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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5 mobile apps to turn your wallet digital

5 mobile apps to turn your wallet digital | Payments 2.0 | Scoop.it
Google and Apple feature alongside other newer entrants to the app market in a round-up of some of the best mobile payment apps around.
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Apple Pay Is Coming To Nearly 200,000 Vending Machines And Parking Meters run by USA technologies

Apple Pay Is Coming To Nearly 200,000 Vending Machines And Parking Meters run by USA technologies | Payments 2.0 | Scoop.it
It isn't just for stores anymore.
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Google brings Gmail money transfer to the UK, 2 years after its release in the US

Google brings Gmail money transfer to the UK, 2 years after its release in the US | Payments 2.0 | Scoop.it
Google is rolling out its e-mail-based money transfer system in the UK, almost two years after the feature was first released in the US.
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Apple takes lion's share of US contactless payments

Apple takes lion's share of US contactless payments | Payments 2.0 | Scoop.it
Apple CEO Tim Cook has declared 2015 'the year of Apple Pay' as the consumer tech firm reported the biggest quarterly profit ever made by a public company on the back of record iPhone and iMac sales.
Therese Torris's insight:

Apple Pay takes an 80% mobile payment share a large retailers, but we don't know which/how many other contactless solutions these stores accept, if any... Nevertheless, impressive

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Bitcoin price regains some lost ground on Coinbase exchange launch

Bitcoin price regains some lost ground on Coinbase exchange launch | Payments 2.0 | Scoop.it
Coinbase has launched America's first regulated bitcoin exchange, helping to push the crypto currency's price past the $280 mark.
Therese Torris's insight:

The original piece of news says "bitcoin price soars". That's hiding that it was sinking low before this welcome piece of news by a major bitcoin player... PR!

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Amazon pulls the plug on its mobile wallet

Amazon pulls the plug on its mobile wallet | Payments 2.0 | Scoop.it
Amazon has pulled the plug on its mobile wallet app following a disappointing six-month trial run.
Therese Torris's insight:

Says a lot of the difficulty of creating a viable space for a proprietary mobile wallet in the payment ecosystem 

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US Mobile Payments Poised To Explode This Year - Research Report

US Mobile Payments Poised To Explode This Year - Research Report | Payments 2.0 | Scoop.it
Mobile payments will take off faster than most estimates suggest.
Therese Torris's insight:
Free With trial Membership in BusinessInsider Research
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Softcard not dead, but is axing 60 jobs

Softcard not dead, but is axing 60 jobs | Payments 2.0 | Scoop.it
Softcard, the mobile payments venture owned by America's leading telcos, is slashing jobs in a cost-cutting exercise but insists that it is not shutting up shop.
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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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The FinTech50 2015

The FinTech50 2015, as chosen by our panel
Therese Torris's insight:

A few known payment companies, like Ayden, Transferwise, Zooz and others I did not know like Wora Pay

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Therese Torris's curator insight, Today, 6:25 AM

Includes quite a few crowdfunding platforms... A bit arbitrary choice but interesting nevertheless

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Millenials twice likely to adopt Digital Wallets, Survey Suggests

Millenials twice likely to adopt Digital Wallets, Survey Suggests | Payments 2.0 | Scoop.it
A survey of North American bank customers conducted for FICO has found that Millennials are embracing alternative banking services in
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Western Union accepts Apple Pay for sending money transfers

Western Union accepts Apple Pay for sending money transfers | Payments 2.0 | Scoop.it
Western Union`s flagship locations, as well as kiosks at more than 7,600 Walgreens and Duane Reade stores in the US, will support Apple Pay for money transfers, appleinsider.com reports.
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Int'l money transfer technology start-up Ripple Labs to raise $30 Million

Int'l money transfer technology start-up Ripple Labs to raise $30 Million | Payments 2.0 | Scoop.it
Ripple has created a decentralized payments network that helps validate transactions using a digital currency technology similar to bitcoin.
Therese Torris's insight:

Not the only int'l money transfer game around but certainly the hypest due to its virtual currency roots

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Old finance join VCs to plough $75M into bitcoin Platform Coinbase

Old finance join VCs to plough $75M into bitcoin Platform Coinbase | Payments 2.0 | Scoop.it
Three major financial institutions have contributed to a record-breaking $75 million investment round in bitcoin startup Coinbase.
Therese Torris's insight:

I thought I curated that piece of news already but it seems I didn't. Anyway, that might explain the recent bitcoin price's rebound

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UK int'l money transfer start-up TransferWise raises $58 Million

UK int'l money transfer start-up TransferWise raises $58 Million | Payments 2.0 | Scoop.it
With the dollar having recently hit an 11-year high against the euro, technology start-ups are positioning themselves to take advantage of continuing volatility in many of the world’s currency markets.
Therese Torris's insight:

Bringing total funds raised to a hefty $90M

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

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Google in talks to buy mobile payment JV Softcard off telcos

Google in talks to buy mobile payment JV Softcard off telcos | Payments 2.0 | Scoop.it
Google is in talks to buy US telco-owned mobile payments venture Softcard for between $50 million and $100 million, according to press reports.
Therese Torris's insight:

Softcard (formerly known as ISIS), probably the most delayed mobile payment project on earth

who would have told???

http://techcrunch.com/2015/01/16/softcard/

http://blogs.wsj.com/digits/2015/01/16/google-in-talks-to-acquire-mobile-payments-service-softcard/

 

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Finextra: Mobile payments reach tipping point - Deloitte

Finextra: Mobile payments reach tipping point - Deloitte | Payments 2.0 | Scoop.it
The use of mobile phones for making in-store payments is set to grow by 1000% during 2015, marking a mass-market tipping point for NFC-enabled transactions, forecasts Deloitte.
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Bitcoin exchange Bitstamp suspends services

Bitcoin exchange Bitstamp suspends services | Payments 2.0 | Scoop.it
The Bitcoin ecosystem is picking up where it left off in 2014, with a further slump in volume and prices and fresh concerns over the fate of funds deposited with exchange operator Bitstamp, which has suspended services over a possible compromise of...
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Bad start for bitcoin
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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.
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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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