Payments 2.0
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eBay companies PayPal and Magento integrate to offer mobile payment services

eBay companies PayPal and Magento integrate to offer mobile payment services | Payments 2.0 | Scoop.it

PayPal is offering two new extensions that will let Magento’s merchants set up shop in PayPal’s mobile app and support mobile payments anywhere in their stores. [...]

The first, called In-Aisle Selling,[...] lets a salesman to take a credit or debit card payment anywhere in the store with PayPal’s triangular magnetic reader, while Magento’s ordering and inventory system pulls down all purchase and customer details.

The second extension is called Order Ahead, [...] lets merchants set up shop in PayPal’s mobile app.

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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), Bluetooth or other Contac to quickly pay small amounts in "tap and go" situtations 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, Starbauck'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 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 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. 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 is now going mobile with PayPal Here, contactless and in-store. 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 change 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 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
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Int'l money transfer app TransferWise Launches for Android

Int'l money transfer app TransferWise Launches for Android | Payments 2.0 | Scoop.it
TransferWise, the London-based startup that wants to make transferring money between currencies effortless and inexpensive, has finally launched a native Android app
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Facebook seeks European e-money license for remittance play

Facebook seeks European e-money license for remittance play | Payments 2.0 | Scoop.it

Finextra : Facebook is just 'weeks away' from getting an e-money license in Ireland that would allow its users to hold and exchange money on the social networking site, according to the Financial Times.

Therese Torris's insight:

Who needs bitcoin?

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PayPal releases mobile payment app for the Samsung Galaxy S5 fingerprint reader

PayPal releases mobile payment app for the Samsung Galaxy S5 fingerprint reader | Payments 2.0 | Scoop.it
GigaOm: Now that Samsung’s Galaxy S5 is available, it’s time to make use of the integrated fingerprint scanner. PayPal is doing just that, releasing its app made specifically for biometric authentication.
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Square secures credit in 'low hundreds of millions'

Square secures credit in 'low hundreds of millions' | Payments 2.0 | Scoop.it
Mobile payments company Square has secured a new revolving credit facility as the burgeoning startup seeks more permanent capital to grow.
Therese Torris's insight:

Square is grabbing cheap money while it can, before quantitative easing stops and the tech bubble bursts. It raised $341 million in venture capital and now 200-300 million in debt to buy its way into the payment market and force banks to cooperate. With David Viniar, former CFO of Goldman Sachs on Square's board and Sarah Friar, Square's CFO, also a former Goldman Sachs, Square will try again the IPO that it postponed in 2013. 

 http://www.crunchbase.com/company/square

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M-Pesa arrives in Europe

M-Pesa arrives in Europe | Payments 2.0 | Scoop.it
Having transformed Kenya's financial services industry, mobile money system M-Pesa is coming to Europe, with Romania the first stop.
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Jumio builds ID verification for Bitcoin platforms; Stripe tests bitcoin support

Jumio builds ID verification for Bitcoin platforms; Stripe tests bitcoin support | Payments 2.0 | Scoop.it
Jumio has signed up several bitcoin-related businesses to a scheme which lets users validate their identities by holding up paper ID to the cameras of Web-connected devices.
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POS EMVy: Making the Mobile POS Work in Europe

POS EMVy: Making the Mobile POS Work in Europe | Payments 2.0 | Scoop.it
Not the most successful headline pun of all time http://t.co/V9FY6WBeC5
Therese Torris's insight:
One of several POS reports published this week. AITE is quite a reliable research company
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Mobile POS use in department stores to nearly t...

Mobile POS use in department stores to nearly t... | Payments 2.0 | Scoop.it
Mobile POS use in department stores to nearly triple: report - Mobile Commerce Daily - Research on Mobile Technology curated by Jesús Hernández (Good to Know! FYI!
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China Is Attacking Alibaba And The Rest Of Its Trillion Dollar Mobile Payments Industry

China Is Attacking Alibaba And The Rest Of Its Trillion Dollar Mobile Payments Industry | Payments 2.0 | Scoop.it
State-run banks are putting limits on how much people can spend using mobile payments apps.
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Mobile payments for small businesses [Infographics]

Mobile payments for small businesses [Infographics] | Payments 2.0 | Scoop.it
It’s Time to Join the Mobile Payment Revolution. Yes, only 66% of small businesses use any type of mobile technology, let alone mobile payment technology.
Therese Torris's insight:

Quite a good infographic summary considering the complexity of the issue

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EBay urges shareholders to reject Icahn's PayPal spin-off plan

EBay urges shareholders to reject Icahn's PayPal spin-off plan | Payments 2.0 | Scoop.it
The eBay board has written to shareholders calling on them to vote against activist investor Carl Icahn's proposal to spin off PayPal.
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Mobile payment & banking solution provider Monitise raises £109 million - MasterCard takes a stake

Mobile payment & banking solution provider Monitise raises £109 million - MasterCard takes a stake | Payments 2.0 | Scoop.it
Monitise has raised around £109 million in a share-placing which sees MasterCard take a minority stake in the mobile money firm.
Therese Torris's insight:

The company is also changing business-model from licencing to subscription-based

Minitise powers Visa's paywave. Visa is an investor

http://www.monitise.com/

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Jeff Bezos And Mark Zuckerberg Are Racing To Dominate The Mobile Payments Business

Jeff Bezos And Mark Zuckerberg Are Racing To Dominate The Mobile Payments Business | Payments 2.0 | Scoop.it
Your calendar for the next seven days. (Jeff Bezos and Mark Zuckerberg are racing to dominate the mobile payments business http://t.co/hH00EFroqT)
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Bitcoin: Mt. Gox founder not ready to attend US bankruptcy hearing

Bitcoin: Mt. Gox founder not ready to attend US bankruptcy hearing | Payments 2.0 | Scoop.it
CNET Mt. Gox attorneys say in a court filing that Mark Karpeles is unwilling to travel to the US to address questions regarding the exchange's closure.
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Bitcoin price falls amid Chinese regulation crackdown rumors

Bitcoin price falls amid Chinese regulation crackdown rumors | Payments 2.0 | Scoop.it
Bitcoin’s price fell below $400 for the first time in 2014 as rumors swirl that China is starting to shut down the bank accounts of cryptocurrency exchanges based in the country.
Therese Torris's insight:
Bitcoin price then rebounded to $425
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ONLINE RETAIL PAYMENTS FORECAST 2013-2018: Alternative Payments Go Mainstream

ONLINE RETAIL PAYMENTS FORECAST 2013-2018: Alternative Payments Go Mainstream | Payments 2.0 | Scoop.it

This report evaluates the actual and forecast changes in the e-commerce market, tracks the payments mix from 2012 through the forecast year of 2018 and identifies key drivers of market change. This report highlights the role of the mobile channel within e-commerce and includes a market-sizing for mobile online retail payment activity. Online share and transaction growth of credit cards (network and private label), debit cards, online alternative payments like PayPal and Amazon Payments, online credit services like Bill Me Later, prepaid cards, and gift cards are also evaluated.

Therese Torris's insight:

$2000 for this report by Javelin Research

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Absa bank launches Payment Pebble mPOS device

Absa bank launches Payment Pebble mPOS device | Payments 2.0 | Scoop.it
South Africa's Absa has launched Payment Pebble, a headphone-jacked mobile point of sale device for small traders, as it refines its operating model to become a fully digital bank.
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Beacon to become as pervasive in store as GPS outside

Beacon to become as pervasive in store as GPS outside | Payments 2.0 | Scoop.it
Hundreds of stores and sports venues are being outfitted with proximity-based messaging technology. Are consumers willing to listen?
Therese Torris's insight:
About Beacon, iBeacon and Shopkick
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Mobile POS hardware : Apple Dominance in Jeopardy

Mobile POS hardware : Apple Dominance in Jeopardy | Payments 2.0 | Scoop.it
Shipments of new mobile POS devices are expected to double in 2014 — Apple products likely to lose significant market share. (Is @APPLEOFFIClAL #MobilePOS #Dominance in Jeopardy? #IHLGroup explains why.
Therese Torris's insight:
This report looks at the POS hardware
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Concise Analysis of the International and Chinese Financial POS market

Concise Analysis of the International and Chinese Financial POS Terminal Industry PR Newswire (press release) With the maturity of operation and other aspects of payment platform as well as the improvement of mobile payment environment in China,...
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Square Debuts Spanish Language Version of Mobile POS App

There are nearly 40 million Spanish speakers in the United States, making it the second most spoken language in the country.
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Bitcoin Investors Continue To Pile In

Bitcoin Investors Continue To Pile In | Payments 2.0 | Scoop.it
TechCrunch : The demise of Mt.Gox has been met with the launch of Bitcoin's Ft. Knox and the establishment of new proprietary exchanges from institutional investment..
Therese Torris's insight:
More who will fight and not let go of their investment
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US tax office IRS Says Bitcoin Will Be Taxed as Property, Not Currency

US tax office IRS Says Bitcoin Will Be Taxed as Property, Not Currency | Payments 2.0 | Scoop.it
Recode : Using bitcoin to buy stuff just got a whole lot more complicated.
Therese Torris's insight:
Not ideal but pragmatic. Bitcoin is used as speculative stored value. Nobody uses bitcoin for real transactions (as opposed to Public Relations announcements)
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NZ POS start-up Vend secures $20m funding led by PayPal co-funder Peter Thiel

NZ POS start-up Vend secures $20m funding led by PayPal co-funder Peter Thiel | Payments 2.0 | Scoop.it
New Zealand-based online point-of-sale software vendor Vend has scored US$20 million in a funding round led by PayPal co-founder Peter Thiel's Valar Ventures and Square Peg Capital.
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Wendy's and Burger King will be offering mobile payments

Wendy's and Burger King will be offering mobile payments | Payments 2.0 | Scoop.it
The high tech craze is now revolutionizing how you will be able to pay for fast food.
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