Payments 2.0
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Card reader, online and POS system : Shopify from Canada [VIDEO]

Shopify POS, an iPad point of sale system designed to let anybody easily sell in-store and online. Shopify POS uses the same easy-to-use online store managem... (Retailing online? Offline?
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Direct link http://www.shopify.com/

Start-up profile  http://crunchbase.com/company/shopify

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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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Blockchain startup Ripple raises $55 M from Standard Chartered, Accenture et al

Blockchain startup Ripple raises $55 M from Standard Chartered, Accenture et al | Payments 2.0 | Scoop.it
Ripple, the San Francisco-based startup building a bitcoin-like payments platform aimed at banks, announced a $55 million Series B funding round on Tuesday, bringing its total capital to about $93 million.
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Visa takes on M-Pesa with Kenyan mobile payments service

Visa takes on M-Pesa with Kenyan mobile payments service | Payments 2.0 | Scoop.it
Visa is teaming up with several Kenyan banks on a service that aims to break M-Pesa's stranglehold on the country's mobile payments market.
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Very late in the game...
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Apple Pay comes to France

Apple Pay comes to France | Payments 2.0 | Scoop.it
13 June 2016. Apple has announced an agreement with four French partners: the banking group Banque Populaire Caisse d%u2019Epargne (BPCE), Orange, Carrefour, and the French meal voucher provider Edenred. Apple Pay will be launched in France this summer.
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MasterCard to pay Sainsbury's £68.6 million after losing interchange battle

MasterCard to pay Sainsbury's £68.6 million after losing interchange battle | Payments 2.0 | Scoop.it
MasterCard is to pay £68.6 million to the UK supermarket chain Sainsbury's after losing a Competition Appeal Tribunal hearing over interchang
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Social payments Circle comes to China on back of $60 million funding round

Social payments Circle comes to China on back of $60 million funding round | Payments 2.0 | Scoop.it
Social payments app Circle has scored $60 million in financing from a syndicate of major Chinese investors and formed a new Beijing-based company
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more IM payments
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A well readable account of Ethereum's DAO Hacking - MUST READ

A well readable account of Ethereum's DAO Hacking - MUST READ | Payments 2.0 | Scoop.it
Oops. Ethereum's first Decentralized Autonomous Organization, The DAO, has lost money - lots of it. To be specific, it has lost the equivalent of about US$ 60m. This is not because it is a duff idea and no-one can be bothered with it (though that might also be true). No, [...]
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Extract from the attacker's letter to Ethereum:

"I am disappointed by those who are characterizing the [my] use of this intentional feature as “theft”. I am making use of this explicitly coded feature as per the smart contract terms and my law firm has advised me that my action is fully compliant with United States criminal and tort law….."


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Mobile International Remittances to Exceed $25Bn by 2018 [Research report]

A new study from Juniper Research has found that international remittances, including airtime top ups via mobile phones, will exceed $25 billion by 2018, up 67% from an estimated $15 billion in 2015.
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Several white papers are available upon registration
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Payments "startup" Stripe opens office in France to serve as Southern European HQ [in French]

Payments "startup" Stripe opens office in France to serve as Southern European HQ [in French] | Payments 2.0 | Scoop.it
L'API de paiement irlandaise Stripe, valorisée 5 milliards de dollars, se lance officiellement en France. Guillaume Princen, directeur général France et Europe du Sud, détaille sa stratégie.
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Stripe has raised $290M in 7 Funding Rounds
https://www.crunchbase.com/organization/stripe#/entity
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PayPal forced to shut down in Turkey

PayPal forced to shut down in Turkey | Payments 2.0 | Scoop.it
In a move that will affect hundreds of thousands of consumers and thousands of businesses, PayPal says that it is shutting down in Turkey next wee
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Square shares tank

Square shares tank | Payments 2.0 | Scoop.it
Shares in Jack Dorsey's Square plummeted 20% on Friday amid concerns about rising first quarter net losses and the financing of its merchant lendin
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What is surprising is that it took so long for the market to realize ...
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How peer-to-peer changes the financial world

How peer-to-peer changes the financial world | Payments 2.0 | Scoop.it
Another factor of reimagining finance for the internet age is the very nature of person-to-person connectivity and peer-to-peer networking. These two factors are very different and also different in the nature of how people are connecting. In the developed world, we have the viral connectivity of the smartphone; in the developing world, we have the basic connectivity of the mobile phone. Soon, both will transition into smart and mobile objects from cars and televisions to heating systems and refrigerators. In fact, with Nest and Samsung Home, it’s already pretty much there.

Via Philippe Serafin, Therese Torris
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Therese Torris's curator insight, May 4, 7:25 AM
It's about P2P payments but applies to all areas of finance
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China overtakes UK in digital payment volumes - Cap Gemini BNP World Payments Report 2016 [Free download]

China overtakes UK in digital payment volumes - Cap Gemini BNP World Payments Report 2016 [Free download] | Payments 2.0 | Scoop.it

Finextra : For the first time, China has surpassed the UK and South Korea in digital transaction volumes, taking fourth position among the top ten markets globally, behind the US, Eurozone and Brazil.

Therese Torris's insight:

I thought that happened a long time ago..


Direct link to download the World Payments Report 2016

https://www.uk.capgemini.com/experts/thought-leadership/world-payments-report-2016-from-capgemini-and-bnp-paribas

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Leetchi/MangoPay: What it's like when your fintech startup is acquired by a bank -

Leetchi/MangoPay: What it's like when your fintech startup is acquired by a bank - | Payments 2.0 | Scoop.it
Today the rhetoric between banks and fintechs has mostly shifted away from combat, suspicion and derision towards collaboration, partnership and acquisition. Notable European deals in the space include Munich-based digital challenger Fidor Bank getting snapped up by French banking group BPCE, Finland's Holvi exiting to Spain's BBVA and Credit Mutuel Arkea buying French fintech startups Leetchi and Mango Pay. 

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Worth reading
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Therese Torris's curator insight, September 14, 7:17 AM
In its directness and simplicity this is one of the best interviews of Celine Lazrthes, founder and CEP of Leetchi and Mangopay
Therese Torris's curator insight, September 14, 7:18 AM
Good read
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Oney, la banque d'Auchan, acquiert FIA-NET [in French] from Crédit Agricole

Les Echos: "La transaction, dont le montant n'est pas précisé, a été réalisée par Oney Tech, filiale de Oney créée en 2012, qui commercialise également des solutions de sécurisation des paiements à distance . Mais les deux sociétés se révèlent complémentaires en matière d'offre et d'expertise. Créée en 2000, FIA-NET dispose d'une base de données très conséquente liée notamment au Sceau de Confiance, une solution de collecte d'avis et de connaissance clients pour mesurer leur satisfaction.

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Oberthur (OT) partners with Swatch to offer wearable payments in Brazil [in French]

Oberthur (OT) partners with Swatch to offer wearable payments in Brazil [in French] | Payments 2.0 | Scoop.it
COLOMBES, France–(BUSINESS WIRE)–OT (Oberthur Technologies), l’un des leaders mondiaux de produits, solutions et services logiciels embarqués, annonce ce jour un partenariat stratégique avec Swatch, le fabricant de montres suisse de renom et l’une des marques les plus populaires, pour offrir … Lire la suite →
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WorldCheck crime data leaked on Net

WorldCheck crime data leaked on Net | Payments 2.0 | Scoop.it
The records of 2.2 million individuals and organisations suspected of being involved in terrorist activity or financial crime have been leaked on th
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"Unacceptable incident" is a bit weak to characterize this data leak...
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ABN Amro taps WhatsApp for payments

ABN Amro taps WhatsApp for payments | Payments 2.0 | Scoop.it
ABN Amro is using popular messaging service WhatsApp as a payments request channel, providing a direct link between customer mobile payment apps an
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Snapcash, WhatsApp, WeChat are increasingly becoming payment interfacees
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Ledger Launches Newest Hardware Wallet: Nano S with Ethereum integration

Ledger Launches Newest Hardware Wallet: Nano S with Ethereum integration | Payments 2.0 | Scoop.it
Blockchain hardware solutions company Ledger announced a new hardware wallet today. A successor to the HW.1 and Unplugged wallets, Ledger’s Nano S differentiates itself by offering a built-in OLED display and by adding protection for Ethereum fund transfers. The Paris-based company created the Nano S after spending 18 months improving the Nano, Ledger’s best-selling product. It connects to any Rea
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virtual currency needs physical key, who'd have thought?
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Berlin-based FinTech accelerator FinLeap raises €21 Million

Berlin-based FinTech accelerator FinLeap raises €21 Million | Payments 2.0 | Scoop.it
This article from Let's Talk Payments talks about FinLeap raising 21 million euros in its funding round.
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PayNearMe Acquires Financial Management App Prism Money

PayNearMe Acquires Financial Management App Prism Money | Payments 2.0 | Scoop.it
SUNNYVALE, CA--(Marketwired - May 31, 2016) - Electronic cash payment network PayNearMe has acquired consumer financial management app Prism Money, enabling the company to offer businesses and financial institutions in-app bill presentment and the ability for consumers to make bill payments via Automated Clearing House (ACH) or credit/debit/prepaid cards
Therese Torris's insight:

Founded in 2009, PayNearMe has raised more than $71 M according to Crunchbase https://www.crunchbase.com/organization/paynearme#/entity

Using PayNearMe, consumers can make payments on their own schedule, in their own neighborhood, at one of nearly 17,000 trusted locations in the U.S., which include 7-Eleven®, Family Dollar® and ACE Cash Express stores. The company processes payments for Greyhound bus, California Department of Child Support Services and the city of Philadelphia's bike share program Indego, among others

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Coin Sells to Fitbit. Twilights All Smart Payment Products

Coin Sells to Fitbit. Twilights All Smart Payment Products | Payments 2.0 | Scoop.it

Coin, the one smart card that set out to rule them all, has called it a day in attempting to dominate credit card transactions.  In a release published yesterday...

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A typical overhyped "smart" payment system
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Craig Wright backs out of Bitcoin proof, says sorry and goodbye

Craig Wright backs out of Bitcoin proof, says sorry and goodbye | Payments 2.0 | Scoop.it
Craig Wright, the man who earlier this week claimed to be inventor of Bitcoin, has backed out of a commitment to present new proof that he is Satosh
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Information - disinformation - an illustration of the total lack of transparency in bitcoin affairs
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Major questions arise over Craig Wright’s claim to be Satoshi Nakamoto

Major questions arise over Craig Wright’s claim to be Satoshi Nakamoto | Payments 2.0 | Scoop.it
The tech community is currently poring scorn on the news that Australian entrepreneur Craig Wright has revealed himself to be Bitcoin creator Satoshi..
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