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MordyK
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MordyK,
User Rank: Light Sabre
2/24/2015 | 12:09:19 PM
Re: SoftCard
It actually amazes me that Google and the banks couldn't come to an agreement on the data. Fact is card linked offers are how banks monetize the transaction data, but those have all failed terribly. However if Google changed its attitude it is well suited to monetizing the data with AdSense which enables theoretical sharing the revenue generated from the transaction data back to the bank, so the only real question is who "owns" the data although it doesn't really make a difference.

If Google were to not only forego on the 15-25 basis points paid by the issuer and actally offered money back, I think banks would be extremely welcomeing.
Phil_Britt
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Phil_Britt,
User Rank: Light Sabre
2/24/2015 | 11:53:34 AM
Re: SoftCard
Google won't forego the data, and it needs to make a compelling interchange agreement. Apple is getting about 15 basis points per transaction. So if Google can undercut Apple, it will have a deal. But the battle over who owns the data will continue for some time.
MordyK
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MordyK,
User Rank: Light Sabre
2/24/2015 | 11:47:53 AM
Re: SoftCard
The crux of the problem is that Google wants the transaction data for which it was ready to swallow the costs of downgrading from card-present to card-not-present rates, which is why it had such difficulty with bank adoption which feel they own the data. Softcard doesn't change the dynamic, as it is more like ApplePay in that it only serves the card without gathering data. 

Unless Google either figures out a way to collect the transaction data or forgoes on the data (for now) for the sake of Wallet's success, I fear they'll be stuck in the same situation in another 3 years.
Phil_Britt
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Phil_Britt,
User Rank: Light Sabre
2/24/2015 | 7:42:40 AM
Re: SoftCard
Google Wallet has had several issues since its debut more than three years ago. ApplePay is the rising tide that will raise all mobile wallet boats, but it might be the type of tide that will capsize others. One of the biggest things in Apple's favor is that it's a marketing machine -- only a miniscule number of merchants accept it, but you would never know from all the press it receives. Google wallet to date has been a failure and will likely remain behind ApplePay and "Sumsung Pay" whenever the later debuts. However, if Google could add a partnership with MCX, it could be in a much stronger position.
sarahthomas1011
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sarahthomas1011,
User Rank: Light Beer
2/23/2015 | 5:49:20 PM
Re: SoftCard
That is a really good point! They went around in circles about blocking Google Wallet for so long. I guess they feel it's secure enough now? Sprint is looking like the smartest operator for abstaining now. It should benefit from the integration too. It's sad for the Softcard employees and those involved, but there were so many missteps from day one...
KBode
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KBode,
User Rank: Light Sabre
2/23/2015 | 5:00:35 PM
SoftCard
Ironic, after these companies blocked Google Wallet for years. And while the companies claimed it was due to relatively ambiguous technical and security issues, many say it was done to give Isis a leg up in the market. Apparently that went well. Interesting that the blog post by SoftCard tries so very well to avoid acknowledging the whole thing was a failure...


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