Receiving Wide Coverage ...
Mobile Payments: Jack Dorsey's Square closed on a $200 million financing round that the papers say values the mobile-payments company at about $3.25 billion. The Journal's "Heard on the Street" column uses the occasion to offer a succinct overview of the disruptive implications of mobile payments technologies. Not only are the makers of cash registers and swipe terminals threatened (Nordstrom, for example, plans to go "completely mobile" in its department stores), so are merchants themselves to some extent, the column notes. That's because Square and other mobile app makers stand to acquire a wealth of valuable data about customer spending habits - information that merchants would prefer to control themselves. Wall Street Journal, New York Times, Financial Times
Swiss Banks: UBS and Credit Suisse stand to lose $65 billion of accounts because of international efforts to clamp down on the use of Swiss banks as tax havens, the FT reports. Meanwhile, Credit Suisse is handing over more documents to U.S. authorities, according to the Journal, after an earlier transfer of records by the bank and several others this year ignited a firestorm over personal privacy. Both batches of documents included the names of bank employees who dealt with U.S. clients, though information about the clients themselves was redacted. The Swiss government has been trying to work out a deal with the U.S. that would allow Americans to keep private accounts in Switzerland while making sure they are taxed, but the talks have made little progress. Wall Street Journal, Financial Times
New York Times
Reflecting on the one-year anniversary of Occupy Wall Street, "DealBook" columnist Andrew Ross Sorkin pronounces the movement a "fad" that has "fizzled." Although the protests added "the 99 percent" and "the 1 percent" to the national lexicon, they had no lasting impact on the large banks or on public policy, Sorkin concludes.
The paper covers a Georgetown University partnership with PNC, in which the bank issues debit cards to students that double as college ID. Such debit-card arrangements "are the newest trend on college campuses," a consumer advocate is quoted as saying, since the 2009 Card Act restricts banks' marketing of credit cards to students. PNC has deals like this with 25 other schools, according to the article.