Several companies are developing systems and apps that use sound waves to transfer small pieces of data over short distances, and could simplify transferring funds electronically. This is an alternative to using near-field communication (NFC) to transfer data wirelessly. Many devices are ready to use sound technology, including simple and feature phones. There are problems in using sound especially in loud areas, but it has significant potential. Continue reading Companies Using Sound for Mobile Payments and Data Sharing

Facebook is conducting tests with selected partners regarding a new payment product for online purchases on mobile apps. The service would allow any Facebook user that has provided their credit card to make purchases on partnering e-commerce mobile apps without having to enter billing information. The payment system could provide valuable data for itself and advertisers on shopper behavior and preferences in and out of Facebook. Continue reading Facebook Testing Mobile Payment Service, Rival To PayPal

PayPal recently announced a new initiative to explore interplanetary and space financial payment services. In a joint partnership with the scientific community, including the SETI Institute and the Space Tourism Society, PayPal is preparing to serve and support space commerce of the future. PayPal plans to work with the space industry to address the commercialization of space. Issues to be addressed will involve currency standards, how banking will operate, and how to deal with new regulations. Continue reading PayPal Galactic Exploring Payment Systems in Outer Space

Square, the credit card reader and processor for mobile devices, recently introduced its own online marketplace, Square Market. This move is an expansion of its mobile payment services and a challenge to other online marketplaces, such as Etsy, Amazon and eBay. Square Market is the latest shopping system to support social selling. Its minimal approach allows social media platforms to become an online storefront for any business. Continue reading Square Market Can Now Make Every Business an Online Store