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FitBit to test wearables with NYC bus, subway tap-and-pay pilot

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Category: Mobile News
29 May 2019

May 29, 2019

FitBit Pay will be part of a Metropolitan Transportation Authority contactless payment pilot test that will allow riders to use mobile devices to pay their fare on selected New York City subway and bus routes starting May 31.

Eligible FitBit devices will include Fitbit Charge 3 Special Edition, Fitbit Versa Special Edition and Fitbit Ionic wearables. Commuters who have enabled payments on one of these devices will be able to tap-to-pay on public transit rides without needing to pull out their wallet or smartphone.

The pilot test will include all Staten Island buses and the 4, 5 and 6 subway lines between the Grand Central stop and Atlantic Avenue Barclays Center stop in downtown Brooklyn.

"We're excited to work with FitBit and others to help us provide added value and everyday convenience to our customers," Al Putre, One Metro New York executive director at the MTA, said in a company release. "We are always looking for ways to enhance the transit experience and help New Yorkers and visitors alike get to their destination faster and make payment more convenient, and now they can do so with any FitBit wearable that supports FitBit pay with a simple tap of the wrist."

FitBit users can add up to six credit or debit cards to their FitBit wallet in the FitBit app, which is available for Android or iOS devices. FitBit uses NFC technology in its smartwatches and fitness trackers to let users pay at millions of retail stores around the world. FitBit works with cards issued by 300 banks and credit unions in 42 countries around the world via the Visa, Mastercard and American Express networks.

FitBit Pay now works on seven major public transit systems, including the Chicago Transit Authority; the Singapore Land Transport Authority; Sydney Transport for New South Wales train, ferry and light rail; Taiwan iPass; Vancouver Translink; and Transport for London.

OMNY contactless mobile payment capability will expand to the full NY public transit system by 2020.

Topics: Card Brands, Mobile Apps, Mobile Payments, NFC, POS, Technology Providers, Transaction Processing

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Swedbank invests $5M in Kaching Retail, enters mobile payments partnership

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Category: Mobile News
29 May 2019

May 29, 2019

Swedbank has invested $5 million (48.5 million kronor) into Kaching Retail, a Swedish provider of mobile point-of-service technology for retailers, and has entered a partnership with the company to provide mobile payment capabilities to Swedbank customers.  

In return, the bank will offer access to its Swedbank Pay service to Kaching Retail customers.

"There is a high demand for innovative, flexible and smart payment solutions from both merchants and consumers," Linus Singleman, head of group commerce and Swedbank Pay at Swedbank, said in a press release. "Through the investment and cooperation with Kaching Retail, we can now continue to drive this development forward, so that mobile solutions for payments can become even more flexible and efficient."

Brightly Ventures, led by John Elvesjo, participated in the funding round, along with former Apple executive Erik Stannow, who led the company's Nordic business. Collector Ventures, an existing investor in Kaching, also participated in the investment.

Kaching currently works with Ikea and Apple Premium Resellers and says that both companies have seen increased sales and higher customer satisfaction since introducing the mobile POS.

Topics: Financial News, Mobile Apps, Mobile Banking, POS, Retail

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Purpose Financial buys Toronto-based POS financing firm Credit Genie

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Category: Mobile News
29 May 2019

May 29, 2019

Purpose Financial, a Toronto-based financial services firm, has acquired CreditGenie Inc., a firm that specializes in point-of-sale financing in the retail, healthcare and education sectors.

Credit Genie, founded in 2016, provides digital POS installment financing for more than 500 merchants across 12 provinces in Canada, according to a press release

"Purpose is singularly focused on driving innovation in Canada’s financial services industry," Purpose CEO Som Seif said in the release. "CreditGenie, with its innovative point-of-sale financing solution, represents a natural extension of our banking solutions platform."

He said that Purpose will bring CreditGenie founders Alex Kaplunov and Daniel Shain into the company to help with future development.

The acquisition marks the third significant move by Purpose Financial to bolster its payments and financial business. In March 2018, the company acquired Thinking Capital, an online small business finance company.

In November 2018, Purpose invested $10 million in Ario, a Toronto-based banking-as-a-service firm that provides white-label digital lending solutions to banks, credit unions and other financial institutions.

Topics: Financial News, Mobile Banking, POS, Region: Americas, Retail

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Tapping into IoT Data Opportunity

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Category: Mobile News
28 May 2019

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Tapping into IoT Data OpportunityPublication Type:
Research

Published / Updated:
May 28, 2019

Firms Seek To Transform Digital Experience Through Data And Technology
Over the next year, organizations will be focused on: 1) accelerating their digital business; 2) improving insights through data; and 3) addressing rising customer expectations — all while reducing costs and growing revenue.

At the same time, they will be focusing on increasing their operational efficiency through technology. IoT solutions are seen as a focus of investment by two-thirds of the organizations surveyed and can help bridge the efficiency gap. However, delivering IoT solutions at scale across an organization will truly be the key to delivering operational efficiency. Firms plan to accelerate their digital business and improve the use of data by investing in technology

Companies are heavily investing in IoT solutions to drive their business forward. In this report, you'll see survey data demonstrating executives' plans to invest heavily in IoT.These organizations recognize that in order to truly harness the power of IoT solutions and scale across the organization, they must build a strong data management and governance foundation.

Download the report to discover how organizations are contextualizing data and fueling their business with IoT.

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Arm technology is at the heart of a computing and connectivity revolution that is transforming the way people live and businesses operate. This technology combined with Arm Pelion IoT Platform is enabling customers to derive real business value from their connected devices and data. 

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Identiq raises $5M in funding for identify verification startup

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Category: Mobile News
28 May 2019

May 28, 2019

Identiq, an Israeli startup specializing in anonymous verfification of digital identity, said it raised $5 million in seed funding led by Entree Capital.

The funding round was assisted by Slow Ventures, Vertex Ventures and Oryzn Capital.

Company officials said Itendiq uses a unique distributed network system that allows new users to have their identities verified by using a distributed network that negates the need for personal user data.

The company said its technology does not share, store or collect any user data at all. The company says its Fully Anonymous Identity Resolution technology is encrypted in a way that uses other members to verify identity, while maintaining the privacy of users.


 

Topics: Financial News, Region: EMEA, Security

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