TargetPay is Here - Wallet

Following years of investment in mobile wallet through the now sold off MCX and the CurrentC mobile payments solution, and well after Walmart enacted its Walmart Pay solution Target has theirs in place. They call it simple "Wallet".

This is the beginning of furthering a huge divide between the top of the Tier 1 retailers and everyone else.  We may need to create a new designation like "Super Power" when mere "Major Power" was no longer enough.

The biggest merchants will have a strong physical presence, eCommerce presence, vertically integrated merchandising, strong mobile, and strong mobile wallet capability. Think Amazon and Walmart.  Now Target.

Everyone else?  Well, this speaks to the huge need for a white label solution for all of those merchants not big enough to handle all of this on their own.

Anyone?

Here is the story:

http://www.businessinsider.com/targets-mobile-wallet-is-finally-here-2017-12

Here is a snippet from the piece:

Target launched its long-anticipated mobile wallet for in-store payments on Monday, according to TechCrunch. The product, which will be barcode-based and housed in the existing Target mobile app, is known as Wallet. Two key features distinguish Wallet and could help optimize it for use:

The wallet is only available to store cardholders.

...

That’s especially true because it expands upon existing app functionality.

...

Happy Reading,

J.W. Gant

Payments - Chase and PayPal Join for Mobile Payments

I have no direct knowledge here but I find it curious these two would partner up for mobile payments.

What is the connection between them?

MCX or the Merchant Customer Exchange, recently acquired by Chase.  The technology piece to MCX largely came from Paydiant, purchased by PayPal.

Ding ding.

Read on:

http://www.qrcodepress.com/j-p-morgan-chase-paypal-mobile-payments-deal-announced/8533580/

Here is a snippet from the piece:

The Chase Pay service is a form of mobile wallet app launched near the end of 2016. It was released for the purpose of boosting in-store and online purchases using credit and debit cards. The new deal with PayPal mobile payments will have a phased roll out which will be complete by 2018. The two companies are working together to simplify loading J.P. Morgan issued cards into PayPal’s app. It will also make it possible for J.P. Morgan Chase customers to use their rewards points when they use PayPal to pay for their purchases of products and services.

Happy Reading,

J.W. Gant

Boston Mobile Payments Company LevelUp Gets $ From Chase

Looks like Chase is very, very serious about mobile payments for physical retailers.  After first acquiring the tech from retailer owned mobile payments company MCX they then took the next step and acquired the entire company and are now pouring a few bucks in to LevelUp.

A few?  $50M few in total from multiple sources.

LevelUp specializes in quick service restaurant rewards-based mobile payments.

Here is the story:

http://www.xconomy.com/boston/2017/05/16/levelup-bags-50m-from-jpmorgan-chase-others-for-mobile-payments/#

Here is a snippet from the piece:

LevelUp’s story is one of twists and turns and ups and downs. Right now, it looks like the company is on an upswing.

Today the Boston-based mobile payments firm announced a $50 million funding round, which includes $37 million in equity funding and $13 million in debt financing, according to an e-mailed statement attributed to Alex Shuck, LevelUp’s director of marketing and analytics. Investors in this round include earlier backers JPMorgan Chase and U.S. Boston, as well as new investors such as CentroCredit Bank, according to a news release.

Happy Reading,

J.W. Gant

Chase Acquires MCX

Bye, bye MCX.

After the Chase deal to purchase the tech resources of MCX in mid-March it should come as no surprise MCX is, realistically, closing its doors.

Here is the news:

http://www.csnews.com/industry-news-and-trends/technology/chase-acquires-mobile-payment-consortium-mcx

Quick blurb:

JP Morgan Chase is acquiring mobile payment consortium Merchant Customer Exchange (MCX), agreeing to absorb the company's resources into Chase Pay.

Happy Reading,

J.W. Gant

Chase Acquires MCX Mobile Payments Tech for ChasePay

A bit of news in the retail mobile payments space hit recently.  This is not an unexpected move given the events of the last 2 years.

Read more:

http://www.digitaltransactions.net/news/story/Chase_s-Technology-Deal-With-MCX-Is-Likely-to-Boost-Chase-Pay-As-CurrentC-Declines

Happy Reading,

J.W. Gant

Chase Pay and Level-Up

I've been following Level-Up for years, as a Boston startup in payments having great success in the QSR (quick service restaurant) space.  This is interesting news.

http://www.digitaltransactions.net/news/story/6713

Here is a snippet from the piece:

When JPMorgan Chase & Co. decided to recruit order-ahead capability for its Chase Pay mobile wallet, it settled on a 6-year-old mobile payments startup whose technology could give Chase Pay a vital boost in a crucial merchant segment. Meanwhile, the alliance could also bring tens of millions of new customers to restaurants served by that startup, Boston-based LevelUp.

Happy Reading,

J.W. Gant

BRotD - Entry 0245 Mobile Payments Stuck?

Best Reading of the Day

Seems like I've been studying, following, and involved in mobile payments forever and haven't see the change we continue to expect.  Is that a correct assessment?  What is the current state of things?  What should we expect tomorrow.

Excellent article by the folks over at Payments Source:

http://www.paymentssource.com/news/technology/mobile-payments-09-why-is-the-tech-forever-stuck-in-beta-3024617-1.html

Here is a snippet from the piece:

Mobile technology is radically changing the way people hail taxis, book lodging, consume entertainment and find prospective dates.

So why hasn't the same kind of revolution taken hold when it comes to how people spend money?

Years of efforts by banks, payment networks, tech startups, wireless networks and retailers have failed to a produce a mobile wallet app that's broadly used and accepted. This despite near certainty among the technology and pundit class that the much-anticipated migration to mobile payments is inevitable.

There's no simple answer to why mobile payments keep failing to gain traction in the market, but a close look at what's gone wrong so far could provide clues to what — if anything — could provide a decisive breakthrough.

Happy Reading,

J.W. Gant

MCX's CurrentC Delayed Indefinitely and ChasePay Delayed

Mobile payments news.

After months of silence, with no major news this year until now, MCX has made some news.  Their mobile wallet capability, live now in Columbus, OH, will not be rolled out nationally any time soon.

Read more:

http://www.digitaltransactions.net/news/story/After-Eight-Months-of-Testing_-MCX-Postpones-CurrentC-Rollout_-Lays-off-30-Staffers

Here is a snippet from the piece:

After eight months of experimentation in Columbus, Ohio, Merchant Customer Exchange LLC on Monday issued a statement from chief executive Brian Mooney announcing it is putting off a national rollout of its CurrentC mobile-payments service to an unspecified date. Mooney added that the Boston-based company, formed in 2012 by many of the country’s biggest retailers, also has laid off 30 staffers in light of a need for “fewer resources.”

In other, somewhat related news, ChasePay is delayed:

http://www.digitaltransactions.net/news/story/Chase-Pay-Delays-Launch-to-Fourth-Quarter_-Amazon-And-Google-Talk-Technology

Here is a snippet from the piece:

JPMorgan Chase & Co.’s Chase Pay mobile-payment service, announced in October, will have a phased-in launch in the fourth quarter, according to Kim Fitzsimmons, head of global e-commerce and large omnichannel solutions at Chase Commerce Solutions.

Looks like MCX wants to get out of the mobile app business and act as a switch between retailers and financial institutions.

Happy Reading,

J.W. Gant

Starbucks Rewards and Chase Pay

The biggest news is the change to the rewards program.

The move is one away from transaction based and towards dollar based rewards.  So that $2 coffee won't carry the same weight as someone else's $5 beverage.  It will be interesting to see where this leads them to.

Read on:

http://www.mobilecommercedaily.com/starbucks-overhauls-mobile-rewards-program-integrates-with-chase-pay

Here is a snippet from the piece:

Starbucks has made big changes to its mobile rewards program, adding Chase Pay to checkout and shifting how customers earn points in a bid to maintain its leadership role as competition grows.

The coffeehouse chain announced that starting in April, loyalty customers can earn stars and free redemptions based on how much they spend rather than the number of visits. Starbucks is also extending its partnerships by adding Chase Pay to the list of payment options.

Happy Reading,

J.W. Gant

Wal-Mart Announces Walmart Pay for Mobile Payments

Pretty enormous news in payments, retail and mobile as Walmart announced Walmart Pay today.

Due to my previous professional involvement in MCX, a consortium of retailers including Walmart who are developing a mobile wallet solution, I am going to keep my comments to a minimum.

Here is a story on this news:

http://www.digitaltransactions.net/news/story/Despite-Observers_-Doubts_-Wal-Mart-Says-Walmart-Pay-Won_t-Weaken-Ties-to-MCX

Here is a snippet from that piece:

Starting this month, Wal-Mart will begin testing “in select stores” a service called Walmart Pay, which will be part of the Wal-Mart shopping app and will work with most Apple and Android smart phones, the company says. Customers will be able to load “major” card brands along with the Wal-Mart gift card in the wallet, which will link to point-of-sale readers via quick-response (QR) codes, according to the announcement. The full rollout to all Wal-Mart stores is expected to be complete by the middle of next year.

This sounds pretty similar to the CurrentC solution developed at MCX.  It will be very interesting to see how this develops over time.  Starbucks and Dunkin' Brands use a similar style solution while the tech companies use NFC or other hardware solutions to interact with payment terminals.

Given the very slow adoption Apple Pay is seeing, Google Wallet already went through (now Android Pay), and Samsung Pay is seeing as well it is possible these "retail first" solutions are the way this will be solved.  Just look at Starbucks.  Dunkin' Brands is seeing similar success.  Will each major retailer have to develop their own proprietary mobile payments capability?  That seems inefficient.  Will the Apple Pays of the world ever take off?  Will a "white label" style solution like CurrentC at MCX be the one?

This seems to be a very long slog.  I was involved with this for years and I see many more years ahead.  It will be fun to follow this line though.

Happy Reading,

J.W. Gant

Chase Pay Surges Forward with CurrentC

Chase isn't messing around with mobile payments and this new alliance/engagement/whatever with MCX and the CurrentC mobile wallet solution for retailers.

Read on:

http://www.fiercefinanceit.com/story/chase-names-18-tech-partners-integrate-chase-pay-merchant-payment-platforms/2015-11-19

Here is a snippet from the piece:

Aiming for wide-scale availability of its Chase Pay mobile and digital payment system by mid-2016, Chase announced this week that it has partnered with 18 tech firms to implement the service for merchants.

Chase Pay, first announced last month, represents Chase's plan for competing in the rapidly evolving online and mobile payment space. For consumers, Chase Pay is a secure, tokenization-based payment scheme for in-store, phone, and online payments.

Happy Reading,

J.W. Gant

Money 20/20, Chase Bank and CurrentC

All of the money is in Vegas this week as Money 20/20 roars in to 2015.  This is the big industry trade show for all things "money".

The biggest news so far is a new mobile wallet by Chase with the retail backing of MCX and the CurrentC wallet.

Here is one article on this news:

http://www.digitaltransactions.net/news/story/Chase-Unveils-Chase-Pay_-a-Mobile-Wallet-That-Will-Work-at-Merchants-Accepting-CurrentC

Here is a snippet from that piece:

JPMorgan Chase & Co. on Monday unveiled its Chase Pay mobile wallet and said the product will begin rolling out in the middle of next year. Chase also said its new wallet will be accepted at merchants belonging to the Merchant Customer Exchange LLC, a retailer-controlled consortium that has been testing its own wallet, CurrentC, in Columbus, Ohio.

CNBC had a piece on the growing criticality of mobile wallets:

http://www.cnbc.com/2015/10/26/the-latest-in-the-battle-to-own-your-digital-wallet.html

Here is a snippet from that piece:\

The battle to own your digital wallet is on.

2016 will be a pivotal year for mobile payments, with total transaction values jumping 210 percent, according to eMarketer. Why? Mobile wallets — like Apple Pay, Android Pay, Samsung Pay and MCX — will become standard features on smartphones and more merchants will adopt point-of-sale systems that can accept mobile payments.

It makes sense then that this is a big story at Money20/20 in Las Vegas.

Here is one more article on this:

http://www.pymnts.com/news/2015/chase-pay-mobile-wallet-launches-with-mcx-as-a-partner/

Happy Reading,

J.W. Gant

**UPDATE** Great little analysis came out today about the recent CurrentC news:
http://www.digitaltransactions.net/news/story/How-MCX_s-Deals-with-Chase-Pay-And-BIM-Networks-Help-Fill-a-Tender-Gap-in-CurrentC

Here is a snippet from that piece:

With two strokes of the pen, Merchant Customer Exchange LLC has addressed one glaring weakness in its mobile wallet. By announcing a deal this week with JPMorgan Chase & Co.’s brand-new Chase Pay mobile-payments service and two weeks ago with a little-known New York City-based app provider called BIM Networks Inc., MCX brought open-loop and store-branded automated clearing house payments to its fledgling CurrentC service.

Next up is the press release of the keynote by the CEO of MCX:

http://www.businesswire.com/news/home/20151029006424/en/2015-Money2020-Keynote-Address-MCX-CEO-Brian

Happy Halloween!