payment

Square hits $10 billion in annual payments processed

Mobile-payments startup Square said today that it is now processing $10 billion in transactions a year.

That's a major milestone for a company that announced just seven months ago that it had hit $5 billion in annualized transactions, and two months ago that it had passed the $8 billion mark. In October, 2011, the number was $2 billion.

Founded by Twitter co-founder Jack Dorsey, San Francisco-based Square has become a leader in the mobile-payments space, growing to the point that last week, Starbucks integrated its service into the coffee giant's 7,000 U.S. stores.

In a tweet … Read more

Visa officially launches its digital wallet V.me

Visa has finally brought its digital wallet V.me out of beta.

The company announced its move today, saying that the official V.me launch accompanies deals Visa has signed with over 50 financial institutions that will support the platform. The financial institutions, including America First Credit Union, Capitol Federal Savings Bank, and others, combine to service over 55 million people, according to Visa.

Visa has also signed up a host of online merchants, including 1-800-Flowers and Beach Camera, to support V.me.

Like other services, Visa's digital-wallet offering lets customers pay for products without pulling plastic out of … Read more

BofA takes aim at Square with new mobile-pay service

Bank of America is the latest company to take on Square in the mobile-payments market.

The banking giant today announced a new service for merchants, called Mobile Pay on Demand. The offering includes a card reader that attaches to a smartphone, and allows merchants to handle transactions from the device. According to Bank of America, its service works with Visa, MasterCard, Discover, and American Express. The service will charge merchants 2.7 percent per swipe.

Square popularized mobile payments with its own card-reader-and-software combination. Square charges 2.75 percent on all transactions.

Bank of America has entered an already-competitive market … Read more

Square launches mobile payment service at 7,000 Starbucks

Mobile payment processor Square will launch its service at 7,000 Starbucks coffeehouses tomorrow.

In addition to processing credit and debit card transactions, Square's agreement with Starbucks allows customers to make purchases at the coffee shops with Square Wallet, Square's payer app. The launch comes three months after the two companies announced an extensive partnership, in which the coffee giant also announced a $25 million investment in the payment startup.

Square Wallet links directly to customers' credit or debit card accounts, allowing users to tap "pay here" or scan a QR code to pay for purchases … Read more

iPad Mini won't be the only Apple news

Monday's CNET Update dusts off the crystal ball:

Everyone is eager to learn about the rumored iPad Mini, but today's tech news roundup looks at what else Apple will be announcing. We're expecting to see at least one new computer, such as an iMac or Mac Mini. Apple CEO Tim Cook has said that the Mac Pro will get an update in 2013, so it may be too soon to announce that. As for laptops, there have been reports that Apple will give the 13-inch MacBook Pro a retina display.

When Apple does unveil the iPad Mini, … Read more

Mobile payments: A solution in search of a problem?

There's been a lot of hype around mobile payments over the past year, but the No. 1 problem that the mobile payments market faces is adoption. Consumers simply don't see a reason to replace their cash or plastic with a phone.

And yet one company after another is clamoring to get into the market. Technology companies, such as Google and PayPal have thrown their hats into the ring along with wireless carriers, AT&T, Verizon Wireless, and T-Mobile. Banks, such as Barclays and Bank of America, have also announced plans for a digital wallet and mobile payments. … Read more

PayPal to cut several hundred jobs, say reports

PayPal is cutting 3 percent of its workforce, or from 300 to 400 jobs, as new President David Marcus looks to streamline operations and trim costs, according to reports.

Bloomberg cited an unnamed source in reporting the news, and Reuters followed with its own report later in the day, also citing an anonymous source.

PayPal's product and technology groups would be hardest hit by the cuts, which will occur in the next few weeks, Bloomberg said. PayPal currently employs about 13,000 people.

The company is facing competition in the online-payments market from startups like Stripe and WePay. It'… Read more

Handy loan calculator for Excel

Loan Amortization Schedule for Excel is, no surprise, an XLS file that has loan amortization formulas embedded in it. Distributed as a ZIP file with the XLS sheet and a couple of text files (release notes and license agreement), there's no installation process to follow. Just open the XLS file with Excel (or compatible program) and you're good to go.

The layout of the first sheet is simple: space at the top for loan mount, interest rate, term, and a few other details like payment frequency and compounding period. You just enter your information to see the monthly … Read more

Starbucks to start taking Square Wallet payments next month

Next month, all you'll need is your smartphone and Square Wallet app to buy your latte at Starbucks.

The coffeehouse giant today said that customers will be able to use Square's mobile payment system in about 7,000 U.S. stores starting in early November. Customers will also be able to digitally tip their baristas using Square and Starbucks' existing mobile payment app beginning next summer.

The two companies in August formed an extensive partnership, as part of which Starbucks invested $25 million in the mobile payments company. Under the deal, Square agreed to process credit and debit … Read more

Bank of America tests QR code mobile-payment service

Bank of America is testing a new mobile-payment service that lets customers use their Apple or Google smartphones to scan pictures to pay for things.

The bank is testing technology developed by a company called Paydiant. The solution uses Quick Response or QR codes. The way it works is that users use their smartphones to scan the QR code, which unlocks the users' bank information stored in Bank of America's network to complete the transaction.

The QR codes could be displayed at the register in a store when a customer is checking out, or a restaurant could print the code on the check, allowing patrons to scan their bills right at the table and pay without ever handing over a credit card or cash.

Because the technology doesn't require any special hardware on the device, it can be used with any smartphone running Apple's iOS or Google's Android software.… Read more