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, 4:49 AM

Big picture du paiement mobile : solutions et enjeux

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Dutch payment processor Adyen Raises $250 M at a 1.5 B valuation

Dutch payment processor Adyen Raises $250 M at a 1.5 B valuation | Payments 2.0 | Scoop.it
International payments startup Adyen is growing fast, doubling the number of payments processed over the last year as well as revenues over that time...
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Nacha sets out plans for same-day ACH "in the next few years"

Nacha sets out plans for same-day ACH "in the next few years" | Payments 2.0 | Scoop.it
America's slow march towards faster payments has taken another step, with the Nacha setting out its plan to introduce same-day ACH clearing and settlement over the next few years.
Therese Torris's insight:
"Same day" is so yesterday. Whether they know it or not, people want real time payments and newcomers are going to give it to them
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Japanese messaging outfit Line launches m-payments service

Japanese messaging outfit Line launches m-payments service | Payments 2.0 | Scoop.it
Japanese messaging giant Line is rolling out its mobile payments service for online and in-store transactions to users around the world.
Therese Torris's insight:
Asian messaging systems are Ecommerce ready
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Bitpay and Bitstraat bid to turn Amsterdam into the world's Bitcoin capital

Bitpay and Bitstraat bid to turn Amsterdam into the world's Bitcoin capital | Payments 2.0 | Scoop.it

Bitpay is working with Dutch startup Bitstraat to turn Amsterdam into the Bitcoin capital of the world by giving away free hardware to retailers in the city.

Therese Torris's insight:

Great picture of a great city, too

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Payment startup Stripe raises $70m at $3.5bn valuation

Payment startup Stripe raises $70m at $3.5bn valuation | Payments 2.0 | Scoop.it
Stripe has raised $70 million in a funding round which values the San Francisco-based payments start-up at $3.5 billion, according to the Financial Times.
Therese Torris's insight:

Stripe has raised $190 million to date

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

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If you can't beat them... Crédit Agricole drop own system and joins French PayLib consortium for e&m-payments service

If you can't beat them... Crédit Agricole drop own system and joins French PayLib consortium for e&m-payments service | Payments 2.0 | Scoop.it
Paylib, a PayPal-style online payment system set up last year by French banks, is extending its reach thanks to the addition of Crédit Agricole as a member and a deal with MasterCard that will let people use the service abroad.
Therese Torris's insight:

... join them

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Square markes its mobile POS system Register available worldwide

Square markes its mobile POS system Register available worldwide | Payments 2.0 | Scoop.it
Square is looking to expand beyond North America by making its Register point-of-sale software available to businesses worldwide.
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Starbucks claims a 90% share of the US mobile payments market • NFC World+

Starbucks claims a 90% share of the US mobile payments market • NFC World+ | Payments 2.0 | Scoop.it
Starbucks accounted for more than 90% of all mobile transactions in the US last year, the coffee chain's CEO Howard Schultz has revealed during a fourth quarter earnings call in which he also set out plans to continue to dominate the mobile...
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Snapchat & Square launch #Snapcash P2P payments with a weird oldfashioned ad

Snapchat & Square launch #Snapcash P2P payments with a weird oldfashioned ad | Payments 2.0 | Scoop.it
Snapchat has teamed up with Square to enable users to send each other money through the Photo sharing app.
Therese Torris's insight:

The Broadway musical style of the Snapcash video advertising looks to me like it would be targetting people in their 70's. Weird, but may be it's just me.

http://youtu.be/kBwjxBmMszQ

 

 

 

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Mobile payments : MCX vs ApplePay - Counting Friends And Foes

Mobile payments : MCX vs ApplePay - Counting Friends And Foes | Payments 2.0 | Scoop.it
by Jean-Louis Gassée It’s still too early to tell if Apple Pay will square the circle and emerge as a payment system that’
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UK mobile payments company Powa Raises $80M from Wellington to fund US expansion

UK mobile payments company Powa Raises $80M from Wellington to fund US expansion | Payments 2.0 | Scoop.it
In another large late-stage play from a public-markets investor, Wellington Management has put $80 million into Powa Technologies Group PLC., VentureWire has learned.Wellington, which last year invested $76 million in the mobile payments and e-commerce company, valued Powa around $2.7 billion in the fresh round....
Therese Torris's insight:

Powa has raised $170M so far. See also :

http://blogs.wsj.com/venturecapital/2014/11/07/powa-raises-80-million-to-launch-its-mobile-e-commerce-payments-in-u-s/

"Merchants typically use Powa as part of traditional marketing and advertising programs which enable customers to make more spontaneous purchases. Merchants prompt consumers to download Powa’s free app and input their payment information. Once they are registered, they are able to purchase items that have a “Powa Tag” by taking a picture of ads in print and online, or have an audio watermark embedded in TV and radio broadcasts. "

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US bank BBVA Compass opens backbone to Dwolla FiSync technology to enable real-time payments

US bank BBVA Compass opens backbone to Dwolla FiSync technology to enable real-time payments | Payments 2.0 | Scoop.it
BBVA Compass has opened up its technology platform to Dwolla, enabling customers to make real-time payments through the Iowa startup's payments network.
Therese Torris's insight:

Part of the BBVA group, BBVA Compass operates 688 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas and ranks among the 25 largest banks in the USA.

Direct link to press release http://newsroom.bbvacompass.com/2014-10-30-BBVA-Compass-Dwolla-team-up-to-offer-real-time-payment-innovation-to-clients

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Investor Index Venture praises Adyen

Jan Hammer from Index Ventures blogs about the payment technology company that’s set to change how the world transacts.
Therese Torris's insight:
Even though far from objective (makes Adyen sound like the best thing since sliced bread), this blog post contains interesting background information on a less well known company
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Immediate payments 'next frontier' for European integration - ECB

Immediate payments 'next frontier' for European integration - ECB | Payments 2.0 | Scoop.it
With progress towards a single euro payments area well in train, the European Central Bank has identified instant payments with immediate availability of funds as the industry's next frontier for harmonisation and cross-border collaboration.
Therese Torris's insight:
That's more like it! Hopefully, it won't take another 15 years to get there...
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Apple Pay - first feedbacks - looking good

Apple Pay - first feedbacks - looking good | Payments 2.0 | Scoop.it
So Apple Pay finally launched in the USA on October 20 and there’s been mixed reviews. Some people couldn’t make payments, whilst some found they were double-charged. However, these are just teethi...
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Payment startup Ripple to plug into Earthport payment network

Payment startup Ripple to plug into Earthport payment network | Payments 2.0 | Scoop.it
Ripple Labs is to plug its real-time settlement protocol into the Earthport payment hub, opening new channels to market for the open source transaction technology.
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Payments modernisation seen as top priority for banking industry

Payments modernisation seen as top priority for banking industry | Payments 2.0 | Scoop.it
More than two-thirds of banks plan to modernise their payments systems to accommodate demand for mobile and immediate payments and head off competition from disruptive competitors, according to data from Ovum.
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Bitcoin still currency of choice for child porn undertakings

Bitcoin still currency of choice for child porn undertakings | Payments 2.0 | Scoop.it

Crowdfund Insider tells of paedophiles who are raising money in bitcoins to crowdfund a child porn distribution site

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If you can't beat them... Danish telcos sell m-payments venture to bank-owned rival

If you can't beat them... Danish telcos sell m-payments venture to bank-owned rival | Payments 2.0 | Scoop.it
Swipp, a mobile payments service owned by a consortium of Danish banks, has acquired Paii, a rival outfit formed by a group of telcos.
Therese Torris's insight:

... join them

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Contactless payments in UK head for mainstream - Worldpay - Finextra

Contactless payments in UK head for mainstream - Worldpay - Finextra | Payments 2.0 | Scoop.it
Contactless has shaken off its novelty tag in the UK and is surging towards the mainstream according to Worldpay, which is reporting a 150% rise in volumes over the past six months.
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Leading Virtual currencies: an infographic overview

Leading Virtual currencies: an infographic overview | Payments 2.0 | Scoop.it
An array of virtual currencies are making their presence known.
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Will Bitcoin replace SWIFT?

Chris Skinner : So I made a slightly provocative comment, as it turned out, during my keynote at PaymentsNZ. It was picked up and referenced by Richard Meadows in yesterday’s article: “[Skinner] said the coding be...

Therese Torris's insight:

Love that statement : Bitcoin is like the internet before Tim Berners-Lee gave us www dot.

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Square to release chip card reader with $29 price tag

Square to release chip card reader with $29 price tag | Payments 2.0 | Scoop.it
Square has announced plans for a new chip card reader that will retail with a $29 price tag and replace its current free-of-charge mag-strip-only dongle.
Therese Torris's insight:

At last!

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Africa's M-Pesa shows mobile finance's future

Africa's M-Pesa shows mobile finance's future | Payments 2.0 | Scoop.it

Chris Skinner : "I spent some time reviewing the latest news on M-PESA yesterday. M-PESA is now seven years old, and has transformed the African landscape. Since its launch in 2007, over 18 million of the 43 million..."

Therese Torris's insight:

article focuses on Kenya. M-Pesa has expanded into Eeastern Europe and India (with ICICI since 2013), would be interesting to analyze its success there

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Wells Fargo offers $20 to customers using Apple Pay to be top of wallet on iPhone

Wells Fargo offers $20 to customers using Apple Pay to be top of wallet on iPhone | Payments 2.0 | Scoop.it
Apple may be having trouble winning over retailers to its mobile payments platform but bank support shows no sign of waning as Wells Fargo offers $20 to customers who sign up for Apple Pay.
Therese Torris's insight:

https://www.wellsfargo.com/mobile-payments/apple-pay/

in the fight between merchants and Apple, banks have chosen their camp, will they live long enough to regret it?

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