EBAY INC. CORAL SPRINGS, Florida, October 21, 2014 /PRNewswire/ --
Digital payments & mCommerce/eCommerce shift expected to increase global market for mobile payments to $720 billion by 2017: NXTD-ID, Inc. (NASDAQ: NXTD), Alibaba Group Holding Ltd. (NYSE: BABA), Apple Inc. (NASDAQ: AAPL), MasterCard Incorporated (NYSE: MA) and eBay Inc. (NASDAQ: EBAY)
NXT-ID, Inc. (NASDAQ:NXTD and NXTDW), a biometric authentication company focused on the growing mobile commerce market issues a recent blog entry from Mr. David Tunnell, Chief Technology Officer. Mr. Tunnell breaks down Apple Pay in the first of many blog posts examining alternative payment methods in a compare and contrast with their upcoming smart wallet, Wocket.
Excerpt: With Apple Pay releasing this Monday, critics and fans alike are flush with opinions on the new payment feature in the iPhone 6. Although cell-phone based digital wallet payment solutions promise a more convenient and secure way to pay, they have fallen short of expectations achieving very little traction in the payment industry. Stunted by low adoption rates with both consumers and retailers, cell phone based payment solutions leveraging NFC simply further fragment an already fragmented industry, with only new iPhone 6 owners and an estimated 5% of point of sale terminals in the United States currently able to support Apple Pay. Large retailers such as Wal-Mart, Target and Best Buy are not expected to accept Apple Pay due to their involvement in yet other mobile payment solution, MCX.
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Wocket(TM) doesn't attempt to render the wallet extinct - but rather enhance it. We aren't trying to force a new payment method, but rather be agnostic, supporting any payment system that consumers desire. With a focus on privacy and security, Wocket(TM) is not just another payment solution, Wocket(TM) is instead positioned to become the cornerstone of all future payment technologies.
In other digital payment news: Alibaba (NYSE: BABA), like Apple Inc. (NASDAQ: AAPL), is looking toward biometric tech to secure [http://www.ibtimes.com/alibaba-group-looks-fingerprints-face-recognition-secure-alipays-digital-payments-china-1706185 ] its devices. Alipay is also teaming up with Huawei to work on mobile payments through a fingerprint reader found in the manufacturer's Ascend Mate 7. Apple is expected to roll out its new Pay service for iPhones in the next week. Alipay, however, is already looking at facial recognition: it has partnered with a Beijing-based startup called Megvii to incorporate identification methods into the company's digital Wallet, the Wall Street Journal reports. Read more here: http://www.ibtimes.com/alibaba-group-looks-fingerprints-face-recognition-secure-alipays-digital-payments-china-1706185
Dubbed as the world's first contactless payment card to feature an integrated fingerprint sensor, the Zwipe MasterCard (NYSE: MA) payment solution was officially launched in the UK at a special event in London's Canary Wharf on Friday - and it comes after a successful pilot in Norway. Senior executives from MasterCard and Zwipe are marketing the new card as a more secure way to pay than other contactless payment options and a convenient method of transacting due to the lack of PIN number required at the point of sale. It includes an integrated biometric sensor and the Zwipe secure authentication technology that holds the cardholder's biometric data, and it contains an EMV-certified secure element and MasterCard's contactless application. It is the first of its kind to combine biometric authentication with contactless payment, while cardholder fingerprint data is stored directly on the card, not in an external database. Read more here: http://www.essentialretail.com/news/article/5444ec39dfcbd-mastercard-and-zwipe-unveil-biometric-contactless-payment-card
PayPal Australia CEO Jeff Clementz wants to increase the size of the business loans it will offer through its new online working capital facility by partnering with local banks. He said they are "actively exploring" this in the US and he has had discussions with banks in Australia to do the same here. Mr Clementz cited the moves as proof they are not a long-term threat to banks. "PayPal does not have the balance sheet to make a massive dent in small business loans," he said. "[But] there is a great opportunity for a PayPal-plus-bank partnership. PayPal could provide the online experience and the banks could provide the capital through their balance sheets." Read the full article here: http://www.afr.com/p/business/companies/paypal_offers_olive_branch_to_banks_JqhoVLDmM3RApIS0QLs6TN
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