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Chase launches co-branded Marriott Bonvoy rewards card with tap-and-go function

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Category: Mobile News
11 June 2019

June 11, 2019

JPMorgan Chase & Co. has entered an agreement with Marriott International on a co-branded rewards card called the Marriott Bonvoy Bold credit card, which charges no annual fee and has tap-to-pay contactless technology, according to a press release.

The Marriott Bonvoy Bold card offers triple rewards on purchases at the company's 7,000 hotel properties, double rewards on other travel purchases and standard rewards on other purchases. The card also provides 15 elite night credits per calendar year, no foreign exchange fees while traveling overseas and a limited-time bonus of 50,000 points for new cardholders if they spend $2,000 in the first three months of membership.

"We know not every cardmember wants to pay an annual fee, so we worked closely with Marriott to create a product that complements the $95 Marriott Bonvoy Boundless Card — all while providing valuable rewards to those passionate about reconnecting with family and friends through travel," Leslie Gillin, president, Chase Co-Branded Cards at JP Morgan Chase, said in the press release.

Cardholders get points for stays at multiple hotel brands, including Marriott, Sheraton, Westin, Moxy Hotels, Aloft, Sheraton, Courtyard by Marriott and others. Marriott Bonvoy replaced the Marriott Rewards, Ritz Carlton Rewards and Starwood Preferred Guests program.

Users also will get personalized merchant offers and the ability to lock or unlock the card using the Chase mobile app.

Topics: Card Brands, Loyalty Programs, Mobile Apps, Mobile Banking

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Brex raises $100 million in equity led by Kleiner Perkins

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Category: Mobile News
11 June 2019

June 11, 2019

Brex, a San Francisco-based startup that provides corporate payment technology for businesses, raised $100 million in a funding round led by Kleiner Perkins Digital Growth Fund, according to a press release.

The round was backed by existing investors that include Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.

Brex officials said they plan to expand the company's corporate payment card technology to provide additional features for corporate spending management and rewards offerings, while also offering its payment services to a wider audience of customers.

"At Brex, we build corporate payment technology to accelerate entrepreneurs and scaling companies," Henrique Duburas, co-founder and co-CEO of the company, said in the press releease. "We recognize that each business is unique and therefore tailor our product to meet their specific circumstances."

The company has raised more than $315 million in equity to date and in April raised $100 million in debt with Barclays in the form of a warehouse line of credit.

Topics: Mobile Banking, Technology Providers

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Will tech giants like Facebook, Google take over blockchain?

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Category: Mobile News
11 June 2019

Blockchain is rapidly advancing in all spaces. Facebook has been expanding its blockchain initiatives by hiring on staff from cryptocurrency companies and even developing its own cryptocurrency called GlobalCoin. Google is also working with various startups to create its own blockchain for its infrastructure.

Big retailers are also beginning to take notice of blockchain, such as Walmart, which recently joined into MediLedger's consortium to develop a solution to track pharmaceuticals across the supply chain.

Even in the banking sector, we are seeing big banks snatch up blockchain solutions and patents, such as Bank of America, which has applied for 82 patents related to the technology.

With all this mind, we have to ask ourselves whether these giants such as Facebook and Google will dominate blockchain, and whether that will be a good thing or not.

We spoke with Dr. Eric Overby, associate professor of information technology at Georgia Tech's Scheller College of Business to get his perspective on this topic.

Q. How can blockchain transform how internet giants like Google and Facebook do business?

A. Facebook is reportedly working on a payments system that uses blockchain technology to record transactions. This could dramatically affect its business by putting it in direct competition with services like Venmo and Zelle.

Blockchain technology provides a new way to store data. When Facebook first launched, Facebook had to create and host all the data required for the service, including user profiles, user posts and photographs, etc. There was no other way for the data to be managed. But blockchain technology can change that. Now, the data needed to operate a social network (e.g., user profiles, links between them) could be stored on a blockchain and held by all the nodes in the network. The idea of a "social network owned by the participants" instead of a "social network owned by Facebook" is interesting and, if successful, could put pressure on how Facebook does business.

Q. Will internet giants take the lead with blockchain innovation?

A. I wouldn't say they will take the lead, because their core applications are already developed, and those aren't based on blockchain technology. The internet giants will be a part of blockchain innovation, but I suspect that a lot of the innovation will come from new entrants who build applications specifically suited for blockchain technology.

Q. What are the downsides (if any) of Facebook and Google leading the way on blockchain innovation?

A. I'm not overly concerned about any downsides. Blockchain investments by Facebook and Google should improve the technology overall, such that everyone will benefit.

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Original author: Bradley Cooper

Amazon launches co-branded credit card with Synchrony for the underbanked

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Category: Mobile News
11 June 2019

June 11, 2019

Amazon has launched a co-branded credit card with Synchrony Financial, called Amazon Credit Builder, aimed at providing access to underbanked consumers who normally would not qualify for traditional credit lines, a spokesperson for Synchrony confirmed via email.

The partnership offers users some of the same benefits, like 5% cashback on purchases, as the co-branded card product already in the market from Synchrony and Amazon. To get the cash rebate, cardholders need to be eligible members of Amazon Prime, according to the Amazon website.

The Credit Builder card is secure, which means the initial credit line can only go as high as a deposit from the applicant. The initial deposit can range anywhere from $100 to $1,000, according to the website. A cardholder can eventually qualify for a regular card after demonstrating the ability to make payments. Synchrony will review a cardholder for an upgrade as soon as seven months after opening the account, according to the site.

The program also includes access to a Transunion CreditView dashboard and credit education tools to help cardholders better manage their finances.

 

Topics: Mobile Banking, Mobile Payments, Retail

Companies: Synchrony Financial, Amazon

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Visa to develop blockchain solution for cross border transactions

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Category: Mobile News
11 June 2019

June 11, 2019

Visa recently announced it will be entering the $125 trillion market of cross-border business-to-business transactions with blockchain technology. Its B2B Connect product stores information on a distributed ledger to cut costs and boost efficiency of cross-border payments, according to a company press release. The company plans to launch its product across as many as 90 markets by the end of 2019.

The B2B Connect can allow banks to directly connect with each other, and customers can see the payment fees upfront. It can also settle transactions in one to two days.

Visa used HyperLedger Fabric, a blockchain software developed by IBM and Linux, to build B2B Connect. Unlike most cryptocurrencies, B2B Connect is not decentralized, according to the report.

Visa is also partnering with FIS, a payment processor based in Jacksonville, Florida, to reach FIS's clientele of more than 20,000 financial institutions with B2B Connect, according to a report by Forbes.

Topics: Card Brands, Mobile Payments, Technology Providers

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More Articles …

  1. SpotOn Transact raises $40M in funding
  2. Target now hiring blockchain engineer for supply chain management.
  3. Australian fintech Verrency raises $6.9 million in Series A funding
  4. Juniper Research study sees mobile wallet use reaching 4 billion users by 2024
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