Rewiring – Part 2: Walmart+Goog, Amazon+Whole Foods, …

I’m taking a rather abbreviated approach to blogging today.. as most of my key points have more detail in my other posts. I’ll just link to my old posts and focus on a few new thoughts. Continue reading “Rewiring – Part 2: Walmart+Goog, Amazon+Whole Foods, …”

China Payments – Field Trip with Russ

Guest post today from my General Counsel and Chief Privacy Officer Russell Schrader. For those of you who don’t know Russ, he spent 18 yrs with Visa as their first Chief Privacy Officer.Russ just got back from almost 3 weeks in Asia and had a terrific view (from the field) on payments there. Given his deep knowledge of payments I thoroughly enjoyed his perspective.

July 11–
Just back from 3 weeks in China: Beijing to Tibet to Shanghai. Payments guys never sleep or just vacation, so here’s my report.

The phone is king.  It started the first day when the guide out his mobile number and said to call if there was anything we needed.  Some said they didn’t have roaming plans or want to pay the Verizon or ATT $10 per day. The guide’s quote–“everyone has a phone, even cats and dogs. Mime a phone and show them the number and they’ll call it for you.”  The New Yorkers responded with “yeah, right,” but darned if those who needed help didn’t get it quickly and easily.

It’s about social mobile payments regardless of age.  WeChat and Alipay QR codes are everywhere and used in stores, taxis and vending machines.  One of the few panhandlers had a sign around his neck with a QR code on it! The phone is the wallet.

It’s not about Apple Pay. After a tour of the Three Gorges Dam on a hot day, I went a vending machine that had the QR codes of 3 different systems and Apple Pay. I whipped out my phone–I’m an Apple Pay fan–but no Coke for me.  The locals tried and one bought me a soda with WeChat, saying, “No one takes Apple Pay.  They came too late.”

It’s not about Credit.  Even more than Apple Pay, I like the Sapphire Reserve card.  But merchant penetration is still a huge problem. The tailor agreed to take it for my deposit, with a 6% surcharge.  The shop actually has an assistant whose duties include escorting customers to a nearby ATM to get cash and return quickly and safely.

It’s not about Debit.   The ATM wouldn’t access my account and give me $100.  Not to worry, my guide said, she knows another.  Still no luck with the second local bank’s system.  Finally, I found a Citi ATM that worked, and my bank refunds foreign ATM fees.

The phone really is king, Part Two.   Shanghai Disneyland has a Preferred Access program that lets you dodge the 2-3 hour wait for the main attractions. But to keep the passes from being sold or transferred, I had to present a photo of myself taken at the time of purchase standing next to a Disney employee holding a sign.  Without the photo, the passes were worthless.  The catch? The photo is taken on MY phone, and they have no record or copy. What if someone doesn’t come with a phone?”  She laughed: “Everyone has a phone!”

And as a privacy guy, I really liked Disney’s approach. But to buy a ticket online, they insist on having my passport number as well as presenting the original passport for scanning at the ticket booth. But that’s another post…



Amazon 2% + PayPal Discover

Two HUGE payment events this week

Amazon 2%

Per Bloomberg, consumers that don’t want to go for the 5% back Amazon store card (SYF) can now link their DDA and earn 2% back.  This may be the biggest payment innovation of the year!  Continue reading “Amazon 2% + PayPal Discover”

Payments Data and Google Attribution

Great articles yesterday

This year, the iab (interactive advertising bureau) labeled 2017 as the Year of Measurement. Understanding why, and what is changing here is key for retail, banking and advertising. Most of us know the adage “measure what you want to manage”. As an engineer, I view measurement as the key feedback loop in any system or process. In order to gain feedback (close the loop), you must know what happened. Continue reading “Payments Data and Google Attribution”

Chase Net 2017

Its tough to find time to Blog as a CEO…. Most of you my blogs are sometimes snarky and tactless (making NOT offending someone a new consideration).

I was taking a look at JPMC’s latest investor presentation and noticed that ChaseNet is gone.. Why? I’ve written on JPMC and ChaseNet a number of times over last 6 yrs. Today I’ll cover my views on the latest developments and my views on JPMC’s ChaseNet strategy. Lets recap first: Continue reading “Chase Net 2017”

Trust – Part 1

No one reads my long blogs.. so my 2017 resolution is to break them up into smaller thought “chunks”.

I can’t believe its been 2.5 yrs since I wrote Brokering Identity. The central element of that blog, and today is to take a “trust” view of Network and Platform strategies. The rules, standards and processes by which trust is managed are critical to the success of networked businesses and markets from eBay to Visa/MA to the NYSE. Continue reading “Trust – Part 1”

ApplePay’s 500% Growth

Most have seen Apple’s earning’s transcript, with following key ApplePay Excerpts:

  • ApplePay users tripled
  • Transaction volume up 500% YoY as Apple expanded to four new countries. It’s now available in 13 markets.
  • 2 million small businesses are now accepting invoice payments via Apple Pay on the Web, and that the “Services” segment to which Apple Pay belongs saw revenue hit $7.17 billion,” up 18 percent year-over-year. category also includes major drivers like Apple Music and the iOS App Store.

Continue reading “ApplePay’s 500% Growth”