With Visa’s new vein recognition payment concept you can literally wave your money goodbye. The company demonstrated their vision of future payment methods at the 2016 Mobile World Congress in Barcelona.
By C.Custer for TechinAsia,
The battle over the Chinese epayment market is raging fiercely now that Apple Pay and Samsung Pay have taken to the field in China. But WeChat Pay is heading in the opposite direction: the service announced yesterday that it’s launching support for overseas vendors. (more…)
By Erick Crouch for techinAsia.com
Apple Pay rolled out in China last week to a mixed response. Domestic players WeChat Wallet and Alipay have had years to figure out how the Chinese epayments market works, and a new player – especially one that doesn’t offer staple services like discounts, online purchases, and savings accounts – is facing an uphill battle. (more…)
By Philip Ryan for Bank Innovation,
You might be using a blockchain to order detergent within the next few years. (more…)
By Meghna Rao for TechinAsia.com
Paytm has had a unique approach to ecommerce in India. Originally launched as a site for mobile phone top-ups in 2010, the name is an abbreviation for “pay through mobile”. It soon pivoted to become an online wallet and, four years later, it launched an ecommerce site. (more…)
By Pankaj Mishra for techcrunch.com
Alibaba-backed Paytm, one of the bigger e-commerce startups competing against Amazon in India, is raising money again, just months after a reported $680 million round. Sources close to the company say that Paytm is now looking to raise $400 million by June to help with the launch of Paytm’s new payments business, Paytm Payment Bank. (more…)
By Katie Roof for Techcrunch.com,
PayPal reported earnings after the bell Wednesday, and the stock quickly ticked up 6% in after hours trading. (more…)
We knew that Alibaba was having a big year for mobile when sales via mobile made up nearly 70 percent of the company’s Singles Day haul. But now with the year over, Alibaba’s finance arm Ant Financial has released a bunch of interesting data on Alipay, Alibaba’s online payment platform, throughout 2015. The biggest headline: a full 65 percent of the money exchanged on Alipay in 2015 was sent via mobile. That’s up significantly from 2014, when mobile accounted for just under 50 percent of Alipay’s total business. (more…)
By Laura Noonan for Financial times
Mobile payment apps are soaring in popularity in the UK and US, but the world’s least developed countries are making almost no progress in the move to eliminate cash and cheque transactions that cost them billions of dollars annually. (more…)
By Trey Williams for Market watch,
Since rolling out to the public in 2012, Venmo has been a peer-to-peer payment app. Millennials have taken to it as a way to send money and emoji to friends for meals, event tickets, bills, etc.
By Nashuman Ghandi
“Buy this through XYZ digital wallet and get Rs. 50 (US$0.75) cashback on every ticket booked,” read a recent email you received from PVR Cinema. You usually receive this a few times a week and it keeps you informed about the latest movies. (more…)
EU-STARTUPS: In the last decade, there were a bunch of really successful fintech companies that started in Europe. Companies like Klarna, Adyen or Transferwise (to name just a few) changed the way we do payments or the way we transfer money overseas. By pursuing radical new concepts, these fintech startups became some of Europe’s most valuable companies within just a few years.
TECHINASIA: Alibaba’s spin-off finance subsidiary, Ant Financial, today put out a major new update to its Alipay mobile wallet app. For the first time, the mobile wallet now has ecommerce merchants and shopping baked right into the app. It means that within Alipay, which is China’s top mobile wallet service with over 400 million annual active users, people can now find local services like fresh flowers or food delivery – and then pay for it all in the same app. As in Alibaba’s other marketplaces, all the things are from third-party sellers.
FORBES: Apple has quietly filed for a new patent which details a person-to-person money transmission method which could potentially grab market share from PayPal and Square, and hit the already beleaguered banking sector struggling to keep up with FinTech. Apple is already banking on consumers using the wallet in Apple Pay as their central source for general payments, (more…)
ENGADGET: The money in your bank account is typically covered by federal insurance, but your internet payment services typically aren’t. If PayPal or Venmo went belly-up, you’d probably lose your existing balance. That won’t be a problem if you’re using Google Wallet, though. Google is now holding your Wallet funds in banks with FDIC insurance, so your digital credit is now that much safer. This isn’t to say that rivals leave you completely vulnerable — PayPal has fraud protection, for instance. However, the Wallet move means that you won’t have to go to court to get your cash back if Google goes bankrupt, no matter how unlikely that is.
TECHCRUNCH: The Coin (promising to let you combine all your credit/debit/loyalty cards into a single piece of tech) has delayed for so long that you might have forgotten that you ordered one. In November of 2013, the YC-backed company blew past its $50,000 pre-order goal in forty minutes, but despite a promise of summer 2014 shipping, the company has yet to ship a product that wasn’t in beta. Until today. After a six-month beta program, Coin is finally ready to ship a finished product to the 350,000 people who have pre-ordered in the first two months of pre-order. (more…)
TECHCRUNCH: Google has been stepping up its game in mobile payments the last several months, buying Softcard’s point-of-sale tech and making some international advances for its money transfer service. Today it’s adding another crucial piece to mix: some key integrations with merchants and merchant platforms. Customers that use Android apps from Dunkin’ Donuts and Seamless, and merchants that build online stores through Shopify, will now all be able to access Google Wallet to make and accept quick payments. (more…)
TECHCRUNCH: The rise of e-commerce in India has triggered a wave of startups that are leveraging the increasing adoption of smartphones to provide mobile payment solutions. Alibaba invested in Paytm at an apparent billion dollar valuation earlier this year, and now MobiKwik is the latest to be flushed with new cash. New Delhi-based MobiKwik has pulled $25 million in funding, led by Singapore-based hedge fund Tree Line Asia. The deal included participation from a couple of interesting strategic investors — Cisco and American Express. (more…)
FOREXMAGNATES: Optimal Payments Plc (LSE: OPAY), the group behind the popular NETELLER payment solution, has just revealed it would buy rival Skrill Group (Sentinel Topco Ltd) for a sum of about 1.1 billion euros in order to expand its online services. Skrill is one of the largest online pre-paid cards providers in Europe with its paysafecard brand. Its shareholders include CVC Capital’s Sentinel Group Holdings SA, Investcorp Technology Partners and others. Back in August 2013, CVC acquired a controlling stake in Skrill for €600m from Bahrain-based Investcorp.
TECHCRUNCH: Amazon’s VP and General Manager of Payments, Matt Swann, who most recently oversaw initiatives including Amazon’s Square competitor called Local Register and Amazon Wallet, has left the company, TechCrunch has confirmed. The move comes shortly after Amazon shut down its beta version of Wallet in January amid mediocre reviews, and an increasingly competitive landscape where Apple Pay and Google Wallet now dominate.
TECHCRUNCH: Paytm, a India-based mobile payments service operated by (now) Alibaba-backed One97, has introduced a big new feature that lets 25 million users transfer money to bank accounts. Mobile wallets, like that of Paytm, have grown in popular in India, where credit card adoption is low and many services, including online retailers, process a lot of cash-based transactions. (Its billion-plus population is estimated to have just 450 million bank accounts, with many unused.) Wallets are at the intersection of that, providing greater reliability than cash, but without requiring users to get bank accounts.
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.
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.