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Payments Source: How Apple Pay Threatens Retailer and Bank Brands

Apple Pay is a watershed moment that will do more to stimulate mobile commerce than the sum of all previous efforts. But it also has an impact on branding that should make it part of a broader mobile menu for banks and retailers.

Apple Pay is a recipe that has been served before. Remember Quicken from 1996 to 1998?

Back then, Intuit offered participating banks the opportunity to connect with their customers online through Intuit’s popular platform, for a seven-figure price. 

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Digital Transactions: How History Is Repeating Itself With Apple Pay

If you are an issuer of Visa or MasterCard, your deadline for participating in the Apple Pay service set to debut later this month has already passed. It was Tuesday, and issuers didn’t have much time to think about it (let alone perform a technical due diligence or negotiate terms). 

Whether you signed up for Apple Inc.’s hot new mobile-payment scheme or not, though, there are lessons from the recent past you might want to think hard about. These are lessons that will apply whether the service provider is Apple or some other technology provider.

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NRF: Payments at the Crossroads

Retailers have critical choices to make about consumer payment methods. The right decisions today can have a significant impact tomorrow, not only on customer relations but on profitability, marketing, advertising and promotional budgets, overall financial management and even a company’s market valuation.

That was the message brought to NRFtech 2014 by Richard Crone and Michael Christy in “Navigating the Retail Payments Crossroads.” Crone is the CEO and founder of Crone Consulting; Christy is director of information technology for Orange Leaf, a frozen yogurt brand with 320 locations in the United States and Australia.

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Forbes: Where Does Apple Pay Fall Short?

Apple has a long history of making things work that others have previously tried. With the iPod and the iPad, Apple brought ideas to life that many smart people had been banging away at for a while. The latest attempt to succeed where others have stalled is in the area of the mobile wallet. Almost every company who has a direct relationship with consumers will have to come to terms with Apple’s mobile payment system (called Apple Pay), either adopting it, or rejecting it for a good reason.

This story provides a high level guide to Apple Pay, explaining where the technology will be a good fit and where it will fall short. The bottom line: Using Apple Pay, like using other third party mobile wallets, has one huge flaw: You give up the direct relationship with the customer. If you are seeking to do more than accept money from consumers you must have a way, besides Apple Pay, of creating and maintaining that direct relationship in a mutually beneficial manner.

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MEDIA ADVISORY - Paydiant Executive to Speak at Fall 2014 Mobile Payments Conference

NEWTON, MA, October 6, 2014 Paydiant executive Mark Budreski will participate in a panel discussion about mobile wallets and retail at the Fall 2014 Mobile Payments Conference taking place October 6 - 8 in Skokie, Illinois. The event, being held at the DoubleTree by Hilton, North Shore-Chicago, will focus on the mobilization of retail and customer engagement and its impact on present and future retail strategies. 

Budreski is vice president at Paydiant and works directly with national retailers shaping and implementing their merchant-branded mobile wallet strategies.  At the Mobile Payments Conference, he will participate on a panel discussion titled Mobile Payments, Loyalty and Merchant Services: What You Need to Know, which will take place on Wednesday, October 8th from 8:30 - 9:10 am.  The panel will be moderated by John Stafford, executive vice president at Parallel Communications Group and also include Mark Dunlap, Sr. Vice President-North America for Warbler Digital and Andy O'Dell, Chief Strategy Officer for Clutch.

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