Payments 2.0
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Square, Klarna, Stripe among World’s Top 100 Private Tech Companies

Square, Klarna, Stripe among World’s Top 100 Private Tech Companies | Payments 2.0 | Scoop.it

VisibleBanking: "Seven financial startup firms were ranked in THE DIGITAL 100: The World’s 100 Most Valuable Private Tech Companies... [by Business Insider]...

 

Bloomberg (#2) – Financial Services

Square (#7) – Payments

Wonga (#19) – Innovation

Klarna (#21) – Payments

RedFin (#37) – Social Media

Kickstarter (#59) – Crowdfunding

Stripe (#85) – Payments

Direct link to the Business Insider's top 100 private tech companies  http://www.businessinsider.com/2012-digital-100

 

Picture source: Business Insider

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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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European Payment Council sets November 2017 launch date for instant payments in SEPA 

The European Payments Council has confirmed a November 2017 launch date for a pan-European instant credit transfer scheme that will bring real-time money transfers across the Single Euro Payments Area (Sepa).
Therese Torris's insight:
"The decision to create an instant payments scheme comes in response to concerns that the emergence of new domestic platforms, such as the UK's Faster Payments, might end up creating a fragmented market in Europe, similar to what existed in regular payments in the past."
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Australian watchdog comes down on Apple's side in bitter bank dispute over NFC access

Australian watchdog comes down on Apple's side in bitter bank dispute over NFC access | Payments 2.0 | Scoop.it
Australian banks are set to lose their bitter struggle to win collective bargaining rights over NFC access to iPhones as the country's anti-trust regulator issues a draft determination in favour of Apple.
Therese Torris's insight:
bitter loss
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APIs and open banking win most airtime at Sibos 2016

APIs and open banking win most airtime at Sibos 2016 | Payments 2.0 | Scoop.it
Blockchain still high on the agenda according to Finextra’s review of discussions in Geneva, while excitement about AI grows
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Chinese Alipay marches into the US with First Data/Verifone deals

Chinese Alipay marches into the US with First Data/Verifone deals | Payments 2.0 | Scoop.it
Chinese payments behemoth Alipay is moving in to the US market through deals struck with Eftpos terminal suppliers First Data and Verifone.
Therese Torris's insight:
No surprise there. When a business counts its customers in 100's of millions as opposed to 10's, it may have a headstart
see http://expandedramblings.com/index.php/alipay-statistics/

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THE MOBILE PAYMENTS IN CHINA REPORT: What the US can learn from China's enormous success in mobile payments

THE MOBILE PAYMENTS IN CHINA REPORT: What the US can learn from China's enormous success in mobile payments | Payments 2.0 | Scoop.it
A deep dive research into China's mobile payments ecosystem that deciphers which growth drivers can be exported to the US to help spark its market.
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Adoption of mobile payments triples across Europe - Mobile Marketing - BizReport

Adoption of mobile payments triples across Europe - Mobile Marketing - BizReport | Payments 2.0 | Scoop.it
Adoption of digital payment methods has risen significantly in Europe over the past year, according to a new study released by financial services firm, Visa.
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Facebook co-founder Eduardo Saverin sued by shareholder in Jumio over alleged “misrepresentations"

Facebook co-founder Eduardo Saverin is being sued by a shareholder in Jumio over alleged “misrepresentations and ineptitude” related to the digital ID verification outfit's bankruptcy filing earlier this year. According to the Wall Street Journal, Bloso Investments has filed a complaint against Saverin and others, claiming that it is set to lose nearly $5 million it invested in Jumio thanks to its recently filed bankruptcy.
Therese Torris's insight:
I'm afraid any startup business plan is a gross "deliberate missrepresentation"
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US becomes Visa's largest chip card market but the switch to EMV has been far from plain sailing

US becomes Visa's largest chip card market but the switch to EMV has been far from plain sailing | Payments 2.0 | Scoop.it
A year after the official launch of chip payment technology in the US, Visa is claiming steady progress, with the country already its largest EMV car
Therese Torris's insight:
Rocky transition
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China overtakes UK in digital payment volumes - Cap Gemini BNP World Payments Report 2016 [Free download]

China overtakes UK in digital payment volumes - Cap Gemini BNP World Payments Report 2016 [Free download] | Payments 2.0 | Scoop.it

Finextra : For the first time, China has surpassed the UK and South Korea in digital transaction volumes, taking fourth position among the top ten markets globally, behind the US, Eurozone and Brazil.

Therese Torris's insight:

I thought that happened a long time ago..


Direct link to download the World Payments Report 2016

https://www.uk.capgemini.com/experts/thought-leadership/world-payments-report-2016-from-capgemini-and-bnp-paribas

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Leetchi/MangoPay: What it's like when your fintech startup is acquired by a bank -

Leetchi/MangoPay: What it's like when your fintech startup is acquired by a bank - | Payments 2.0 | Scoop.it
Today the rhetoric between banks and fintechs has mostly shifted away from combat, suspicion and derision towards collaboration, partnership and acquisition. Notable European deals in the space include Munich-based digital challenger Fidor Bank getting snapped up by French banking group BPCE, Finland's Holvi exiting to Spain's BBVA and Credit Mutuel Arkea buying French fintech startups Leetchi and Mango Pay. 

Via Therese Torris
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Therese Torris's curator insight, September 14, 2016 7:17 AM
In its directness and simplicity this is one of the best interviews of Celine Lazrthes, founder and CEP of Leetchi and Mangopay
Therese Torris's curator insight, September 14, 2016 7:18 AM
Good read
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Oney, la banque d'Auchan, acquiert FIA-NET [in French] from Crédit Agricole

Les Echos: "La transaction, dont le montant n'est pas précisé, a été réalisée par Oney Tech, filiale de Oney créée en 2012, qui commercialise également des solutions de sécurisation des paiements à distance . Mais les deux sociétés se révèlent complémentaires en matière d'offre et d'expertise. Créée en 2000, FIA-NET dispose d'une base de données très conséquente liée notamment au Sceau de Confiance, une solution de collecte d'avis et de connaissance clients pour mesurer leur satisfaction.

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Sweden's iZettle raises €60 million & appoints new CEO

Sweden's iZettle raises €60 million & appoints new CEO | Payments 2.0 | Scoop.it
Swedish mPOS firm iZettle has raised €60 million in funding and appointed a new chief financial officer.
Therese Torris's insight:
Not a crazy valuation for a company which raised $188M to date. Company still losing money. New CEO appointed
https://techcrunch.com/2017/01/10/izettle-raises-63m-more-at-a-500m-valuation-to-expand-from-mobile-payments/
https://www.crunchbase.com/organization/izettle#/entity

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Payments provider Stripe has raised another $150M at a $9B valuation

Payments provider Stripe has raised another $150M at a $9B valuation | Payments 2.0 | Scoop.it
Stripe -- the company that lets websites and apps incorporate payments services by way of an API and a few lines of code -- has raised another round of..
Therese Torris's insight:
Making the Collison's brothers, Patrick and John, 28 and 26 y old respectively, billionnaires
One word of caution, though: they don't publish their numbers
Hopefully, this is not another Square story
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Sweden could become the first major country to issue a national digital currency

Sweden could become the first major country to issue a national digital currency | Payments 2.0 | Scoop.it
Notes and coins in circulation have fallen by 40% since 2009 in Sweden. Riksbank is considering issuing a digital 'ekrona' in response.
Therese Torris's insight:
Wonder what that will do to banks' revenues...
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From Sibos EMEA: EBA says Pan-European instant payments well on track with 80 banks and PSPs on board from 39 in May

From Sibos EMEA: EBA says Pan-European instant payments well on track with 80 banks and PSPs on board from 39 in May | Payments 2.0 | Scoop.it
Hays Littlejohn, CEO, EBA Clearing provides an update on the delivery of this new real-time payment infrastructure.
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PaySimple Pulls in $115 Million

PaySimple Pulls in $115 Million | Payments 2.0 | Scoop.it
Service commerce solution PaySimple just closed its second round of funding since it was founded in 2006. The $115 million round amounts to 7X more than the first round the company closed in 2011. PaySimple’s funding now totals $131 million. The Colorado-based company anticipates the investment, which comes from Providence Strategic Growth, will fuel its Rea
Therese Torris's insight:
PaySimple specializes in payment systems for service providers and helping them grow their business through better billing and invoicing. It partners with comparison site Fundera to offer credit 
https://paysimple.com/
https://www.fundera.com/


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94% of consumers would use mobile wallets more if they gave something back

94% of consumers would use mobile wallets more if they gave something back | Payments 2.0 | Scoop.it
We already know that mobile wallets and payment solutions drive in-store sales, and we understand that loyalty schemes are a big part of that story.
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Australian banks pull no punches in acrimonious Apple Pay dispute

Australian banks pull no punches in acrimonious Apple Pay dispute | Payments 2.0 | Scoop.it
The simmering dispute between Apple and four of Australia's leading banks over terms of access to Apple Pay has erupted into a fresh slanging match a
Therese Torris's insight:
Will it be ‘Apple's way or no way"?
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Kaspersky Lab reports on future threats from biometrics skimmers

Kaspersky Lab reports on future threats from biometrics skimmers | Payments 2.0 | Scoop.it

Kaspersky Lab experts investigated how cybercriminals could exploit new biometric ATM authentication technologies planned by banks. While many financial or

Therese Torris's insight:
Biometrics are not only expensive, slow and faillible, but also breakable
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Citi joins Early Warning as banks prepare all-out assault on digital rivals

Citi's arrival at clearXchange clears the way for an all-out industry assault on digital rival Venmo. The service, which runs through the Nacha payment rails, has been boosted by the arrival of same-day ACH processing in the US, putting it on a more level footing against clearXchange's real-time money transmission network.
Therese Torris's insight:
The real-time payments war is on
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Blockchain startup Ripple raises $55 M from Standard Chartered, Accenture et al

Blockchain startup Ripple raises $55 M from Standard Chartered, Accenture et al | Payments 2.0 | Scoop.it
Ripple, the San Francisco-based startup building a bitcoin-like payments platform aimed at banks, announced a $55 million Series B funding round on Tuesday, bringing its total capital to about $93 million.
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Visa takes on M-Pesa with Kenyan mobile payments service

Visa takes on M-Pesa with Kenyan mobile payments service | Payments 2.0 | Scoop.it
Visa is teaming up with several Kenyan banks on a service that aims to break M-Pesa's stranglehold on the country's mobile payments market.
Therese Torris's insight:
Very late in the game...
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Apple Pay comes to France

Apple Pay comes to France | Payments 2.0 | Scoop.it
13 June 2016. Apple has announced an agreement with four French partners: the banking group Banque Populaire Caisse d%u2019Epargne (BPCE), Orange, Carrefour, and the French meal voucher provider Edenred. Apple Pay will be launched in France this summer.
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