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Payments and the Convergence of Physical and Digital Commerce

“Data is the weapon” Dan Schulman, AXP Consensus is that smartphone penetration (now over 65% of US mobile subscribers) will allow digital brands to extend their e-commerce franchises and data-enabled marketing skills to the physical environment. Google, for example, is

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Quick Thoughts: Cost of BAC Settlement Meaningfully Below Headline Figure

While the headline for the mortgage settlement announced today with the Department of Justice is $17bn ($9.65bn in cash, of which $5bn is penalty and the balance remediation expense, and $7bn in consumer relief), the Q3 after-tax charge will be

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The EMV Opportunity for PAY in Terminal Apps

“I think that the coming decade will be the most important in commerce and payments that any one of us have lived through”. Paul Gallant, CEO Verifone, Mar 2014 One of the most important changes in US payments technology is

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Infrastructure as a Service: The Race Won’t Go All the Way to the Bottom

Infrastructure as a Service: The Race Won’t Go All the Way to the Bottom The stakes for public cloud operators (IaaS) are huge. Annual global spending on enterprise data centers – hardware, infrastructure software, staffing, facilities, etc. – is more

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Quick Thoughts: Winners and Losers as Relentless Data Breaches Drive the US Payments Industry to EMV and a New Digital Era for Data-Enabled Fraud Management and Marketing

Visa and MasterCard are being forced to promote EMV-standards for chip-based cards as ongoing data breaches (including those at Albertson’s and SuperValu announced on Friday) increase the risk that network inaction triggers regulatory intervention. However, EMV adoption (which makes card

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Quick Thoughts: Amazon Mobile Illustrates the Increasing Importance of Physical Infrastructure to Digital Marketing

The launch by Amazon of a mobile POS reader illustrates the importance to the online giants of becoming involved in the transaction data generated at physical point-of-sale (which accounts for over 90% of retail sales). AMZN and GOOG, in particular,

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The Challenge to Online Giants as Banks and Retailers Build Data Strategies for Mobile

In some cases, the impact of mobile will be less to allow online payments/commerce franchises to extend to the physical world and more to allow traditional retailers to challenge effectively online. The launch of Visa Checkout and Chase Quick Check

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CORRECTION: GILD v. ABBV: An In-Depth Review of Global Sales Prospects for Current-Generation Hepatitis C Treatments

We believe consensus estimates for global HCV sales are reasonable; however we believe the share of consensus allocated to GILD’s regimens (77%) is a best-case scenario; and that the share of global consensus attributed to ABBV’s pending HCV franchise is

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Quick Thoughts: Barclays – Delivering Against Plan and Attractively-Valued

Barclays interim results released this morning show strong execution against the good-bank/bad-bank strategy announced on May 8th and good business momentum outside the investment bank. The good bank or “core business” now represents GBP41bn of group equity of GBP55bn, with

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SSR Index of Current-Quarter Healthcare Demand Growth: Final 2Q14 Estimates

We expect 4.1% (nominal) y/y growth in US health services demand during 2Q14, the product of 2.6% growth in demand intensity and 1.5% growth in price. Following the BEA’s nearly unprecedented downward revision of its 1Q14 demand estimate, our projection

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