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Payments 2.0
Digital wallet, Mobile payments, Contactless payments, NFC payments, Mobile wallet, Mobile POS, Bill payments, Bitcoin, Virtual currency
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Engineering a Mass-Market Payment Revolution

Engineering a Mass-Market Payment Revolution | Payments 2.0 | Scoop.it
Aug 14 2012 "Make it painless, and make it worth the consumer's while."

Seth Priebatsch founder of SCVNGR, the parent company of payment network LevelUp, shares his opinion of what it would take to drive mass adoption of mobile payments and why established banks and credit card companies can't provide it because it would mean giving up much of their fees.
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LevelUp Will End a $50 billlion Credit Card Processing Fee Business - Fast Company

LevelUp Will End a $50 billlion Credit Card Processing Fee Business - Fast Company | Payments 2.0 | Scoop.it

[...] Starting today, LevelUp, a service from Cambridge-based SCVNGR that lets you make mobile payments via a QR code linked to your debit or credit card, is eliminating processing fees for its merchants, making it the first payments company to nix charges that cost merchants $50 billion each year ....

 

Comment: Hugely disruptive. SCVNGR claims that transaction processing is a commodity, that it should be free and that payment services like LevelUp can make a living from value-added services that help merchants drive more revenue and profit. Merchants will probably be suspicious of too good a deal to be true.

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How LevelUp (QR-based mobile payment) aims to shake up mobile payments

How LevelUp (QR-based mobile payment) aims to shake up mobile payments | Payments 2.0 | Scoop.it

Summary: Roger Cheng Senior Writer at CNET argues that the QR code-based mobile payment solution of levelUp removes the barrier to adoption that typically slow down the progress of NFC payment symstem from ISI or Google.

 

How it works: The buyer's smartphone opens the LevelUp app, which displays a personalized QR code which is scanned by the seller's smartphone using the device's camera. This si strong authentication, wireless without NFC. LevelUp charles a low 2% commission. Bank of America processes the payments and stores the financial information, which LevelUp doesn't have access to.

 

My take: As I wrote earlier, the solution still looks pretty clumsy.

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LevelUp’s Plan to Supercharge the Mobile Payments Market: Make It Free

LevelUp’s Plan to Supercharge the Mobile Payments Market: Make It Free | Payments 2.0 | Scoop.it

LevelUp is hoping that merchants and consumers will quickly adopt its mobile payments service, because it doesn't cost either party a single cent to use.

 

Comment: Free is compelling. BUT foregoing a 2% to 3% processing fee might not be enough to convince merchants to commit to a QR-code based payment system and the related new POS solutions. Merchants will want to know the cost of the value-added, ie paying services that LevelUp intends to make money from.

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Is this the future of mobile payments? - CNN Interview with LevelUp CEO

SCVNGR founder Seth Priebatsch hopes his new LevelUp app can use deals to get customers to pay for goods with their smartphones. (Is this the future of mobile payments?

 

SCVNGR is the company behind LevelUp and this is an interview with its 23 year old CEO who calls himself Chief Ninja

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