Facebook Debuts Payments System For Its Platform, Apps

Facebook unveiled Facebook Pay, a system to enable payments across its own platform as well as Messenger, Instagram and WhatsApp. The user will be able to send money to people, shop and donate to fundraisers. According to the company, Facebook Pay, which is completely separate from the company’s newly released Calibra wallet and Libra cryptocurrency network, is built on “existing financial infrastructure and partnerships.” Facebook Pay for Facebook and Messenger will debut in the U.S. this week. Continue reading Facebook Debuts Payments System For Its Platform, Apps

Amazon Eyes Low-Income Shoppers With PayCode Service

Amazon recently announced PayCode, a new pay-with-cash option for its online shoppers. The e-commerce giant’s service is the latest step in taking on low-price retail chains like Walmart. The move could help attract the 8+ million low-income households in the U.S. that do not presently have bank accounts, debit cards or credit cards. PayCode users can place an order on Amazon and then pay in cash within 24 hours at one of 15,000 Western Union locations. Amazon is also looking to expand its recently developed cashierless Go technology by bringing it to retailers such as movie theaters and airport shops. Continue reading Amazon Eyes Low-Income Shoppers With PayCode Service

MoviePass Revives Unlimited Plan, Will Offer IMAX, 3D Movies

MoviePass just brought back its unlimited subscription plan launched last August that allows users to see a movie a day for $10 per month. Better yet, chief executive Mitch Lowe declared the company is “absolutely committed” to keeping the plan in place. Two weeks ago, MoviePass limited subscribers to four movies per month. The company has previously experimented with removing subscriber access to some AMC Theatres in major cities and even specific movies, all of which were temporary moves. Continue reading MoviePass Revives Unlimited Plan, Will Offer IMAX, 3D Movies

Amazon’s Plan to Lure Retailers to Amazon Pay via Discounts

Sources say Amazon is making a move that threatens PayPal and banks that issue credit cards: passing discounts it gets on credit-card fees to retailers that use its online payment service. In doing so, Amazon is sacrificing short-term profitability to boost the fortunes of its payments system. JPMorgan Chase, Citigroup, Visa, Mastercard and payment processors First Data and Stripe Inc. partake in the $90 billion per year swipe fee industry, about 2 percent of a typical credit card purchase or 24 cents for debit. Continue reading Amazon’s Plan to Lure Retailers to Amazon Pay via Discounts

MoviePass Cuts Subscription to $10/Month, AMC Fights Back

Early Netflix executive Mitch Lowe is now in charge of MoviePass, and he plans to drop its movie ticket subscription price to $9.95, which will let customers go to one showing per day at any theater in the U.S. that accepts debit cards. In return, MoviePass pays theaters the full price of each ticket, with the exception of 3D or IMAX screens. The company just sold a majority stake to Helios and Matheson Analytics, a publicly traded data firm. AMC has stated it wants to block MoviePass subscribers. Continue reading MoviePass Cuts Subscription to $10/Month, AMC Fights Back

Privacy Group Files Complaint Over New Google Ad Program

The Electronic Privacy Information Center filed a legal complaint with the Federal Trade Commission over Google’s Store Sales Measurement, a new advertising program that connects consumers’ online activities with purchases in retail stores. According to the complaint, Google now has access to U.S. consumers’ credit and debit card purchase records, but doesn’t reveal how it gets the information and uses a secretive method to protect it. The complaint states that consumers should be provided a way to opt out of the program. Continue reading Privacy Group Files Complaint Over New Google Ad Program

SEC Opens Investigation into Massive Yahoo Data Breaches

The Securities and Exchange Commission has opened an investigation into Yahoo’s highly-publicized data breaches and whether the company should have disclosed the massive hacks earlier. “The SEC requires companies to disclose cybersecurity risks as soon as they are determined to have an effect on investors,” reports The Wall Street Journal. Yahoo’s 2014 breach, disclosed in September 2016, involved data from at least 500 million users. In December 2016, the company revealed that more than 1 billion Yahoo user accounts had been breached in 2013. “The SEC has investigated multiple companies over whether they properly disclosed hacks,” notes WSJ, especially after the 2013 Target breach “that compromised up to 70 million credit and debit-card accounts.” Continue reading SEC Opens Investigation into Massive Yahoo Data Breaches

Walmart to Purchase Jet.com in Bid to Compete with Amazon

In its biggest bid yet to compete more directly with Amazon, Arkansas-based Walmart is acquiring e-commerce startup Jet.com for $3.3 billion ($3 billion in cash and $300 million in shares to be paid over time). Walmart has been busy expanding its online operation, and the Jet.com deal provides it with a shopping site that is adding 400,000 consumers monthly and has already reached a $1 billion gross merchandise run rate. Store-based businesses such as Costco, Target and Walmart have been looking for effective ways to contend with Amazon’s successful online model. Continue reading Walmart to Purchase Jet.com in Bid to Compete with Amazon

New Features, Deals Could Turn Things Around for Apple Pay

Apple Pay is experiencing a rocky road to adoption. On Black Friday, it was used for about half the number of purchases as last year. On the plus side, Apple has added to the list of vendors allowing consumers to use Apple Pay, but the company is also entering the world of friend-to-friend payments, which are expensive to operate and hard to monetize. What could tip the balance is the deal Apple inked with China UnionPay to be used at Chinese cash registers. But only time will tell. Continue reading New Features, Deals Could Turn Things Around for Apple Pay

Facebook Unveils Peer-to-Peer Payments on Messenger App

Facebook is adding a new feature that allows its users to send each other money through Facebook messages. Users link their debit cards in order to send their friends money. Unlike PayPal or Venmo, users do not have to “cash out” the funds. The payments transfer directly between debit cards. The new service, which is free to Facebook Messenger users, will roll out in the U.S. in the next few months. It will show up in the Messenger app as a dollar sign, next to the icons for text, photos and thumbs up. Continue reading Facebook Unveils Peer-to-Peer Payments on Messenger App

Twitter Aims to Integrate Coupons with E-Commerce Program

With a base of about 248 million users, Twitter could become the ultimate commerce destination for marketers and shoppers alike. The company recently announced its plan to rollout Twitter Offers, a program that allows marketers to package promotional tweets with time sensitive discounts and coupons that can be readily redeemable via smartphones and credit or debit cards. The new program is an initiative to drive sales, primarily in-store sales, with mobile advertisements. Continue reading Twitter Aims to Integrate Coupons with E-Commerce Program

Apple Introduces Two New iPads, 5K iMac and OS X Yosemite

During a 90-minute event at its headquarters in Cupertino yesterday, Apple unveiled two new iPads (the iPad Air 2, starting at $499, and the iPad mini 3, starting at $399), a 27-inch iMac with 5K Retina display, and its new operating system, OS X Yosemite. CEO Tim Cook explained that the new Apple Pay mobile payment service will launch on Monday with more than 500 partners including American Express, MasterCard and Visa. Cook also said that the Apple Watch would be available early next year. Continue reading Apple Introduces Two New iPads, 5K iMac and OS X Yosemite