Venmo isn’t a big enough player in mobile payments to merit trash talk from incumbent money-mongers Visa and PayPal the way Google has, but the New York and Philly-based company is making moves. It used to take up to two weeks to transfer money from Venmo to your bank account. Now it takes 24 hours, the result of working directly with banks. But is it Visa, PayPal or Google Venmo has to worry about? Bank of America, JPMorgan Chase and Wells Fargo are gradually rolling out a network within which seamless person-to-person payments can be done from a cell phone; ex-Twitter founded start-ups BankSimple and Square have their eyes on this feature as well.
At their New York City headquarters today Google unveiled the partners and products that make up Google Wallet, their mobile payment app.
As an entrepreneur in the space recently told Betabeat, every major credit card company is looking for a tech firm to join with. “Bascially, you need to bring a partner to the dance,” she said. Read More
Just a few weeks ago Square announced that Apple would begin retailing its mobile payments device both online and in its physical stores.
Today Leena Rao broke the news that the start-up, which keeps offices in New York and San Fran, announced another big partnership, a strategic investment from Visa.
Square offers a free Read More
Twitter co-founder Jack Dorsey’s new startup Square announced it’s slashing credit card transaction fees today.
The small, white device plugs into a smartphone and processes credit card swipes on the spot, a convenience for which Square used to charge 2.75 percent of the transaction plus a 15-cent fee. Now, the flat fee Read More
Friends and money, they don’t always mix. But they have to: Exchanging money with friends is impossible to avoid. Drinks, taxis, dinners and cable bills are just some of the things for which we become financially indebted to each other, sometimes for substantial amounts (thanks, expensive City).
Square is a device that plugs into a smartphone and lets users accept credit card payments.
Microbusinesses love the thing, NPR reports, and Square is now processing millions of dollars every week.
The Square dongle seems to be a Read More