Payments 2.0
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Former Nokia Money crew kicks off iKaaz mobile payments, lets shops go with or without NFC

Former Nokia Money crew kicks off iKaaz mobile payments, lets shops go with or without NFC | Payments 2.0 | Scoop.it

It's a big day for mobile payments.Multiple former Nokia Money veterans have formally launched iKaaz, a two-pronged strategy to phone commece where...


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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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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, 4:49 AM

Big picture du paiement mobile : solutions et enjeux

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EBay to spin off PayPal

EBay to spin off PayPal | Payments 2.0 | Scoop.it
EBay is to spin off Paypal into a publicly traded company in 2015 and has appointed American Express executive Dan Schulman as president and CEO of the payments business in anticipation of the move.
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VC creates $10 millions startup fund to support Stripe' payment ecosystem

VC creates $10 millions startup fund to support Stripe' payment ecosystem | Payments 2.0 | Scoop.it
General Catalyst Partners is to invest $10 million in venture capital for market-changing businesses and applications built on the Stripe Connect platform.
Therese Torris's insight:

Follows up on the announcement that Stripe is to power Facebooks "buy" button http://sco.lt/5X3Qrx

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Bitcoin price lifts as Paypal wades in

Bitcoin price lifts as Paypal wades in | Payments 2.0 | Scoop.it
PayPal has partnered with three of the leading bitcoin processors to enable support for the crypto-currency among its digital merchants.
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Online and mobile payment Stripe partners with Apple for Apple Pay

Online and mobile payment Stripe partners with Apple for Apple Pay | Payments 2.0 | Scoop.it
Apple Inc.’s list of partners for its new Apple Pay service reads like a Who’s Who of the payments world, including Visa Inc. and First Data Corp. (If Stripe doesn't get you excited about mobile payments, nothing will.
Therese Torris's insight:

This Bloomberg article contains interesting détails on Stripe's company background and how it was founded by two Irish brothers who dropped out of college (including Harvard for one) to fund the payment startup in Boston

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Retail chain Staples accepts Apple Pay

Retail chain Staples accepts Apple Pay | Payments 2.0 | Scoop.it
After recently rolling-out a series of omni-channel updates to improve the shopping experience, Staples is continuing to strengthen their brand, by... (This didn't take long!. Apple's pitch for NFC based payments.
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Much-hyped payment startup Clinkle underwhelms at launch

Much-hyped payment startup Clinkle underwhelms at launch | Payments 2.0 | Scoop.it
Stealth mobile wallet startup Clinkle, which snaffled up close to $30 million in VC funds with a promise to disrupt payments forever, has launched its much-hyped product to hoots of derision from industry observers.
Therese Torris's insight:

What I titled the announcement of the start up at launch : Payments startup Clinkle w/ completely unclear competitive advantage raises $25 M seed round from well-... | @scoopit http://sco.lt/8cI2Ft

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Samsung rumored to team up with PayPal for its watch payment plans

Samsung rumored to team up with PayPal for its watch payment plans | Payments 2.0 | Scoop.it
Samsung scurries to equip smartwatches with payment technology.
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Monitise shares plunge as Visa ponders stake sell-off

Monitise shares plunge as Visa ponders stake sell-off | Payments 2.0 | Scoop.it
Shares in Monitise plummeted more than 25% in morning trading on news that Visa is "considering its options" on its 5.5% stake in the mobile money firm.
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iPhone 6 NFC Limited to Apple Pay (for Now)

iPhone 6 NFC Limited to Apple Pay (for Now) | Payments 2.0 | Scoop.it
Tech Insider iPhone 6 NFC Limited to Apple Pay (for Now) Tom's Guide Launching in October, Apple Pay will allow iPhone owners to store their payment cards virtually and buy goods by simply tapping their device to a NFC-compatible point-of-sale...
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European card issuers the losers as global payments revenues show upward trend

European card issuers the losers as global payments revenues show upward trend | Payments 2.0 | Scoop.it
Finextra reports on BCG study : European card issuers stand to lose $8 billion per year from a revenue pool of $60 billion beginning in 2015, as stiffer regulation and caps on interchange fees take their toll, according to a study by the Boston Consulting Group.
Therese Torris's insight:
If payment revenues show upward trend, consumers stand to lose, too
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Square Raises yet another $100 Million

Square Raises yet another $100 Million | Payments 2.0 | Scoop.it
The funding comes after a difficult year for Square, a five-year-old company that has appeared to shift its strategy.
Therese Torris's insight:

Is Square the next Groupon? Maybe not since its IPO has been postponed. But Square has raised more than half a billion dollars to date. The hype is over and gives way to the reality of how tough it is to squeeze money from small merchants in an ecosystem that already bleeds them dry.

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Why Most Banks Need Not Worry About Apple Pay Yet

Why Most Banks Need Not Worry About Apple Pay Yet | Payments 2.0 | Scoop.it
I'll admit to being caught up in the hype. The 48 hours after Tim Cook revealed Apple's long-rumored foray into payments were some of the most exciting times in
Therese Torris's insight:

Well, they may not worry but they should certainly propose a smart and useful mobile payment solution to consumers !

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2014 @capgemini @RBS World Payments Report is out - free download

2014 @capgemini @RBS World Payments Report is out - free download | Payments 2.0 | Scoop.it
Download the 2014 World Payments Report
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Payment startup Dwolla raises $9.7M from CME Group to move FiSync real-time money transfer beyond retail

Payment startup Dwolla raises $9.7M from CME Group to move FiSync real-time money transfer beyond retail | Payments 2.0 | Scoop.it
Dwolla has raised $9.7 million in a funding round led by exchange operator CME Group in a move that signals the digital payments startup's intentions to move beyond the retail world.
Therese Torris's insight:

Dwolla is one of the few truly disruptive payment startup as it bypasses the credit card network and aims at real-time banking transfers

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Payment startup Stripe to power Facebook's 'buy' button

Payment startup Stripe to power Facebook's 'buy' button | Payments 2.0 | Scoop.it
Already working with Twitter, startup Stripe has been named as the payments power behind Facebook's new 'buy' button.
Therese Torris's insight:

To learn more about Stripe:

http://www.crunchbase.com/organization/stripe

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Boku works with Corethree on mobile ticketing - Mobile Payments Today

Boku works with Corethree on mobile ticketing - Mobile Payments Today | Payments 2.0 | Scoop.it
Boku works with Corethree on mobile ticketing
Mobile Payments Today
Corethree, a mobile ticketing technology company, Thursday announced a new partnership with direct carrier billing-based mobile payments firm Boku.
Therese Torris's insight:

News from carrier billing for a change from Apple Pay

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Square Building Registers To Support Apple Pay

Square Building Registers To Support Apple Pay | Payments 2.0 | Scoop.it
When it comes to mobile payments, there are several different solutions in the market today, with Apple Pay being the latest, so safe to say that... (Square Building Registers To Support Apple Pay via Ubergizmo - When it comes to mobile payments, ...
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Softcard brings mobile payments to laundry machines

Softcard brings mobile payments to laundry machines | Payments 2.0 | Scoop.it
USA Technologies Inc. partners with wallet provider for offers and a loyalty program.
Therese Torris's insight:

You get the partners you can get 

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Ripple signs first two US banks for bitcoin-style open-source decentralized international money transfer

Ripple signs first two US banks for bitcoin-style open-source decentralized international money transfer | Payments 2.0 | Scoop.it
Open source payments outfit Ripple Labs has snared deals with two US banks who plans to use its real-time settlement protocol for cross-border money transfers.
Therese Torris's insight:

Ripple is one the most interesting payment companies

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Passbook + Apple Pay: 5 things you need to know about Apple's new mobile wallet [Free Webinar]

Passbook + Apple Pay: 5 things you need to know about Apple's new mobile wallet [Free Webinar] | Payments 2.0 | Scoop.it

Vibes : Join the Webinar, Tuesday, Sept. 23, at 1 p.m. CDT Apple’s announcement on September 9 posed interesting questions for marketers everywhere: What does this convergence of payment and nonpayment features mean for my brand? What is the marketing opportunity with Passbook? How quickly can I get started? Who can help? Vibes was first to offer tools toRead More

Therese Torris's insight:

I don't know Vibes but, judging from pas White Papers, they seem to know their stuff

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Contactless payments and London travel: your questions answeredp

Contactless payments and London travel: your questions answeredp | Payments 2.0 | Scoop.it
London's transport chiefs say new technology for capital's tube, buses and rail services is cheaper and more convenient (Contactless payments and London travel: your questions answered http://t.co/21CkjRvRDS)...
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Gates Foundation launches challenge to boost mobile money acceptance

Gates Foundation launches challenge to boost mobile money acceptance | Payments 2.0 | Scoop.it
The Bill & Melinda Gates Foundation is aiming to accelerate the adoption of digital payments in the developing world by offering grants to firms that make it easy for small merchants to accept mobile money.
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Subway USA to take Softcard (formely ISIS) payment and loyalty programme nationwide

Subway USA to take Softcard (formely ISIS) payment and loyalty programme nationwide | Payments 2.0 | Scoop.it
The US telco-backed Softcard consortium has received a welcome boost with news that the giant fast food chain Subway is to deploy its Card Rewards Program as part of a national roll-out of the SmartTap payment app.
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Monitise revenues rise but losses grow

Monitise revenues rise but losses grow | Payments 2.0 | Scoop.it
Monitise has posted a 31% rise in full year revenue but the mobile money firm's Ebitda losses widened as it took a short term hit on a decision to overhaul its business model.
Therese Torris's insight:

According to Crunchbase Monitise has raised over $250 million in post IPO equity

http://www.crunchbase.com/organization/monitise

 

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Amazon Backs Away from WebPay P2P Payments

Amazon Backs Away from WebPay P2P Payments | Payments 2.0 | Scoop.it
Amazon is terminating its WebPay service that let people send, receive, and request money from other users. The P2P payment service will shut down on October 13th.
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