Payments 2.0
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The Evolution Of The Consumer Checkout Experience [Infographic]

The Evolution Of The Consumer Checkout Experience [Infographic] | Payments 2.0 | Scoop.it
The retail payment scenario is changing rapidly. With the advancement of mobile POS, every employee is now a potential cashier.

Via Cecile Morel
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Now everybody is a cashier

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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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Russian Bitcoin exchange chief arrested in connection to Mt. Gox 'hack' 

Russian Bitcoin exchange chief arrested in connection to Mt. Gox 'hack'  | Payments 2.0 | Scoop.it

The Mt. Gox hack which left thousands of investors out of pocket may have connections to Russia....

Prosecutors say the exchange has also been used for money laundering purposes "and related crimes...

 
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Why are we not surprised...
 
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Ingenico agrees $1.5 billion deal for payment processor Bambora 

Ingenico agrees $1.5 billion deal for payment processor Bambora  | Payments 2.0 | Scoop.it
Ingenico is to acquire three-year old payment processor Bambora from Nordic Capital for $1.5 billion, adding fuel to an increasingly hot industr
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Wirecard Partners with WeChat Pay to Allow European Retailers Access to 938 Million Users 

Wirecard Partners with WeChat Pay to Allow European Retailers Access to 938 Million Users  | Payments 2.0 | Scoop.it
Wirecard has announced an agreement with Tencent's WeChat Pay, one of the leading mobile payment solutions in China. WeChat or Weixin are deeply integrated
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Meanwhile, EU banks try to block local third-party payment service providers...
 
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IZettle eyes IPO

IZettle eyes IPO | Payments 2.0 | Scoop.it
Having doubled revenues and slashed losses last year, Swedish mPOS outfit iZettle says that it is preparing for a potential IPO.
Therese Torris's insight:
Looking forward
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Vantiv Offers Worldpay a Deal Valued at $10 Billion

Vantiv Offers Worldpay a Deal Valued at $10 Billion | Payments 2.0 | Scoop.it
The British payment processor said it had agreed in principle to be acquired by an American rival that is looking to expand its international presence.
Therese Torris's insight:
Expect more consolidations
 
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Credit card companies expected to green light Square mobile payment's "pin on glass"  

Credit card companies expected to green light Square mobile payment's "pin on glass"   | Payments 2.0 | Scoop.it
Banks are set to face more competition in the lucrative mobile point of sale technology game, after secret trials at Jack Dorsey's Square.
Therese Torris's insight:
Wow, this could hurt many payment terminal businesses!
 
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Worldpay pilots app-only mPOS for small retailers

Worldpay pilots app-only mPOS for small retailers | Payments 2.0 | Scoop.it
Worldpay is conducting extended trials of a software-based mobile points of sale system which helps cash-only mobile and micro retailers to accep
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Fiserv to acquire Monitise for £70 million

Fiserv to acquire Monitise for £70 million | Payments 2.0 | Scoop.it
Fiserv is offering to buy long-struggling UK mobile banking firm Monitise at 2.9 pence per share, valuing the company at £70 million.
Therese Torris's insight:
It's not easy to be a bank
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Therese Torris's curator insight, June 13, 7:10 AM
Call it neobank, challenger bank... whatever, it's not easy to be a good bank
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Klarna Receives Investment from Brightfolk - Finovate

Online payments company Klarna announced a major new strategic investor this week. Brightfolk has reportedly become a qualified owner of Klarna, meaning it has purchased at least 10% of the company. Brightfolk is held by Anders Holch Povlsen, owner of European fashion company, BESTSELLER. Povlsen will acquire shares from existing shareholders General Atlantic, DST Global and Niklas Rea
Therese Torris's insight:
Klarna has raised nearly $300M in equity and another $300M in debt and was last valued at $2.25B in 2015
https://www.crunchbase.com/organization/klarna#/entity
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Blockchain consortium R3 raises $107 million

Blockchain consortium R3 raises $107 million | Payments 2.0 | Scoop.it
After years of development and flickering just outside of mainstream consciousness and acceptance, record high prices for the most popular blockchain-based..
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I thought R3 was dead but it seems not
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AliPay, WeChat Processed $3 Trillion in 2016

AliPay, WeChat Processed $3 Trillion in 2016 | Payments 2.0 | Scoop.it
Chinese consumers sent about $3 trillion in payments through Alibaba and Tencent payment services in 2016. According to a new report released by the UN-based
Therese Torris's insight:
These are the fintechs banks should worry about
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Dutch banks back all-in-one mobile payments tech from ING

Dutch banks back all-in-one mobile payments tech from ING | Payments 2.0 | Scoop.it
Six Dutch banks are getting behind ING's multi-purpose mobile payments app Payconiq for a Summer roll out in the Netherlands.
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Square quarterly results: halves losses on increased revenue - lends ¤318 million 1

Square quarterly results: halves losses on increased revenue - lends ¤318 million 1 | Payments 2.0 | Scoop.it
Square reported second-quarter results after the bell on Wednesday.
Therese Torris's insight:
Square investor relations
https://squareup.com/about/investors
 
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Therese Torris's curator insight, August 3, 10:26 AM
Where one can see that the loan distribution channel matters
 
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Wearable Tech: A Growing Payment Opportunity - An SPA White Paper - July 2017

Wearable Tech: A Growing Payment Opportunity - An SPA White Paper - July 2017 | Payments 2.0 | Scoop.it
Wearable Tech: A Growing Payment Opportunity - An SPA White Paper - July 2017
This short 10-page paper explores wearable tech from a payments perspective, analyzing the current market and evaluating the future prospects it affords consumers, institutions, and the wider payment ecosystem. Evaluating how contactless payment is already paving the way for new wearable payment factors, the paper outlines the challenges that will need to be overcome for mass take up to succeed.
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Therese Torris's curator insight, July 24, 3:02 PM
The Smart Payment Association SPA is a non-profit organization, founded in 2004 by Gemalto, Giesecke & Devrient and Oberthur
 
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What the Heck is Going on with Ethereum?1

What the Heck is Going on with Ethereum?1 | Payments 2.0 | Scoop.it
Ether, the cryptocurrency based off of and powering the blockchain technology Ethereum, made headlines last month after soaring to over $400 a coin. The hu
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ICO craze, coin volatility, technical issues
 
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Stripe adds support for Alipay and WeChat Pay, China’s top digital payment services

Stripe adds support for Alipay and WeChat Pay, China’s top digital payment services | Payments 2.0 | Scoop.it
Payment enabler Stripe just announced two significant tie-ins that could help its pool of merchants make money from consumers in China. U.S. firm Stripe said..
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The way of the future
 
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EBA publishes its Opinion in response to the European Commission intention to amend the EBA Technical Standards for open and secure electronic payments under the PSD2 - View press release - Europea...

The European Banking Authority (EBA) published today an Opinion responding to the European Commission’s (EC) intention to amend the EBA’s draft Regulatory Technical Standards (RTS) o
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Yoyo Wallet Raises $15 Million in Series B

Yoyo Wallet Raises $15 Million in Series B | Payments 2.0 | Scoop.it
Finovate:  "In a round led by Horeca, London-based Yoyo Wallet has raised more than $15 million (£12 million) in new funding. Alain Falys, company co-founder and CEO, said the new investment “will allow us to provide the benefits of customer identification and mobile engagement to a wider array of retailers, large and small, in Rea
 
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PayPal's Venmo Goes Head-to-Head with Zelle, Square Cash, and... Amazon  

PayPal EVP and COO Bill Ready recently reminisced how, in 1998, the company launched its first product, one that allowed users to beam money from one Palm Pilot to another. While the hardware has changed, the “beaming money” idea remains the same. In this race to real-time payments, the San Jose-based company announced this week that it Rea
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Great overview of the merits of each solution
 
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Inside Ripple's plan to make money move as fast as information

Inside Ripple's plan to make money move as fast as information | Payments 2.0 | Scoop.it
Most fintech startups fall into one of two camps: those that want to compete with banks and those that want to save banks from themselves. Ripple is the rare exception that wants to do both.
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US Banks-backed mobile P2P payments Zelle begins mass-market roll out

US Banks-backed mobile P2P payments Zelle begins mass-market roll out | Payments 2.0 | Scoop.it
Competition in the market for mobile P2P payments is about to reach boiling point in the US as bank-backed network Zelle begins its roll out to th
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Lemon Way: Payments & Regtech for 29 Countries in 24 Languages

Lemon Way: Payments & Regtech for 29 Countries in 24 Languages | Payments 2.0 | Scoop.it
In its early days as a Payment Service Provider, Lemon Way took up the challenge of meeting the complex needs of crowdfunding platforms while drastically c
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In-depth article on Lemon Way
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Token raises $15.7 million as PSD2 approaches

Token raises $15.7 million as PSD2 approaches | Payments 2.0 | Scoop.it
API-based transaction network Token has secured $15.7 million in Series A funding from major investors including Octopus Ventures, EQT Ventures and O
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BBVA and Ripple complete blockchain cross-border money transfer pilot » Banking Technology

BBVA and Ripple complete blockchain cross-border money transfer pilot » Banking Technology | Payments 2.0 | Scoop.it
BBVA has announced the completion of “the first real-life implementation of an international money transfer using Ripple’s new distributed ledger technology (DLT)”.
Therese Torris's insight:
Blockchain is a pretext for banks who have dramatically underinvested in new technology to bypass their antiquated systems
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Swedish Payment firm Klarna acquires German payment startup BillPay for $75M from Wonga

Swedish Payment firm Klarna acquires German payment startup BillPay for $75M from Wonga | Payments 2.0 | Scoop.it
Some chopping and changing is afoot in the world of payments in Europe. Today, Klarna, the startup out of Sweden that works with online merchants to enable..
Therese Torris's insight:
I was indispensable for Klarna to extend its footprint. Unclear whether it's enough to sustain the competition.

Techcrunch (Ingrid Lunden) about Wonga " it seems that [Wonga's] name and brand are still not one that people want to wave around"... in the past Techcrunch praised Wonga, although it was clear that the lender was among the worst of the payday lender variety, as if being "online" automatically meant being better than incumbents. Glad to read we're past that.
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