Yahoo on Wednesday announced that former PayPal president Scott Thompson will takeover as CEO of the company. Thompson will replace Tim Morse, who has served as the interim CEO since the firing of Carol Bartz last year. ” With the ultimate goal of delivering the value our shareholders expect, my immediate focus will be on getting to know the entire team and hearing more from all Yahoo!s, working closely with the engineers and product teams, and diving deeply into our products and services to learn more about what our more than 700 million users find most engaging and useful,” Thompson said. “I will also be working directly with our region leaders and sales teams globally to get a clearer understanding of the needs of our advertisers and publisher.” Yahoo’s full press release follows after the break. More →
Verizon Wireless and American Express announced on Monday that Verizon Wireless will begin to integrate American Express’ “Serve” mobile payment solution into its phones and tablets. The agreement will allow Verizon Wireless customers to make mobile payments from their phones, provided that they have an existing Serve account. “Our collaboration with Verizon highlights the speed at which Serve is evolving to reach a wide audience,” said Dan Schulman, group president, Enterprise Growth, American Express. “Verizon Wireless customers will soon be able to complement their busy lifestyle with a trusted payment platform that delivers a fast, flexible and secure way to manage their day-to-day mobile purchases, and together we’re taking the necessary steps to make mobile commerce a reality.” Serve is similar to PayPal and allows users to send or receive money for goods and services. American Express announced the service in March in tandem with Serve apps for Android and iOS. Read on for the full press release. More →
In a blog post that announced PayPal now has 100 million active accounts, PayPal president Scott Thompson also discussed the future of the mobile payment space. “We believe that by 2015 digital currency will be accepted everywhere in the U.S. – from your local corner store to Walmart,” Thompson said. “We will no longer need to carry a wallet.” As part of that goal, the company has asked five residents in the San Francisco Bay area to use digital currency for all of their purchases and, presumably, PayPal will pick up the tab. While we love Thompson’s optimism, that sounds like a tough task. Google recently announced its Google Wallet application, which will allow customers to use a Nexus S smartphone to purchase goods at a number of retailers, but you’d still be hard pressed to find anywhere that accepts it as payment for the time being. We suppose they could use a PayPal debit card — but that would still require a wallet. Oh well, there’s always Starbucks. More →
Google on Thursday finally took the wraps off its Google Wallet and Google Offers services, which offer an NFC-based contactless payment system married with a location-based local coupon service. On the same day, eBay and its online payment arm PayPal filed a lawsuit against Google and two of its executives for stealing trade secrets relating to mobile payments. Osama Bedier and Stephanie Tilenius, both of whom were heavily involved in the development of the Google Wallet service, were named in the suit. Beider and Tilenius were formerly PayPal employees who left the company to join Google and help build Google Wallet. Both executives were with PayPal for the better part of a decade, and Bedier was most recently vice president of platform, mobile and new ventures. The suit accuses Bedier of having “misappropriated PayPal trade secrets by disclosing them within Google and to major retailers,” and it alleges that Tilenius broke a contractual agreement with eBay by recruiting Bedier once moving to Google. More →
Today American Express introduced its new digital payment system called Serve. Serve works similar to PayPal in that it allows users to create an account that can be used for sending or receiving money. Users can access their accounts from American Express’ Serve iOS and Android applications, via the Web, or through Facebook. Serve has two fees, including 2.9% plus $0.30 per load deposited, although this is discounted to 0$ for cash, debit, and ACH. Similarly, there’s a $2 fee on ATM cash withdrawals, although the first withdrawal each month is free. The good news is, American Express is waiving the deposit fee for the next six months. Serve lets users create a master account and you can create sub-accounts for friends or family members. American Express also provides a debit card with each Serve account that can be be used at any ATM or merchant that accepts American Express. “We are working with a range of partners to integrate Serve as a payment method and deliver customized offers, and we will waive most consumer fees for the next six months,” said Dan Schulman, Group President, Enterprise Growth at American Express. Hit the jump for the full release. More →
Credit card giant Visa has announced a new payment service for U.S. consumers set to launch in the second half of 2011. The new offering closely mimics services offered by PayPal, allowing users with a Visa-branded credit, debit, or pre-paid account to transfer money amongst each other. “Consumers in the U.S. will soon be able to receive and send funds to any eligible Visa credit, debit or prepaid account, anywhere in the world,” reads the press release. “By simply entering the recipient’s 16-digit Visa account, email address or mobile phone number, consumers can send funds directly from their bank account to a recipient’s Visa account.” The company has also partnered with payment networks CashEdge and Fiserv, allowing them to integrate their person-to-person payment platforms with the new service. The personal payment program outlined by Visa is already offered outside the U.S. in dozens of different countries. The full press release is after the break.
AllThingsD is reporting, by way of LinkedIn, that PayPal has just snatched up the VP of Global Design from Apple. The lucky lady is said to be Sarah Brody who has worked on the original iPhone, original iPod nano and was a “critical aspect in the design of” MobileMe. In addition to working on the aforementioned projects, she’s also responsible for the design of the product packaging boxes that are pictured above. Maybe PayPal’s website won’t look so sketchy anymore with this new hire? More →
Today, at the TechCrunch Disrupt conference in San Francisco, Paypal’s Laura Chambers indicated that an update to her company’s iPhone application, that will allow users to deposit checks by photographing the front and back of the tender with their Apple smartphone, is due “in the next day or so.” The ability to deposit checks via scanned images has already been implemented by some traditional banks, however PayPal will be one of the first companies to implement the feature into a mobile application. More →
If you use BlackBerry’s App World to download applications, updates, and regularly find new content, you’ll be pleased as punch to know that App World 2.0 has just gone live in beta form. App World 2.0 brings a number of enhancements to the app — some much needed — and even some new payment options. For starters, credit cards are now directly supported instead of having to go through PayPal, and RIM has brought along support for carrier billing. In true RIM fashion, however, this is not available now, and RIM won’t say which carriers will support it. Next up is the ability to drill down different top 25 lists, something much needed. There are now top 25 paid, free, and theme sections. Simplifying the entire user experience is BlackBerry ID, something you can probably guess. It’s a device-independent user ID, something separate from PIN mumbo jumbo, and will streamline your purchasing profile, keep track of your downloaded applications, etc. Not much of a finder/gatherer? Lastly there is QR barcode support in the new version of App World, so look for developers to start using barcodes in promotional materials, emails, really anything. It’s available now on RIM’s beta site below for download. More →
Internet company PayPal has announced plans to open an application storefront in an effort to court developer business and further its online payment system. The company’s plan includes an application store and payment system for both mobile and desktop applications. “I want developers to think of PayPal first whenever they hear the word ‘payments’ and I want to know what it will take to get there. We’re willing to do it. We’re willing to innovate and experiment on their behalf and hear their feedback,” said Osama Bedier, PayPal’s vice president of Platform Business Unit and Emerging Technologies, while speaking at the Future of Web Apps conference. Bedier continued: “The wallet should live in the cloud… Entering credit card information into a mobile device is the worst user experience ever.” It will be interesting to see how a mobile application store would play out. We can assume that Apple isn’t going to let PayPal just waltz in on its cash cow — do we feel a PayPal application ban coming from the iTunes App Store? — and Android’s market is already, for the most part, wide open to developers. Nokia has Ovi, BlackBerry has App World, and Microsoft has Windows Marketplace. What are your thoughts? Is PayPal a little too late to the game to make a significant impact? It’s worth noting that RIM’s App World is already exclusively using PayPal for payments. More →
Remember back in July when a handful of Nokia’s trademark applications were uncovered, launching unending speculation about tidbits such as “C Series”, “X Series” and “Booklet”? Well Booklet ended up being a netbook, as suspected, and we’re still waiting to see how the C and X series end up materializing. One of the trademarks that didn’t receive much attention however, was “Nokia Money”. We all assumed it had to do with a mobile payment platform of some kind and as it turns out, it does. Nokia announced its new Nokia Money platform built on top of Obopay this morning, that will provide a Paypal-like service using mobile phone numbers as identifiers rather than email addresses. From the release:
Nokia Money has been designed to be as simple and convenient as making a voice call or sending an SMS. It will enable consumers to send money to another person just by using the person’s mobile phone number, as well as to pay merchants for goods and services, pay their utility bills, or recharge their prepaid SIM cards (SIM top-up). The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts.
We don’t anticipate seeing the service become available in the US any time soon, if ever. It would be nice to see a company step up to make mobile banking more of a reality in America but considering Nokia’s lack of presence here, we doubt it will be the company to lead the pack. Abroad however, where Paypal isn’t quite the force it is here — the Paypal service isn’t even available in many regions — Nokia is poised to supplement its dwindling mobile revenues with a service that could see big returns initially and bigger returns in the long run. More details will be revealed next week at Nokia World and we’re definitely looking forward to it.
First, it was PayPal. All you needed was access to the Internet and you could pay bills and make money transfers at your computer. Now, that same type of service is going to be available via mobile phones and SMS. Mobile banking is certainly nothing new and has been around for quite some time, but you were usually limited to viewing account information, transferring funds within your own account, and making bill payments (except Obopay, which allowed transfers from user to user). Some countries support transferring money between phones, such as India and the Philippines, but other countries and carriers are taking a serious look at adopting the service for themselves. Carriers like Vodafone are teaming up with financial institutions like Western Union to make these types of transactions and services more ubiquitous. If this catches on, it’s going to make money transfers, and life in general, a whole lot easier. However, like with PayPal, there’s no doubt that security concerns might push people away for a little while.