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The Almighty Buck Businesses

Clinkle Wants To Become Your Wallet 121 121

vikingpower writes "Clinkle, a new mobile payments start-up, may or may not have succeeded where so many other efforts have fizzled by inventing a practical way to replace credit cards with smartphones. It's hard to say, though, since Clinkle won't say much about how its system works. Its website is, well ... slight. But a prominent group of Silicon Valley investors who do know what Clinkle is cooking up are acting as though it has achieved a breakthrough. On Thursday, Clinkle announced that it had raised $25 million in early financing from Accel Partners; Andreessen Horowitz; Intel; Intuit; Marc Benioff, the chief executive of; Peter Thiel, the co-founder of PayPal; and a long list of other investors with technology industry pedigrees. The Huffington Post has an article on Clinkle, or rather on Stanford students putting their degree on hold to go work at Clinkle. The Wall Street Journal [paywalled] mentions Clinkle having some 30-odd employees already."
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Clinkle Wants To Become Your Wallet

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  • Easter Egg (Score:5, Informative)

    by Skiboy941 (2692201) on Sunday June 30, 2013 @02:35PM (#44148397)
    Hmm. It makes a tinkling bells noise when you put in the Konami Code.
  • by bradley13 (1118935) on Sunday June 30, 2013 @03:40PM (#44148741) Homepage

    ...they are bloody expensive! The consumer doesn't see most of this, but the merchants pay through the nose. A typical small business will pay around 3% of the total transaction to the credit card company, plus additional fees for payment processing, plus additional fees for certifications, plus...there's always another damned fee.

    That could well represent the entire profit margin of a smaller business. Guess what, that means those costs are added into the price. Since most credit card contracts (at least in my country) explicitly prohibit giving a "cash discount" or anything else that would be to the disadvantage of credit card purchases, this means that there is no way out: everyone must pay the higher prices.

    It's quite a racket, if you think about it: 3% of the top of a huge chunk of all consumer transactions. I dream of seeing some real competition in the payment processing market.

  • by Anonymous Coward on Sunday June 30, 2013 @07:47PM (#44149717)

    Server comes to my table with a wireless credit card machine, swipes it in front of me and hands me back my card. I review the amount and scribble a signature.
    Easy as can be

    Many places don't even require the signature any longer

    My bank handles any fraudulent charges on my behalf, no risk to me

    Contrast that to other payment systems, like PayPal, where your money is taken by PayPal and not returned for 6 months. Or a fraudulent use requires jumping through multiple hoops to try to get your money back. Ever try to close an account at PayPal? Sorry, we've "permanently limited your account" so you aren't allowed to EVER close it.

    I'll stick with credit cards, they work great, earn rewards and are cheap and simple to use.

Whenever people agree with me, I always think I must be wrong. - Oscar Wilde