Banking Trend Tracker September 2011


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Banking Trend Tracker September 2011

  1. 1. Google Wallet Has ArrivedU.S. Bank Intros ‗Penny Auction‘ CardVirtual ATMs Store Your Bank Details In The Clouds For Extra SecurityPayPal Looks To Merchants As It Builds Mobile Payments OfferingAnd more
  2. 2. GOOGLE WALLET HASARRIVED VISA UNVEILS INCENTIVESGoogle‘s mobile payment TO SPEED SHIFT TO MOBILE-system, Google Wallet, is nowavailable to the public — for people PAYMENT SYSTEMSwho use Sprint Nexus S 4G phonesand Citi MasterCards at least. The Visa Inc. unveiled plans to encourage U.S.near-field communication and retailers to shift to checkout systems thatcontact-less payment system was let consumers pay using their mobileexpected to launch this summer. phones, as the biggest payment networkGoogle Wallet — along with Google aims to jump ahead of rivals and curbOffers — is built on an open platform credit-card fraud.that combines multiple credit cards, The company said it will let merchants thatloyalty programs and offers at the switch to credit-card readers supporting so-point of sale. Payment is made by called EMV technology forego costlyswiping your smartphone at annual security certifications. Starting incheckout. Essentially, Google is 2015, it will also stop requiring banks toturning your phone into your wallet. reimburse most merchants for some typesThe Google Wallet service must be associated with a Google account to of credit-card fraud, which can bebegin using it. After agreeing to terms and conditions and entering a PIN, prevented by using EMV systems, Visayou can start the process of provisioning your cards to your account. Learn said in a statement yesterday.more here. Visa wants to boost sales of new terminalsSource: and (picture) and accelerate the move to transactions made via cell phones with near field communication chips, an emerging standard in mobile technology. When tapped on the new readers, enabledDEPARTMENT STORE mobile phones can function like credit and debit cards. Research firm CroneEASES CHECK-OUT Consulting LLC estimates that only about 200,000 of 6 million store terminals nowLINES WITH MOBILE accept such contactless payments. Learn more here.TECHNOLOGY Source: businessweek.comNordstrom recently rolled out 6,000 iPod Touches at 116 of its stores in aneffort to reduce check-out wait times. The US department store chainalready uses Apple iPads in its Personal Styling Department. The new iPodTouches will be able to read credit cards and bar-codes. Consumers withcredit cards will be able to walk up to a store representative, purchase anitem on the spot, and receive an automatically e-mailed receipt. Retailassociates will also be able to obtain inventory information by scanningitem bar codes. The retailer plans on distributing equipped iPods to all of itsstores, as well as expanding the capabilities of these devices.Source:
  3. 3. ALLY BANK LAUNCHES‘PEOPLE SENSE’CAMPAIGNAlly Bank is launching an ad campaign centering on the concept of "peoplesense" -- which is doing what is right for customers because it also makesgood business sense.TV, which breaks Sept. 19 at 9 p.m., includes the tagline "No nonsense.Just people sense." The campaign also includes radio, print, digital andoutdoor advertising.Since launching the Ally Bank brand in 2009, the online-only financial U.S. BANK INTROS ‘PENNYservices company has tried to offer customers industry-leading features AUCTION’ CARDand service and this ad campaign illustrates that philosophy, says SanjayGupta, chief marketing officer of Ally Financial Inc. U.S. Bank and SkoreIt, a leader in theIn July, Ally Bank launched several new products and services including its online penny auction industry, havedebit rewards program, Ally Perks; a person-to-person payment service, launched a co-branded Visa Gift Card forPopmoney; a 4-year term of its popular Raise Your Rate CD and a suite of SkoreIt Web site members.IRA products. In a penny auction, participants must pay aSource: non-refundable fee to place a small incremental bid. When the time expires, the last participant to have placed a bid wins the item and also pays the final auction price, which is generally 80-99%VIRTUAL ATMS STORE lower than the retail price of the item. The card is welcomed everywhere VisaYOUR BANK DETAILS IN debit cards are accepted in the U.S., including online and mail order purchases.THE CLOUDS FOR Gift cards in denominations ranging from $25 to $500 are available for bidding andEXTRA SECURITY are personalized with either the bidders name or "A Gift for You" if the card is intended to be a gift. The dollar amount can also be embossed on the card. Diebold, an ATM-maker company, has Source: andrevealed the world‘s first ATM that uses (picture)virtualization technology. These virtualATMs use cloud computing technology byrelying on remote servers rather than built-in computing resources. According toreports, cloud-based cash machines offergreater security, reliability and flexibility.The virtual ATMs are still prototypes and were developed by Diebold inpartnership with VMware. It was unveiled at the VMworld 2011 expo.Source: and (picture)
  4. 4. SITE OFFERS CLARIFIEDBANKING FOR GROUPS& SMALL BUSINESSTEAMSFor groups of friends, shared expenses can be handled through sites suchas PayDivvy. Small businesses and teams, however, tend to need a morestructured approach. Billed as ―a revolutionary netbanking service forcreative projects and group activities,‖ Finnish Holvi aims to serve such UNIVERSAL PAYMENTusers with a raft of business-oriented functions. NETWORK ‘OPENBUCKS’New from the founders of Scred,Holvi aims to give small teams a better LETS YOU USE GIFT CARDSunderstanding of how their money is spent and received. Users can createa budget for their activities and see a graphical report of everything TO BUY DIGITAL GOODShappening in real time, for instance. They can also build income by selling ONLINEtickets and t-shirts, for example, and then see their bookkeeping updated inreal time. Expense claims can be received, fully tagged and categorized, New start-up Openbucks is looking toand photos of receipts can even be uploaded directly to the site. provide the millions of people who can‘t getMeanwhile, users can pay bills as they would with any internet bank; every credit cards (because they‘re too young orpayment is tagged and automatically updated to their budget reports. have bad credit, for example) with a way toSource: pay for goods online. Their method is gift cards, and they‘re creating a ‗universal payment network‘ that lets you use them to buy digital goods and services. The company has already partnered withPAYPAL LOOKS TO six brands (Subway, CVS, Circle K, Sports Authority, Hess and CITGO) to offer gift cards. When you visit a supported site, youMERCHANTS AS IT simply enter the number on your card and click submit, then the money will beBUILDS MOBILE deducted from the card and you‘ll receive a receipt.PAYMENTS OFFERING At the moment these cards are accepted by gaming companies like Mochi, Gaia Online and BigPoint, and Openbucks has plans to soon extend the digital goods theyWhile PayPal provided some more color around its push into mobile can be used to purchase.payments last week, a lot of details are still missing, such as how it willenable in-store payments. Source: and (picture)PayPal pointed to the convergence of smartphones, social media, onlineand offline shopping in a blog post last week that explained how thecompany is trying to provide consumers with a better shopping and buyingexperience. The company said it is rolling out a one-stop shop formerchants to engage their customers directly during every part of theshopping cycle, including generating demand for consumers throughlocation-based offers and making payments accessible from any device –not just a mobile phone. Learn more here.Source:
  5. 5. Previous editions of this newsletter can be downloadedat www.luckie.comIf you wish to be added to the monthly distribution list for thisnewsletter, please send an e-mail to andinclude Banking Trend Tracker in the subject lineFor further insight you can follow Luckie on