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Financial/Banking

  • Starbucks deal costs Square

    There are no sure things in business – not even a partnership with Starbucks.

    In paperwork filed for a planned IPO, Square revealed that since launching an agreement to process back-end mobile transactions for Starbucks in October 2012 (the coffee chain did not adopt Square reader hardware), it has recorded $309.8 million in revenue but $380.4 million in processing costs.

  • New player joins mobile payment ranks

    Another company is offering in-app mobile purchase functionality, but this time it’s not a retailer or a technology provider.

    U.S. bank Capital One is partnering with MasterCard and Visa to offer contactless mobile payment capability in its Capital One Wallet app. Leveraging the MasterCard Digital Enablement Service (MDES) and Visa Token Service (VTS) platforms, Capital One will use NFC-enabled Android phones to transmit a secure payment token to the point-of-sale.

  • Staples board limits senior exec severance packages

    Staples is limiting the severance pay of top executives as the resolution of a deal with Office Depot draws near.

    Staples announced that its board of directors has adopted a new policy stipulating that the company will not pay any severance benefits that exceed three times the sum of an executive’s base salary plus target annual cash incentive award, without seeking shareholder approval.

    In addition, CEO Ron Sargent has elected to amend his severance agreement to align with the terms of the new policy.

  • Report: Target converts to credit cards that contain a PIN

    Target Corp. has become the first major credit card issuer to convert to cards with PINS, the Cleveland Plain Dealer reported. The new cards will be MasterCards and will contain computer chips as well as PINs.

  • Visa keeps up with cyberdangers

    There seems to be a new cyber threat every day, and Visa Inc. is doing its best to stay up to date.

    Visa and FireEye Inc. have launched a new service for the payments industry called Visa Threat Intelligence, Powered by FireEye. This service will deliver real-time threat information on cyberattacks to merchants and issuers.

  • Under Armour starts hunt for new CFO

    A key Under Armour executive is stepping down.

    Under Armour announced that its COO and CFO, Brad Dickerson, is leaving the company to pursue an unnamed opportunity outside of the athletic performance industry.

  • New store concept targeting Latinos has big plans

    The two executives behind Curacao, a Los Angeles-based department store chain targeting Hispanics, have left the company to start a new retail brand called Star World.

  • Chip and PIN gains influential supporter

    The National Retail Federation and the Retail Industry Leaders Association are aligned with the nation’s top law enforcement agency in an effort to ensure consumers have access to the most secure payment methods.

    The FBI has released an official advisory warning consumers that EMV-compliant cards are still vulnerable to fraud and PIN authentication is the best means to prevent personal data theft. According to the FBI. EMV cards can still be counterfeited with stolen card data obtained on the black market.

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