Thursday, July 26, 2012

ACI Worldwide reports quarterly loss

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Source: ACI Worldwide, 26 July, 2012

ACI Worldwide reports quarterly loss

ACI Worldwide (ACIW), a leading international provider of payment systems, today announced financial results for the period ended June 30, 2012.
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"We are very satisfied with our integration efforts of S1 during the last quarter and a half. We delivered on the initial cost synergies of $33 million and are progressing against an additional $20 million in planned synergies related to facilities consolidation and IT infrastructure rationalization. We expect that this second phase of identified margin improvements will enable us to achieve a more profitable 2013 and beyond," said Chief Executive Officer Philip Heasley. "Importantly, the quarter also included critical customer and industry events in June in which we unveiled our combined product roadmaps. Today ACI offers the most comprehensive suite of solutions to address the complex needs of the global payments marketplace," continued Mr Heasley.
FINANCIAL SUMMARY
2012 Guidance
We are reiterating our 2012 full year guidance for non-GAAP Operating Income and Adjusted EBITDA ranges of $99-104 million and $165-170 million respectively. We are revising our revenue range to reflect both foreign exchange movement year-to-date as well as incremental purchase accounting adjustments. Hence, guidance for the calendar year is as follows: GAAP Revenue to achieve a range of $683-693 million, non-GAAP Operating Income of $99-104 million and Adjusted EBITDA of $165-170 million. Guidance for the year excludes $31 million of acquisition related fees; inclusive of $16 million of professional fees and transaction-related expenses largely incurred in the first quarter as well as $15 million of facilities and IT infrastructure related costs identified during the second quarter.
Acquisition Synergies
Upon full implementation, ACI anticipates annualized savings of $53 million from the cost synergies effected. We expect to achieve an annualized run rate of $48 million in savings by the end of 2012 and attain an annualized run rate of $53 million in savings by the end of 2013. Year to date, ACI has spent $22.6 million on SG&A, Facilities and IT rationalization and anticipates spending a further $8.4 million on facilities and IT infrastructure exit costs during calendar year 2012.
Sales
Sales bookings in the quarter totaled $156.2 million. In the prior-year quarter sales bookings were $147.0 million. S1 contributed $39.2 million to sales in the quarter. ACI organic sales variance is related to timing of large term extensions. Sales and projects were impacted during the quarter by customers waiting to make purchasing decisions pending the release of our combined product strategy that was unveiled in June.
Backlog
Excluding negative foreign exchange translation of $23.5 million, 60-month backlog grew $12.8 million in the quarter. 60-month backlog as of June 30, 2012 was $2.306 billion. 12-month backlog decreased $12 million to $570 million as compared to $582 million at March 31, 2012. 12-month backlog was reduced by $6.2 million due to foreign exchange movements in the quarter.
Revenue
GAAP revenue increased to $149.8 million or an increase of $36.4 million, or 32%, over prior-year quarter. The acquisition of S1 Corporation contributed $43.1 million of revenue in the second quarter. Organic revenue decreased as compared to prior-year quarter primarily due to the following factors: timing of non-recurring license and services revenue of approximately $10.0 million pushed out to the second half of the year as well as a $3.0 million reduction due to foreign currency movements. Non-GAAP revenue increased $46.1 million, or 41%, over prior-year quarter. Non-GAAP revenue excludes the impact of $9.6 million of deferred revenue that would have been recognized in the normal course of business by S1 but was not recognized due to GAAP purchase accounting requirements.
Operating Expenses
Excluding $7.6 million of S1 acquisition related one-time expenses related for IT-related infrastructure exit costs and severance expense, operating expenses increased $47.1 million compared to the prior year quarter due to the addition of $45.0 million of S1 expenses inclusive of $4.0 million of intangibles amortization. Total GAAP operating expenses for the quarter were $157.7 million.
Operating Income/Loss
Consolidated GAAP operating loss was $7.9 million for the quarter. Non-GAAP operating income decreased $1.0 million, or 10%, compared to the prior-year quarter. Non-GAAP operating income excludes the $9.6 million deferred revenue adjustment due to purchase accounting as well as the impact of $7.6 million of one-time expenses related to IT-related infrastructure exit costs and severance.
Adjusted EBITDA
Adjusted EBITDA increased to $25.7 million, an improvement of $5.8 million, or 29%, compared to the prior year quarter. Adjusted EBITDA excludes the impact of $9.6 million of deferred revenue that would have been recognized in the normal course of business by S1 but was not recognized due to GAAP purchase accounting requirements and $7.6 million of acquisition related one-time expenses.
Liquidity
We had $149.6 million in cash on hand as of June 30, 2012. The Company also paid $3.1 million in principal payments for the term credit facility during the second quarter 2012. During the second quarter, we repurchased 961,692 shares for $37.8 million. The remaining dollar value of shares authorized for purchase under the stock repurchase program was approximately $31.0 million.
Operating Free Cash Flow
Operating free cash flow ("OFCF") for the quarter was $(3.8) million, a decrease of $5.4 million as compared to the prior-year quarter.
Other Expense
Other expense for the quarter was $3.0 million, a reduction of $3.1 million as compared to other income of $0.1 million in the prior-year quarter. The variance was driven by higher interest expense of $2.5 million as well as negative foreign exchange variance of $0.6 million.
Taxes
Income tax benefit in the quarter was $6.2 million, or a 57.1% effective tax rate, compared to income tax expense of $0.7 million, or a 6.7% rate, in the prior-year quarter. The income tax benefit for the quarter ended June 30, 2012 was due to the beneficial impact of domestic losses at the U.S. tax rate offset by foreign income at lower tax rates.
Net Income (loss) and Diluted Earnings Per Share
Net loss for the quarter ended June 30, 2012 was $4.7 million, compared to net income of $9.8 million during the same period last year.
Earnings (loss) per share for the quarter ended June 30, 2012 was $(0.12) per diluted share compared to $0.29 per diluted share during the same period last year. Excluding the impact of $7.6 million of S1 acquisition related one-time expenses and the impact of $9.6 of million deferred revenue that would have been recognized in the normal course of business by S1 but was not recognized due to GAAP purchase accounting requirements, earnings per share was $0.16 per diluted share.
Weighted Average Shares Outstanding
Total diluted weighted average shares outstanding were 39.3 million for the quarter ended June 30, 2012 as compared to 34.3 million shares outstanding for the quarter ended June 30, 2011. The number of weighted average shares outstanding was increased by 5.8 million due to the issuance of shares related to the acquisition of S1 Corporation. 6.7 million options to purchase shares, restricted share awards, common stock warrants and contingently issuable shares were excluded from the diluted earnings per share computation as their effect would have been anti-dilutive. 

Visa Announces Results for Q3 2012

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- Adjusted quarterly net income of $1.1 billion or $1.56 per diluted class A common share excluding a litigation provision and related tax benefit

- GAAP quarterly net loss of $1.8 billion inclusive of a litigation provision of $4.1 billion covered under the Company's Retrospective Responsibility Plan

- The Company authorized a new $1 billion share repurchase program and deposited $150 million into the litigation escrow

SAN FRANCISCOJuly 25, 2012 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal third quarter 2012 ended June 30, 2012. On a GAAP basis, the Company reported a net loss of $1.8 billion, inclusive of a litigation provision of $4.1 billion, related to the previously announced settlement agreement in the Multi-District Litigation case. Visa's share will be paid from the previously funded litigation escrow account established pursuant to the Company's Retrospective Responsibility Plan.
Excluding the litigation provision of $4.1 billion and related tax benefit, adjusted net income for the quarter was $1.1 billion, or $1.56per diluted class A common share, an increase of 25% over the prior year on an adjusted basis. The adjusted weighted-average number of diluted class A common shares outstanding during the third quarter was 675 million. The Company's adjusted quarterly net income per share of class A common stock is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.
GAAP net operating revenue in the fiscal third quarter of 2012 was $2.6 billion, an increase of 10% over the prior year and driven by strong double-digit growth in service revenues, data processing revenues and international transaction revenues. There was no significant impact on current quarter results related to the strengthening or weakening of the U.S. dollar over the prior year.
"Visa once again reported solid global growth in payments volume, cross border transactions and processed transactions outside the U.S., executing on our strategy of growing the electronification of payments worldwide. We are pleased that we were able to come to a resolution in the merchant litigation which was acceptable to most parties while ensuring the long-term health of the U.S. payments industry," said Joseph Saunders, chairman and chief executive officer of Visa Inc. "As we look forward, we remain focused on launching new payment solutions and products for our financial and merchant partners and consumers, while supporting the Visa brand and the advancement of electronic payments."
Fiscal Third Quarter 2012 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2012, on which fiscal third quarter service revenue is recognized, was a positive 11% over the prior year at $958 billion.
Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2012, was a positive 6% over the prior year at $979 billion.
Cross-border volume growth, on a constant dollar basis, was a positive 14% for the three months ended June 30, 2012.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2012, were 13.1 billion, a positive 1% increase over the prior year.
Fiscal third quarter 2012 service revenues were $1.2 billion, an increase of 15% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 17% over the prior year to $1.0 billion. International transaction revenues, which are driven by cross-border activity, grew 13% over the prior year to $748 million. Other revenues, which include the Visa Europe licensing fee, were$175 million, a 7% increase over the prior year. Client incentives, which are a contra revenue item, were $614 million and represent 19% of gross revenues.
The Company recorded a $4.1 billion pre-tax provision, or $2.9 billion on an after-tax basis, in the fiscal third quarter of 2012. This represents the Company's financial portion in the settlement of the Multi-District Litigation case.
Excluding the litigation provision, total operating expenses increased 10% to $1.1 billion during the fiscal third quarter, primarily due to higher personnel expense and professional fees associated with investments in technology projects to support our growth initiatives.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $9.4 billion at June 30, 2012.
Excluding the litigation provision and the related tax benefit, the Company's adjusted effective tax rate was 29.2% for the quarter ended June 30, 2012. The Company's adjusted effective tax rate is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.
Notable Events:
During the three months ended June 30, 2012, the Company repurchased approximately 4.0 million class A common shares, at an average price of $115.51 per share, for a total cost of $461 million.
As announced on July 13, 2012, the Company, MasterCard and U.S. financial institution defendants signed a memorandum of understanding to enter into a settlement agreement to resolve the Class Plaintiffs' claims in the Multi-District Litigation case, and announced an agreement in principle to settle with the individual plaintiffs whose claims were consolidated into the case for pre-trial purposes. The proposed settlement payments for both the Class and individual claims would be approximately $6.6 billion, of which Visa's share would represent approximately $4.4 billion. Visa's share will be paid from the litigation escrow account established pursuant to the Company's Retrospective Responsibility Plan.
As announced on July 19, 2012, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.22 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable onSeptember 4, 2012, to all holders of record of the Company's class A, class B and class C common stock as of August 17, 2012.
The Company's Board of Directors has authorized a new $1 billion class A share repurchase program. The authorization will be in place through July 2013, and is subject to further change at the discretion of the Board.
On July 24, 2012, the Company deposited $150 million into the litigation escrow account previously established under its Retrospective Responsibility Plan. Under the terms of the plan, when the Company funds the litigation escrow account, the value of the Company's class B shares – which are held by U.S. financial institutions and their affiliates and successors – is correspondingly adjusted via a reduction in the class B shareholders' as-converted share count. The $150 million deposit by the Company reduced the number of common shares outstanding on an as-converted basis from 104,452,843 to 103,257,583. The funding calculations were conducted in accordance with the Company's certificate of incorporation using the volume-weighted average price over the 3-day pricing period from July 19, 2012, through July 23, 2012. As a result of the deposit, the conversion rate applicable to the Company's class B common stock has decreased from 0.4254 to 0.4206 as of July 24, 2012.
Financial Outlook:
Visa Inc. updates its financial outlook for the following metric through 2012:
  • Adjusted annual diluted class A common stock earnings per share growth in the low twenties.*
Visa Inc. affirms its financial outlook for the following metrics for 2012:
  • Annual net revenue growth in the low double digits;
  • Client incentives as a percent of gross revenues: 17% to 18% range;
  • Marketing expenses: Under $1 billion;
  • Adjusted annual operating margin of about 60%*;
  • Adjusted tax rate: 33% to 34% range*;
  • Capital expenditures $350 million to $400 million range; and
  • Annual free cash flow greater than $4 billion.
*Financial Outlook excludes (i) the impact of the litigation provision and related tax benefit recorded in Q3 2012; and (ii) a non-cash benefit related to the remeasurement of deferred tax liabilities recorded in the tax provision during Q2 2012. These deferred tax liabilities are primarily associated with indefinite-lived intangible assets recorded as part of Visa's October 2007reorganization. Including the net impact of the litigation provision and remeasurement of deferred tax liabilities, the annual GAAP tax rate is expected to be between 30 – 31%.
Fiscal Third Quarter 2012 Earnings Results Conference Call Details:
Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast athttp://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website athttp://investor.visa.com.
About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.

Visa Beats Estimates, Antitrust Lawsuit Settlement Hurts

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Visa Inc. (V), the world’s biggest payments network, posted a fiscal third-quarter profit excluding legal costs that beat analysts’ estimates as card spending rose.  Adjusted net income for the three months ended June 30 climbed to $1.06 billion, or $1.56 a share, from $883 million, or $1.26, a year earlier, the San Francisco-based company said yesterday in a statement. The average estimate of 34 analysts surveyed by Bloomberg was $1.45 a share. The firm had a net loss of $1.84 billion when including a $4.1 billion provision tied to its settlement this month of a U.S. antitrust lawsuit.  read more at Bloomberg
Pedestrians pass beneath adverts for Visa Inc. next to the Olympic Park in London on July 25, 2012. Photographer: Chris Ratcliffe/Bloomberg
Visa Inc. led by Chief Executive Officer Joseph W. Saunders has benefitted from a consumer shift from cash to electronic payments that shows no signs of abating, while parrying challenges to its business model. Photographer: Andrew Harrer/Bloomberg

DARPA-Funded Researcher Can Take Over Android And Nokia Phones By Merely Waving Another Device Near Them

News3 new results for "Near Field Communications"
DARPA-Funded Researcher Can Take Over Android And Nokia Phones By ...
Forbes
Smartphones' growing adoption of so-called "near field communications" promises to let the device in your pocket wirelessly make payments, beam info to other phones, and seamlessly sync with nearby computers. It might also let an artful hacker ...
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Forbes
The end for debit and credit cards?
BusinessTech
The financial services firm says that near field communications (NFC) – the ability to carry out everyday banking transactions with a swipe of a cell phone – will be the next major step in the evolution of financial services and the banking systems, as ...
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BusinessTech
NFC 'gumball machine' to be released
sQuidcard
Near Field Communications (NFC) has been taken to the next level with the digital Gumball Machine. Designed by Germany-based company Razorfish, these machines will enable users to download apps, music, movies and eBooks by inserting money and ...
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sQuidcard

MasterCard and Gilt City Team Up to Offer Cardholders Even More Priceless Experiences

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MasterCard and Gilt City Team Up to Offer Cardholders Even More Priceless Experiences

PURCHASE, N.Y. & NEW YORK--()--MasterCard (NYSE: MA)and Gilt City today kicked off a relationship to bring even more travel, culinary and entertainment offers to cardholders through MasterCard Priceless Cities.
“Priceless Cities brings cardholders closer to their passions, whether they are sports fans, foodies or pop culture groupies”
Starting this quarter, Gilt City, the local lifestyle site from Gilt Groupe, will provide registered users of U.S. MasterCard Priceless Cities programs with a unique range of city adventures from a “no reservation needed” series or chef’s table experiences at coveted restaurants to exclusive, limited-time offers like meet-and-greet sessions with artists and previously inaccessible opening night tickets to plays and concerts.
“Priceless Cities brings cardholders closer to their passions, whether they are sports fans, foodies or pop culture groupies,” said Cheryl Guerin, senior vice president, U.S. Marketing, MasterCard. “Our relationship with Gilt City will further enrich Priceless Cities by combining the insight and expertise of two brands known for connecting consumers with unique experiences and merchant offers.”
Priceless Cities is a global program that provides MasterCard cardholders extraordinary experiences, exclusive offers and privileged access to the things they are most passionate about, including travel, sports, shopping, culinary experiences, and arts and entertainment.
“At Gilt City, our mission is to inspire members to ‘love your city more’ by creating memorable adventures that enable them to experience the best their city has to offer. As part of Priceless Cities, we look forward to offering MasterCard’s millions of cardholders with coveted experiences that create a sense of escape, discovery and indulgence at insider prices,” said Susan Lyne, chairman, Gilt Groupe.
These MasterCard-specific offers are available to U.S. and non-U.S. MasterCard cardholders by visiting the U.S. Priceless Cities sites. Consumers can learn more about Priceless Cities and its unique offers by registering at the Priceless New York and Priceless Chicago websites or by visiting www.facebook.com/MasterCard. Other global Priceless Cities include Priceless Beijing, Priceless London and Priceless Toronto.
About Gilt City
Gilt City provides access to unique and coveted lifestyle experiences in the world’s most dynamic cities – at insider prices. Each sale lasts a limited time and features a city’s most sought-after restaurants, spas, concerts, cultural offerings and more. Gilt City currently features offers in New York, Boston, Chicago, Miami, San Francisco, Los Angeles, Washington D.C., and Tokyo. A subsidiary of Gilt Groupe, Inc., Gilt City is headquartered in New York City with local curators in each market. To find out more please visit www.giltcity.com.
About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNewsjoin the discussion on the Cashless Conversations Blog and subscribe for the latest news.

NFC Hacks Unveiled at Black Hat


NFC hacks revealed at Black Hat

As promised, computer security researcher Charlie Miller exposed several vulnerabilities of NFC technology today at the Black HatUSA 2012 security conference in Las Vegas.
According to Ars Technica, Miller was able to hack NFC phones from Nokia and Samsung using another NFC chip to beam a code when in close proximity to the target. The code opens malicious files or Web pages that attack known vulnerabilities in a document reader, browser or in the operating system, reports AT.
Read the full article at NFCNews…







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NFC Phone Hacking and Other Mobile Attacks

News5 new results for NFC Mobile Payment
NFC Phone Hacking and Other Mobile Attacks
InformationWeek
NFC is designed for close wireless communications with the most famous application being wireless payments. It's very similar to RFID in design, but devices can exchange much richer sets of data. NFC communications are very close-range. Miller said he ...
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NFC Retail Payments Tipped to Exceed $180 Billion by 2017
Daily Deal Media
ncf retail payments, mobile payments, dailydealmedia.com The widespread adoption of mobile payments has proven to be a laborious task for the industry, but it is being indicated that the NFC retail payments market has made significant progress by now.
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Daily Deal Media
Payments 'will switch from cards to mobile phones'
Business Day
"Essentially the difference between the two is that with NFC, a mobile phone has to be enabled with an NFC chip and mated with an NFC reader to facilitate payments. The paying party, however, does not require a credit card to make a payment (but) only ...
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Identive Provides Secure ID Solutions at London 2012 Olympics
MarketWatch (press release)
As previously announced, the contactless cards utilize Identive's innovative tomPAY(TM) near field communication (NFC) tag technology, which allows them to be used both as conventional cashless payment cards and as NFC payment stickers for mobile ...
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The most practical, creative ways to use NFC with your Android device
CNET (blog)
Undoubtedly, the most common way Android owners are using NFC tags is to efficiently adjust a series of system settings based on the arrival or departure of commonly visited locations. Here are a few .... Samsung Galaxy S III (16GB - pebble blue, T ...
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Beware! Your Android phones may be under attack

News1 new result for "Near Field Communications"
Beware! Your Android phones may be under attack
Zee News
Although search engine giant Google has recently made all possible efforts to boost protection, but experts say that a method for delivering malicious code to Android phones using a new Android feature known as near field communications can damage the ...



One of the experts attending the conference also said that he figured out how to create a device the size of a postage stamp that could be stuck in an inconspicuous place such as near a cash register at a restaurant. When an Android user walks by, the phone would get infected, said the expert.

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Zee News


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Your Mobile Phone As A Door Key

News                              6 new results for NFC Mobile Payment
Have you found a use for NFC in your life?
PhoneDog (blog)
When most people use the term "NFC", they are generally referring to an up-and-coming mobile payments system such as Google Wallet or the Isis efforts. However, NFC as a mobile payment option is actually threatened by various security holes, Apple's ...
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Your Mobile Phone As A Door Key
Fast Company
... tech known as NFC is unlocking all sorts of revolutionary ways to pay for things and the act of shopping itself. Now, it seems, it could even unlock your front door. Tied to a super-clever smartphone and leveraging secure network connections and ...
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Fast Company
NFC Payments to Reach $180 Billion by 2017
NACS Online
NFC Payments to Reach $180 Billion by 2017. The proliferation of NFC-enabled smartphones will see one-quarter of mobile users in the U.S. and Western Europe by 2017 making in-store NFC payments.
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Jiepang and Starbucks celebrate 2 year anniversary of partnership to expand ...
QR Code Press
NFC technology is beginning to expand beyond the mobile commerce industry. Though the technology is not solely relegated to mobile commerce, it has seen the majority of its use come in the form of facilitating mobile payments. NFC technology is ...
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Telco mobile payments JV may start trials in August
CNET (blog)
... smartphones equipped with near-field communications chips, which enable the phones to make mobile payments at upgraded cash registers, CNET has learned. The venture will also offer sleeves with NFC chips for iPhones, getting around its lack of NFC.
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NFC smartphones to choose elevators [Bangkok Post, Thailand]
Equities.com
Suwanna Kongkanjana, managing director of Jardine Schindler (Thai), the local operating unit of the joint venture firm between Jardine Matheson of Hong Kong and Schindler group of Switzerland, said NFC will play a significant role in the mobile phone ...
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Should You Wait for the iPhone 5?

Image representing iPhone as depicted in Crunc...
Image via CrunchBase
News2 new results for NFC Mobile Payment
PayPal purchases Cardio to augment mobile commerce ventures
QR Code Press
... use of the Cardio service for nearly a year, having paid fees to do some during that time. Now, PayPal hopes to integrate the system into its overarching payment processing scheme and utilize it as an alternative to NFC technology in mobile commerce.
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QR Code Press
Should You Wait for the iPhone 5?
Mashable
Then there's NFC, the extremely short-range wireless tech that enables mobile payments. This feature is becoming so commonplace on phones that it's hard to see Apple ignoring it yet again. In addition, many see Apple's introduction of Passbook in iOS 6 ...
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