Payments 2.0
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Payments 2.0
Digital wallet, Mobile payments, Contactless payments, NFC payments, Mobile wallet, Mobile POS, Bill payments, Bitcoin, Virtual currency
Curated by Therese Torris
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Payments Innovation Jury Report 2015

The Payments Innovation Jury Report, written by John Chaplin, details global trends in payments innovation, and future opportunities and challenges for the ind…
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Recommended by Chris Skinner on his blog

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10 Things Payments Innovators Are Teaching Us About Innovation

10 Things Payments Innovators Are Teaching Us About Innovation | Payments 2.0 | Scoop.it
Have that great idea, but something just doesn’t seem right? Perhaps it’s missing a key ingredient. There are plenty lessons to go around, and they’ll be high on the list of discussions at the upcoming Payments Innovators 2014 event. Don’t Miss It!
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Great analysis and list of startup exemplifying it

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EU Commission to probe European Payments Council on preventing non-banks to enter payments

EU Commission to probe European Payments Council on preventing non-banks to enter payments | Payments 2.0 | Scoop.it
The European Commission has dropped an anti-trust probe into the activities of the bank-backed standards-setting body the European Payments Council.
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UK could switch to plastic bank notes

UK could switch to plastic bank notes | Payments 2.0 | Scoop.it
Incoming Bank of England governor Mark Carney has hinted that he could bring Canadian-style plastic cash with him.
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Curating Payment 2.0 News

Curating Payment 2.0 News | Payments 2.0 | Scoop.it

Payments 2.0 is about the new digital payment solutions that aim to replace cash, facilitate online payments and enable mobile payments.

 

These solutions are very diverse because they use various technologies to (re-)invent a complex payment value chain.

 

Here are a few (overlapping) categories of payments 2.0:

- Virtual currencies: such as BitCoin, or Facebook Credits used to pay virtual goods (i.e. games) on Facebook

- Mobile payments: Any payment is called "mobile" if an account is credited or debited using a mobile phone. This covers a large variety of options. 

- Contactless payments: most talked about but not yet widespread. Contactless payment use close-range wireless technology such as NFC (near-field communication) or Bluetooth to quickly pay small amounts in "tap and go" situations such as transporation and fast food. NFC payment solutions include Google Wallet, PayPass from MasterCard and payWave from Visa.

- Bar code or QR-code-based mobile payments such as LevelUp's trigger payment through taking a picture of a Bar-code or of a QR-code with the mobile phone.

- Other forms of (remote) mobile payments include SMS-based mobile payments like boxPAY's, quite widespread in underbanked countries. Strictly speaking, SMS payment are "contactless" but the expression is generally reserved for tap and go payments. One sometimes opposes "remote" mobile payments to "proximity" (close range, tap and go) mobile payments.

- Digital wallets: Mobile payments, and in particular contactless payments, are combined with a digital wallet such as PayPal's, Starbuck's, Google Wallet or ISIS' wallet (both in the US) which is the repository of the user account information. The wallet can also store a prepaid amount.

- Apple's PassBook is a special form of mobile wallet used to hold multiple payment card and loyalty card information.

- Mobile card readers are dongles hooked on the phone via the sound jack, the USB port or the SD slot, such as those provided, sometimes for free, by Square, Pay Anywhere, iZettle, PayPal Here, Groupon and many others.

- Mobile POS: Mobile Point-of-sale systems, also called mobile checkout/cash registers, enable merchants to track and manage payments on mobile devices. Examples are Square Register, Ingenico, GoPago, Verifone's PayWare...

- Device versus cloud-based account identification: Identification can be done through access to a physical storage device such as the SIM card (ex. ISIS wallet) or an SD card (then called the secure element), or via an application 'in the cloud' (ex. PayPal).

- Local or in-store mobile payments: The first digital wallet was PayPal's online payment wallet. PayPal now wants to be used in physical retail stores and service companies through it mobile solution PayPal Here. In-store payment is also sometimes called "local".

- Mobile payments can also be used to shop online in a non mobile setting, for example to avoid inputing a credit card information online (see Buyster, Card.io),

- Carrier billing: Carrier billing is payment (mobile or online) charged to the user's mobile operator phone bill (see Bango, Boku, MoPay). Facebook and PayPal offer carrier billing, too. It's mostly used for gaming. Good luck to parents!

- Direct transfer payments: mobile payments such as Dwolla's directly debit the bank account of the payer, bypassing credit card networks. Dwolla is said to be mobile because it uses a mobile phone application, but it can also be used on the Web for online payments.

- Peer-to-peer payments: enable anyone to accept card payments. For exemple you don't have to be a merchant to buy a Square reader (You get it free if you're a merchant).

- Bill payments: are mobile and/or Web solutions that enable the payment of invoices.

- Remote check deposit: enables users to credit their bank account or ther digital wallet by taking a picture of a check.

 

The main challenges of payments 2.0 are more business than technical. They are:

- to win consumer and merchant acceptance: it's not easy to provide a satisfying user experience that motivates consumers and merchants to switch away from their existing habits. For example, the security of new payment systems is more easily called into question than the (however very flawed) security of existing ones. 

- to create a powerful distribution and servicing network: somebody has to push new payment solutions into the hands of both merchants and consumers and support them.

- to find an economic equation that satisfies enough critical players in the payment ecosystem.

 

The latter is in my view the main hurdle for the deployment of payment 2.0. Payments can be a very profitable business. To caricature the issue: Banks, credit card companies, technology providers, new entrants ... all fight (each other) for a bigger slice of the profits.

 

Merchants and consumers also want a fair deal.  In that respect, 2011 was a turning point because companies such as Square and Dwolla introduced payment solutions that have zero set-up costs and a low(er) commission (interchange fee) for merchants. 

 

I hope this helps readers navigate this topic. Thank you for pointing out errors in comments.

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Pascale Couderc's comment, December 23, 2012 3:47 PM
Great payment 2.0 overview
Candice Delorme's curator insight, June 29, 2014 4:49 AM

Big picture du paiement mobile : solutions et enjeux

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Don't Call Apple's New Passbook Feature an E-Wallet - Yet

Don't Call Apple's New Passbook Feature an E-Wallet - Yet | Payments 2.0 | Scoop.it

"[...] Passbook should be seen for what it really is: a transitional platform Apple is using to gingerly step into the e-wallet arena [...] Apple seems to be taking its time to get everything right for a too-big-to-fail effort..."

 

Comment: Apple's Passbook is not a payment system, i.e. not a digital wallet a la Google Wallet (but what I call a "multicard wallet"), and is taking its time to determine whether it should become one and who to work with/against. 

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EU names and shames national authorities lagging on e-money rule changes

EU names and shames national authorities lagging on e-money rule changes | Payments 2.0 | Scoop.it
Six EU member states - Belgium, Spain, France, Cyprus, Poland and Portugal - have been threatened with legal action by the European Commission unless ...
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5 reasons that justify a token management system

5 reasons that justify a token management system | Payments 2.0 | Scoop.it

Comment: A plea for token management solutions. Not too convincing.

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EPCA Payment Summit - 18-20 April 2012 -- EBF & EPC

EPCA Payment Summit - 18-20 April 2012 -- EBF & EPC | Payments 2.0 | Scoop.it

Transaction services professionals from across the globe gather for combined expert debates, industry updates and networking opportunities.

 

Commet: I missed reporting on it ad can't see online video or other content but for this presentation by Yann Ranchere from TekFin I found through Facebook http://tekfin.com/2012/04/20/epca-payment-summit-innovation-in-the-payment-space/

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Dutch firm Adyen lets people make payments using only their faces. - Finextra

Dutch firm Adyen lets people make payments using only their faces. - Finextra | Payments 2.0 | Scoop.it

Pieter van der Does, CEO, Adyen, boasts: "This has revolutionised existing payment ecosystems and sent initiatives like NFC, QR codes, e-wallets, EMV-Chip and contactless payments back to the stone age." You can...

 

Note: Watch the video at http://youtu.be/JsfIvHXAcig

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A Look Back at Payments Through the Years | Intuit Payment Solutions

A Look Back at Payments Through the Years | Intuit Payment Solutions | Payments 2.0 | Scoop.it
The way we pay for things have evolved over the years taking us to the point where we make online payments with our cell phones. Here is a brief history showing just how far we've come.
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Me, My Money, and My Devices - Technology Review

Me, My Money, and My Devices - Technology Review | Payments 2.0 | Scoop.it

Summary: Reflections on Payments 2.0 and Finance 2.0 by Ignacio Mas, a consultant on mobile money and technology-enabled models for financial inclusion. He was previously deputy director of the Financial Services for the Poor Program at the Bill & Melinda Gates Foundation and a director of global business strategy at Vodafone Group.

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Chirpify rolls out e-commerce platform for Twitter

Chirpify rolls out e-commerce platform for Twitter | Payments 2.0 | Scoop.it

"Chirpify, an online money exchange service, has rolled out its Twitter Commerce platform, which allows businesses and consumers to buy, sell, donate and exchange funds on Twitter, turning Tweets into transactions."

 

Note: Visit Chirpify's site http://chirpify.com/

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Finextra's Future Money - Recap

Finextra's Future Money - Recap | Payments 2.0 | Scoop.it
Fraud is good, Pingit is rubbish and Swift will be dead within three years. There was no shortage of controversial and provocative views at a lively Finextra Future Money conference this week at Canary Wharf's Level39.
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Wished I'd been there and grateful for the reports

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EBAday: challenges and opportunities in European payments and transaction banking - Berlin 21-22 May 2013

Payments professionals from across Europe will gather in Berlin for two days of intense networking and debate on challenges and opportunities in European payments and transaction banking at the eighth annual EBAday forum, organised by the Euro Banking Association and Finextra Research.

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Conference

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UK Payments Council's "The Way We Pay" documents the end of cash and cheques [REPORT]

UK Payments Council's "The Way We Pay" documents the end of cash and cheques [REPORT] | Payments 2.0 | Scoop.it

Finextra : The debit card may have usurped cash in the UK over the last decade but it could be supplanted itself within years by the mobile phone, predicts the Payments Council.

Therese Torris's insight:

27 page free report.

 

Definitely worth reading. Details, how (cash, cheque, card, mobile, bank transfer etc. ), where (ATM, supermarkets, inland, abroad etc.) and what for (retail, travel etc.) people get money/pay

 

Also some stats on banking vs internet banking

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The social benefits and challenges of digital money [VIDEO]

Ruth Goodwin-Groen, MD, Better Than Cash Alliance talks about the benefits and challenges of promoting digital money in the emerging economies

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A balanced view that highlights the importance of not over-hyping digital money

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The Ten Commandments of Payments | MobilePaymentsToday.com

The Ten Commandments of Payments | MobilePaymentsToday.com | Payments 2.0 | Scoop.it

Therese's comment: good summqry from Michael Nuciforo former head of mobile banking with Royal Bank of Scotland. He stresses the importance of the ecosystem.

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Mobile Payments Infographic

Mobile Payments Infographic | Payments 2.0 | Scoop.it

The SapientNitro XI Group released [May 2, 2012] an infographic on Future of Money and Mobile Payments. It was first released to Mashable (thanks Courtney), getting a great response, over 3,700 shares thus far. It was already picked up by Yahoo News and MediaPost; then we posted it to SlideShare, which got featured today on the homepage as a top presentation, getting over 35,000 views thus far.

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The next digital battlefield: Your wallet | TechRepublic

The next digital battlefield: Your wallet | TechRepublic | Payments 2.0 | Scoop.it
Handset companies, mobile operators and banks are wrestling for control of the mobile payments market.
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Mobile Payments: Banks vs Internet Darlings by Duncan Parry

Mobile Payments: Banks vs Internet Darlings by Duncan Parry | Payments 2.0 | Scoop.it

Comment: The author distrusts Internet pureplayers like Google and PayPal in their efforts to break into the digital payment ecosystem, and posibly later control it like they control several other online markets.

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What is money, why do we trust it and has it become too confusing? - BBC News

What is money, why do we trust it and has it become too confusing? - BBC News | Payments 2.0 | Scoop.it
BBC NewsWhat is money, why do we trust it and has it become too confusing?
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PayPal's bid for the digital wallet looks strong - Fortune Tech

PayPal's bid for the digital wallet looks strong - Fortune Tech | Payments 2.0 | Scoop.it

Everyone from Apple to Visa is looking to shape the way we spend money in the digital age. As PayPal rolls out pieces of its new platform, it's looking like a strong contender for a broad new standard.

 

Comment: Good account of PayPal's strategy and the challenges if faces.

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Intuit Offers eBay Bucks Incentives for Mint, TurboTax Trial (NetBanker)

Intuit Offers eBay Bucks Incentives for Mint, TurboTax Trial (NetBanker) | Payments 2.0 | Scoop.it

"It [eBayBuck] works ... with no qualification hoops... to discourage redemption ....Users accrue a 2% cash-back bonus, called eBay Bucks, for three months. Then they have 30 days to spend it on the site... outside brands can ... offer... rewards ... as well. The current featured offers ... are from Intuit's Mint.com and TurboTax units. Users receive one eBay Buck for signing up for Mint and two for using TurboTax..."

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