Mobile

Another Mobile Pay Field Trial: 53 Percent Success

Mobile payments aren’t quite ready for prime time — at least not in Boston. That’s the conclusion of a Boston Globe writer who tested mobile-payment offerings from several local companies — with limited success.

Writer Scott Kirsner did most of his tests using LoopPay CardCase, a $50 iPhone accessory that lets users load payment and gift cards onto a Bluetooth device with a slide-out “virtual credit card.” His success rate, he calculated, was 53 percent.

“You hold the card near any magnetic stripe reader, press a button on the back, and hope,” Kirsner wrote. “It purchased some gifts at a Michaels craft store in Cambridge and a tea at one Panera Bread, but it didn’t work at a different Panera, a taco shop, or a Peet’s Coffee.”

But Kirsner made a second pass through the stores with LoopPay COO Damien Balsan, whose LoopPay device worked at the taco shop where Kirsner’s hadn’t. However, at a New England frozen yogurt chain called FroyoWorld, it was another story. “Balsan tried three different LoopPay devices to purchase a cup of frozen yogurt,” Kirsner wrote. “When none worked, and as the yogurt sat on a scale getting soft, Balsan asked the shop’s co-owner if he could step behind the counter and try a few times from the cashier’s side of the register. Still no luck.”

Kirsner added, “My impulse at that moment: to take out a five-spot — not a shabby invention in its own right — and buy the yogurt.”

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The May 2019 AML/KYC Tracker, provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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