The Federal Reserve Bank of Boston has released a report based on the recent Mobile Payments Industry Workgroup (MPIW) meeting to discuss (1) different wallet platforms; (2) how card networks and other payment service providers manage risks associated with converging digital and mobile channels; and (3) merchant strategies around building a mobile payment and shopping experience. [Read more…]
Starbucks created a lot of buzz about mobile payments when the company release it’s popular mobile payment app in 2011, and indeed Starbucks was on the vanguard of consumer retail mobile payments. And by most measures the Starbucks app should be considered a success. CEO Howard Schultz told investors during a recent earnings call: “Today in the U.S. alone over 13 million customers are actively using our mobile apps and we’re now averaging over 7 million mobile transactions in our stores each week, representing roughly 16% of total tender, more than any other bricks and mortar retailer in the marketplace.” That’s impressive.