Copyright © 2015
Tag - Google Wallet
Technology industry leaders Amazon, Apple, Google, Intuit and PayPal today announced the formation of Financial Innovation Now. The new Washington DC lobbyist super-group is a coalition that will promote tech-company friendly policies to help foster greater innovation in financial services, as well as claiming to assist consumers in the transition to new payment services like Apple Pay, Samsung Pay, and Google Wallet.
Google has taken a step to protect the users of Google Wallet, by making funds stored on their accounts FDIC-insured. Confirmed to Yahoo Finance, Google is now storing funds of its users in multiple banking institutions that are protected by the Federal Deposit Insurance Corporation, safeguarding account balances in the event the company or bank shuts down.
Softcard, the mobile payments service backed by carriers AT&T, Verizon Wireless, and T-Mobile, will be closing completely by the end of this month. The company revealed that, following the purchase of its intellectual property and technology by Google, the Softcard app will cease working on March 31, with accounts automatically closing on the same date.
Google will be launching a new payments API at its Google I/O developer conference in May, a report claims, potentially giving Apple Pay some stiff competition. Android Pay will allow developers to not only add mobile payments to their apps, but to also facilitate in-store purchases via smartphone over NFC. The news comes as Softcard reveals it is starting to pull support for its apps, following the purchase of its intellectual property by the search company.
Google is preparing to compete more intensely against Apple Pay, by acquiring mobile payments technology from Softcard. At the same time, Google has struck a deal with AT&T, T-Mobile, and Verizon Wireless to have Google Wallet pre-installed on sold devices, the same group of carriers who backed the Softcard payments system in the first place.
Google is adding the Send Money option to Gmail in the United Kingdom. Originally available to US users since 2013, the option allows users to attach funds to an outbound email by selecting the £ symbol, which can also be used to request money, with funds transferred between users via Google Wallet. The feature is rolling out to all Gmail users in the UK over the age of 18 in the coming weeks.
Softcard, a mobile payments system that preceded but competes against systems such as Apple Pay and Google Wallet, was created as a joint venture with investments by mobile carriers AT&T, Verizon, and T-Mobile. In the midst of Apple implementing near-field communications (NFC) for Apple Pay, along with internal struggles at Softcard, reports are surfacing that the mobile payment company is being sized up for purchase, potentially by one of its rivals.
Call it the omni-terminal: point-of-sale terminal maker Verifone has unveiled a new model, the PAYware Mobile e355, which the company says is compatible with all forms of mobile and traditional card payments, from simple magnetic stripe (currently widely used in the US) to chip-and-PIN EMV cards coming this year, and all forms of NFC-based payment systems utilizing iOS, Android or Windows Phone -- including Apple Pay, Google Wallet, Softcard and others.
Mujjo has introduced its Leather Wallet Case line-up for iPhone 6 and iPhone 6 Plus in gray, as part of its Desaturated Collection. The wallet case is designed to hold two to three essential cards without sacrificing a thin profile. The case is available in two styles for iPhone 6 -- one with the card slot angled upright and the other with an 80 degree angle pocket -- and the 80 degree angle pocket case is available for iPhone 6 Plus. Pricing for the Desaturated Collection begins at $40, and cases can be purchased through Mujjo.
The COO for MCX, Scott Rankin, has spoken to USA Today in an attempt to defend CurrentC, an upcoming mobile payment system that has taken flak for various policies, such as excluding Apple Pay and Google Wallet (and other NFC-based payment systems) at participating retail chains. He has said, in his trademark unclear manner, that the length of exclusivity is "closer to months than years," which suggests that some retailers signed on for CurrentC -- such as CVS and Rite Aid -- could begin accepting rival payment options by the end of 2015 or 2016.