It’s no secret that emerging markets are producing an increasing number of millionaires each year.
The Financialist, Credit Suisse’s digital magazine about business and economies, recently released a Global Wealth Report which looked at personal wealth around the globe. The report found that in the next five years more and more millionaires will come from countries in the developing world, such as Brazil and China.
By 2017, China, which currently has 964,000 millionaires, will have 1,901,000 millionaires—a growth of 97 percent, according to The Financialist. And Brazil, which currently has 227,000 millionaires, will have 497,000 millionaires by 2017—a growth of 119 percent. Russia and Malaysia will also see their numbers of millionaires grow over the next five years with a growth of 109 percent and 108 percent respectively.
See the full infographic below.
You can have your black card and your credit card carved out of adamantium (just kidding, I would really like that), the only credit card I want is MasterCard’s Display Card. MasterCard has been testing the card that comes with a LCD and touchscreen keypad, for some time and has now introduced it in Singapore. They say the added tech is for security: users can generate a one-time password as an authentication security measure.
At present, banking institutions that necessitate a higher level of security for their online banking services require the use of a separate authentication token or device. The innovative 2-in-1 device, which combines the functionality of a standard payment card with a state-of-the-art security token, currently reflects the customer’s OTP. In future, this card could incorporate additional functionalities and be able to indicate other real time information such as available credit balance, loyalty or reward points, recent transactions, and other interactive information.
I’m in the camp of throwing a LCD screen and touchscreen keypad on as much things as you can. I don’t even really care about the security function, I just like staring at screens. [Mastercard via CNET]
The biggest new feature on the iPhone 5 may be a relatively under-reported one: the installation of a Near-Field Communications (NFC) chip that would allow the iPhone 5 to process mobile payments.
In a recent report, BI Intelligence explores the state of mobile payments, explaining how NFC differs from other solutions in the market, and analyzing how Apple has a unique opportunity to own NFC and upend the mobile payments market.
- NFC essentially turns phones into wallets: NFC lets people pay for products at retail stores by simply waving an NFC-enabled phone at a receiver. Credit card companies and carriers are talking about it, OEMs are adding NFC chips to phones, Google built it into Google Wallet, and Microsoft announced that Windows Phone 8 will support it.
- But, NFC suffers from the chicken-and-egg problem: Retailers will not add NFC receivers to their point-of-sale systems until they see an economic rationale to do so — that is, until enough consumers are paying with NFC or want to pay with NFC. Meanwhile, consumers will not see the point of using NFC until there are enough receivers for it. This is a very large network effect to overcome.
- And, there is no evidence that NFC is actually more convenient than cash or credit: Handing out cash at the register or giving out a piece of plastic and signing is very convenient. Whateve! r mobile solution attempts to replace cash and credit needs to be at least as convenient to have a hope of breaking into the market.
- Apple is therefore uniquely able turn NFC into a viable payments solution: Hundreds of millions of consumers have accounts with Apple and already use them to purchase goods. That consumer power, combined with strong iPhone 5 sales, would give Apple a great shot at bringing big retailers along with their move to NFC. NFC would then have a chance to suddenly reach critical mass all at once, and Apple would be in an incredibly strong position in the sizable and growing mobile payments space.
In full, the report:
- Analyzes the four kind of solutions that currently matter — card readers, apps, carrier billing, and near-field communications — and their prospects for success.
Early last week, we chronicled how AMC’s advertising competition show, The Pitch, had some seriously awful ratings.
The low ratings prompted AMC to move The Pitch from its Monday time slot to Sundays, following AMC’s other advertising show, Mad Men.
It’s hard to say the move didn’t work—viewership has doubled— but a new trend is emerging: Mad Men is struggling.
The most recent episode, which aired on Sunday, had just under two million viewers or one-third less viewers for when Mad Men first aired a one-hour episode this season on March 25. (It’s an over 45% drop-off from the 3.535 million viewers Mad Men claimed during its two-hour premier in March.)
It should be noted Mad Men debuted with record ratings and is still beating last season’s average. Although Netflix took credit for an added million viewers, i.e. the bulk of the difference between the record premiere and last season’s average.
We’ve mentioned it a few times before, but advertising shows traditionally do not work.
Despite not having a single positive trend in ratings since the season began, Mad Men will fare a lot better than The Pitch, which has failed to cross the 0.1 threshold from Nielsen since its debut while being described as an oversimplification, outdated and phantasmagoricaly awful from critics.
Converting a cellphone into a credit card reader is nothing new, but transforming one into a box office for live events could shake things up a bit — or, at least provide a bit of friendly competition for NFC-based alternatives. In Ticketing has just launched InHand Box Office software for use at live events. The company claims to be one of the greener ticketing outfits out there, and plans to turn your iPhone or iPod touch into a device capable of wirelessly processing payments (and printing out paper receipts, unlike Square or PayPal Here) at independently run concerts or festivals. Potentially reducing time spent in line and preventing congestion at the entrance translates into more people inside the venue, and using your phone instead of a difficult-to-establish credit card merchant account should reduce the friction in throwing such an event. As long as you tend to carry the appropriate iDevice with In Ticketing’s ! new app installed, you can marry it to that iAPS Sled you see above to create your own personal CC processing machine. The only issues? Convincing Gotye to play your house party instead of Coachella next year, and that awkward lack of support for Android, BlackBerry and Windows Phone.
In Ticketing increases options for venues and promoters, as long as they’re using iOS originally appeared on Engadget on Thu, 26 Apr 2012 07:53:00 EDT. Please see our terms for use of feeds.
WASHINGTON (AP) — A technical problem affecting the Visa network barred some people around the United States from using their credit and debit cards for about 45 minutes on Sunday, the company said.
The outage was caused by a recent update Visa has made to its system, said Visa Inc. spokeswoman Sandra Chu. She said Visa had trouble processing some transactions as a result, but the system is operating normally now.
Chu said the problem Sunday was unrelated to the security breach potentially affecting Visa and MasterCard customers that was reported Friday by credit card processor Global Payments Inc.
The outage occurred from around 2:40 p.m. to 3:20 p.m. EDT, a person from a major bank said. The person spoke on condition of anonymity because bank employees were not authorized to speak publicly. Visa had notified the banks that are members of its network of the problem.
Consumers and merchants reported having Visa cards rejected on Sunday.
At the Shoot Smart gun range in Fort Worth, Texas, manager Jared Sloane said credit and debit transactions stopped working early in the afternoon.
Sloane said a few customers walked out when told they could only pay with cash or check, but otherwise the problem wasn’t yet much of a disruption.
Shoot Smart said problems with transactions were persisting at about 6:40 EDT.
Chu said Visa’s system was fully up and operational.
Associated Press writer Paul Weber in San Antonio contributed to this report.
- LivingSocial Is Launching Its Own Credit Card This Spring
- Credit Card APRs Are At Their Lowest Point In 8 Months
- See How Many iPhones You Could Buy With The Cost Of Your Credit Card Debt
But there was actually a far more interesting technology shown today.
It lets you walk into a store and buy a product without touching your phone, money, or a credit card — or even taking your wallet out.
Like the credit card reader, it’s pretty obviously inspired by Square, whose Card Case app was introduced about six months ago. But I never actually got how revolutionary the concept of touchless retail payment was until I saw it in action today.
Here’s how it works.
You need a PayPal account and the PayPal mobile app on your phone. You use the app to look up nearby retailers that accept PayPal. If you find one that you want to shop at, you check in — just like you’d do on Foursquare or any other check-in service.
When you walk into the retailer, their PayPal app (used with the PayPal Here reader) will automatically recognize you. If you want, you can pay with a credit card or cash.
But if you want to use your PayPal account, you simply tell the person behind the counter and the amount will automatically be debited.
You don’t have to do anything else.
I didn’t get what a big deal this was until I tested it out after the event at a nearby cupcake store that had signed up for PayPal Here.
It’s like walking into your local bar and saying “put it on my tab.”
In fact, this feature isn’t new at all. It’s called PayPal Local, and it’s been around since late 2010 in San Francisco. But I’ve never seen it in use, anywhere. That’s probably because most merchants aren’t interested in setting up this system JUST to take PayPal payments in the real world.
Either way, if PayPal or Square doesn’t do it, some other company will. Maybe Amazon or Google, maybe Foursquare or another check-in company, maybe a credit card company or bank. Or maybe some startup.
But the idea — walking into a store, being recognized, and being able to buy something without having to use any physical object to complete the transaction — is too great to pass up.
- How PayPal Royally Screwed This Company And All The Kids It Was Trying To Help
- 1 Out Of Every 8 Merchants That Take Credit Cards Uses Square
- Marc Andreessen: Retailers Should Be Scared About 2012
If Kenneth G. Lieberthal were anything but a China expert at the Brookings institution, his travelling-in-China security procedures would read like the product of a paranoid mind that watched too many spy movies as a kid:
He leaves his cellphone and laptop at home and instead brings “loaner” devices, which he erases before he leaves the United States and wipes clean the minute he returns. In China, he disables Bluetooth and Wi-Fi, never lets his phone out of his sight and, in meetings, not only turns off his phone but also removes the battery, for fear his microphone could be turned on remotely. He connects to the Internet only through an encrypted, password-protected channel, and copies and pastes his password from a USB thumb drive. He never types in a password directly, because, he said, “the Chinese are very good at installing key-logging software on your laptop.”
Talk about overkill, right? Well he’s not alone. The Times reports that these seemingly paranoid precautions are par for the course for just about anyone with valuable information including government officials, researchers, and even normal businessmen who do business in China.
But what about the rest of us? I may not have any valuable state secrets or research that needs protecting but that doesn’t mean I want the Chinese government snooping on my internetting when I visit my grandparents (especially when the consequences can be so severe). In the past, I’ve relied on a combination of VPNs, TOR, and password-protecting everything I can, but now it sounds like even that isn’t enough. Or maybe it’s totally overkill given my general unimportance in the grand scheme of things. Dear readers, I ask you, how much security is enough when it comes to the average person on vacation? [NY Times]
The banking industry often employs two-step security measures—similar to Google Authenticator—as an added layer of protection against password theft and fraud. Unfortunately, those systems have just been rendered moot by a highly-advanced hack.
The attack, know as the Man in the Browser method, works like this. Malicious code is first introduced onto the victim’s computer where it resides in the web browser. It will lay dormant until the victim visits a specific website—in this case, his bank’s secure website. Once the user attempts to log in, the malware activates and runs between the victim and the actual website. Often the malware will request that the victim enter his password or other security pass into an unauthorized field, in order to “train a new security system.” Once that happens, the attacker has full access to the account.
Luckily, the method is only a single-shot attack. That is, the attacker is only able to infiltrate the site once with the user-supplied pass code. But, once in, the attacker can hide records of money transfers, spoof balances and change payment details. “The man in the browser attack is a very focused, very specific, advanced threat, specifically focused against banking,” Daniel Brett, of malware testing lab S21sec, told the BBC.
Since this attack has shown that the two-factor system is no longer a viable defense, the banking industry may have to adopt more advanced fraud-detection methods similar to what secure credit cards. When compared to having your account silently drained, standing in line for the teller suddenly doesn’t seem like that much of a hassle. [BBC News via Technology Review]
Image: jamdesign / Shutterstock
Dr. Augustine Fou is Digital Consigliere to marketing executives, advising them on digital strategy and Unified Marketing(tm). Dr Fou has over 17 years of in-the-trenches, hands-on experience, which enables him to provide objective, in-depth assessments of their current marketing programs and recommendations for improving business impact and ROI using digital insights.
Collaborators – Digital Profs
- Try On New Glasses in Warby Parker's Virtual Booth
- Netflix vs Blockbuster - Perfect example of an industry replaced by a more efficient version of itself
- Marketing Costs Normalized to CPM Basis for Comparison
- Coke vs Pepsi vs Dr Pepper
- Michael Kors is driving Macy's business into the ground
- The Grand Unified Theory of Marketing(tm) - Digital String Theory
- Facebook advertising metrics and benchmarks
- Did you Google Bing too?
- See The Difference Between Victoria's Secret And Dove Models
- Brand Advertisers: Escaping an Ecosystem of Digital Advertising Fraud
- #SESNY: Toward a Performance Mindset for All Advertising
- Tips for Marketers Selecting a Digital Agency
- Context Is Not King or Queen; It's Just Necessary
- 2013 New Year's Digital Marketing Resolutions
- The Good, Bad, and Ugly of Online Campaign Ratings and eGRPs
- Why You Should Banish the Net Promoter Score Immediately
- Digital Strategy To-MAY-to vs. To-MAH-to
- The Agency-Client Relationship is Forever Changed
- Targeting vs. Privacy - Who Will Win?
- June 2015 (5)
- May 2015 (4)
- April 2015 (32)
- March 2015 (57)
- February 2015 (79)
- January 2015 (86)
- December 2014 (69)
- November 2014 (98)
- October 2014 (150)
- September 2014 (109)
- August 2014 (44)
- July 2014 (92)
- June 2014 (118)
- May 2014 (173)
- April 2014 (130)
- March 2014 (247)
- February 2014 (167)
- January 2014 (222)
- December 2013 (167)
- November 2013 (111)
- October 2013 (116)
- September 2013 (214)
- August 2013 (210)
- July 2013 (200)
- June 2013 (87)
- May 2013 (87)
- April 2013 (70)
- March 2013 (114)
- February 2013 (89)
- January 2013 (136)
- December 2012 (96)
- November 2012 (130)
- October 2012 (147)
- September 2012 (93)
- August 2012 (93)
- July 2012 (112)
- June 2012 (71)
- May 2012 (82)
- April 2012 (80)
- March 2012 (122)
- February 2012 (114)
- January 2012 (129)
- December 2011 (60)
- November 2011 (54)
- October 2011 (29)
- September 2011 (17)
- August 2011 (30)
- July 2011 (18)
- June 2011 (19)
- May 2011 (23)
- April 2011 (23)
- March 2011 (52)
- February 2011 (69)
- January 2011 (108)
- December 2010 (82)
- November 2010 (67)
- October 2010 (68)
- September 2010 (44)
- August 2010 (101)
- July 2010 (61)
- June 2010 (28)
- May 2010 (28)
- April 2010 (26)
- March 2010 (33)
- February 2010 (21)
- January 2010 (13)
- December 2009 (4)
- November 2009 (2)
- October 2009 (14)
- September 2009 (6)
- August 2009 (19)
- July 2009 (34)
- June 2009 (11)
- May 2009 (4)
- April 2009 (6)
- March 2009 (13)
- February 2009 (32)
- January 2009 (25)
- December 2008 (1)
- October 2008 (1)
- June 2008 (1)
- November 2007 (1)