at turning them into gesture motion controllers, to new ones that prevent a partner from streaming a new TV show episode without you. But now Visa is taking a stab at it by turning the ring into a contactless payments device. Just like you'd swipe your smartphone over a terminal to make a payment, Visa's ring puts your credit card directly on your finger.
Wal-Mart isn't known for being a champion of the people. While they do offer low prices, they also don't pay competitive wages for their workers. However, yesterday the company announced that they would be suing Visa, due to perceived risks to customers who use debit cards issued by the company.
At MWC, credit card company Visa announced it was making its Visa Token Service available to automakers to pave the way for secure car-based commerce. To go along with enabling car-based commerce Visa is also rolling out a range of digital payment solutions with standards for Ma href="https://www.slashgear.com/tags/bluetooth/">Bluetooth and QR codes that help expand mobile payments for merchants and consumers.
The big data breach that affected Target in 2013 is still hurting the company, this time to the tune of $67 million. The retailer has struck a deal with financial institutions that were affected by the breach; the settlement is made with Visa on behalf of those institutions, and a deal akin to this one is said to be the works with MasterCard. The data breach, which unfortunately happened during the holiday shopping season, left about 40 million MasterCard and Visa credit and debit cards exposed to fraud — it was one of the worst security lapses affecting a big-name retailer in years.
Apple Pay might be more convenient for consumers, but what’s Apple’s angle in the whole scheme? Why do they want to offer us the ability to use their mobile payment service? Aside from the small percentage we already knew Apple was skimming per transaction, we are now getting additional news about Apple’s gain with Pay. The percentage points Apple gets are just the tip of it all, and these details show just how structured the plan is, top to bottom.
All the excitement over Apple Pay doesn’t reach as far as some would have hoped. Previously, we told you about Amazon’s reluctance to allow their Amazon Rewards Visa — issued by Chase, a day-one partner for Apple Pay — into your digital wallet. There is relief on that front, but Apple Pay has lost a retail partner in the mix of it all. Rite Aid is no longer accepting Apple Pay payments, but it seems to be more an NFC issue than one with Apple Pay.
One thing you can bank on with Amazon (pun intended) is that they’ll do their own thing, in their own way, on their own time. You can also safely assume that if an outside interest doesn’t align with theirs, they’ll be sure to resist it. That was the case with Apple Pay, where an Amazon rewards Visa, issued by Apple Pay partner Chase, went unsupported at launch. The only reason it would have been missing from your digital wallet was Amazon, but they’re working on support. Maybe. Someday.
While Target recovers from their shocking $40 million credit and debit card record theft from last year, Visa and MasterCard have joined forces to push for a new chip-enabled card that will improve security for all transactions. These two credit card brands have set a potential October 2015 deadline for all US retailers to adopt and setup the infrastructure for the new card system.
It seems almost ridiculous that people have to pay others just to use their own money, but that is how the world currently turns. T-Mobile, however, is of a different opinion and is introducing Mobile Money as a way to keep those check cashers, payday lenders and withdrawal fees at bay.
A document of information obtained by Edward Snowden has been revealed by SPIEGEL, in which the media company says the NSA is shown to have engaged in widespread monitoring of credit card transactions, payments, and banking of an international nature. Furthermore, it is shown that the intelligence agency has a dedicated branch for this called "Follow the Money," and a databank to contain the gathered information.
