Payments 2.0
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Apple Patents An NFC Alternative

Apple Patents An NFC Alternative | Payments 2.0 | Scoop.it

NFC hasn’t really taken off, so Apple has yet to put the technology into any of their devices. However, this doesn’t mean that Apple’s totally blowing off the technology. In fact, Apple was just granted a patent to an NFC ...


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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, 2014 4:49 AM

Big picture du paiement mobile : solutions et enjeux

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Google preps Gmail bill payment feature

Google preps Gmail bill payment feature | Payments 2.0 | Scoop.it
Finextra: Google is plotting a service that enables people to receive and pay their bills through Gmail, according to an internal document seen by Re/code.
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FundedByMe Now Accepts Bitcoin as it Offers Equity in Bitcoin Trading Platform Safello

FundedByMe Now Accepts Bitcoin as it Offers Equity in Bitcoin Trading Platform Safello | Payments 2.0 | Scoop.it

a vested interest to accept bitcoins

Therese Torris's insight:

that's what I call a vested interest to accept bitcoins

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Therese Torris's curator insight, March 19, 12:56 PM

that's a risky proposition

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Chinese handset maker Xiaomi trials interest-bearing mobile wallet

Chinese handset maker Xiaomi trials interest-bearing mobile wallet | Payments 2.0 | Scoop.it
Finextra: Chinese smartphone manufacturer Xiaomi is moving into the financial services world with an interest-bearing mobile wallet account.
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Facebook brings P2P payments to Messenger

Facebook brings P2P payments to Messenger | Payments 2.0 | Scoop.it
Finextra: American Facebook users will soon be able to send money to each other through the social network giant's Messenger app.
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Payments startup Balanced is shutting down. Handing over clients to Stripe

Payments startup Balanced is shutting down. Handing over clients to Stripe | Payments 2.0 | Scoop.it
Shutting down in 90 days
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Bitcoin startup 21 inc raises $116 million

Bitcoin startup 21 inc raises  $116 million | Payments 2.0 | Scoop.it

For the past year and a half, a Silicon Valley startup has quietly convinced some of the biggest names in venture capital to back its effort to turn the technology behind bitcoin into a mass-marketed phenomenon.

Therese Torris's insight:

Crunchbase :

21 Inc is a Bitcoin mining pool. It is working on specially designed chips that will drive new equipment specifically aimed at doing this more efficiently. 21 Inc has yet to publicly reveal the exact nature of its operations. - See more at: https://www.crunchbase.com/organization/21e6#sthash.MYJ71DAK.dpuf

https://www.crunchbase.com/organization/21e6

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InMobi Plans to Stay Independent, Dismissing Rumors of Talks With Google

InMobi Plans to Stay Independent, Dismissing Rumors of Talks With Google | Payments 2.0 | Scoop.it
The chief executive of the Indian mobile advertising start-up denied reports that the company was discussing a possible acquisition by Google.
Therese Torris's insight:
Should we believe this ? Denying is the rule when negotiation acquisition
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Square buys payment hardware maker Kili Technology

Square buys payment hardware maker Kili Technology | Payments 2.0 | Scoop.it
ZDNet: Kili's payment modules operate with NFC for two-way communications -- a payment method that Square has yet to support.
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Apple Watch aims to alter payment and shopping experience

Apple Watch aims to alter payment and shopping experience | Payments 2.0 | Scoop.it
Apple revealed new details about its latest device as the wearable market received a major shot in the arm Monday.
Therese Torris's insight:

Good overview

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Finnish firm Sponda' s Physical Cookie competes with iBeacon to manage retail loyalty program

Finnish firm Sponda' s Physical Cookie competes with iBeacon to manage retail loyalty program | Payments 2.0 | Scoop.it

Sponda: Why Physical Cookie is better than ibeacon?

The Physical Cookie system is a low opt-in that doesn't invade your personal space. iBeacons are great at the moment when there are so few brands using them, but as the number of brands using the iBeacon grows, the push-messaging will become spam. Our system just tracks your behavioral data and helps the retail space to react and better serve the consumer. Since it is always on (unlike bluetooth that can be switched off), it is easy to use. Just keep your keys with you and you're automatically a member of the VIP-loyalty program. ...

Therese Torris's insight:

Better for merchants but not sure for customers whom the mobile phone was supposed to free from carrying their physical loyalty cards...

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PayPal buys mobile payments firm Paydiant

PayPal buys mobile payments firm Paydiant | Payments 2.0 | Scoop.it
Finextra: PayPal has agreed to buy Paydiant, a Boston-based startup that helps the likes of Subway, Capital One and retailer joint venture MCX build mobile payments, offers and loyalty into their apps.
Therese Torris's insight:

The counterpart of Apple's purchase of SoftCard. Merchants seem to me better retail partners than telcos

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Fidor Bank and Kraken call on partners to establish a cryptocurrency bank

Fidor Bank and Kraken welcome partners in an initiative to establish a banking platform for crypto-currencies - Join now!
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PayPal pays $7.7m fine for processing $44K of transactions from accounts of US sanctions list

PayPal pays $7.7m fine for processing $44K of transactions from accounts of US sanctions list | Payments 2.0 | Scoop.it
Finextra: PayPal has agreed to pay $7.7 million to settle charges from the US Treasury that lax screening technology saw the firm violate multiple sanctions programmes.
Therese Torris's insight:

retrospective fines could hit bitcoin operators as well!

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Square extends its $Cashtag service to businesses

Square extends its $Cashtag service  to businesses | Payments 2.0 | Scoop.it
Finextra: Square is hoping to wean America's merchants off of cheques by extending its Cash person-to-person payments service to businesses.
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UK govt plans money laundering rules for digital currency exchanges

UK govt plans money laundering rules for digital currency exchanges | Payments 2.0 | Scoop.it
Finextra: The UK government has set out its approach to digital currencies, vowing to start applying anti-money laundering regulation to exchanges but also promising to put cash behind research into the potential of blockchain technology.
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UK govt plans money laundering rules for digital currency exchanges

UK govt plans money laundering rules for digital currency exchanges | Payments 2.0 | Scoop.it
Finextra: The UK government has set out its approach to digital currencies, vowing to start applying anti-money laundering regulation to exchanges but also promising to put cash behind research into the potential of blockchain technology.
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Alibaba eyes facial recognition for payments with “Smile to Pay”

Alibaba eyes facial recognition for payments with “Smile to Pay” | Payments 2.0 | Scoop.it
While Apple Pay and competing company are relying on fingerprints as a means of authenticating mobile payments, Alibaba has its eyes set on facial recognition.
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WebGems SNMinc's comment, March 27, 5:05 AM
I really like this technique...
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Apple Pay shows steep consumer adoption curve

Apple Pay shows steep consumer adoption curve | Payments 2.0 | Scoop.it
Finextra: The Apple effect on mobile payments uptake in the US is thrown into relief by a new survey of iPhone 6 users by Auriemma Consulting, which shows that fully 42% have tried Apple Pay, with three quarters of the sample going on to make repeat purchases.
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EMV and payment liability shift made Apple Pay's timing right

EMV and payment liability shift made Apple Pay's timing right | Payments 2.0 | Scoop.it
How Apple Pay fooled the world into thinking they solved the Digital Wallet issue
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European Payment Council lays out framework for card-not-present transactions

European Payment Council lays out framework for card-not-present transactions | Payments 2.0 | Scoop.it
Finextra: The European Payments Council has drawn up a blueprint for the creation of an interoperable card and terminal infrastructure to handle card-not-present transactions across the Single Euro Payments Area (Sepa).
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Square buys Toronto's Kili Technology

Square buys Toronto's Kili Technology | Payments 2.0 | Scoop.it
Finextra: As it seeks to keep pace with a market shifting to EMV and NFC, Square has acquired Canadian payments specialist Kili Technology. Financial terms of the deal were not disclosed.
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EBA Clearing forms pan-European instant payments task force

EBA Clearing forms pan-European instant payments task force | Payments 2.0 | Scoop.it
Finextra: EBA Clearing has launched a task force to lay the groundwork for a Europe-wide instant payment processing service it hopes to have up and running by 2018.
Therese Torris's insight:

High time !

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mPOS: Ingenico launches Square-like mobile card reader

mPOS: Ingenico launches Square-like mobile card reader | Payments 2.0 | Scoop.it
Finextra: Ingenico has released an audio jack-based point-of-sale dongle that can accept payments made by mobile phone.
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Following its acquisition by Google, mobile payment JV Softcard shuts down

Following its acquisition by Google, mobile payment JV Softcard shuts down | Payments 2.0 | Scoop.it
Finextra: US telco-owned mobile payments venture Softcard has confirmed that is shutting down after selling off technology and intellectual property to Google.
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Google strikes Softcard deal so 4 US Telcos integrate Google Wallet in android phones

Google strikes Softcard deal so 4 US Telcos integrate Google Wallet in android phones | Payments 2.0 | Scoop.it
The mobile-payments alliance will allow Google Wallet to come loaded onto Android smartphones at all four US national wireless carriers.
Therese Torris's insight:
Wallet war heats up : Google is not buying Softcard technology for its own stakes but in exchange of having telcos preinstall Google Wallet onto all the Android phones they sell
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