This Week in Payments 10-10-2014
Dash Software LLC, a mobile payment platform for restaurants, recently announced their expansion to Chicago, the company’s second city of operation following its November 2013 launch in New York City.
Customers use the Dash app to pay their bill, split checks, tip and more, using the credit card stored in the app. Customers inform their server when they arrive that they will be paying with Dash, which is integrated into the restaurant’s POS.
By Michael Riley and Jordan Robertson via Bloomberg
The hackers who raided the data banks of JPMorgan Chase used computers now linked to possible attacks on at least 13 more financial companies, according to a person familiar with the investigation.
More than a month after the JPMorgan hack was made public, it’s now clear that the perpetrators had attempted a broad campaign aimed at a payroll-servicing company, a popular stock brokerage and some of the world’s biggest banks. The depth of the JPMorgan breach and the scope of the intended targets have sent a shudder through Wall Street, even if the attackers had mixed success.
The group set its sights on companies including Citigroup, HSBC, E*Trade, Regions Financial Corp., and Automatic Data Processing Inc., the payroll firm, according to several people familiar with those companies’ internal probes who said the signs of intruders were found in the computers or logged by protective technology that effectively stopped the hackers.
By Ryan Lawler via TechCrunch
If are a techie who lives in San Francisco, you probably know what a miserable experience it is to wait in line at Blue Bottle in Mint Plaza with all the other techies in San Francisco. Well, payments startup Square wants to make it easier for you to get the cappuccino you want, and make sure it’s hot and delicious when you arrive to pick it up.
Since introducing its card reader years ago, Square has been looking for new ways to insert itself into people’s lives when they make purchases. Earlier this year, that meant launching an app designed to improve the user experience of ordering and picking up food and coffee from nearby merchants.
By introducing its Square Order app, the company enables customers in San Francisco and New York City to skip the line, place orders ahead of time, and pick them up at their convenience. The app also simplified the process of paying for those orders — rather than pay at the register, users can make payments directly from a credit or debit card linked to the Square account their mobile device.
Technology entrepreneur and investor Peter Thiel said Apple will struggle to innovate to develop any business that’ll move the dial on revenue growth, questioned whether Bitcoin has staying power and panned technology buzzwords like cloud and the Internet of things.
Thiel co-founded PayPal with Max Levchin and Elon Musk and was CEO of the company. Now he’s a venture capitalist who was the first outside investor in Facebook. Thiel also is co-founder and chairman of Palantir, a big data company. He has invested in more than 140 companies and the Thiel Foundation aims philanthropy at breakthrough technologies such as artificial intelligence and anti-aging research.
Speaking at the Gartner Symposium ITxpo, Thiel, at the conference to plug his Zero to One book, covered everything from entrepreneurial thinking to currency and investing in new technologies.
By Paul Schaus via InformationWeek/BankTech
Why biometrics will be the key to mobile payments adoption.
How long does it take a consumer to swipe their credit card at the point of sale? Two seconds? Five seconds?
How long does it take a consumer to enter their password into their mobile phone to make the same payment at the point of sale?
Actually the answer doesn’t matter — not unless the time it takes to use a mobile payment app is less than the time it takes to swipe a piece of plastic.
Until making a mobile payment becomes faster than using a credit card, mobile payments will be stuck in low gear. And the key to making mobile payments fast is to use biometrics to solve the authentication problem and eliminate the need for consumers to enter a password. Widespread adoption of biometrics — whether its face, fingerprints, hand geometry, handwriting, iris, retinal, vein, or voice — is the tipping point for mobile payments.
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