By  Mon Sep 24, 2012

AmEx Shows Up in Apple’s Passbook: 5 Things to Know for the Week

VentureBeat source

The newest version of Apple’s iPhone does not offer mobile payments — a disappointment to those who expected the popular smartphone to have an impact in financial technology. The latest mobile operating system, however, may change how we manage financial accounts on mobile devices.

  • On Sunday, a slew of changes took place for HSBC savings and checking accounts. Some customer will see that the name of their accounts have changes. Other may also see changes in their fee schedules and policies.
  • Facebook has partnered with Bango to offer mobile payments through carrier billing on mobile devices. The service allows Facebook users to charge certain digital purchases to their phone bill with just one click — no need to fumble through wallets or other mobile applications. It also means that Facebook users could see more ads that is compatible with this service.
  • American Express began integration with the new Passbook mobile application that is now available on Apple’s new mobile operating system iOS 6. Passbook will act as a real-time communication channel for AmEx users, who can notify cardholders of card balances and recent transactions. The app does not support mobile payments. Future upgrades could include reviews of flagged transactions, rewards points information or personalized offers.
  • On Friday, Free ATM Inc. will announce its official launch. The company offers ATMs that allow consumers to withdraw cash with no surcharge because they require consumers to view an advertisement before completing the transaction. Free ATM plans to place its ATMs in new Barclays Center in Brooklyn, N.Y. starting Friday.
  • This coming Sunday, the Consumer Financial Protection Bureau will officialize its supervision over U.S. credit reporting agencies. The CFPB will soon begin examination of the practices and policies of these credit bureaus before taking any actions against any companies for unfair practices. The CFPB estimates to keep an eye on an estimated 30 companies that maintain consumer credit reports.

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