Monday, August 1, 2011

Mitek Systems Announces Conference Call and Webcast of Third-Quarter 2011 Financial Results


SAN DIEGO, Aug. 1, 2011 /PRNewswire/ -- Mitek Systems, Inc. (NASDAQ: MITK;www.miteksystems.com), the leader in mobile-imaging applications using smartphone and tablet cameras for check deposits, bill payments and ACH enrollments, will report its third-quarter 2011 financial results after the close of financial markets on Monday, August 8. Mitek's fiscal year beginsOct. 1 and concludes Sept. 30.

Mitek President and CEO James B. DeBello will discuss the earnings results in a conference call for shareholders, financial analysts and other interested parties at 1:30 p.m. PDT / 4:30 p.m. EDT on August 8.

Callers should dial as follows several minutes in advance of the scheduled start time:

Domestic
1- 866.804.6929

International
1- 857.350.1675

Passcode
62313708

The link to participate online via webcast is http://phx.corporate-ir.net/playerlink.zhtml?c=85785&s=wm&e=4167165.

Mitek recently launched its Mobile Imaging Cloud™ Service, which provides mobile application developers, systems integrators and businesses with a fast, cost-effective way to create smartphone and tablet apps that use the camera as an input method for a wide variety of tasks. Featuring Mitek's patented image-extraction technologies, Mobile Imaging Cloud enables developers to leverage camera-equipped handhelds by building apps that capture, extract and route information contained in documents while eliminating manual entry of the information.

About Mitek Systems
Over the past 25 years, Mitek Systems has established its technology as the 'gold standard' for check imaging and fraud detection. Today, the company's patented extractive imaging technology transforms camera-equipped smartphones and tablets into mini document scanners with the ability to intelligently extract relevant data from a multitude of document types and formats. That information can then be imported into a company's business processes and systems – powering a new generation of mobilized applications and consumer services to simplify peoples' lives and create unique competitive advantages for the companies that market to them.

Mitek's mobile technology is now being used by most leading financial institutions for mobile check deposit.

Building on its success with financial services organizations, Mitek is now working with other industries to utilize its patented extractive imaging technology to create unique solutions where consumers can take pictures of their banking, insurance or healthcare documents or statements and with a single snap automatically complete transactions, enroll in new services or receive competitive offers by using their online smartphone or tablet cameras.

For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.

Contact:
Bud Leedom, Finance Director
bleedom@miteksystems.com 858.503.7810, x-309

SOURCE Mitek Systems, Inc.
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CardFlex Merchant Services to be Integrated into Tabulous Tablets


SOURCE: CardFlex, Inc.
August 01, 2011 11:00 ET

CardFlex to Provide Comprehensive Merchant Processing, Banking Services to Tabulous Cloud Mobile Device and Tablet Customers

COSTA MESA, CA--(Marketwire - Aug 1, 2011) - CardFlex, Inc., a financial services and payment solutions company, announced today that its merchant services will be integrated into Tabulous tablets, providing qualified customers with instant, anywhere access to credit card processing.
The move is part of a broader agreement that makes CardFlex the exclusive provider of merchant processing and banking services to Tabulous Cloud, a tablet "solutioneering" firm specializing in customizing tablet devices down to the chip level.
A credit card scanner will link to the tablet via Bluetooth and transactions will be processed via secure WiFi, 3G or 4G technology. The result is a virtual point-of-sale terminal that can be used to process sales in any environment, creating the perfect solution for direct sales companies, multi-level marketers, street vendors, or just about any cash-based business interested in accepting credit cards. Funds are deposited directly into the merchant's bank account and, in some cases, can be accessed immediately with a CardFlex debit card.
"Our goal is to remove the friction entrepreneurs encounter when trying to collect payments from their customers while simultaneously decreasing the lead time for accessing their revenue," said Austin Hurst, Director, Tabulous.
"Tabulous is very excited to be working closely with such a reputable merchant provider as CardFlex to bring next-generation processing applications to mobile devices and tablets," said Zach Hurst, Director, Tabulous.
Key to Tabulous' selection of CardFlex was the company's track record of providing innovative services and top-quality customer service. Its reputation as an industry leader also was a factor, as was the caliber of its staff.
"It is exciting to be part of this innovative offering and to partner with a company like Tabulous, which shares our focus on leveraging the latest technologies to provide customers with ground-breaking products and services," said CardFlex CEO and President Andrew Phillips.
About Tabulous CloudTabulous Cloud is a tablet "solutioneering" firm based in the United States. Tabulous specializes in customizing tablet devices down to the chip level upon customer request. Tabulous has the backing of a trusted, reliable and time tested OEM, First International Computer (FIC) as well as HTC Corporation. In addition, Tabulous has aligned several strategic partners; best-in-class technology providers in their respective fields affording Tabulous a clear distinction in a rapidly expanding tablet space. Learn more at www.tabulouscloud.com
About CardFlex, Inc. CardFlex, Inc. (www.cardflexnow.com) is among the nation's premier providers of transaction processing services and payment technologies. Founded by a management team with more than 70 years combined experience in the financial payments industry, CardFlex offers a first-rate suite of merchant products and flexible, industry-specific services.
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First Data Selects IronKey to Help Clients Prevent Online Banking Fraud


SOURCE: IronKey
 
August 01, 2011 07:00 ET
New Solution Helps to Protect Customers and Offers Financial Institutions Competitive Advantage
SUNNYVALE, CA--(Marketwire - Aug 1, 2011) - First Data Corporation, a global leader in electronic commerce and payment processing, will refer clients of the First Data Internet Banking solution to IronKey's Trusted Access as an option to help them protect their customers from potential attacks by criminals on an online banking user's PC.
IronKey Trusted Access is a secure browsing solution that financial institutions provide to their Internet banking customers. Trusted Access helps to avert criminal attacks that use malicious software such as ZeuS, SpyEye, Sunspot, and OddJob, as well as new threats that continue to evolve. According to research firm Gartner Inc., crimeware designed to take over online banking accounts and steal money is now the most significant threat concerning U.S. banks. [1]
Trusted Access will assist First Data clients who choose the service in meeting Federal Financial Institutions Examination Council (FFIEC) guidelines for new online security controls. Trusted Access is a fraud prevention solution that may be implemented as part of a financial institution's layered security program, which is required by the FFIEC's new Internet authentication guidelines. Financial institutions will be evaluated under these new guidelines beginning in January 2012.
"Online account takeovers and fraud are significant concerns for financial institutions today," said Cindi Lieblich, vice president of Product Development for First Data. "Because Internet banking fraud often starts with an attack on the account holders' PCs, regulators and industry experts recommend that financial institutions protect Internet banking sessions with layered security controls. With IronKey Trusted Access, the First Data Internet Banking solution offers an additional layer of fraud protection using industry-leading technology that enables our clients to further differentiate their product offerings and capture new business."
IronKey Trusted Access is an intelligent security software and Internet security service that is easy to use. Trusted Access provides a secure Web browser protected in a fully virtualized, read-only environment tailored to protect online banking sessions from known and unknown crimeware. Even if a computer is infected with malware, the online banking session should remain safe, secure, and private. Unlike other approaches, Trusted Access assumes a client's computer is infected with the latest zero-day attack that would go undetected by anti-virus and other software technologies. The IronKey solution includes the Trusted Access USB security device, which launches a protected, virtualized operating system and Web browser that only works with the IronKey Trusted Network and, when deployed, limits the end user's online access to bank-approved sites.
"IronKey is excited to have Trusted Access offered as a part of the First Data Internet Banking solution and to provide customers with the latest fraud protection, secure browsing, and compliance technology. With today's criminal attacks, financial institutions must start with the assumption that their customers' computers are infected with crimeware. That's why NACHA, FBI, and FFIEC are recommending financial institutions provide security options like IronKey," said IronKey CEO Arthur Wong. "IronKey Trusted Access can help First Data's clients meet their compliance obligations and deliver a safer environment for their customers' online banking sessions."
Trusted Access is designed to protect online banking sessions from keyboard logger, man-in-the-browser, 'backconnect' Trojan, and DNS tampering attacks. It is also designed to protect online banking sessions from zero-day attacks, spawned by the continuous introduction of new financial malware that goes undetected by up-to-date anti-virus software, browser plug-ins, firewalls and other security software used by online banking users. Instead of trying to detect every known and to-be-developed attack, Trusted Access assumes a computer is infected with crimeware and provides the user an isolated, safer, and more secure online banking experience.
In a period of 12 months, more than 70,000 ZeuS variants were detected in the wild, with many, many more going undetected. A staggering 25% of computers, according to latest reports from the Anti-Phishing Working Group (APWG), are infected with banking Trojans such as ZeuS and SpyEye, used by criminals to take over online bank accounts and steal millions from businesses and municipalities.
More information about IronKey's Trusted Access for Banking is available online.
Resources"Protecting Online Banking Customers from Evolving Cyber Crime Threats" -- webcast explains the latest bank phishing attacks, the ZeuS Trojan and SpyEye, and why anti-virus software, firewalls and other conventional safeguards are not able to stop these attacks.
"Trusted Access Guided Demonstration" -- product demonstration and example attacks.
About IronKeyRanked as the 14th best venture-funded company in The Wall Street Journal's "Next Big Thing 2011" survey, IronKey secures data and online access for individuals, enterprises, and governments. IronKey solutions protect remote workers from the threats of data loss, compromise of passwords, and computers infected by malicious software and crimeware. IronKey multi-function devices connect to a computer's USB port and are easy to manage with the IronKey management service. This allows users to securely carry sensitive corporate data, strongly authenticate to VPNs and corporate networks and isolate online banking customers from Advanced Persistent Threat attacks. IronKey customers include Fortune 500 companies, healthcare providers, financial institutions and government agencies around the world. Trusted Access for Banking has also won numerous awards such as 'FutureNow 2010 Top 5' from Bank Technology News. Visit www.IronKey.com for more information.

Contact Information

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Legacy Support Leaves Chip-And-PIN Vulnerable, Researcher Says

Black Hat talk will show that security and backwards compatibility are at odds in popular authentication technology

Jul 31, 2011 | 12:38 PM By Robert Lemos, Contributing Writer 
Dark Reading


Vulnerabilities in the increasingly popular chip-and-PIN authentication technology used in credit cards could make it easy for attackers to steal data at the point of sale, a researcher says. At the Black Hat USA conference in Las Vegas this week, Andrea Barisani, chief security engineer for secure design consultancy Inverse Path, will join with colleagues to show how flaws in chip-and-PIN -- which is becoming a standard in Europe and Asia -- can be easily exploited.
Chip-and-PIN systems are designed to support legacy transactions -- including the transmission of the card's password or PIN in plain text, Barisani observes. As a result, it can be a trivial matter for an attacker to install a skimmer on a point-of-sale terminal and steal the credit card data.
Barisani says these flaws can be found in current and emerging credit card systems, including the EuroPay-Mastercard-Visa (EMV) system that is being implemented worldwide. While EMV supports three types of cards -- older magnetic stripe cards, current chip cards, and more secure chip cards -- skimmers can force transactions to use the least secure transaction method, he warns.
"EMV is broken," Barisani says. "In order to fix the problem, they will have to change the standard and break compatibility with older cards."  read more
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After 166 Years, Banker's Almanac Goes 100% Digital

Bankers' Almanac Goes 100% Digital - July 2011 Sees the Last Bankers' Almanac Print Publication After 166 Years A.D. 1845

LONDON, August 1, 2011 /PRNewswire/ --
Bankers' Almanac, a leading global provider of financial data celebrates its final print publication after 166 years as the business aligns focus to online and digital services.

Full Advert of London & Westminster bank 
View an original advert from the London and Westminster Bank from 1845...

The decision by Bankers' Almanac to cease publishing the book reflects the ever-changing nature of the industry and demand for more frequently updated information catered for and provided by their online portfolio. Since the launch of Bankersalmanac.com in 1999 the database has grown significantly and the bi-annual publication can no longer reflect the depth and breadth of information available or the speed of update necessary for the competitive banking market. By providing key banking reference data through it's online or data services, Bankers' Almanac is able to provide professionals with comprehensive, instantly accessible and frequently updated information.
Kerry Hewson, Director, stated "The focus has definitely shifted to become more digitally minded. The challenge for us is always to meet the need for both increasingly accurate and comprehensive data, and, now even beyond that, to deliver functionality to enhance the user experience."
Bankers' Almanac was established in 1845 as a hard copy directory of banking information and since then has continued to develop innovative reference data solutions to meet the needs of the banking industry. To celebrate this momentous occasion Bankers' Almanac has commissioned an article by David Lascelles looking back at the changing banking landscape in the last 166 years. Visit Bankersalmanac.com and go to the Last Book section link from  the home page. Additionally view extracts from the original book and an interview with the Kerry Hewson, Director.  
This positive move will see continued investment in customer focused solutions.  In addition to its intenational payments coverage, online propositions from Bankers' Almanac include the Due Diligence Repository, catering for the compliance market, and containing over 190,000 key KYC documents¹. Their latest product release, Credit Risk provides key financial data and tools for counterparty credit risk analysis. These market specific solutions represent the continual development and evolution of the portfolio of products serving the banking market.
Bankers' Almanac continues to set the global standard for banking intelligence, for over 160 years we have provided solutions to help financial professionals make payments, conduct due diligence, assess credit risk and carry out financial research on the world's banks. Counting the world's leading banks amongst our valued clients, including 100% coverage of the world's top 100 banks, Bankers' Almanac is relied upon daily by over 22,000¹ users worldwide. We are proud to partner some of the banking industry's most influential associations including the Wolfsberg* Group, the British Bankers' Association, BAFT-IFSA and SWIFT.
Bankers' Almanac has a dedicated content team who source our data directly from banks and regulatory authorities across the globe, rigorously verifying the data prior to publishing.
Bankers' Almanac is owned by one of the world's principal business to business publishers, Reed Business information and is part of the Reed Elsevier Group plc. A FTSE 100-listed company.
For more information about Bankers' Almanac and the products that it offers visit http://www.bankersalmanac.com
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BVA Compass Adds Person-to-Person (P2P) Payment Option With ZashPay


Bank works with leading financial services technology provider Fiserv to implement P2P service

BIRMINGHAM, Ala., Aug. 1, 2011 /PRNewswire/ -- BBVA Compass announced that it is offering the ZashPay® person-to-person (P2P) payment service from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions.
"BBVA Compass is excited to be able to offer ZashPay to our customers," said Andy Hernandez, director of channel development for BBVA Compass. "We are committed to offering solutions that match the way our customers live today, providing them with increased ease and convenience in managing their money. An important and growing segment of our customers are demanding payment options that help them simplify their lives. With ZashPay supporting our Simple Personal Payments(SM) service we have responded to this demand, expanding the functionality of our customers' online banking experience by making everyday personal financial tasks quicker and easier."
With Simple Personal Payments in place, BBVA Compass customers can send money easily to anyone with a U.S. bank account using only the recipient's e-mail address or mobile number. The payment is deducted directly from the sender's banking account and deposited into the recipient's account. Payments made using the system are delivered in as little as one business day.
The ease of use of the ZashPay service makes Simple Personal Payments a great option for a wide variety of our customers' payment transactions, from large expenses, such as rent payments, to smaller transactions between family and friends. The service makes it turnkey for a parent to supply a college student with additional funds or to contribute money to a teacher's gift fund, without needing checks, stamps or cash.
"With ZashPay, BBVA Compass is making it simpler for their customers to send and receive personal payments using their own bank account," said Tony Catalfano, division president, Electronic Payments, Fiserv. "The number of consumers and financial institutions enrolled in the ZashPay service is increasing each month, and BBVA Compass is an important part of the growing ZashPay network."
To utilize Simple Personal Payments, BBVA Compass customers simply access the program via the online bill payment system. Cost to use the program is $1.00 per sent transaction, with no cost for payment receipt.
For more information on the Simple Personal Payments P2P payment system, customers may contact 1-800-Compass or go to www.bbvacompass.com/special/201009/zashpay/.
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Verizon Serves American Express on Wireless Phones and Tablets

August 01, 2011 08:30 AM Eastern Daylight Time 


Verizon to Integrate American Express’ Serve on Wireless Phones and Tablets

Verizon Wireless customers to have access to simple and easy mobile payments powered by Serve, American Express’ new digital payment platform
NEW YORK & BASKING RIDGE, N.J.--(BUSINESS WIRE)--American Express (NYSE: AXP) and Verizon Wireless today announced they will integrate Serve, a next-generation digital payment and commerce platform, on many Verizon mobile phones and tablets. Over the coming months, Verizon Wireless customers will be able to establish Serve accounts that will enable them to make payments and redeem offers for goods and services directly from their mobile phones and tablets using Serve.
http://www.americanexpress.com
“Our collaboration with Verizon highlights the speed at which Serve is evolving to reach a wide audience”
Serve simplifies the online checkout experience by authenticating a mobile number, then allowing a customer to make a purchase on-screen. Verizon Wireless customers who use Serve can expect to buy goods and services on their mobile phone in just a few clicks. Merchants who accept Serve mobile payments will enjoy a streamlined option for processing and settlement. The Serve card is currently accepted by the millions of merchants in the United States who accept American Express.
American Express and Verizon Wireless will also collaborate to source, distribute and simplify redemption of online and mobile offers with participating merchants through the use of the Serve account. For example, as customers redeem certain offers or coupons using their mobile phones, the credit may automatically appear in their Serve account.
The two companies are also working with Payfone to support Serve checkout on Verizon Wireless devices. Payfone's pre-authorization and intelligent routing features will help Verizon Wireless customers who use the Serve application make mobile payments simply and securely.
“Our collaboration with Verizon highlights the speed at which Serve is evolving to reach a wide audience,” said Dan Schulman, group president, Enterprise Growth, American Express. “Verizon Wireless customers will soon be able to complement their busy lifestyle with a trusted payment platform that delivers a fast, flexible and secure way to manage their day-to-day mobile purchases, and together we’re taking the necessary steps to make mobile commerce a reality.”
Greg Haller, president, Enterprise & Government for Verizon Wireless, said, “Serve provides a quick and intuitive way for our customers to use their mobile service in a refreshingly convenient way. Our commitment to building the entire mobile payments ecosystem, through our Isis joint venture and now with Serve, gives customers incredible new ways to use their mobile devices.”
Merchants who are interested in accepting mobile payments through Serve and Verizon can learn more at www.serve.com/billmyphone.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more atamericanexpress.com and connect with us on facebook.com/americanexpress, twitter.com/americanexpress and youtube.com/americanexpress.
American Express recently launched Serve, a next generation payments platform designed to deliver emerging payments and services to address the changing ways consumers interact and exchange money -- with one another -- as well as merchants. Learn more at serve.com and connect with us on facebook.com/paywithserve and twitter.com/serve.
About Verizon Wireless
Verizon Wireless operates the nation’s fastest, most advanced 4G network and largest, most reliable 3G network. The company serves 106.3 million total wireless connections, including 89.7 million retail customers. Headquartered in Basking Ridge, N.J., with 83,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications (NYSE, NASDAQ: VZ) and Vodafone (LSE, NASDAQ: VOD). For more information, visit www.verizonwireless.com. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at www.verizonwireless.com/multimedia.

Contacts

Verizon Wireless
Jeffrey Nelson, 917-968-9175
jeffrey.nelson@verizonwireless.com
or
American Express
Sarah Meron, 917-727-2430
sarah.b.meron@aexp.com
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Assessor Validates VeriFone’s PAYware Mobile Enterprise Compliant with Payment Security Requirements


August 01, 2011 08:00 AM Eastern Daylight Time 
QSA Coalfire Systems’ Assessment Says App is Not Within Scope of PA-DSS; Mobile Payment Solution for Smartphones, PDAs and Tables Can Reduce Scope of Overall PCI DSS Compliance
SAN JOSE, Calif.--(BUSINESS WIRE)--VeriFone Systems, Inc. (NYSE: PAY), today announced that an independent evaluation by Coalfire Systems, Inc, a leading IT audit and compliance firm, has validated the security compliance of VeriFone‘s PAYware Mobile Enterprise solution for enabling smartphones, PDA’s and tablets to securely accept payments.
http://www.verifone.com
“Coalfire’s assessment provides merchants with the assurance they can use a mobile-based payment application without violating the PA-DSS standard and can safely deploy the VeriFone solution without risking PCI DSS compliance”
Coalfire, a PCI Qualified Security Assessor (QSA) and PCI Qualified Payment Application Security Assessor, determined that the PAYware Mobile Enterprise application does not capture, store, process or transmit cardholder data as part of authorization or settlement, and thus “is not within scope of PA-DSS.” As recently outlined by the PCI Security Standards Council, applications that do not store, process, or transmit cardholder data do not fall under the PA-DSS program.
“Coalfire’s assessment provides merchants with the assurance they can use a mobile-based payment application without violating the PA-DSS standard and can safely deploy the VeriFone solution without risking PCI DSS compliance,” said Erik Vlugt, VeriFone vice president of marketing for retail and vertical segments. “Those merchants who chose PAYware Mobile Enterprise to revolutionize customer service and store operations can save considerable cost, time, and effort in their compliance efforts.”
According to Coalfire’s report, when implemented according to specific PCI guidance provided by VeriFone, the company’s PAYware Mobile solution “can be deployed in a fully PCI DSS compliant manner and can reduce the scope of PCI DSS compliance in a merchant environment.”
PAYware Mobile Enterprise integrates with existing in-store POS systems and incorporates a PCI PTS-approved card encryption sleeve and PIN debit keypad, as well as a 2D bar code scanner for quickly and efficiently performing mobile check out or inventory control tasks. VeriFone’s mobile payment solution for enterprise retail environments also incorporates VeriShield Total Protect, Secured by RSA, providing end-to-end data encryption and tokenization that ensures no card data can be transmitted or stored in an unsecure manner.
Coalfire determined that VeriFone’s mobile payment solution complies with Visa Best Practices for Mobile Payment Acceptance Solutions v 1.0, released on 27 April, 2011, and evaluated three key aspects of VeriFone’s PAYware Mobile for small to medium-sized merchants and PAYware Mobile Enterprise for large retail enterprises:
  • The PAYware Mobile card encryption sleeve can be deployed in a PCI DSS compliant manner and reduce the scope of PCI DSS compliance for merchants.
  • The PAYware Mobile POS application running on a mobile device with the card encryption sleeve and VeriShield Total Protect is out of scope of PA-DSS as it does not capture, store, process or transmit cardholder data as part of authorization or settlement.
  • Forensic analysis of the mobile device in scope of this assessment showed no transmission or persistence of unencrypted cardholder data during and following card present transactional testing.
Coalfire’s report is available at:
www.verifone.com/pwm-enterprise

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Merchant Reputation Can Drive Mobile Payments Adoption, Says Auriemma Consulting Group


August 01, 2011 06:00 AM Eastern Daylight Time 

NEW YORK--(BUSINESS WIRE)--Sooner or later the U.S. will see widespread adoption of mobile payments, says the experts, but they disagree about how soon and how widespread it will be. Big players in banking and in telephony are investing heavily in developing mobile payment infrastructure. The ultimate object of this feverish activity is consumer adoption, as financial institutions proceed on the assumption that “if we build it, they will come”. However, results of a recent survey by Cardbeat®, a syndicated monthly publication of Auriemma Consulting Group (ACG), suggest that large retailers may have a significant influence on the mobile payments adoption curve.

Auriemma Consulting Group
“Mobile banking, as opposed to mobile payments, is becoming mainstream, keeping pace with the penetration of smartphones”
“Mobile banking, as opposed to mobile payments, is becoming mainstream, keeping pace with the penetration of smartphones,” noted Dr. Patricia Sahm, Managing Director at ACG. Smartphone ownership has jumped from 32% in Q3 2010 to 41% less than a year later, among the 9 out of 10 consumers who have a mobile phone. Just under a third of Cardbeat respondents say they have mobile banking capabilities, and 40% of them have downloaded a banking application within the last 12 months. “Despite the recency of their adoption, users show a fairly high frequency of usage, with half using the app at least once a week,” she said. Also, while informational uses predominate with 79% who use their phone to check their balance, about 4 out of 10 consumers do online bill payment from their phones, paving the way for the transition to mobile payments, she notes.
Security is a concern for almost all users, even the under-35s who are the most positively predisposed toward the concept of mobile payments. Overall, half of consumers say they are very or somewhat uncomfortable with the idea of making purchases with a mobile phone, and their primary concern is security; they also say they have enough payment options and see no need for a new one. At the other end of the scale, one-third of respondents were very or somewhat positive about the concept, and these proponents say mobile payments would save time and money and would be convenient; this group also likes new technology.
Both groups, however, say that the most likely place they would expect to use mobile payments would be in-person at a large retailer. In contrast, only 20% would use it to pay a parking meter. “It’s an interesting finding, because generally with a new payment technology people want to test it out with small purchases first,” Sahm pointed out. “However, both the technophiles and technophobes say they’d feel more comfortable with a large retailer, where the average ticket size is fairly high, rather than the trivial amounts involved with feeding the meter. Large retailers give a sense of security that the consumer would have recourse in case of a problem, and their adoption of mobile payment technology will be a signal to consumers that it’s ok to try it.”
Cardbeat research data was gathered using a web-based survey administered to 502 credit card users in the U.S. during the month of June 2011. The number of interviews completed on a monthly basis is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ±5%.
About Auriemma Consulting Group
Auriemma Consulting Group (ACG) is a full-service management consulting firm serving the payments and lending industries since 1984. Cardbeat is ACG’s syndicated market research study of credit card holders, conducted monthly in the U.S. and quarterly in the U.K. ACG also conducts research in the debit and prepaid space, and published a quarterly report known as The Debit Report. With offices in New York and London, ACG consultants are experienced practitioners, drawn from the credit card, private label, auto finance, mortgage, and retail banking industries that we serve.

Contacts

Auriemma Consulting Group
Dr. Patricia A. Sahm, 212-323-7000
patricia.sahm@acg.net
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