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Mobile Wallets and Tokenization: Banks are Catching On

April 24, 2017

Authors

Stan Koppel

Mobile Wallets and Tokenization: Banks are Catching On

April 24, 2017

by: Stan Koppel

On April 20, 2017, the American Banker reported that U.S. Bank’s new high-end credit card features an interesting differentiator from the high-end cards recently introduced by other large credit card issuers.  U.S. Bank’s new high-end credit card significantly incents mobile usage over conventional swipe or chip dip for purchases.  While the other card offerings typically provide triple miles for travel and entertainment purchases, the U.S. Bank “Altitude Reserve Visa Infinite” card puts its money on getting cardholders to enroll their cards in mobile wallets – Apple Pay, Android Pay, Samsung Pay and Microsoft Wallet.

For a generation of customers who want to do everything, or as much as possible, on their phones, millennials have not adopted mobile payments as quickly as expected. Personally, I constantly encourage everyone to

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Check It Out: The FTC Zeroes in on Mobile Payments

April 17, 2013

Authors

Bryan Cave

Check It Out: The FTC Zeroes in on Mobile Payments

April 17, 2013

by: Bryan Cave

Bryan Cave attorneys discuss guidance from the Federal Trade Commission and its impact on banks.

Banks have an important role to play in development of mobile banking and mobile payment technologies. Although nearly 45 percent of all mobile phone users have a smartphone, only 12 percent are using mobile devices to make payments, according to a new report from the Federal Trade Commission (FTC).  The primary reason for not using mobile payments is security concerns (42 percent).

Currently, the Federal Trade Commission is leading the charge to explore the need for mobile payments regulation. For banks interested in mobile banking, its actions and publications are very instructive.

Over the last two years, the FTC’s actions include: bringing law enforcement actions, obtaining high-profile settlements with Google and Facebook and issuing policy reports for mobile businesses and policymakers. Although financial institutions are not

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