Payments 2.0
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Mobile chip card reader: SumUp Expands To 3 More Markets including France

Mobile chip card reader: SumUp Expands To 3 More Markets including France | Payments 2.0 | Scoop.it
TechCrunch: SumUp, another Square-style mobile payment dongle that launched in Europe in August backed by more than $20 million from b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and Klaus Hommels, is continuing its rapid rollout by expanding into...
Therese Torris's insight:

Card reader still available for free for businesses ! I'd rush to get one if I were you

 

SumUp demo

http://www.youtube.com/watch?v=moThehyUjp4&feature=endscreen&NR=1

Sum up Web site

https://sumup.co.uk/

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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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How We Built A Touchless Payments Platform (Before Google Did)

How We Built A Touchless Payments Platform (Before Google Did) | Payments 2.0 | Scoop.it
There’s been a lot of chatter about Google Hands-Free Payments. Learn how we built a touchless payments platform, before Google did.
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Ingenico teams up with Google to provide "Export Accelerator", a cross-border e-commerce solution

Tapping into the potential of cross-border e-commerce, Ingenico Payment Services and Google will launch a collaboration with an innovative pilot solution in Belgium as a first step. Both companies will bundle their expertise to offer a unique combination of knowledge on payment and consumer behavior, giving merchants the answers and tools they need to make decisions on internationalization.

Therese Torris's insight:

It's a mouthful and it's difficult to tell exactly what they'll be offering

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Apple Pay Will Now Support Loyalty Programs: WWDC 2015

Apple Pay Will Now Support Loyalty Programs: WWDC 2015 | Payments 2.0 | Scoop.it
Yesterday at WWDC 2015, Apple announced that Apple Pay will support loyalty programs, granting users the ability to add & use rewards and store-issued cards
Therese Torris's insight:

It's only the beginning!

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LHV Bank uses blockchain tech to issue receivables claims

LHV Bank uses blockchain tech to issue receivables claims | Payments 2.0 | Scoop.it
Finextra: Estonia's LHV Bank is tapping blockchain technology for an experiment that will see it issue EUR100,000 worth of "cryptographically protected" receivables claims against the bank.
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Pinterest enlists Stripe for buy button

Pinterest enlists Stripe for buy button | Payments 2.0 | Scoop.it
Finextra: Pinterest has become the latest social network to enter the e-commerce market, teaming up with Stripe to introduce a "buy" button.
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Silk Road's Ulbricht sentenced to life in prison

Silk Road's Ulbricht sentenced to life in prison | Payments 2.0 | Scoop.it
Finextra: Ross Ulbricht, the founder of the Silk Road, a dark web bazaar where shoppers bought and sold illegal goods with bitcoin, has been sentenced to life in prison.
Therese Torris's insight:

For a gripping account of the silk road story, check @wired :

http://www.wired.com/2015/05/silk-road-untold-story/

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Monese raises $1.8m for mobile banking service for immigrants

Monese raises $1.8m for mobile banking service for immigrants | Payments 2.0 | Scoop.it
Finextra: Monese, a London-based digital banking service targeting immigrants that have trouble opening accounts with traditional high street players, has raised $1.8 million from Seedcamp, early Spotify investor Shakil Khan and a group of angel investors.
Therese Torris's insight:

Service to maucnh in the summer. "With Monese, you can open a UK banking account on your mobile in minutes, regardless of your citizenship."

Makes you Wonder how it complies with KYC

https://www.crunchbase.com/organization/monese

http://www.monese.com/

 

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Danske Bank integrates PowaTag into MobilePay

Danske Bank integrates PowaTag into MobilePay | Payments 2.0 | Scoop.it
Finextra: Denmark's Danske Bank is boosting its popular MobilePay app by integrating technology from m-commerce vendor Powa which will give customers more global buying options.
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PayPal US faces $25M fines for illegal online credit facility #billmelater

PayPal US faces $25M fines for illegal online credit facility #billmelater | Payments 2.0 | Scoop.it
Finextra: PayPal faces a $25 million bill to settle a complaint from US regulators that it illegally signed people up to its online credit product.
Therese Torris's insight:

I wouldn't have thought that PayPal, as visible as it is, would resort to misleading customers into involuntarily signing up for credit

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Mobile payment iZettle's global rollout has started! - #chip&pin mobile card reader

Mobile payment iZettle's global rollout has started! - #chip&pin mobile card reader | Payments 2.0 | Scoop.it
Finextra: Swedish mPOS vendor iZettle has commenced the global roll-out of a new hardware dongle for small businesses that integrates both Chip & PIN and contactless payments, and includes out-of-the-box support for Apple Pay.
Therese Torris's insight:

Yipee!

In spite of raising 5 times more money ($591M), Square failed to expand internationally and come up with a chip&pin solution. iZettle raised $114M so far.

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Fintech firms sign up for new UK Faster Payments access model

Fintech firms sign up for new UK Faster Payments access model | Payments 2.0 | Scoop.it
Finextra: The UK's Faster Payments scheme has secured commitments from six fintech firms - including ACI Worldwide and FIS - to develop aggregation services for payment service providers (PSPs) looking to plug into its platform.
Therese Torris's insight:

Hopefully : "The New Access Model would stimulate a new market for FinTechs while substantially reducing the barriers to entry for FinTechs and making 24/7 access to immediate payments economically attractive at lower volumes."

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Visa in talks over $20bn Visa Europe acquisition

Visa in talks over $20bn Visa Europe acquisition | Payments 2.0 | Scoop.it

Finextra: Visa Inc is in talks with European banks about buying back its former subsidiary Visa Europe for as much as $20 billion, according to Bloomberg.

Therese Torris's insight:

Payments 1.0 wakes up

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PayPal acquires money transfer firm Xoom for $890 million

PayPal acquires money transfer firm Xoom for $890 million | Payments 2.0 | Scoop.it
The online payments service is buying an emerging player in international remittances.
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With Android Pay, Google gets mobile payments right

With Android Pay, Google gets mobile payments right | Payments 2.0 | Scoop.it
Even though Google started the whole mobile payment thing years ago with Google Wallet, it never really took off with the masses. Google's newly announce
Therese Torris's insight:

I realize that a scoop on Android Pay was cruelly missing from this thread

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Bitreserve hires top execs from Nike & Mastercard to deliver free money transfer and exchange

Bitreserve hires top execs from Nike & Mastercard to deliver free money transfer and exchange | Payments 2.0 | Scoop.it
William ‘Bill’ Dennings III joins Bitreserve to spearhead the company’s security and data protection infrastructure as Chief Information Security Officer (CISO).
Therese Torris's insight:

Google is also "free", but ultimately we pay.

I find it difficult to believe Hasley Minor who positions himself as the white knight in shining armor saying"...we hope to transform the global financial system into one that is fair, inclusive, accountable and transparent -- a system organized for the benefit of all people everywhere"  while raising $10M and hiring top marketing execs from Nike & Mastercard http://www.finextra.com/news/fullstory.aspx?newsitemid=27460

https://www.crunchbase.com/organization/bitreserve

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TfL (Transport for London) on-board for Apple Pay's UK launch

TfL (Transport for London) on-board for Apple Pay's UK launch | Payments 2.0 | Scoop.it
Finextra: Apple Pay will launch in the UK in July, with eight of the country's biggest banks, a host of merchants, and Transport for London all on-board.
Therese Torris's insight:

Success guaranteed !

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Overstock issues first 'cryptobond' using #blockchain

Overstock issues first 'cryptobond' using #blockchain | Payments 2.0 | Scoop.it
Finextra: Online retailer Overstock is to issue its first digital corporate bond using the technology that underlies cryptocurrencies such as bitcoin.
Therese Torris's insight:
The first bond issuing using blockchain is launched by a retailer !
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The Market is Primed for Mobile Payments - Clearbridge Mobile

The Market is Primed for Mobile Payments - Clearbridge Mobile | Payments 2.0 | Scoop.it
When it comes to offering a mobile payments solution to customers, watching and waiting is no longer an option for businesses who hope to remain competitive
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Ingenico Payment Services Company Profile 2015: Online Payment Services [Research report]

Ingenico Payment Services Company Profile 2015: Online Payment Services [Research report] | Payments 2.0 | Scoop.it
Key Findings: A new company profile of Ingenico Payment Services details online payment solutions offering, coverage and recent growth Ingenico Payment Services manages online and mobile payments worldwide. The company was created on the basis of Belgium-based online payments company Ogone, which Ingenico Group acquired in 2013. In addition to Ogone, Ingenico Payment Services has…
Therese Torris's insight:

Excellent Financial results and stock performance

See also

http://www.ingenico.com/press-and-publications/press-releases/finance/2015/04/q1-revenue-for-2015.html

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Commonwealth Bank of Australia to use Ripple for intra-bank transfers

Commonwealth Bank of Australia to use Ripple for intra-bank transfers | Payments 2.0 | Scoop.it
Finextra: Commonwealth Bank of Australia is to begin using technology from Ripple Labs to transfer funds between its subsidiaries.
Therese Torris's insight:

Second bank to use Ripple (after German new bank Fidor) but first truly international bank to do so.

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Finextra news: WePay raises $40m

Finextra news: WePay raises $40m | Payments 2.0 | Scoop.it
Finextra: E-commerce payment processor WePay has raised $40 million in a Series D funding round led by FTV Capital and joined by Japan's Rakuten.
Therese Torris's insight:

Funding Received so far: $74.2 Million in 6 Rounds from 13 Investors

https://www.crunchbase.com/organization/wepay

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Digital currency startup Ripple scores $28 million funding round

Digital currency startup Ripple scores $28 million funding round | Payments 2.0 | Scoop.it
Finextra: Digital currency outfit Ripple Labs has closed a $28 million Series A funding round that includes IDG Capital Partners and the venture arms of CME Group and global data storage company Seagate Technology.
Therese Torris's insight:

Brings total money raised to $37M

https://www.crunchbase.com/organization/ripple-labs

https://www.ripplelabs.com/

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Digital signature DocuSign raises $233M in Series F

Digital signature DocuSign raises $233M in Series F | Payments 2.0 | Scoop.it

DocuSign offers electronic signatures for transactions and document verification

Therese Torris's insight:

DocuSign has raised a total of $463M, latest round reported to value the company at $3 billion

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Bitcoin Exchange ItBit Gets A New York State Trust Company Charter After Raising $25 Million

Bitcoin Exchange ItBit Gets A New York State Trust Company Charter After Raising $25 Million | Payments 2.0 | Scoop.it
ItBit, a bitcoin exchange operating in New York and Singapore, has been approved as New York State Trust company and added a number of heavy hitters to its..
Therese Torris's insight:

itBit raised $28M total so far

https://www.crunchbase.com/organization/itbit?utm_medium=email&utm_source=cb_daily&utm_campaign=email

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Danish shops will be given right to refuse cash

Danish shops will be given right to refuse cash | Payments 2.0 | Scoop.it
Finextra: Denmark's government is planning to help usher in the long-awaited cashless society by giving restaurants and some shops the option to refuse notes and coins.
Therese Torris's insight:

WOW! That's how long heralded news like the end of cash end up happening.

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