New technologies are disrupting the payments industry and we’ve got an update on several of the latest disruptive developments. The US government is hoping to provide guidance on new financial technologies and their impact on competition and the marketplace.
The MSP Hub looks at six fintech players to watch out for in four main categories including retail, payroll, micro-payments and international transfers. The six unique companies profiled were iZettle, Klarna, Doreming, Adyen, Azimo and Flattr.
Samsung Pay is now testing its payment system in India where demonitization could help its success as it rolls out in markets around the globe. Android Authority highlights eight things you didn’t know you can do with mobile payments systems in India. London fintech startup Curve is now launching its all-in-one-card payment technology on the Android platform following its iOs success.
Is NFC Payments the solution to too many payment platforms or not? Not necessarily, according to Pocketnow.com. Finally, in Britain, Barclaycard’s Pay@Pump technology lets drinkers order pints on a touchscreen and pay for their favorite brew with a tap or an NFC-enabled device swipe. Tap-tip-sip – that’s a technology whose time has come.
Will new financial technology rules help or hurt the industry?
Though it may be winter, U.S. financial technology regulation is heating up. Just this month, the Office of the Comptroller of the Currency (OCC) announced that it will consider financial technology applications to become special purpose national banks, while the Federal Reserve Board released its long-anticipated paper on regulation for distributed ledger technology.
The U.S. government has finally started to signal clearer guidance on what regulators view as the greatest risks and rewards of new financial technologies, and what requirements banking and nonbank players will be held to. In the face of these developments, the big question for many is, “Will regulation increase competition or provide a competitive advantage?” Via thehill.com
6 Fintech Players Changing the Face of Global Payments
The onset of the digital revolution has facilitated diversification, fragmentation and personalization of spaces as diverse as media, travel and communications. Through the emergence and popularization of fintech platforms, this process is reshaping the payments space. The emergence of fintech disruptors in the payments space is enabling users to take payments to the next level in terms of speed, convenience, efficiency and multichannel accessibility. To add to this, the number and type of fintech players is growing and bringing with them new tools and solutions which are overhauling the payments world as we know it.
As a result, this is no longer a case of faster payment methods but a complete overturning of the idea of ‘value’ and how we transfer it between different entities. In this post, we’ll talk about 6 fintech players to watch out for in four main categories. First, we’ll look at retail-focused fintechs. Second, we’ll examine an employer payroll focused start-up. Third, we’ll focus on an online micropayments player. Finally, we’ll look at the fintechs firms expertly taking on the field of international transfers. Via themsphub.com
Exclusive: Samsung Pay could be launched in India in the first half of 2017
Samsung is trying to launch its mobile payments solution in as many markets as possible. Samsung Pay is currently available in Australia, Brazil, Canada (currently limited to CIBC customers), China, Russia, Singapore, South Korea, Spain, and the US. Now, the company is working on its way to launch Samsung Pay in India.
We’ve received information that Samsung is testing its mobile payment service for the Indian market, and that it could be launched in the first half of 2017. Since India does not have many NFC-equipped Point of Sale devices, Samsung Pay’s MST functionality would be a boon to the users. It is being expected that the South Korean smartphone giant would bring Samsung Pay functionality to its mid-range smartphones, which would further help increase its adoption in the country.
After the recent demonetization of INR 500 and INR 1,000 currency denominations in India, people have increasingly started using credit and debit cards as well as mobile payment solutions like Paytm and Freecharge, so it is the right time for Samsung to launch Samsung Pay in India. Samsung recently tied up with most major Indian banks for its My Money Transfer app for Tizen-based Z1 and Z3 smartphones. Via sammobile.com
London fintech startup Curve brings mobile wallet and all-your-cards-in-one app to Android
After launching on iOS, all the way back in February, London fintech startup Curve has finally brought its wares to Android.
The mobile wallet lets you sync your debit and credit cards into a single app and to the accompanying Curve card powered by MasterCard. You then simply select which card you want the Curve card to act as a conduit for any payments you make offline or online, meaning you only need to carry a single physical card with you.
Other Curve app features include the ability to see and tag all of your transactions in one place in real-time (regardless of which card they originate from), search through and export your spend history across all of your cards, lock or unlock your Curve card at any time, and access significantly lower foreign exchange when spending abroad. Via techcrunch.com
Are there too many mobile payment systems?
We are living in great times right now. We are at the point where many of us can leave the house in the morning, forget our wallets behind on the mail table, and get through an entire day using various services through our phones. We can buy food, take public transportation (or private transportation), and purchase goods without ever touching paper money or even our credit cards. I wrote about this just a couple of weeks ago. But that kind of lifestyle, while cool as heck, comes at a price.
Apps, apps, and more apps
The cost of such a lifestyle is a virtual cornucopia of apps that necessarily come along with it. Walmart, Dunkin Donuts, Steak N’ Shake, Subway – and those are just the places I saw driving home today – all have their own apps and payment systems that you need to learn and maintain if you want to walk the walk. It’s at best annoying, and at worst intimidating.
Meanwhile a more universal solution is out there and similarly gaining traction – NFC Payments. Android Pay and Apple Pay both utilize a single payment platform that works for everyone. The only reason for the variance is the difference in operating systems. But the category of NFC payments can be consolidated under those umbrellas – or can they? Via pocketnow.com
8 things you didn’t know you could do with mobile wallets in India
These apps and services allow you to add money to your account, spend it for online or offline purchases, and send or receive money from other users (on the same service). But that’s not all. In this fierce competition, these companies are working hard to offer differentiated experiences to aid your daily financial transactions and stand out in their marketing pitches.
Here’s a look at eight unique features of mobile wallets that a lot of people don’t use or aren’t aware of, but can come very handy once you try them out. Via androidauthority.com
London pub trials self-service beer pump with contactless card reader
This Christmas drinkers in one London pub will be spared the ritual of frantically waving £20 notes at bar staff in an effort to grab their attention, thanks to a self-service beer pump with built-in contactless payment capabilities.
Dreamed up by Barclaycard, Pay@Pump lets drinkers order their pints on a touchscreen, pay for it with a tap of their contactless cards or NFC-enabled devices, and then, once payment is confirmed, pour. Via finextra.com
Disruption ahead
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