THE FINANCIAL BRAND: According to BI Intelligence, the consumer payments industry will process about $2.7 trillion of card-based payments in the US in 2015. This explains why there is a massive amount of mobile-centric innovation occurring in the payments space and why competition for the consumer’s wallet is so intense.
TECHCRUNCH: Apple CEO Tim Cook offered a quick update this morning on the rapid growth of Apple Pay. Apparently the company’s mobile payment technology is now supported by 2,500 card-issuing banks (up from only six when the product was announced in September), while the number of locations accepting Apple Pay has tripled to nearly 700,000.
DIGITAL CURRENCY MAGNATES: Fidor is not your ordinary bank. You can actually sign into your account through Facebook Connect. They have offered a savings account with an interest rate determined by the number of Like’s awarded on the company’s Facebook page. Customers can interact in the Fidor online community with each other and even support staff, should they have inquiries. They also offer P2P loans through crowdfunding and P2P betting. So it’s only natural that they’ll take a liking to P2P currencies. (more…)
FAST COMPANY: Thiago Olson, a 25-year-old founder and CEO of payment company Stratos, is now the focus of attention of the American media because his company has released a plastic card that can replace all bank cards in your wallet. However, Olson is no stranger to media attention: he built a nuclear reactor in his house at age 17.
WIRED: Remeber Coin, the credit card-sized gizmo that promised to streamline your wallet by consolidating all your other, actual credit cards? It raked in approximately a gazillion dollars in pre-orders when it debuted in November 2013, only to become another certified crowdfunding debacle, beset by delays and acrimony. Buyers were initially told it would ship summer 2014; the vast majority are still waiting. If nothing else, the saga proved that there is interest in a wallet-slimming wonder card. Now, those interested have another option to consider. Stratos is more or less the same concept as Coin, just with a slicker design and one other key advantage: Its creators claim it’s actually ready to ship. The question is whether or not it will be relevant once the payment world starts the shift to chip-enhanced cards this fall.
TECHCRUNCH: PayPal, the payments service with 162 million users preparing to separate from e-commerce giant eBay later this year, is announcing an acquisition today to help build out its mobile business targeting physical merchants, and sharpen its focus in competition with other tech payment hopefuls like Apple and Google. It is buying Paydiant, a startup out of Boston that makes mobile wallet technology. That technology, in turn, powers payment apps for large business like Subway, Harris Teeter supermarkets, Capital One bank, and — perhaps most notably — MCX, a merchant-owned network that is developing a payment app called CurrentC.
The Payments Industry Explained: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
Business Insider: The payments industry had a huge year in 2014 and it’s showing no sign of slowing down. On the one hand tech giants like Amazon and Apple released new products that affirmed their long-term payments ambitions (Apple Pay and Amazon Local Register). On the other hand startups such as Stripe and ShopKeep continued to carve out market share, challenging older players like PayPal and VeriFone. (more…)