On April 20, 2017, the American Banker reported that U.S. Bank’s new high-end credit card features an interesting differentiator from the high-end cards recently introduced by other large credit card issuers. U.S. Bank’s new...more
Mobile payment options are no longer the wave of the future. They are already here. It was projected that there would be almost 450 million mobile payment users worldwide by the end of 2016. These users generated $60 billion...more
When asked last year to name one technology that we rely on today that would no longer be around in 10 years, Microsoft CEO Satya Nadella responded: “fountain pens.” Some may question Mr. Nadella’s prediction of the...more
To say that mobile device usage has reached a tipping point would be an understatement. There are now more mobile devices than people in the world, a staggering 7.9 billion mobile devices for 7.4 billion people on Earth. In...more
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
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 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
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
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
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
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
The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray emphasized during the CFPB’s September 11, 2014, meeting with the Consumer Advisory Board the CFPB’s new focus on protecting consumers who use mobile...more
Continuing its examination of consumer protection issues in the mobile payments sphere, on August 1, 2014, the FTC released a staff report examining the pre-download disclosures of mobile shopping applications to evaluate the...more
In a recently released staff report, the Federal Trade Commission makes several recommendations designed to reduce “mobile cramming.” Cramming occurs when consumers access or enroll in third-party services through a mobile...more
The industry for mobile applications is growing rapidly. As companies and independent developers look to gain—or strengthen—footholds in this competitive space, the Federal Trade Commission (FTC) asks, “… is security keeping...more
The California Public Utilities Commission is looking to reconsider the regulations it set in 2013 on the issue of insurance coverage for rideshare companies that connect drivers and passengers via their mobile devices. The...more
The Potential for mobile payments is huge. So are the potential legal and regulatory hurdles. Banks, retailers, and pundits are paying a lot of attention to mobile payments, which typically involve the use of...more
Banks, retailers, and pundits are paying a lot of attention to mobile payments, which typically involve the use of smartphones and tablets to pay for purchases. But a lack of mobile infrastructure has kept the use of mobile...more
The Federal Trade Commission (FTC) has released a staff report on mobile payments, which identifies and makes recommendations for three key issues in the mobile payment industry that the FTC believes present consumer...more
What’s involved? - A recent study by Juniper Research predicted that the total value of mobile payments for digital and physical goods, money transfers and near field communications transactions – short-range wireless...more
The Staff Report on mobile payments recently issued by the Federal Trade Commission (FTC) focuses on areas of concern discussed at the FTC’s April 2012 workshop. The report does not break much new ground, but it does...more
On March 8, 2013 the Federal Trade Commission (“FTC”) released a Report on mobile payments that serves to follow up on the FTC’s April 2012 workshop on mobile payments, as well as to lay the groundwork for the application of...more
Earlier this month, the FTC released a Report highlighting some of the key issues in the mobile payments space, with particular focus on mobile carrier billing, privacy and data security, and international payments. The...more
The Federal Deposit Insurance Corporation (FDIC) recently published a report in the agency’s “Supervisory Highlights” journal concerning the growth of mobile payments and the responsibility of banks and non-bank third parties...more
The PCI Security Standards Council‘s (PCI-SSC) Emerging Technologies group recently issued guidance addressing security standards for mobile payment applications on consumer handheld devices. The new guidelines apply...more