Payments 2.0
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Will Peer-To-Peer Payments Rescue the Mobile Wallet from Fad Status? - DailyFinance

Will Peer-To-Peer Payments Rescue the Mobile Wallet from Fad Status? - DailyFinance | Payments 2.0 | Scoop.it

For all the hype about the rise of mobile payment technology -- use-your-smartphone-to-pay systems -- the reality is that it has been slow to catch on. But there is one place where it's starting to gain real traction: peer-to-peer exchanges.


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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 8:47 PM
Great payment 2.0 overview
Candice Delorme's curator insight, June 29, 2014 9:49 AM

Big picture du paiement mobile : solutions et enjeux

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Bitcoin exchange Bitstamp granted passportable Payment Institution license in Luxemburg

Bitcoin exchange Bitstamp granted passportable Payment Institution license in Luxemburg | Payments 2.0 | Scoop.it
Luxembourg has granted Payment Institution status to European cryptocurrency exchange Bitstamp, providing the firm with a passportable license in 2
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undeniably an important step in the troubled history of bitcoin exchanges
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Over $220M Invested in Bitcoin & Blockchain Startups in 2016

Over $220M Invested in Bitcoin & Blockchain Startups in 2016 | Payments 2.0 | Scoop.it

@finSMEs :  Bitcoin & Blockchain startups, all the deals of 2016 with over $220M already invested

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Vastly underestimated IMHO
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Alipay expands into Europe

Alipay expands into Europe | Payments 2.0 | Scoop.it
Chinese payments behemoth Alipay has used the Money2020 conference in Copenhagen to announce its official expansion into the European market.
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Ca va faire mal...
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Money Transfer Startup WorldRemit Collects Its First Investment, $40M From Accel

Money Transfer Startup WorldRemit Collects Its First Investment, $40M From Accel | Payments 2.0 | Scoop.it
WorldRemit, a London-based startup that is tackling the antiquated consumer money wiring/remittance market with an easy and traceable online solution, has..
Therese Torris's insight:
Impressive development so far: “Instead of focusing on Sterling to euro or to U.S. dollars, what WorldRemit does is think of how to service, for example, Filipinos in Norway remitting back to the Philippines.” He says that there are some 30-40 corridors like this one that are underserved by competitors right now, making for a very nice niche business" according to investor Accel
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Denisa Zichackova's curator insight, March 24, 8:59 AM
Impressive development so far: “Instead of focusing on Sterling to euro or to U.S. dollars, what WorldRemit does is think of how to service, for example, Filipinos in Norway remitting back to the Philippines.” He says that there are some 30-40 corridors like this one that are underserved by competitors right now, making for a very nice niche business" according to investor Accel
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Bulgari to launch luxury smart watch with embedded payments

Bulgari to launch luxury smart watch with embedded payments | Payments 2.0 | Scoop.it
MasterCard contactless payments are to be embedded in a luxury smart watch developed by Bulgari and set for worldwide release before the end of th
Therese Torris's insight:
The new luxury must be high tech
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Therese Torris's curator insight, March 17, 1:13 PM
The new luxury must be high tech
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Ledger's Blue Smartcard Mitigates Phishing & Malware Attacks

Ledger's Blue Smartcard Mitigates Phishing & Malware Attacks | Payments 2.0 | Scoop.it
Bitcoin is inherently difficult to protect and is not guarded from fraud, as many traditional accounts are. To navigate this issue, Ledger has designed hardware to help users preserve ownership of their digital blockchain assets. The company began as the House of Bitcoin, a physical retail location in Paris where people exchange digital currency in person, learn about bitcoin, and share ideas with other Read more...
Therese Torris's insight:
Inspired by Eric Larcheveque's work on bitcoin/blockchain, this 2-factor authentication system uses a hardware key to secure any type of digital asset
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German startup bank Number26 adds direct in-app access to int'l transfer payments TransferWise

German startup bank Number26 adds direct in-app access to int'l transfer payments TransferWise | Payments 2.0 | Scoop.it
The great rebundling of financial services products has begun, as German smartphone-only bank Number26 partners with TransferWise to add direct in-app a...
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As per Finextra startups "gang up' against the financial establishment

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Mondaine adds contactless payments to new smart watch

Mondaine adds contactless payments to new smart watch | Payments 2.0 | Scoop.it
Swiss luxury watch maker Mondaine is to introduce contactless payments capabilities into its latest Helvetica smart watch.
Therese Torris's insight:

It's about the survival of the traditional watch sector

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Therese Torris's curator insight, February 24, 10:24 AM

Not very elegant, but one step in the right direction.

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Fed staffers put a downer on mobile payments party

Fed staffers put a downer on mobile payments party | Payments 2.0 | Scoop.it
While the crowds at Mobile World Congress in Barcleona lap up the latest innovations in mobile payments and biometric security, party-pooping staff at t...
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Certainly, if it was up to them to change payments, nothing would change...

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The Monopoly board game goes digital !

The Monopoly board game goes digital ! | Payments 2.0 | Scoop.it
Old school board game Monopoly is entering the 21st Century, going digital and ditching its iconic paper money for contactless payment cards.
Therese Torris's insight:

That's a milestone!

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Mobile card payment firm IZettle moves into SME financing

Mobile card payment firm IZettle moves into SME financing | Payments 2.0 | Scoop.it
Swedish Mpos vendor iZettle is to move into small business financing by providing SMEs with an advance based on future card sales.
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Visa reveals major Square stake

Visa reveals major Square stake | Payments 2.0 | Scoop.it
Shares in Jack Dorsey's Square received a much needed boost on Friday on news that Visa has a 9.99% stake of Class A shares in the payments firm.
Therese Torris's insight:
Who is more desperate in this deal, Square or Visa?
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European mobile payment card reader startups SumUp and Payleven merge

European mobile payment card reader startups SumUp and Payleven merge | Payments 2.0 | Scoop.it
Some consolidation afoot in the world of mobile payments: today Groupon- and BBVA-backed SumUp and Rocket Internet's Payleven -- two of the several European..
Therese Torris's insight:
Of course, in her (otherwise excellent) article Ingrid Lunden from TechCrunch had to call these startups "Square Clones" although Square was a ***follower*** of European innovators as regards mobile chip-card readers 
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Azimo wants to drastically cut the price of remittance

Azimo wants to drastically cut the price of remittance | Payments 2.0 | Scoop.it

Fusionwire (Mysis): “We’re not in the money business, we’re in the people business,” reads a poster on the wall at Azimo’s London office. Strictly speaking, remittance startup Azimo is most definitely in the money business – the company enables money to be sent to over 190 countries in over 70 currencies – but speaking to co-founder and

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Lots of competition in remittance these days
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東京ビットコイン会議 / Bitcoin Tokyo Meetup

東京ビットコイン会議 / Bitcoin Tokyo Meetup | Payments 2.0 | Scoop.it
This group is for people in Tokyo interested in Bitcoins. Bitcoins are the world's first P2P virtual currency that are changing the way the world does business.
Sites:
http://bitcoin.com
http://weusec
Therese Torris's insight:

Nice lady, funny watch.

Looks like in spite of Mt. Gox's collapse, bitcoin hasn't lost its allure in Japan...

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Bitwala Raises €800K in Seed Funding

Bitwala Raises €800K in Seed Funding | Payments 2.0 | Scoop.it
Bitwala, a Berlin, Germany-based Bitcoin startup, raised €800k in seed funding
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more blockchain
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China's Tencent hints at $550 billion in WeChat mobile #payments

China's Tencent hints at $550 billion in WeChat mobile #payments | Payments 2.0 | Scoop.it
Chinese Web giant Tencent has given a glimpse of the huge amounts of money users send each other through its messaging app, WeChat, suggesting mor
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More than twice PayPal's volumes
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CFPB fines Dwolla for misrepresenting data security practices

CFPB fines Dwolla for misrepresenting data security practices | Payments 2.0 | Scoop.it

Finextra: Digital payments outfit Dwolla has been slapped with a $100,000 fine by a US watchdog for "deceiving" consumers about its data security practi...

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Not sure where is this coming from and therefore whether I should be disappointed in Dwolla
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Cards fly to POS with Drone Pay - at last some fun in mobile #payments!

Cards fly to POS with Drone Pay - at last some fun in mobile #payments! | Payments 2.0 | Scoop.it
Forget Apple Pay, MasterCard's selfie pay and bitcoin, Finextra has seen the future of payments and it is Drone Pay.
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At last something fun happening in mobile payments!

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Stripe cuts red tape for startups entering the US

Stripe cuts red tape for startups entering the US | Payments 2.0 | Scoop.it
Payments processor Stripe has launched a service which lets entrepreneurs incorporate a US company, open a bank account and start accepting payments wit...
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Ripple distributed ledger claims to slash 60% of global interbank settlement costs

Ripple distributed ledger claims to slash 60% of global interbank settlement costs | Payments 2.0 | Scoop.it
Ripple claims that its network and native currency could save banks up to 60% on costs associated with global interbank settlements.
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Mobile payment firm Powa in big trouble

Mobile payment firm Powa in big trouble | Payments 2.0 | Scoop.it
British payments firm Powa Technologies has held back staff salaries and payments to suppliers, leaving some employees locked out of offices, according to the Financial Times.
Therese Torris's insight:

Another proof (besides Square' struggles) that payment ecosystems are all but simple to master even for vey well funded startups

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Bitcoin mining firm Butterfly Labs settles FTC charges

Bitcoin mining firm Butterfly Labs settles FTC charges | Payments 2.0 | Scoop.it
The US Federal Trade Commission (FTC) has settled charges against a Bitcoin mining hardware outfit accused of charging people thousands of dollars for machines that were never delivered.
Therese Torris's insight:

one more original form of bitcoin scam

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Chinese web giants compete to take New Year gifting digital

Chinese web giants compete to take New Year gifting digital | Payments 2.0 | Scoop.it
Web giants Alibaba, Tencent and Baidu have been fighting it out to win the Chinese New Year red envelopes battle, enticing hundreds of millions of people to take the practice of gifting cash digital.
Therese Torris's insight:
Happy Chinese New Year to you !
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Bank of America loads up on blockchain patents

Bank of America loads up on blockchain patents | Payments 2.0 | Scoop.it
Bank of America is in the process of filing 20 new blockchain-related patents, adding to the 15 it has already submitted to the US Patent and Trademark Office (USPTO).
Therese Torris's insight:

Open systems' proponents and bitcoin Libertarians will be cringing when reading this!

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