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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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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US authorities fine virtual currency exchange Ripple Labs for noncompliance

US authorities fine virtual currency exchange Ripple Labs for noncompliance | Payments 2.0 | Scoop.it
Finextra: Ripple Labs has been fined $700,000 by the US Financial Crimes Enforcement Network (FinCEN) in the first successful civil enforcement action against a virtual currency exchange.
Therese Torris's insight:
Virtual currency businesses are progressively loosing the cost advantage of non compliance
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Goldman Sachs invest $50M in digital currency payment startup Circle

Goldman Sachs invest $50M in digital currency payment startup Circle | Payments 2.0 | Scoop.it
Finextra: Circle, a consumer finance provider that allows users to make payments using digital currencies, has announced a new $50 million strategic investment round co-led by Goldman Sachs and IDG Capital Partners.
Therese Torris's insight:

bitcoin et al are definitely the poster children of old finance investment banks

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Best Buy splits from MCX in favor of Apple Pay

Best Buy splits from MCX in favor of Apple Pay | Payments 2.0 | Scoop.it
Finextra: MCX, a Walmart-led competitor to Apple Pay, has suffered a big blow with the news that consortium member Best Buy is to begin accepting payments from iPhone-touting consumers in the summer.
Therese Torris's insight:

A not unexpected blow to fledging MCX which (unrealistically) required from participating merchants that they do not accept Apple Pay

MCX  technology is now in the hands of PayPal

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ICICI Bank Launches 'Tap N Pay' NFC Based Contactless Payments

ICICI Bank Launches 'Tap N Pay' NFC Based Contactless Payments | Payments 2.0 | Scoop.it
ICICI Bank today announced launch of new innovative NFC (Near Field Communication) based contactless payment system in partnership with Tech Mahindra. Called
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Jawbone's New Fitness Tracker Brings Mobile Payments to Your Wrist

Jawbone's New Fitness Tracker Brings Mobile Payments to Your Wrist | Payments 2.0 | Scoop.it
I’ve wanted a fitness tracker for years. Something discreet with crazy good battery life that not only quantifies my movement but also packages the data in a way I can understand.
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The Value of Blockchain Technology according to an Ethereum founder

The Value of Blockchain Technology according to an Ethereum founder | Payments 2.0 | Scoop.it

One of the questions that has perhaps been central to my own research in blockchain technology is: ultimately, what is it even useful for? Why do we need blockchains for anything, what kinds of services should be run on blockchain-like architectures, and why specifically should services be run on blockchains instead of just living on …


Via Philippe J DEWOST
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Philippe J DEWOST's curator insight, April 21, 7:35 AM

Brilliant essay by Vitalik Buterin, one of Ethereum founding members, about what Blockchain is / is not (for).

And his very interesting and generic definition of what a blockchain is:

A blockchain is a magic computer that anyone can upload programs to and leave the programs to self-execute, where the current and all previous states of every program are always publicly visible, and which carries a very strong cryptoeconomically secured guarantee that programs running on the chain will continue to execute in exactly the way that the blockchain protocol specifies.

Notice that this definition does NOT:

- Use financially-charged terms like “ledger”, “money” or “transactions”, or indeed any terms geared toward a particular use case

- Mention any particular consensus algorithm, or indeed mention anything about the technical properties of how a blockchain works (except for the fact that it’s “cryptoeconomic”, a technical term roughly meaning “it’s decentralized, it uses public key cryptography for authentication, and it uses economic incentives to ensure that it keeps going and doesn’t go back in time or incur any other glitch”)

- Make a restriction to any particular type of state transition function

 

I do strongly recommend to anybody interested or curious in this field to take the time to (re)read this post in extenso...

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Discover lets users freeze their misplaced cards

Discover lets users freeze their misplaced cards | Payments 2.0 | Scoop.it
Finextra: Discover has introduced a security feature that lets people who misplace their credit cards freeze their accounts from their mobile phones.
Therese Torris's insight:

High time!

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BBVA Compass partners Dwolla for real-time payments

BBVA Compass partners Dwolla for real-time payments | Payments 2.0 | Scoop.it
Finextra: BBVA Compass customers can now bypass America's antiquated, sluggish payments networks and make real-time payments through Iowa startup Dwolla's platform.
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Luis Garcia Orza's curator insight, April 9, 6:20 AM

Well done BBVA, lets trust this services arrives EU soon

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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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Steve Wozniak joins board of blockchain-tapping ATM startup Planet Capital

Steve Wozniak joins board of blockchain-tapping ATM startup Planet Capital | Payments 2.0 | Scoop.it

Finextra: Apple co-founder Steve Wozniak has joined the board of a new fintech firm promising to use the blockchain to overhaul the ATM market....Planet’s strategy is to deploy kiosks free of charge, removing the ‘pay wall’ and common financial barriers for many merchants desiring to install service-ready, multi-function ATM’s to meet their clients growing financial, digital and virtual needs within this fast-moving economy."

Therese Torris's insight:

Direct link http://www.planet-capital.com/

Crunchbase entry https://www.crunchbase.com/organization/planet-capital

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Payments Innovation Jury Report 2015

The Payments Innovation Jury Report, written by John Chaplin, details global trends in payments innovation, and future opportunities and challenges for the ind…
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Recommended by Chris Skinner on his blog

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Finextra news: PayPal extends One Touch payments to the web

Finextra news: PayPal extends One Touch payments to the web | Payments 2.0 | Scoop.it
Finextra: PayPal is extending its One Touch payments system beyond mobile to the web, in a move the firm says will help merchants reduce abandoned shopping cart rates.
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Britain's Second Largest Mobile Wallet, Yoyo, Pulls $10 Million in Funding

Britain's Second Largest Mobile Wallet, Yoyo, Pulls $10 Million in Funding | Payments 2.0 | Scoop.it
UK-based Yoyo announced a $10 million Series A round of funding today, bringing the startup’s total to $15 million. The round was led by Imperial Innovations, an affiliate of Imperial College, where Yoyo piloted its mobile payments app.
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The rise of HCE-based mobile payments

The rise of HCE-based mobile payments | Payments 2.0 | Scoop.it
Mobile Payments Today recently conducted a Q&A with a Sequent Software executive to discuss some issues regarding how HCE affects the mobile-payments industry going forward.
Therese Torris's insight:

Making cloud-based HCE mobile payments happen securely on a commercial level proved to be a lot more challenging than many initially anticipated...  but at the end, HCE mobile payments can be made extremely secure, comparable to chip-based security and... to evaluate transaction risk in real time relying on multiple additional data points such as location, device ID and other telemetry data.

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PayPal exec wants to replace passwords with more reliable biometrics

PayPal exec wants to replace passwords with more reliable biometrics | Payments 2.0 | Scoop.it
Finextra: People may only just be coming round to the idea of using their fingerprints to authenticate themselves, but a PayPal executive is already looking ahead to a time when we embed and ingest devices that identify us at the point-of-sale.
Therese Torris's insight:

Fingerprints can be temporarily or permantently impaired by many conditions. Would be interesting to have statistics :


•People born without fingerprints as a result of a genetic dispositions, adermatoglyphia, Naegeli syndrome, dermatopathia pigmentosa reticularis

•People with a skin disease such as dyskeratosis congenita

•People with no hands, on one missing limb

•People working in jobs where they handle rough material such as stones or chemicals

•Older people or people with premature aging diseases (this is probably the largest Group)

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US Coinsetter buys failing Canadian #bitcoin exchange Cavirtex

US Coinsetter buys failing Canadian #bitcoin exchange Cavirtex | Payments 2.0 | Scoop.it
Finextra: Cavirtex, a Canadian bitcoin exchange forced to shut down last month in the wake of a security breach, has won a reprieve after being acquired by American counterpart Coinsetter.
Therese Torris's insight:

One more bitcoin exchange down !

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Mobile-ordering provider Tapingo secures additional $22 million in funding

Mobile-ordering provider Tapingo secures additional $22 million in funding | Payments 2.0 | Scoop.it
Tapingo, which is popular on U.S. college campuses, said it will use the funding to accelerate its expansion beyond the college market.
Therese Torris's insight:

Happened last week. Brings total money raised to $36 Million in 3 Rounds from 5 Investors. Source :  https://www.crunchbase.com/organization/tapingo

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