Quick Thoughts – Implications of SnapCash for ACH and Person-to-Person (P2P)...
With its announcement of Snapcash on Monday, Snapchat (with a $10bn valuation in its last funding in August[1]) enters the market for integration of social media and person-to-person (P2P) payments in...
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Quick Thoughts – Initially Apple Pay More Disruptive Online than at...
Apple’s new iPads (iPad Air 2 and iPad Mini 3) announced today will have TouchID and hence allow for Apple Pay purchases within apps supporting the Apple Pay API (albeit not at point-of-sale since the...
View ArticleQuick Thoughts – Expect MCX and Apple Pay to Partner
Bob Carr, the CEO of HPS, has commented that Apple Pay will make it difficult for MCX to sustain its policy of requiring members to accept only the CurrentC mobile wallet: “I don’t see how that [the...
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Quick Thoughts – The Online Challenge Faced by PayPal Because of EMV...
Financially, the argument for splitting eBay and PayPal is stronger today than in the past because eBay now accounts for less than 30% of PayPal transactions (versus over 70% a decade ago) and because...
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Quick Thoughts – WMT Continues to Undercut Banks using Distribution Advantage...
Yesterday, WMT announced it will distribute GoBank, a mobile-only checking account offered by GDOT, which is exempt from the Durbin cap on debit interchange because of its size; with assets of less...
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Quick Thoughts – Apple Pay as a Catalyst for Mobile Advertising and Other...
Below, we address some investor questions that have arisen since Apple Pay was announced on September 9th: Apple Pay is a Catalyst for Mobile Advertising: The card swipe is broken because it does not...
View ArticleGS: The Role of Enterprise-Wide Risk Management Systems in Derivatives Pricing
“In the old days, there was complexity on products with leverage and pay-off. Now, the derivatives are simple – the complexity is in the accounting. The world has been turned upside down.” Head of...
View ArticleApple Pay, Passbook, and the Convergence of Payments and Marketing
APPLE PAY, PASSBOOK, AND THE CONVERGENCE OF PAYMENTS AND MARKETING – CONFERENCE CALL, DATE TBD 1. Mobile wallets are as much about commerce and advertising as payments; a chip, unlike a mag-stripe, is...
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Quick Thoughts – Apple Pay Highlights the Business Case for MCX as Retailers...
A number of merchants, including MCX members such as BBY, have said they have no plans to accept Apple Pay. TGT has announced that it will enable Apple Pay for online purchases through its mobile app...
View ArticleQuick Thoughts – Apple Pay and the Convergence of Physical and Digital Commerce
Apple Pay is an EMV-compliant, NFC-enabled payments solution that will work: (i) at physical stores with EMV-compliant contactless terminals (currently activated at less than 5% of US retail stores but...
View ArticleQuick Thoughts: Implications for the Payments Industry of an NFC-Enabled iWallet
Both Wired and the Financial Times are reporting that, at its September 9th media event, Apple will announce the use of NFC-enabled wireless communication in the iPhone (including for mobile payments)...
View ArticleQuick Thoughts – Bank Launches of Digital Wallet and Checkout Products are a...
Banks are getting into the digital wallet and checkout business in competition with PayPal. Recent products include Chase Quick Checkout (announced in February), PNC’s digital wallet (announced in...
View ArticlePayments and the Convergence of Physical and Digital Commerce
“Data is the weapon” Dan Schulman, AXP Consensus is that smartphone penetration (now over 65% of US mobile subscribers) will allow digital brands to extend their e-commerce franchises and data-enabled...
View ArticleQuick Thoughts: Cost of BAC Settlement Meaningfully Below Headline Figure
While the headline for the mortgage settlement announced today with the Department of Justice is $17bn ($9.65bn in cash, of which $5bn is penalty and the balance remediation expense, and $7bn in...
View ArticleThe EMV Opportunity for PAY in Terminal Apps
“I think that the coming decade will be the most important in commerce and payments that any one of us have lived through”. Paul Gallant, CEO Verifone, Mar 2014 One of the most important changes in US...
View ArticleQuick Thoughts: Winners and Losers as Relentless Data Breaches Drive the US...
Visa and MasterCard are being forced to promote EMV-standards for chip-based cards as ongoing data breaches (including those at Albertson’s and SuperValu announced on Friday) increase the risk that...
View ArticleQuick Thoughts: Amazon Mobile Illustrates the Increasing Importance of...
The launch by Amazon of a mobile POS reader illustrates the importance to the online giants of becoming involved in the transaction data generated at physical point-of-sale (which accounts for over 90%...
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The Challenge to Online Giants as Banks and Retailers Build Data Strategies...
In some cases, the impact of mobile will be less to allow online payments/commerce franchises to extend to the physical world and more to allow traditional retailers to challenge effectively online....
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Quick Thoughts: Barclays – Delivering Against Plan and Attractively-Valued
Barclays interim results released this morning show strong execution against the good-bank/bad-bank strategy announced on May 8th and good business momentum outside the investment bank. The good bank...
View ArticleThe Durbin-Related Threat of Direct-Routing to Visa and Opportunity for FIS,...
“Rewards cards could crater tomorrow … and [the volumes] move over to the debit or charge card side”, Phil Heasley, Chairman of Visa 1996-2003 and current CEO ACIW, June 2014 In 2015, we expect large...
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