The Future of Money is Dependent on the Transparency of Data - Tradeshift. Today I’m speaking at the Future of Money & Technology summit. This of course is an area, I’m highly passionate about, and even more so of the topic on which I’m speaking “Big data and the cost of money”. I find it ironic that we are currently obsessed with how we pay for goods. Take for example Square, Google Wallet, Mobile, NFC, etc. when paying probably is one of the most efficient infrastructures created by man. Sure we can shave off some margins and very good businesses can be built on those models, but it’s hardly disruptive.
I believe strongly that REAL innovation will come from big data, or rather the transparency of BIG data. To explain briefly: The biggest problem in the world today is not HOW we pay, but that so few companies have access to the capital they need to grow their business. New Payment APIs: a Survey of Innovation, Pride, and Suspicion. Exchanging currency for items or services is such an old time tradition and yet there are so many ways it can be done. I’ve just taken a stroll through the payment systems neighborhood and I’ve felt inspiration from the innovators FaceCash & Dwolla, pride in my home state operator PowerPay, and murky suspicion toward JunglePay. The innovators in payment systems are web savvy, nimble operations that are pushing the envelope in today’s payment system culture.
FaceCash’s core function is the ability to instantly and easily transfer money person to person. The distinguishing feature that FaceCash adds to the merchant’s point of sale system is identity verification via photo rather than signature. Do you know anyone that writes “see photo ID” in the signature strips of their credit cards? FaceCash requires developers to sign up before you can access the API documentation. The next innovator here is Dwolla, which I heard of months before finding FaceCash in our API index. API Directory - ProgrammableWeb. Google/TXVIA « FinVentures. 3 April 2012 Congrats to Google and the TXVIA team. Given that Google is a client of mine I’m not going to comment on anything specific here.. but clearly this deal significantly expands the reach of Google at the POS. No longer will Google Wallet be dependent on a few thousand NFC phones in market.
The primary reason for my post is that a senior retail executive just rang me to tell me they are concerned about Google’s wallet and card strategy. It seems I was incorrect in dismissing the WSJ article on a Retailer Wallet. Retailers, I admit I am VERY biased toward Google. Google has no desire to take over retail.. they want to create fantastic consumer shopping experiences. The paranoia is just contagious.. billions of dollars are being wasted because few know how to partner… In Google’s efforts to be “neutral” they appear to be friendly to all. TXVIA will be a major turning point for Google in payments. Like this: The Five Faceless Companies That Control Your Money - Business Insider. In late March, a payments processor called Global Payments experienced an enormous security breach, and 1.5 million credit and debit cards from Visa and MasterCard were compromised in the process.
As a consumer, this must be at least a little bewildering. Your bank’s name is on the card. Visa or MasterCard’s logo is on it. Who the hell is Global Payments and why did they get to build the sloppy security protocols that led to my data being compromised? It’s not a bad question, after all. You enter into a cardholder’s agreement with Visa or MasterCard, mediated by your bank. The company processing your payments is determined by where you choose to swipe your card. So your financial information’s security is in the hands of corporations that you don’t know the first thing about. What do you even know about these firms? 1. Perhaps you’ve noticed the Star Network logo at your supermarket’s checkout aisle and didn’t know what it meant. 2. 3. 4. But it’s not all start-ups for Yodlee. 5. Payment systems.
YESpay API Profile. Grocery POS Systems: What to Look For | Getting started with business automation. Hits: 6256 Walk into a grocery store or your neighborhood specialty market today and you'll see the basics of a high level point of sale system: bar code scanners, thermal receipt printers, cash drawers, pole displays, and cashier work stations.
But what sets this high-traffic, speed-oriented industry apart from other point of sale users is the need for fast and accurate scanning combined with precise weighing of products. That means you'll also want the best scanner and scale combination, capable of maintaining a high level of check-out speed without sacrificing accuracy. When putting together a grocery store point of sale system, the choice of hardware and software is based on whether the store will include just one lane or multiple lanes for customer checkout. When building a single-lane system, you'll need just a stand-alone POS, while multiple lanes will require a networked system with each lane tied into the system. Grocery POS system components Specialty Grocery POS system pieces.
Payments Ecosystem: Online, In-Store, and Mobile Payments Market. Stripe. Powering products for the underserved | PayPerks. Where Security Fits In The Payments Processing Chain. With over 20 billion credit card purchase transactions in the US in 2009 and a highly complex system for processing those transactions, it’s not surprising that credit card information is a key target for thieves. Thieves have become adept at exploiting numerous vulnerabilities in the consumer-merchant-acquirer payment processing chain to gain access to this information.
Fortunately, there are cost-effective solutions that are available to help secure sensitive data and reduce compliance costs. Learn more about protecting you and your clients’ data by reading our whitepaper titled Where It Fits in the Payments Processing Chain. You can also listen to a playback of our Security and the Payments Environment webinar and review our presentation slides from the webinar. Utiba. Corduro. iZettle.
Alternative Payments and Airlines: ATPS2009 Day 1 — Payments Vie. Alternative payments were the first topic of the day at ATPS 2009. Here’s a round up of my impressions after a full day of panel discussion and presentations. Once the presentations are up on the ATPS site I will provide links to each speaker’s deck. Presentations are here. Merchants have increasingly moved to accept payments other than credit cards. Consumer adoption of debitDecreasing credit supplyInterchange fee pressureRegulatory actionsSecurity concerns He cited PayPal as evidence of the trend with over 15% share of the US ecommerce market and 9% of global ecommerce payment volumes (Forrester estimates).
Merchants are considering the pros and cons of various payment methods. Alternative payment adoption is driven by expectations of increased revenues (attracting new customers) and lower cost (payment processing and fraud). Card Issuance For many years airlines have been involved in card issuance through co-brand programs related to loyalty programs. Surcharging. Why cash is such a tough competitor; last cash markets « Non-Lin. I’ve been spending a bunch of time recently thinking about last cash markets – markets that are still dominated by cash payment – and how electronic payment can penetrate these markets.
Some of these markets (vending, taxis, paid parking) are huge (measured in billions). The lack of connectivity with the point of acceptance is a huge issue for some of these verticals; low cost “back-channel” the point of acceptance is an absolute requirement for electronic payment to crack some of these markets. I was grateful when my friends at PYMNTS.com put me on the hot seat with five questions about the topic. You can find their full Briefing Room on last cash markets here. My answers appear below. I’m interested in your thoughts. 1. In order to understand why cash markets still exist, I really think you have to think about cash is an incumbent competitor to electronic payment. The value proposition differs by vertical market; each with different needs. 2. 3. 4. 5.
Small businesses use Square for credit deals. SAN FRANCISCO – Cabbie David Mendoza reaches for his iPhone and plugs in a spiffy Square Reader to process a ride's fare. "When customers see it, they either say 'What is that cool device? ' or 'Hey, that's Square,' " says Mendoza, 32, who used to struggle with a bulky payment device that was slow to pay him and hard to store records on. Within a week of using Square, Mendoza was sold on the device — as were his customers, many of whom would rather pay with a credit card instead of cash. "I wanted simple, and got it," says the cab driver. Mendoza is one in a growing legion of devotees to Square, a credit card-processing company co-founded by Twitter inventor Jack Dorsey.
Despite a struggling economy, Square has found a lucrative niche among small businesses and is becoming a go-to fixture for a variety of companies — ranging from those hawking quirky goods to vendors at local farmers' markets. Others have taken note of the trend lines. Squaring up Heady competition. Increase your sales - payment solutions for e-commerce | Klarna. Payment Wars - Corduro Takes on Square, PayPal. What's Next In Payments. The year of APIs and the reshaping of the payment ecosystem: Part 1 | eCommerce Tactics. Rating: 0.0/10 (0 votes cast) Hi all – Patrick Gauthier, head of market intelligence here.
I recently joined the PayPal team, and am responsible for identifying industry trends and providing insight into clients’ needs. It has been over a year since PayPal shook the payment industry with the introduction of Adaptive Payments and the PayPal X platform, making it an opportune time to evaluate how open payment platforms may help further weave payments in the fabric of commerce. With PayPal X we launched the era of “embedded payments,” potentially profoundly changing the network effects that have governed payment systems. Opening the payment flows enabled a number of transactions in the social and commercial spaces that were difficult if not downright impossible to complete over traditional payment engines. The significance of the event was not lost on the industry. Why does it matter? In today’s connected world, the distinction between commerce and payment is increasingly blurred.
Google goes for loyalty, not payments at the check-out. French eftpos terminal manufacturer Ingenico has confirmed that it has been contracted by Google to provide retailer check-outs with NFC hardware capable of redeeming discount coupons downloaded over an Android phone. Ingenico CEO Philippe Lazare told AFP news agency that the kit will be used by Google during a series of live trials at selected retailers in New York and San Francisco. Earlier reports had assumed that the search engine giant was interested in expanding its remit to bricks and mortar payments. But Ingenico says the trials will instead focus on the willingness of consumers to redeem retailer tokens at the till. Customers signing up for the service would tap their phone at the check-out to redeem their tokens and reduce their shopping bill. Payments will be handled in the usual fashion. With NFC standards still being defined, M360 says the Stack allows for remote updating of the device when new applications and formats are released.
FederalCARDActAppliestoLoyaltyandPromotionalOffersWhatYouNeedtoKnow.pdf (Objet application/pdf) Paypal X aka Paypal As A Platform, Objectives for 2011: Mobile, Offline and B2B. Last week, Paypal did its second developer conference called Paypal X Innovate 2010 aka Paypal As A Platform (you can find all the information on Twitter with the hashtag #XInnovate). The two days were all about crazy announcements in all payment areas: new microtransaction pricing for digital goods, fixed price for B2B payments (50 cents per transaction), Paypal Mobile Express Checkout, Facebook will continue to use Paypal as an option for Facebook credits purchasing and which will also pay its developers through Paypal and last but not least, a partnership with Verifone to reach the offline world.
Even if Mobile transaction processed represents merely 1% of Paypal global transaction for 2010 ($700M expected in 2010 compare to $72B transaction processed globally in 2009), Paypal bets a lot on it in the near future and their new Mobile express checkout will be a real test for them. Banks and Credit Card Issuers beware – Apple just stole your business.
200 individuals were the first to receive credit cards issued by Diners Club in 1950, the brainchild of Frank McNamara. It was the start of a completely new era in personal credit and payments. American Express entered the credit business with its own card in 1958, within five years had issued more than a million cards. Today there are more than 1.6 Billion credit cards in circulation, and the US credit cards industry generates $2.8 Billion dollars a year in revenue. One in 12 households in London (or 8 per cent) have used credit cards to pay their mortgage or rent in the last 12 months and outstanding credit card balances stood at £63.5 billion in November 2009. By 2013, China’s consumer credit market—encompassing credit cards, mortgages, and other personal loans—will account for 14 percent of profits in the banking sector.
Growth in Contactless Technologies In recent times we’ve seen the move to NFC or Near-Field Contactless credit cards. It will happen quick… WRONG. MasterCard Announces Open Application Programming Interfaces (AP. Financements.