TECHCRUNCH: The rise of companies like Flipkart, Snapdeal and Ola have put a spotlight on the e-commerce opportunity in India, where the growth of catchy businesses is being fuelled by consumer demand, improving Internet connectivity and generous VC funding. Now, a new startup called Razorpay — part of the current Y Combinator class — is hoping to ride that trend, by giving more startups and larger tech companies in the country the ability to make it easier to integrate payments into their services. (more…)
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: When you chat with friends about settling debts or splitting the bill, Facebook doesn’t want you to have to open another app like PayPal or Venmo to send them money. So today it unveiled a new payments feature for Facebook Messenger that lets you connect your Visa or Mastercard debit card and tap a “$” button to send friends money on iOS, Android, and desktop with zero fees. Facebook Messenger payments will roll out first in the U.S. over the coming months.
TECHCRUNCH: Thanks to startups like Simple, which was acquired by financial services organization BBVA last year, banking customers got a look at what a modern-day web and mobile banking experience looks like, with features like goal-setting tools, automated categorization of expenditures, real-time notifications of new charges pushed to your mobile phone, the ability to block a lost or stolen card right from the mobile app, and more. Now, a new startup called Bankjoy wants to bring a similar experience to other, smaller banks with a white-labelled product and accompanying API platform that’s initially being aimed at credit unions. (more…)
TECHCRUNCH: The march of consolidation in the world of e-commerce has claimed its latest victim.Balanced, a payments platform for peer-to-peer marketplace businesses, is closing its doors after failing to grow fast enough, or as co-founder Matin Tamizi describes it, “reach the escape velocity necessary to be a large, innovative, independent player in the payments space.” The company, a Y-Combinator alum, has struck a deal with one of its longtime rivals,Stripe, to act as its transition partner for existing customers.
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.
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…)