By  Mon Feb 24, 2014

PayPal to Offer Digital Payments on Smartwatches: 5 Things to Know for the Week

Although digital payments have yet to conquer our smartphones, innovators are already looking forward to other mobile devices that need an infusion of payments technology. PayPal and Samsung have partnered to offer payments on a familiar personal gadget. Do you think it’ll catch on?

  • The Federal Reserve is considering revising its forward guidance on its interest-rate policy, according to the minutes of the latest board meeting. The central bank had previously said that it would start to raise rates when the unemployment rate fell to 6.5 percent. However, the jobless rate has already fallen extremely close to that level and the Fed is still not comfortable with increasing rates.
  • This week is known as “America Saves Week,” when more than 1,000 nonprofit, government and corporate groups encourage Americans to assess their own financial situations and to develop good savings behavior. If you would like to participate, visit the America Saves Week website to see what money-focused events and activities are happening.
  • PayPal has partnered with Samsung to provide payments on the tech giant’s wearable devices. At the Mobile World Congress, Samsung revealed new smartwatches, through which a PayPal application will allow owners to check-in to stores, use digital offers, send money and receive notifications.
  • Neiman Marcus has revised the number of compromised card accounts, from 1.1 million to 350,000, as a result of a data breach that occurred from July to October in 2013. “The number has decreased because the investigation has established that the malware was not operating at all our stores, nor was it operating every day in those affected stores,” the retailer said in a notice on its website.
  • Chase will soon require identification when customers want to make cash deposits through a bank teller. The new policy, which doesn’t affect check and money order deposits, is an effort to battle money-laundering activity. Some customer may be inconvenienced by the policy, but they can add authorized signers to accounts for cash deposits (e.g., a parent depositing money into a child’s account).

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