In today’s top news in payments, Mastercard announces the launch of a new digital identification program that can instantly authenticate someone’s identity, and Apple’s Tim Cook defends monopolies. Also, Bill Ready, formerly PayPal’s chief operating officer, is set to join Google as president of commerce.
Digital transactions are continuing to grow in usage around the world, but digital identification is still largely underused. That’s why Mastercard is introducing a new digital resource that can instantly authenticate someone’s identity in a secure manner, removing the need for any physical documentation. The company will pilot the program in Australia with Australia Post and Deaking University.
Monopolies aren’t bad — if they aren’t abused, according to Apple CEO Tim Cook. For Cook, the presence of dominant players does not equate a lack of healthy competition. But he’ll leave it up the regulators to decide if — and which — companies are abusing their power.
Bill Ready, the former PayPal chief operating officer, is joining Google in January as its new president of commerce. He will be focusing on Google’s commerce products and working closely with the advertising and payments departments.
Online brokerage startup Robinhood launched a cash-management feature that gives customers 1.8 percent interest on any money that they don’t invest in stocks. The feature is offered in partnership with a bank, which differs from the unsuccessful checking and savings account product they launched last year.
On Wednesday, Dec. 11, New York’s Penn Station was added to the list of MTA stations accepting contactless payments. This marks the end of the pilot program launched by Visa, Chase, MTA and other industry leaders, and the beginning of a continuous rollout, which Visa’s Dan Sanford says is just the beginning for contactless in the U.S. market.
In this podcast, Karen Webster and Daniela Mielke, CEO of RS2, discuss the advantages of monetizing data for independent software vendors (ISVs) and merchants — and why now is the “tipping point” for smaller firms to cash in on accessing and using data that can vastly improve customer interactions.