Just in case anyone was starting to feel too comfortable paying for things with contactless credit cards, a German software developer has posted a new app on the Google Play app store that’s capable of swiping credit card information from contactless cards such as PayPass MasterCard, Visa payWave and Barclays PayTag. SC Magazine reports that Thomas Skora, a senior consultant for security firm Integralis, has created an app that can “skim card numbers and [expiration] dates, along with transactions and merchant IDs” using near field communications technology that is typically used by mobile payment platforms such as Google Wallet. In order to swipe someone’s card information, thieves will have to be within a relatively short distance of their victims so they can use their smartphones to scan any contactless pay cards unwitting users might have. More →
MasterCard announced earlier this week that it would partner with with ISIS to help foster the growth of NFC-based mobile payment solutions in the U.S. ISIS, formed in November last year by Verizon Wireless, AT&T and T-Mobile, intends to deliver a complete mobile wallet solution that ambitiously aims to replace cash, credit cards, debit cards, coupons and more with one comprehensive mobile solution. So we know about ISIS and now we know MasterCard is on board, but MasterCard is hardly a newcomer in the contactless payments space. BGR recently had a chat with MasterCard’s Senior Vice President of Mobile, James Anderson, to discuss the past, present and future of mobile payments here in the U.S. Of course NFC-based contactless payment solutions are at the forefront of discussions surrounding the mobile payment space right now, and who better to discuss NFC with than the man recently named Vice Chairman of the NFC Forum? Our full Q&A with Anderson can be found below.
BGR Interview is a series of interviews and conversations with executives, influencers, tastemakers and innovators, covering the mobile and consumer electronics industries. More →
Google may have just unveiled its preliminary plans to bring contactless mobile payments to the U.S., but mobile payments in using various technologies are prime to blow up in several other markets around the world as well. Swedish wireless analyst firm Berg Insight on Thursday issued a report on mobile money in emerging markets, and the group believes adoption will skyrocket over the next four years. In 2010 there were 133 million people in emerging markets who used their cell phones to move money or pay for goods and services. That number is set to grow an average of 40% each year to reach 709 million in 2015, the firm believes. Over that same period, the total value of mobile payment transactions will balloon from $25 billion in 2010 to $215 billion in 2015. “In developing regions such as Africa the mobile phone will become the primary digital channel for people to conduct financial services in the coming years,” said Telecom Analyst Lars Kurkinen. “Financial institutions are beginning to realize the importance of mobile phones to reach new clients viewing mobile money services as high-priority strategic projects. Also mobile operators and third party service providers are ramping up their efforts to target the huge unbanked populations in emerging markets.” Hit the break for Berg’s full release. More →
Google has been working on a mobile payment service for quite some time now, and the company is finally ready to take the wraps off of the first iteration of its contactless payment product. Google has been buying up talent — and someone spilled the beans this past Tuesday — so we can’t say the announcement is likely to come as much of a surprise. Yes, Google is expected to finally take the wraps off its Google Wallet service, which will use NFC-based technology to allow consumers to pay for goods with their cell phones. According to reports, Google’s preliminary pilot will launch in partnership with Sprint, utilizing the NFC-equipped Google Nexus S 4G, and it will be available in New York, San Francisco, Los Angeles, Chicago and Washington, D.C. to start. Want to know more? So do we… and we’ll be reporting all the action as it unfolds right here in this post. Hit the break for our liveblog of Google’s press conference, which will start just before 12:00 p.m. Eastern Time, and don’t forget to refresh the page often for the latest updates! More →