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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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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Bitcoin Foundation is “effectively bankrupt,” board member says

Bitcoin Foundation is “effectively bankrupt,” board member says | Payments 2.0 | Scoop.it
Advocacy group's founders involved in crimes, bankruptcy, and offshore relocation.
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The advocates are as weak as the cause

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Canadian mPOS startup Dream Payments Raises $6 M

Canadian mPOS startup Dream Payments Raises $6 M | Payments 2.0 | Scoop.it
Toronto-based Dream Payments just pulled in its first round of funding late last month. The $6 million comes from Canada’s early stage fintech venture capital and private equity firms, as well as institutional investors Blue Sky Capital, Real Ventures, and Rouge River Capital. With Dream Payments, merchants use the Dream mobile Point of Sale (mPOS) terminal that works with iOS and Read more...
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PayPal pays $7.7m fine for processing $44K of transactions from accounts of US sanctions list

PayPal pays $7.7m fine for processing $44K of transactions from accounts of US sanctions list | Payments 2.0 | Scoop.it
Finextra: PayPal has agreed to pay $7.7 million to settle charges from the US Treasury that lax screening technology saw the firm violate multiple sanctions programmes.
Therese Torris's insight:

retrospective fines could hit bitcoin operators as well!

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Square extends its $Cashtag service to businesses

Square extends its $Cashtag service  to businesses | Payments 2.0 | Scoop.it
Finextra: Square is hoping to wean America's merchants off of cheques by extending its Cash person-to-person payments service to businesses.
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UK govt plans money laundering rules for digital currency exchanges

UK govt plans money laundering rules for digital currency exchanges | Payments 2.0 | Scoop.it
Finextra: The UK government has set out its approach to digital currencies, vowing to start applying anti-money laundering regulation to exchanges but also promising to put cash behind research into the potential of blockchain technology.
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UK govt plans money laundering rules for digital currency exchanges

UK govt plans money laundering rules for digital currency exchanges | Payments 2.0 | Scoop.it
Finextra: The UK government has set out its approach to digital currencies, vowing to start applying anti-money laundering regulation to exchanges but also promising to put cash behind research into the potential of blockchain technology.
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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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Polish smartphone users save trip to the bank by calling Idea Bank's cars w/ built-in mobile ATM to get or deposit cash

Polish smartphone users save trip to the bank by calling Idea Bank's cars w/ built-in mobile ATM  to get or deposit cash | Payments 2.0 | Scoop.it
Finextra: Poland's Idea Bank is taking a novel approach to the mobile banking phenomenon, with the launch of a fleet of automobiles fitted with ATMs that can be summoned by smartphone.
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PayPal is the most secure payment processor - deep learning

PayPal is the most secure payment processor - deep learning | Payments 2.0 | Scoop.it

... as it is the most often attacked..

by Chris Skinner

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Google preps Gmail bill payment feature

Google preps Gmail bill payment feature | Payments 2.0 | Scoop.it
Finextra: Google is plotting a service that enables people to receive and pay their bills through Gmail, according to an internal document seen by Re/code.
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FundedByMe Now Accepts Bitcoin as it Offers Equity in Bitcoin Trading Platform Safello

FundedByMe Now Accepts Bitcoin as it Offers Equity in Bitcoin Trading Platform Safello | Payments 2.0 | Scoop.it

a vested interest to accept bitcoins

Therese Torris's insight:

that's what I call a vested interest to accept bitcoins

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Therese Torris's curator insight, March 19, 12:56 PM

that's a risky proposition

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Chinese handset maker Xiaomi trials interest-bearing mobile wallet

Chinese handset maker Xiaomi trials interest-bearing mobile wallet | Payments 2.0 | Scoop.it
Finextra: Chinese smartphone manufacturer Xiaomi is moving into the financial services world with an interest-bearing mobile wallet account.
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Facebook brings P2P payments to Messenger

Facebook brings P2P payments to Messenger | Payments 2.0 | Scoop.it
Finextra: American Facebook users will soon be able to send money to each other through the social network giant's Messenger app.
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