iWallet Unlikely on the Apple iPhone 5: 5 Things to Know for the Week

Simon Zhen

By , Staff Writer
Posted on Mon Jul 9, 2012, Last Updated on Mon Jul 9, 2012

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Anders Carlsson / Flickr source

Despite being known for leading the way when it comes to trends in consumer technology, Apple will not implement tap-to-pay functionality into the upcoming version of its smartphone. Does that mean that the mobile-payments movement will lose some of its momentum?

  • Visa and Mastercard, the two largest payment processors in the U.S., are coming close to a lawsuit settlement that could result in lower interchange fees paid by merchants to card issuers. If the impact bears any resemblance to the changes that impacted debit card interchange fees, consumers may see negative changes to their card terms.
  • President Obama has signed the bill that keeps the interest rate on federal student loans from doubling. If it didn’t get passed, nearly 7.5 million students would have had to pay an extra $1,000 or more on their student loans.
  • On Wednesday, the Federal Reserve will release the minutes from its board meeting in June. It will offer a deeper view into what the central bank thinks of the reduced pace of economic growth in the recent months — which led to increasing speculation that the Fed will deploy a third round of quantitative easing to further spur economic growth.
  • The next version of the Apple iPhone is unlikely to make a major contribution in the mobile-payments revolution. The tech giant is reportedly not planning to put near field communication (NFC) technology into the next iPhone iteration due to concerns about battery life and low adoption. Apple was granted patents to iWallet, a mobile-payment platform based on NFC tech in March.
  • This upcoming weekend, KeyBank will convert HSBC branches and customers from upstate New York. Customers will officially be part of KeyBank starting Friday afternoon, when they begin to use their new debit cards. Branches will be operating extended hours with additional staff to ensure a smooth transition.

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