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Articles tagged with: mobile payments

PayPal Rolls Out Phone-To-Phone NFC Support

As the months continue on, NFC becomes less of a hearsay and more of a reality, and PayPal appears to be one of the founding fathers leading the movement. Although Google took a major leap forward when it said that it will support NFC payments, we have yet to see a full rollout on Android devices.

PayPal has just announced something a bit more interesting however, it now supports NFC payments for Android through phone-to-phone contacts. With this system, the need for a contactless reader to read the mobile payment is not needed.

Startup Jumio Gets Funding From Facebook Co-Founder

Jumio, a startup that claims will revolutionize mobile payments, has received $6.5 million in funding from Facebook co-founder Eduardo Saverin along with a few other investors.

Daniel Mattes, the company CEO, founded the startup in 2010 and currently has a few products in development. Jumio claimed via a blog post that the product would launch soon.

The company has yet to launch so its hard to know for sure what they do. Their promotional video claims they will end cash as we know it.

Squaring It Off – VeriFone Tackles Mobile Payment Square

In an open letter to consumer and the credit card industry, VeriFone claims that Square, a startup that makes credit card readers for smart phones, is plagued by a “serious security flaw” that puts users’ data at risk.

According to VeriFone, the problem is not with the application but rather with the dongle that connects to the devices. This dongle reads credit card information off the magnetic strip and transfers it to the device unencrypted in clear text, allowing anyone to write a bogus skimming application to quickly collect all information from credit cards. This collected information could then be used to make purchases with your credit card via the web or through various merchants across the world.