A group representing 22 of the world's largest banks is pushing for broad adoption in the U.S. of payment card technology called tokenization, citing shortcomings in the planned migration to the Europay MasterCard Visa smartcard standard over the next two years.
Starbucks was able to generate a staggering $1 billion in revenue from smartphone transactions used at sales terminals in its stores in 2013 largely due to the fanatical loyalty of its customers, according to a recent estimate.
Apple is making internal and external moves to expand its ability to handle mobile payments, stepping more deeply into a market where rivals would include PayPal, Google and niche specialists like Square and Stripe, according to The Wall Street Journal.
The data breaches at Target and Neiman Marcus have re-ignited a campaign by retailers to get U.S. consumers to carry "PIN and chip" credit and debit cards instead of less-secure magnetic stripe cards. Lost in the debate are mobile payments using NFC smartphones.
When Kanye West wrote the lyric, "I'm chilling, trying to stack these millions," he probably did not mean digital currency. But a new technology might give him pause, or at least have him scratching his head.