Mobile Payments

News & Analysis as of

Apple Pay, Android Pay, Samsung Pay: Where’s Your Wallet?

Last week Samsung launched its mobile payments app to compete with ApplePay and Android Pay, with much anticipation among technology bloggers. A few Technorati rushed to try the application so they could compare and contrast...more

New Guidance for Financial Institution Directors and Officers In Cybersecurity Preparedness

Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more

Checklist for Businesses that Handle Credit/Debit Cards

If your business client accepts credit or debit card payments, it’s subject to the Payment Card Industry Data Security Standards (PCI DSS), which consists of a set of industry tools and measurements to assist in the safe...more

OCC Comptroller Talks Future of Financial Services, Eyes FinTech Industry

On August 7, OCC Comptroller Thomas Curry delivered remarks at the Federal Home Loan Bank of Chicago, which was hosting a conference highlighting the future of financial services. Specifically, Curry discussed innovation in...more

Net 1 Announces Closure of SEC FCPA Investigation

On June 8, Net 1 UEPS Technologies, Inc., a South Africa-based mobile payments company incorporated in Florida, announced that the SEC had closed a FCPA investigation arising out of a contract with the South African Social...more

OCC Comptroller Discusses Emerging Payment Systems Technology and Cybersecurity, FFIEC Set to Release Cybersecurity Assessment...

On June 3, in prepared remarks delivered at the BITS Emerging Payments Forum, OCC Comptroller Thomas Curry advised that as financial institutions continue to develop payment systems, banks need better preparation for...more

Financial Services Report, Summer 2015

In This Issue: - Arbitration Report - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report -...more

French Data Protection Authority Unveils Its Inspection Program for 2015

On May 25, 2015, the French data protection authority (CNIL) published its annual inspection program for 2015, unveiling its objectives and priorities for the year. This alert highlights the main priorities of the CNIL for...more

Uniform Law Commission Study Committee to Host a Stakeholder’s Meeting on April 23

In December 2014, the Study Committee of the Uniform Law Commission (ULC) recommended to the ULC to convene a Drafting Committee to draft uniform state legislation concerning alternative currencies and mobile payment systems....more

The CFPB Goes Mobile

The plastic credit card will one day go the way of the flip phone as consumers increasingly adopt innovative digital payment methods, such as Apple Pay, already available to them on their mobile devices. As a result of this...more

Status Updates - April 2015 #2

Bad ads. New research shows that 5% of the people visiting Google-related websites are using computers infected with programs that insert illegitimate ads onto web pages; as a result, these web surfers see ads that site...more

New rules on mobile payments!

Time is up for companies operating in the mobile payments’ arena, as from April 1, 2015 the new set of rules issued by the Italian Data Protection Authority (Garante per la protezione dei dati personali, the “Italian DPA”)...more

How Will Banks Deal with Millennials and Their Money?

Fair Isaac shared some eye-popping statistics on the financial preferences and habits of the so-called “millennial” generation, born in the early 1980s or 90s. Also called Generation Y, 75+ million millennials have a much...more

NACHA White Paper Discusses Mobile Payments with ACH

On March 10, 2015, the Payments Innovation Alliance of NACHA—The Electronic Payments Association (“Alliance”) released a white paper, entitled “Leveraging the Mobile Channel for ACH Payment Innovation.” The white paper...more

Caveat Emptor or Caveat Vendor? The Evolution of Unfairness in Federal Consumer Protection Law

Under the Federal Trade Commission’s original interpretation of unfair or deceptive acts or practices law, financial institutions could feel some sense of security that, if they provided a consumer with a clear understanding...more

2014 Mobile Privacy and Security Trends and What to Look for in 2015

Most analysts and commentators agree that 2014 was the year mobile reached a tipping point. With over 1 billion mobile smartphones in circulation, 2014 marked the first year that mobile Internet usage surpassed desktop use in...more

Apple Pay and Google Wallet: Mobile Payment Going Mainstream

When Apple announced on September 9, 2014 that the iPhone 6 would be equipped with a mobile payment system appropriately called Apple Pay, the entire mobile payment universe woke up. Although competitors had existed for...more

Online Merchants Beware: There’s a New FTC Rule on Internet Purchases

The Federal Trade Commission (FTC) released a new rule, 16 C.F.R. § 435, covering Internet purchases. It became effective December 8—just in time for holiday shopping. The new rule expanded the FTC’s previously issued rule...more

CFPB Takes Action Against Carrier for Charging for Unwanted Services

On December 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a lawsuit against a telecommunications carrier, alleging that the carrier was allowing third-party merchants to place...more

Financial Services Report - Winter 2014

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

Financial Industry Regulatory Update - December 2014

In this issue: - The Financial Services (Banking Reform) Act 2013 - Proprietary Treading And Ring Fencing (EU) - Shadow Banking - Mobile Banking And Payments - Stress Testing And Asset...more

Google Play and the Slow Transition to Mobile for Real Money Gaming

If the past 10 years have taught us anything it’s that the future is not just online, it’s on the go. For countless consumers, mobile and tablet devices are the preferred method of accessing online content. After a slow...more

Status Updates - November 2014 #6

That’s a lot of latte. It turns out that Starbucks—not a company in the mobile payments business—was the first company to make in-person payments by mobile phone mainstream. According to recent statements by the coffee...more

Payments Hit the Road

With New Devices Making Mobile Payments Easier, Banks Are Getting A Run For Their Money - The advent of mobile payments is changing consumers’ lives—and reshaping the competitive landscape for the companies that...more

Mobile banking and payments – FCA industry review

A fast developing market - There have been dramatic developments in the mobile banking and payments sphere in recent years. Customers of the UK’s largest retail banks made more than 18 million mobile transactions per...more

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