ARLINGTON HEIGHTS, Ill. - (02/09/06) -- Motorola announced Wednesday it hasadded a new feature to its cell phones that will allow consumers touse the phone as a credit card. The M-Wallet will allow users topay bills, purchase products and transfer money using their cellphones. Initially the service will be limited to fund transferpayments, but Motorola expects to upgrade the technology socustomers can use the M-Wallet to pay for items at the checkoutcounter or participating stores. The checkout capability willrequire participating merchants to upgrade their cash registerscanners to recognize cell phone transactions. M-Wallet softwarecan be downloaded by consumers and merchants from the Internet. Itwill also merchants to market goods and services directly to acustomers' cell phone.
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The auto lender's earnings outpaced Wall Street's expectations. But shrinking car inventories at dealerships, which stemmed from new tariffs, put a dent in Ally's lending.
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The Columbus, Ohio-based regional bank also benefited from strong performances by several legacy business lines, including auto, mortgages and SBA lending.
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The Dallas-based lender, which reported a year-over-year decline in earnings, is anticipating increased loan activity and deposit growth later in the year.
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With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.
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The regional bank's cloud-based software platform will be one of the first of its kind, a top executive said Friday.
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