Payments 2.0
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Winklevoss Twins Own 1% Of All BitCoins

Winklevoss Twins Own 1% Of All BitCoins | Payments 2.0 | Scoop.it

Think the 75% plunge in BitCoin values in two days has crushed all former supporters of the virtual currency (which truth be told is only back to levels from a month ago)? Wrong. [...]

The brothers began dabbling in bitcoin last summer when the dollar value of a single coin was still in the single digits. In addition to the purchase of bitcoins, they also say they have invested in a bitcoin-related company, but declined to disclose which one

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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'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
Therese Torris's insight:
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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Sweden's iZettle raises €60 million & appoints new CEO

Sweden's iZettle raises €60 million & appoints new CEO | Payments 2.0 | Scoop.it
Swedish mPOS firm iZettle has raised €60 million in funding and appointed a new chief financial officer.
Therese Torris's insight:
Not a crazy valuation for a company which raised $188M to date. Company still losing money. New CEO appointed
https://techcrunch.com/2017/01/10/izettle-raises-63m-more-at-a-500m-valuation-to-expand-from-mobile-payments/
https://www.crunchbase.com/organization/izettle#/entity

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Payments provider Stripe has raised another $150M at a $9B valuation

Payments provider Stripe has raised another $150M at a $9B valuation | Payments 2.0 | Scoop.it
Stripe -- the company that lets websites and apps incorporate payments services by way of an API and a few lines of code -- has raised another round of..
Therese Torris's insight:
Making the Collison's brothers, Patrick and John, 28 and 26 y old respectively, billionnaires
One word of caution, though: they don't publish their numbers
Hopefully, this is not another Square story
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Sweden could become the first major country to issue a national digital currency

Sweden could become the first major country to issue a national digital currency | Payments 2.0 | Scoop.it
Notes and coins in circulation have fallen by 40% since 2009 in Sweden. Riksbank is considering issuing a digital 'ekrona' in response.
Therese Torris's insight:
Wonder what that will do to banks' revenues...
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From Sibos EMEA: EBA says Pan-European instant payments well on track with 80 banks and PSPs on board from 39 in May

From Sibos EMEA: EBA says Pan-European instant payments well on track with 80 banks and PSPs on board from 39 in May | Payments 2.0 | Scoop.it
Hays Littlejohn, CEO, EBA Clearing provides an update on the delivery of this new real-time payment infrastructure.
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PaySimple Pulls in $115 Million

PaySimple Pulls in $115 Million | Payments 2.0 | Scoop.it
Service commerce solution PaySimple just closed its second round of funding since it was founded in 2006. The $115 million round amounts to 7X more than the first round the company closed in 2011. PaySimple’s funding now totals $131 million. The Colorado-based company anticipates the investment, which comes from Providence Strategic Growth, will fuel its Rea
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PaySimple specializes in payment systems for service providers and helping them grow their business through better billing and invoicing. It partners with comparison site Fundera to offer credit 
https://paysimple.com/
https://www.fundera.com/


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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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Jack Ma’s Ant Financial Buys MoneyGram for $880 Million

Jack Ma’s Ant Financial Buys MoneyGram for $880 Million | Payments 2.0 | Scoop.it
Ant Financial, the financial technology company controlled by billionaire Jack Ma, stepped up its international expansion by buying U.S. money-transfer service MoneyGram International Inc.
Therese Torris's insight:
The ant is now a juggernaut
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European Payment Council sets November 2017 launch date for instant payments in SEPA 

The European Payments Council has confirmed a November 2017 launch date for a pan-European instant credit transfer scheme that will bring real-time money transfers across the Single Euro Payments Area (Sepa).
Therese Torris's insight:
"The decision to create an instant payments scheme comes in response to concerns that the emergence of new domestic platforms, such as the UK's Faster Payments, might end up creating a fragmented market in Europe, similar to what existed in regular payments in the past."
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Australian watchdog comes down on Apple's side in bitter bank dispute over NFC access

Australian watchdog comes down on Apple's side in bitter bank dispute over NFC access | Payments 2.0 | Scoop.it
Australian banks are set to lose their bitter struggle to win collective bargaining rights over NFC access to iPhones as the country's anti-trust regulator issues a draft determination in favour of Apple.
Therese Torris's insight:
bitter loss
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APIs and open banking win most airtime at Sibos 2016

APIs and open banking win most airtime at Sibos 2016 | Payments 2.0 | Scoop.it
Blockchain still high on the agenda according to Finextra’s review of discussions in Geneva, while excitement about AI grows
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Chinese Alipay marches into the US with First Data/Verifone deals

Chinese Alipay marches into the US with First Data/Verifone deals | Payments 2.0 | Scoop.it
Chinese payments behemoth Alipay is moving in to the US market through deals struck with Eftpos terminal suppliers First Data and Verifone.
Therese Torris's insight:
No surprise there. When a business counts its customers in 100's of millions as opposed to 10's, it may have a headstart
see http://expandedramblings.com/index.php/alipay-statistics/

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THE MOBILE PAYMENTS IN CHINA REPORT: What the US can learn from China's enormous success in mobile payments

THE MOBILE PAYMENTS IN CHINA REPORT: What the US can learn from China's enormous success in mobile payments | Payments 2.0 | Scoop.it
A deep dive research into China's mobile payments ecosystem that deciphers which growth drivers can be exported to the US to help spark its market.
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