Company allegedly assuming some fraud risk
In preparation for its mobile payment technology, Apple has successfully negotiated deals with five major financial institutions -- American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America -- to lower transaction fees, sources say. One linchpin was convincing them that mobile payments constitute "card present" transactions, which have a lower discount rate than their opposite, owing to lower fraud risk. That card-present rate has been dropped another 15 to 25 basis points however, meaning that Apple should get a roughly 10 percent discount on processing rates.
ISIS mobile payments to arrive in Salt Lake City, Austin, on October 22
The ISIS mobile payment system is set to go live on October 22, according to some leaked memos from the carrier. Shared by TMoNews, the image reveals that the ISIS Mobile Wallet app will arrive at Google Play store on October 22. Those in Salt Lake City, Utah, and Austin, Texas, will be able to use the system as part of a pilot program.
Chase, Capital One, Barclaycard first companies
Isis, the mobile commerce venture between AT&T, T-Mobile, and Verizon have finalized their wireless payment standard for mobile devices, calling it Isis Mobile Wallet. It's due to launch this summer, with Chase, Capital One, and Barclaycard being the first banks to sign up and have their credit, debit, and prepaid cards be compatible with the system. The first merchants to support the system will be located in Salt Lake City and Austin, Texas. Like Google Wallet, its major competitor, Isis Mobile Wallet let users securely pay for goods and merchandise with their handsets.
Offers 10X rewards points for games and rentals
Sony has teamed up with Capital One to offer a rewards card for PlayStation enthusiasts. The PlayStation Card will offer ten times the reward points for every purchase made on the PlayStation Network. This includes game-related PSN purchases as well as PSN movie or TV show purchases and rentals.
TiVo, bank e-mail exposed in Epsilon hack
Large-scale e-mail marketer Epsilon warned this weekend that at least 14 major companies had their e-mail lists compromised through a security hack. TiVo, as well as banks like Capital One, Citi, and JPMorgan Chase, warned that their customers could be targeted by phishing attempts or anything else that relies on knowing an e-mail address. The affected group stressed that they didn't have any other personally identifying data besides names, although rewards programs from Marriott and Ritz-Carleton also exposed point balances.