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Chase to offer mobile-focused checking account targeteting underbanked consumers

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Category: Mobile News
21 March 2019

March 21, 2019

JP Morgan Chase has announced a low-cost mobile account, called Chase Secure Banking, that provides customers a checking account without overdraft or ATM fees, while giving customers access to ATMs, branch services and the use of a mobile banking app.

The account, which provides banking services to those who would otherwise be locked out of traditional banking, charges a $4.95 per month fee, does not offer paper checks.

Accountholders have free access to 16,000 Chase ATMs and 5,000 bank branches, as well as full use of the Chase mobile app for deposits, bill payment, funds transfers, checking account balances and credit monitoring.

Customers receive a debit card and can use the mobile app to make payments via electronic check.

"A bank account can open doors to economic opportunity and improve the financial lives of so many across the country," Thasunda Duckett, CEO of Chase Consumer Banking, said in the announcement. "As a bank, we want to help more consumers get access to an account that can better help them manage their everyday needs while building their financial health."

Chase Secure Banking replaces the Chase Liquid reloadable prepaid account and has the same fee as that account. Chase Liquid customers will be able to open a Chase Secure Banking account, while keeping their liquid accounts. However the bank will no longer offer new Liquid accounts.

Topics: Mobile Banking

Companies: JPMorgan Chase Bank N.A.

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Razer, Tencent to collaborate on mobile gaming software, services optimization

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Category: Mobile News
21 March 2019

March 21, 2019

Razer, a maker of gaming smartphones and related services, has announced an agreement with gaming publisher Tencent Holdings Ltd. to collaborate in several areas of mobile gaming and e-sports.

The companies will work together to optimize their hardware, software and services to provide more robust and interactive options to the world's 2.4 billion active mobile gamers, according to a company release.

Tencent, the publisher behind hit titles PUBG Mobile and Honour of Kings, will optimize its gaming titles for the Razer Phone and key accessories, including Razer-designed game controllers.

The firms will collaborate to optimize Tencent mobile games for the Razer mobile gaming platform and the Razer Cortex mobile game launcher, which optimizes game performance, launches games from a single location and recommends the latest gaming deals.

The companies also plan to optimize monetization of mobile games.

"Mobile gaming keeps growing at an incredible pace and at Razer we are poised to be a leader in the segment," Razer co-founder and CEO Min-Liang Tan said. "We have been working with Tencent since 2008 and are excited to now enter into a collaboration with them to spearhead future innovation in the space."

Topics: Gaming, Region: APAC, Software, Technology Providers

Companies: Razer Inc.

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MoviePass to resume unlimited subscription plan

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Category: Mobile News
20 March 2019

March 20, 2019

MoviePass, the digital movie subscription platform, has announced the return of its uncapped plan of $9.95 per month for a limited time.

According to a press release, the service will be available at the $9.95 price when customers prepay for a 12-month period via electronic funds transfer. The service also will offer an uncapped month-to-month service for $14.95  per month, available to customers paying by credit card. The prices will be available for a limited time only.

The service will cost $19.95 per month once the promotional period ends, according to the company.

The company said that following modifications to combat earlier "violations" of its service terms, casual users should have the ability to see a wider selection of movies than has been available in recent months.

"We are — and have been — listening to our subscribers every day, and we understand that an uncapped subscription plan at the $9.95 price point is the most appealing option to our subscribers," Ted Farnsworth, CEO of MoviePass parent firm Helios and Matheson Analytics Inc., said in the announcement.

Customers will be able to book a movie reservation up to three hours before showtime, and arrive at the theater as early as 30 minutes before the show or as late as 10 minutes after their movie has begun. Customers will be able to see unlimited 2D movies across network that includes 30,000 theaters nationwide.

The announcement comes just weeks after the company announced plans to move away from dependence on Hollywood studios. The company went into a financial tailspin last year after launching its original $9.95 per month service, which allowed customers to got to an unlimited number of first run movies. The service cost the firm hundreds of millions of dollars, causing its stock price to plummet.

The MoviePass Select, All Access and Red Carpet plans that originally launched in December will no longer be available for purchase, however existing subscribers will be able to continue on their plan.

Topics: In-App Payments, Mobile Apps

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Worldpay enters deal to enable Amazon Pay with merchants in U.S.

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Category: Mobile News
20 March 2019

March 20, 2019

Worldpay Inc. has become the first acquirer to allow its merchants that accept payments in the U.S. to use Amazon Pay on its platform, according to a company release.

Worldpay said that online merchants can now integrate Amazon Pay into their websites using the Worldpay API. Merchants can also enable Amazon Pay using Worldpay as their gateway provider and acquirer.

"By teaming up with Amazon, we have an even stronger capacity to enable digital commerce, streamline the checkout experience and drive frictionless payments for our merchants," Asif Ramji, chief product and marketing officer at Worldpay, said I the release.

Patrick Gauthier, vice president at Amazon Pay, said in the announcement that the Worldpay deal will give merchants the ability to grow their business using a familiar and trusted payment experience.

Topics: Mobile/Digital Wallet, POS, Retail, Technology Providers

Companies: Worldpay, Inc., Amazon

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Worldpay, First Data deals reflect globalization of payments space

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Category: Mobile News
19 March 2019

Payments industry analysts say the blockbuster $35 billion acquisition of Worldpay by FIS is a reflection of a wider consolidation trend in the payments industry fueled by consolidation in the e-commerce space.

FIS, the Jacksonville, Florida-based financial technology firm, announced an agreement to buy Worldpay Inc. for $35 billion in stock and cash, creating one of the world's biggest payments firms. The agreement follows the blockbuster merger deal in January when Fiserv agreed to buy First Data for $22 billion.

Thad Peterson, senior analyst at Aite Group, said the mergers reflect two growing trends in the payments industry, including the increased globalization of the business and technological changes in the payments and banking space.

"Commerce is blurring borders, and it's not unusual for an individual in Indonesia to purchase something on AliExpress in China, and payments need to follow the transaction," he told Mobile Payments Today via email. "Payments used to be geographically driven with unique payment alternatives and processes in many markets. With globalization of commerce, payments need to support transactions wherever they occur."

The combined company will have $12.3 billion in pro forma annual revenue in 2019 and $4.9 billion in adjusted EBITDA. Officials said the deal will result in $500 million in revenue synergies, $400 million in run-rate expense synergies and $4.5 billion in free cash flow in three years.

Jon Edirmanasinghe, partner at Cavendish Corporate Finance, said his firm continues to see interest from software firms looking to make acquisitions in the payments space.

"FIS Global's acquisition of Worldpay clearly aims to deliver significant cross-sell opportunities between software solutions and payment solutions, and a broader service opportunity for the combined solution," he said via email.

The combined firm will continue to operate under the FIS brand and will remain in Jacksonville. Norcross will remain as chairman, CEO and president of FIS, while Charles Drucker, the current executive chairman and CEO of Worldpay, will become executive vice chairman of the board.

The agreement follows the January blockbuster merger deal in which Fiserv agreed to buy First Data for $22 billion.

The FIS deal is expected to close by the second half of 2019.

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Original author: David Jones

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