Friday, May 27, 2011

PayPal Sues: Google Stole Our Trade Secrets to Create Google Wallet

Google launches NFC payment service, eBay sues alleging theft
By Josh Ong - Apple Insider

After Google unveiled the Google Wallet Near Field Communication mobile payment service on Thursday, eBay and subsidiary PayPal filed a lawsuit alleging the project's team leader stole trade secrets to create the service.  MacNN reports that, within hours of the Google Wallet launch, eBay sued the search giant for allegedly using the company's trade secrets to build the technology. According to the complaint, Google Wallet project lead Osama Bedier was poached away from PayPal in the middle of negotiating a deal between the two companies.  read more
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Bank of America Gets Stiffed on Overdraft Charges...$410 Million

Bank of America Pays $410 Million to Settle Overdraft Suit
(from Consumer Affairs on-5-26-2011)
Bank of America will be putting $410 million into an escrow account to be divided among its customers who were charged overdraft fees because of checking and debit-card transactions dating back to 2001. The payment is part of a federal court settlement tentatively approved by a federal judge this week. All of the bank's customers will be eligible, not just those involved in the suit,,, <<read more>>

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10 Biggest Data Breaches of 2011 (so far)

10 Biggest Data Breaches of 2011
(from EWeek at 26-5-2011)
Expedias Trip Advisor, email marketing provider Epsilon, Sonys online entertainment services, professional engineering society Institute of Electrical and Electronics Engineers. They all suffered some kind of a data breach in the first four months of 2011. At one point, it seemed like there was at least one new security breach being reported every week. The incidents listed above dont include any health care data breaches, accidental information exposure like British Petroleums lost laptop o... read more»
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Sprint Partners with Google as First Carrier to Launch Google Wallet

Nexus S 4G will be first smartphone to deliver NFC capabilities for in-store purchases, coupons and loyalty cards, making mobile commerce simple and easy
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Sprint (NYSE:S) announced today a partnership with Google to launch Google Wallet, an application using near field communication technology (NFC) to make your phone your wallet. When Google Wallet is available this summer, eligible Sprint customers will be able to tap, pay and save money and time while they shop. Sprint will be the first carrier and Nexus S 4G will be the first phone to deliver this innovative service.
“We are proud that Nexus S 4G is the first smartphone with Google Wallet and pleased that our customers can be the first to experience the service.”
“We are pleased to join Google in offering this cutting-edge capability that lets you leave the house with just your phone, and tap and pay to shop, dine out and go to the movies,” said Fared Adib, senior vice president of Product for Sprint. “We are proud that Nexus S 4G is the first smartphone with Google Wallet and pleased that our customers can be the first to experience the service."
Google Wallet is expected to work initially with the fast growing MasterCardPayPass network accepted at 124,000 merchants nationally. Existing Citi MasterCard holders can add their cards to Google Wallet over the air. Google also will support a pre-paid card that can be funded to make payments. In addition to quick payments, users also will be able to redeem offers and even scan loyalty cards – all with a single tap – with participating retailers (with no additional fees added).
Google Wallet is not available now, but more details about how to get it and how to use it can be found at
Sprint has a strong history of partnering with Google to support an open philosophy that integrates the products and services that consumers value and enjoy into the mobile experience. Sprint is a charter member of the Open Handset Alliance and launched the first 4G Android smartphone. In April, Sprint launched the Nexus S 4G and launched Google Voice integrated with Sprint for Sprint CDMA phones.
In keeping with its open approach, Sprint is actively working with others in the mobile payment ecosystem. Sprint believes in enabling the existing framework and solutions – in this case, banking institutions or existing financial instruments – to bring familiar services to consumers without creating a new solution for their mobile lives. Sprint sees this as enabling choices for customers that best meet their needs, not the needs of the carrier. Sprint will continue to bring practical, easy-to-use mobile payment solutions to customers on Sprint devices.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 51 million customers at the end of 1Q 2011 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. Newsweek ranked Sprint No. 6 in its 2010 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at or and


Jennifer Walsh Kiefer, 913-315-3715

VeriFone Partners with Google and Leading Retailers to Power NFC-based Mobile Payments

Prominent Retail Brands Coast to Coast Embrace Mobile Payments Trial to Provide Greater Consumer Value
SAN JOSE, Calif.--(BUSINESS WIRE)--VeriFone Systems, Inc. (NYSE: PAY), the leading global payment solutions provider, announced today it is partnering with Google (NASDAQ: GOOG) and top retailers to deploy Google Wallet, an Android app that allows consumers to use virtual versions of their existing plastic cards stored on their phones. Consumers will simply tap their phones to VeriFone’s NFC-enabled payment systems at the point of sale (POS) to pay, take advantage of promotions and redeem coupons.
“American Eagle customers are rarely seen without mobile phones in their hands, and they love being a part of the latest technology innovations”
The trials are occurring throughout the U.S. at major retailers including American Eagle Outfitters, Bloomingdales, Champs Sports, Foot Locker, GUESS, Macy’s, Radio Shack, The Container Store and Toys“R”Us. These merchants aspire to be Google SingleTap merchants that enable payment, offers, and loyalty via a single tap with NFC.
VeriFone is the preferred payment solutions provider for retailers with more than one million NFC-capable VeriFone MX Solutions systems deployed in the U.S. and 70 percent of the top 200 retail companies in the U.S. using the company’s payment systems. VeriFone NFC solutions span multiple POS environments for small to large retailers, including major retail outlets, grocery stores, gas pumps, convenience stores, taxis, restaurants, mobile merchants and self-service kiosks.
“VeriFone is at the center of the mobile payments innovations that will bring the richness of the online environment to the physical point-of-sale with new payment options, digital couponing, loyalty, location-based social media and value-added services,” said VeriFone CEO Douglas G. Bergeron. “We have built the world’s leading payments infrastructure with 30 years of experience and innovation in enabling multiple payment types with ironclad security. We will continue to innovate and invest in NFC and in our own mobile payments technology to drive the future of secure mobile commerce.”
Stephanie Tilenius, vice president of commerce, Google, said: “VeriFone’s extensive retail presence, security infrastructure and brand recognition make it a very important partner in our NFC offering. We’re enthusiastic about our early success together and look forward to delivering value to consumers and retailers through Google Wallet.”
VeriFone provides merchants with flexibility and easy migration to Google Wallet and the ability to leverage NFC to increase sales and customer loyalty through multi-application, interactive systems. NFC is available across VeriFone’s entire line of products, with assured security and the ability to adapt to multiple payment types for virtually any environment so that merchants of any type -- from large retailers to small merchants, from pay at the table to unattended -- can order NFC-enabled devices and accept mobile payments.
“At The Container Store, we have a passion for customer service. We’re always eager to advance new technologies that elevate our customers shopping experience,” said John Thrailkill, vice president of stores at The Container Store. “Beyond providing our customers with more payment options, this technology is an improvement in both convenience and ultimately security. It's also a fun way to pay and that adds to the air of excitement our customers experience in our stores.”
“American Eagle customers are rarely seen without mobile phones in their hands, and they love being a part of the latest technology innovations," said Beth McCormick, senior director of customer systems, American Eagle Outfitters, Inc. "VeriFone is enabling us to make the AE shopping experience even more fun and convenient across online, mobile and in-store channels."
Bergeron concluded: “If these recent successful trials lead to wide scale deployment across the industry, we expect that our U.S. growth will enjoy an incremental boost of $100 to $150 million dollars per year over the next several years, and even more than these amounts internationally."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: the successful trial of our mobile payments solution with Google and participating retailers, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.


VeriFone Media Relations
Pete Bartolik, 508-283-4112
Edelman for VeriFone
Reagan Crossley, 650-762-2955
Mobile: 650-346-0432

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