Payments 2.0
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Bitcoin is now trending at online stores

Bitcoin is now trending at online stores | Payments 2.0 | Scoop.it
Last week, virtual currency Bitcoin hit an all-time high after passing the $32 mark for its US dollar exchange rate, and now it has gained a significant new backer with domain host ...
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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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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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Payments startup Balanced is shutting down. Handing over clients to Stripe

Payments startup Balanced is shutting down. Handing over clients to Stripe | Payments 2.0 | Scoop.it
Shutting down in 90 days
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Bitcoin startup 21 inc raises $116 million

Bitcoin startup 21 inc raises  $116 million | Payments 2.0 | Scoop.it

For the past year and a half, a Silicon Valley startup has quietly convinced some of the biggest names in venture capital to back its effort to turn the technology behind bitcoin into a mass-marketed phenomenon.

Therese Torris's insight:

Crunchbase :

21 Inc is a Bitcoin mining pool. It is working on specially designed chips that will drive new equipment specifically aimed at doing this more efficiently. 21 Inc has yet to publicly reveal the exact nature of its operations. - See more at: https://www.crunchbase.com/organization/21e6#sthash.MYJ71DAK.dpuf

https://www.crunchbase.com/organization/21e6

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InMobi Plans to Stay Independent, Dismissing Rumors of Talks With Google

InMobi Plans to Stay Independent, Dismissing Rumors of Talks With Google | Payments 2.0 | Scoop.it
The chief executive of the Indian mobile advertising start-up denied reports that the company was discussing a possible acquisition by Google.
Therese Torris's insight:
Should we believe this ? Denying is the rule when negotiation acquisition
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Square buys payment hardware maker Kili Technology

Square buys payment hardware maker Kili Technology | Payments 2.0 | Scoop.it
ZDNet: Kili's payment modules operate with NFC for two-way communications -- a payment method that Square has yet to support.
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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.
Therese Torris's insight:

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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Alibaba eyes facial recognition for payments with “Smile to Pay”

Alibaba eyes facial recognition for payments with “Smile to Pay” | Payments 2.0 | Scoop.it
While Apple Pay and competing company are relying on fingerprints as a means of authenticating mobile payments, Alibaba has its eyes set on facial recognition.
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WebGems SNMinc's comment, March 27, 5:05 AM
I really like this technique...
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Apple Pay shows steep consumer adoption curve

Apple Pay shows steep consumer adoption curve | Payments 2.0 | Scoop.it
Finextra: The Apple effect on mobile payments uptake in the US is thrown into relief by a new survey of iPhone 6 users by Auriemma Consulting, which shows that fully 42% have tried Apple Pay, with three quarters of the sample going on to make repeat purchases.
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EMV and payment liability shift made Apple Pay's timing right

EMV and payment liability shift made Apple Pay's timing right | Payments 2.0 | Scoop.it
How Apple Pay fooled the world into thinking they solved the Digital Wallet issue
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European Payment Council lays out framework for card-not-present transactions

European Payment Council lays out framework for card-not-present transactions | Payments 2.0 | Scoop.it
Finextra: The European Payments Council has drawn up a blueprint for the creation of an interoperable card and terminal infrastructure to handle card-not-present transactions across the Single Euro Payments Area (Sepa).
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Square buys Toronto's Kili Technology

Square buys Toronto's Kili Technology | Payments 2.0 | Scoop.it
Finextra: As it seeks to keep pace with a market shifting to EMV and NFC, Square has acquired Canadian payments specialist Kili Technology. Financial terms of the deal were not disclosed.
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