Payments 2.0
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Credit Scorer Kreditech Raises ‘Around $3.5M’ From Samwers And Others | TechCrunch

Credit Scorer Kreditech Raises ‘Around $3.5M’ From Samwers And Others | TechCrunch | Payments 2.0 | Scoop.it
Last month Oliver and Marc Samwer — founders of the Rocket Internet startup incubator — launched Global Founders Capital, a new €150 million ($194 million) fund aimed at any and all startups worldwide.
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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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Fidor Bank and Kraken call on partners to establish a cryptocurrency bank

Fidor Bank and Kraken welcome partners in an initiative to establish a banking platform for crypto-currencies - Join now!
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Samsung buys digital wallet star to take on Apple Pay

Samsung buys digital wallet star to take on Apple Pay | Payments 2.0 | Scoop.it
SAN FRANCISCO (AFP) - Samsung Electronics on Wednesday announced a deal to buy LoopPay, a young digital wallet firm challenging Apple Pay at retailer checkout terminals. The South Korean consumer el
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Stripe offers bitcoin payments through a single line of code

Stripe offers bitcoin payments through a single line of code | Payments 2.0 | Scoop.it
Digital payments upstart Stripe has added support for bitcoin, enabling merchants to accept the crypto-currency through just a single line of code.
Therese Torris's insight:

So what? I hesitated to curate this, wondering whether that is all that Stripe has to offer to make the news...

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WorldRemit raises $100M to take on the global remittance market

WorldRemit raises $100M to take on the global remittance market | Payments 2.0 | Scoop.it
WorldRemit, a UK-based startup that is going after the Western Unions and MoneyGrams of the world with a commission-beating online and mobile remittance..
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TransferWise makes US play

TransferWise makes US play | Payments 2.0 | Scoop.it
London-based money transfer startup TransferWise is hoping to conquer America after adding the US dollar to its list of currencies.
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Rabobank rolls out contactless payments using Samsung mobile wallet's secure element

Rabobank rolls out contactless payments using Samsung mobile wallet's secure element | Payments 2.0 | Scoop.it
Rabobank has rolled out a mobile wallet on the embedded Secure Element of Samsung Galaxy S4 and Samsung Note 3 phones.
Therese Torris's insight:

After a failed bank - telco alliance, a bank - hardware alliance

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Finovate Europe 2015 - Day 2 Roundup

Finovate Europe 2015 - Day 2 Roundup | Payments 2.0 | Scoop.it
The second and final day of Finovate Europe saw 32 startups take the stage to try and impress a packed crowd of fintech VCs, journalists, bankers and experts. PFM, mobile payments and wealth management all made an appearance, often to a critical audience - while other firms attempted to push the boundaries of fintech, causing a huge buzz within Old Billingsgate and on social media.
Therese Torris's insight:

Wished I was there !

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Therese Torris's curator insight, February 11, 3:28 PM

Some PFM innovation

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Beacons & Mobile Payments for the Masses

Beacons & Mobile Payments for the Masses | Payments 2.0 | Scoop.it
For mobile commerce technologies to really hit the masses, they need to be deployed where the masses are. For example, beacons in a store, or even 100 stores, have little chance of touching most
mobile consumers.
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What is a Digital Wallet? A definition in transition

What is a Digital Wallet? A definition in transition | Payments 2.0 | Scoop.it
What is a digital wallet? That depends. The definition of a digital wallet will probably vary a little from person to person.
Therese Torris's insight:

Good reminder that the definition of digital/mobile wallet is still evolving

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$387 M vanish from Honk Kong bitcoin exchange MyCoin - deemed Ponzi scheme by authorities

$387 M vanish from Honk Kong bitcoin exchange MyCoin - deemed Ponzi scheme by authorities | Payments 2.0 | Scoop.it
Hong Kong's central bank has warned the public about investing in bitcoin after local media reports that a virtual currency exchange operator may have scarpered with $387 million in client funds.
Therese Torris's insight:

Won't do good to the already fledging bitcoin!

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Payment enabled smart Swatch to launch within 3 months

Payment enabled smart Swatch to launch within 3 months | Payments 2.0 | Scoop.it
Swatch is to launch an Internet-enabled smartwatch featuring mobile payment functionality in the next two to three months.
Therese Torris's insight:

No détails about which payment system. Let's hope the smart Swatch will be more affordable than the iWatch

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Mobile payment scheme Paym signs up 1.8 million consumers; £26 million transferred

Mobile payment scheme Paym signs up 1.8 million consumers; £26 million transferred | Payments 2.0 | Scoop.it
Up to 1.8 million UK consumers have so far signed up for UK bank-backed mobile payments service Paym, which has processed £26 million in funds transfers since its launch in April last year.
Therese Torris's insight:

http://www.paym.co.uk/

Member banks:

Bank of Scotland

Barclays,

Cumberland Building Society,

Danske Bank,

Halifax,

HSBC,

Lloyds Bank,

Santander

TSB already

Clydesdale Bank,
Isle of Man Bank,
NatWest,
Royal Bank of Scotland,
Ulster Bank
Yorkshire Bank

plan to join in 2015:

Ipagoo,

Metro Bank,
Nationwide Building Society and Tesco Bank

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Following its acquisition by Google, mobile payment JV Softcard shuts down

Following its acquisition by Google, mobile payment JV Softcard shuts down | Payments 2.0 | Scoop.it
Finextra: US telco-owned mobile payments venture Softcard has confirmed that is shutting down after selling off technology and intellectual property to Google.
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Google strikes Softcard deal so 4 US Telcos integrate Google Wallet in android phones

Google strikes Softcard deal so 4 US Telcos integrate Google Wallet in android phones | Payments 2.0 | Scoop.it
The mobile-payments alliance will allow Google Wallet to come loaded onto Android smartphones at all four US national wireless carriers.
Therese Torris's insight:
Wallet war heats up : Google is not buying Softcard technology for its own stakes but in exchange of having telcos preinstall Google Wallet onto all the Android phones they sell
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Bad news for Windows Phone–Google set to buy NFC payments provider Softcard

Bad news for Windows Phone–Google set to buy NFC payments provider Softcard | Payments 2.0 | Scoop.it
The Wall Street Journal reports that Google is negotiating for the purchase of US mobile payments provider Softcard by May this year. The effort would be to bolster Google Wallet, which has been lo...
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US government portal Pay.gov now accepts payments thru PayPal and Dwolla digital wallets

US government portal Pay.gov now accepts payments thru PayPal and Dwolla digital wallets | Payments 2.0 | Scoop.it
Pay.gov, the US Government's Web portal for collecting payments for federal agencies, has opened up to digital wallets from PayPal and Dwolla, as part of an ongoing effort to move away from paper-based processes to more efficient and secure electronic transactions.
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UK RBS and NatWest to use Apple's Touch ID for fingerprint mobile log-in

UK RBS and NatWest to use Apple's Touch ID for fingerprint mobile log-in | Payments 2.0 | Scoop.it
RBS and NatWest have introduced Apple's Touch ID for fingerprint log-in to mobile apps on the iPhone.
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iZettle launches FREE mobile payment Chip & PIN reader

iZettle launches FREE mobile payment Chip & PIN reader | Payments 2.0 | Scoop.it
Swedish mPOS firm iZettle is introducing the world's first free-of-charge Chip & PIN reader for merchant customers across Europe.
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Québec regulator tells bitcoin firms to apply for licenses

Québec regulator tells bitcoin firms to apply for licenses | Payments 2.0 | Scoop.it
Firms operating bitcoin ATMs and trading platforms in Québec have been told that they must obtain a license from the Canadian province's Autorité des marchés financiers (AMF).
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Finovate Europe 2015 - Day 1 roundup

Finovate Europe 2015 - Day 1 roundup | Payments 2.0 | Scoop.it
Crowdfunding, bitcoin, identity and security, and, of course, personal finance management dominated the first day of Finovate Europe in London. Finextra watched the demos, followed the tweets and spoke to the players. Here's what caught our eye.
Therese Torris's insight:

Always good. Wished I was there...

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UK contactless card payments triple in one year

UK contactless card payments triple in one year | Payments 2.0 | Scoop.it
There are now 58million contactless cards in circulation in the UK and they are accepted by many major chains and organisations including Aldi, Boots, Waitrose and even Barnardo's.
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Everything you need to know about NFC and mobile payments

Everything you need to know about NFC and mobile payments | Payments 2.0 | Scoop.it
Now available in the iPhone 6, iPhone 6 Plus and Apple Watch, NFC is poised to play an important role in the way we use our phones, especially when it comes to mobile payments. Here's how it works.
Therese Torris's insight:

Nice and brief overview

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Mobile Payments Today compares 151 mobile wallets [Research report]

Mobile Payments Today compares 151 mobile wallets [Research report] | Payments 2.0 | Scoop.it

The 61-page document details the capabilities of 151 leading mobile wallets.  Cost : $399

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Exec in charge of moving PayPal into offline world gives up

Exec in charge of moving PayPal into offline world gives up | Payments 2.0 | Scoop.it
The man behind PayPal's move into the bricks and mortar world, Don Kingsborough, has quit the firm, admitting it has come up short in its efforts to move beyond online payments.
Therese Torris's insight:

A more proof of the fact that payments are not a bonanza but a tough nut to crack!

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Coinbase in trouble over New York and California regulatory status

Coinbase in trouble over New York and California regulatory status | Payments 2.0 | Scoop.it
Coinbase is being sized up for a class action suit by securities litigators Tripp Levy for allegedly making false and misleading statements relating to the regulatory status of its new bitcoin exchange in New York and California.
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