Get Started for FREE
Sign up with Facebook Sign up with X
I don't have a Facebook or a X account
 Your new post is loading...
Scoop.it!
From
www
Elon Musk's social media platform X, formerly known as Twitter, announced it will launch peer-to-peer payments this year. 
No comment yet.
Sign up to comment
Scoop.it!
/PRNewswire/ -- Early Warning Services, LLC, the network operator behind Zelle®, today announced record payment volume and value in 2020 with 1.
Vineet Anand's insight:
$307B in payments with 1.2B in transactions - staggering growth of ~60%YOY. 850 banks, 7,000 FI's and new use case for SMB's to spur further growth for EWS!
Scoop.it!
Alongside the new Redmi Go, Xiaomi officially introduced its Mi Pay payment service to the Indian market. Back in 2016, Xioami launched Mi Pay i
Vineet Anand's insight:
Xiaomi launches MiPay in India and is storing data in local data center per regulatory requirements! Offer P2P to users and bank accounts.
Scoop.it!
Boosting financial inclusion in developing markets will require work to broaden access to payment services, possibly through the creation of infrastructure modelled on Europe's new Target Instant Payment Settlement (Tips) and, in the longer term, the introduction of central bank digital currencies (CBDCs), says ECB executive board member Benoît Cœuré.
Vineet Anand's insight:
Driving financial inclusion thru faster payments - a proven model for African developing markets to embrace!
Scoop.it!
UK money transfer firm WorldFirst has shuttered its US operations to ward off any regulatory objections to a proposed take over by Ant Financial
Vineet Anand's insight:
$700 million deal by Ant Financial deal to move forward excluding US operations. Ant's had is fair share of regulatory and political challenges with Moneygram deal that fell thru.
Scoop.it!
A few quarters ago, PayPal Holdings Inc.’s disclosures of its rapid Venmo volume growth came as somewhat of a mixed blessing, since the popular peer-to-peer payment service was a hefty source of losses for the company overall. Venmo still isn’t profitable, but the narrative around the service is starting to change.
Vineet Anand's insight:
PayPal reported 242 million consumer accounts; usage 37 times per year on average, up 9 percent; 21 million merchants - added 13.8 million new accounts in Q4, a 58 percent year-on-year increase. Goal for 2019 is to have 300 million active accounts. eBay represents 10% of business since moving to Ayden Venmo with $68 billion is losing ground to Zelle, however monetization will be key to move from expense to revenue generation with Venmo.
Scoop.it!
Malaysian consumers can now conduct instant P2P payments using just the recipient's mobile phone, passport or identity card numbers with the go-live of the country's Real Time Payments platform.
Vineet Anand's insight:
DuitNow, the real-time payments goes live in Malaysia instituted by Paynet, a coalition of banks and Centra Bank.
Scoop.it!
PayPal and Google are extending their relationship across the search giant's entire ecosystem, including Gmail, YouTube, Google Pay and Google Store.
Vineet Anand's insight:
Partnership to enable usage of Paypal across Google assets requiring payments! Opens doors for other strategic engagements in driving acceptance.
Scoop.it!
Beem It, a person-to-person mobile payments app backed by Commonwealth Bank, National Bank of Australia and Westpac, has launched.
Vineet Anand's insight:
Westpac, NAB, and CBA launch Beem It, a P2P payments app to counter Apple Pay, which has been a long standing competitor to disintermediate their loyal customer base. Going to courts in past has not proven or cast a dent to Apple Pay's stance.
Scoop.it!
More than 100 Norwegian banks are to take a stake in the Vipps P2P mobile payment app developed by DNB in a bid to block competition from rival Nordi
Vineet Anand's insight:
Vipps aims to be the dominant P2P payment provider with other savings banks taking stake in a JV with DNB retaining 52%
Scoop.it!
Berlin-based mobile payments startup Cringle is using the banking license and Sepa Access API of compatriot solarisbank to launch its P2P payment
Vineet Anand's insight:
Cringe uses Solarisbank API for launch pan-European P2P payments!
Scoop.it!
Bank of Tokyo Mitsubishi UFJ has confirmed reports that it is working on plans to create its own digital currency, with a limited release of th
Vineet Anand's insight:
MUFJ coin to be launched in 2017 aimed at P2P transactions and linked to Yen (1 for 1) will drive lower processing costs than currently delivered via Zengin-Net, bring greater acceptance across channels, and link with ATM's.
Scoop.it!
Finextra: Italian payments processor SIA is teaming up with GFT Technologies to push its Jiffy mobile person-to-person money transfer service in Germany.
Vineet Anand's insight:
Jiffy is expanding its P2P mobile service to Germany to capture a slice of the large 400 million current account holders across Europe that support Sepa credit transfers.
Scoop.it!
Finextra: SIX, UBS and Zürcher Kantonalbank are to launch a new P2P payment app, Paymit, that enables users to to request and make payment transfers by smartphone across Switzerland from the end of May.
Vineet Anand's insight:
Switzerland to launch P2P payments app Paymit !
Scoop.it!
Finextra: A year after launch, British bank-backed person-to-person mobile payments service Paym says that it has processed nearly £44 million.
Vineet Anand's insight:
Paym processed PS44 million for P2P transactions in past year! Venmo in US processes $2.4 billion in P2P transactions. Will the growth in subscriptions in P2P payment drive SME's to move away from likes of Square, iZettle and other mobile POS dongle solutions!
Scoop.it!
Member since ... well, never. Facebook, which today unveiled its long-awaited peer-to-peer payments, notably has left out American Express -- no doubt much
Vineet Anand's insight:
Send Money is pure debit to card / bank service, thus not having Amex or Discover does not affect the later two issuers in P2P world. There are estimated 80 million cards on file today with FB; as FB rolls out its business offering to purchase goods and services via messenger - this will hit Amex and Discover as customers will be forced to choose either Visa or MC debit.
Scoop.it!
People make mobile payments to pay bills, or they don't use them because it's no easier than using a card or cash. That's according to data from the Board of
Scoop.it!
From
medium
A transparency report, a bug bounty program, a third-party app ban…and apologies
Scoop.it!
We’re pleased to announce that multifactor authentication (MFA) is now
Vineet Anand's insight:
Venmo introduces MFA (multi-factor authorization) to identify device / browser use for executing payments. In 2014, Venmo's payment volume was $2.4 Billion and grew nearly 30% in the last quarter! Good response to the recent customer issues reported in media.
Scoop.it!
Finextra: Square is hoping to wean America's merchants off of cheques by extending its Cash person-to-person payments service to businesses.
Vineet Anand's insight:
Square focus on SMB segment is getting louder! A good strategic play to leverage products and assets within SMB segment.
Scoop.it!
ASB says Facebook cash transfers were a niche option used by few customers.
Vineet Anand's insight:
A day after news of FaceBook P2P services to launch in US, ASB in NZ ditches P2P service due to lack of customer adoption. The service was active via ASB app to pay any FB user friends since 2012. Will existing FB users trust a social brand like FB to make P2P payments? Also, the demographics of users on Venmo and Snapchat P2P are likely less users of FB services.
Scoop.it!
Finextra: American Facebook users will soon be able to send money to each other through the social network giant's Messenger app.
Vineet Anand's insight:
Much awaited news of P2P Facebook payments is revealed. There is no mention of pricing for credit cards but might have similar structure to Venmo. FB has built its own gateway to process payments and will compete with Square cash, Venmo, Snapchat service via Square, and the likes of WeChat in Asia. Likely What'sup will have similar features to remain relevant in market like Asia where Line, WeChat and others offer similar payment services beyond P2P. I predict Apple Pay will have a similar service using messenger and iMessenger service to bring greater value to its consumer base. And that service can be introduced across all iDevices rather than just NFC enabled!
Scoop.it!
Finextra: UK-based currency exchange outfit World First has launched an international payments app for the Android-powered smartwatch market.
Scoop.it!
Square has evolved far past the the mobile POS systems that made it possible for small businesses to accept credit card payments with technology no more
Vineet Anand's insight:
From mobile POS to Square Cash to small business lending a bigger move to cement SMB relationships with instant deposits and protection against disputed charges.
Scoop.it!
Finextra: A US startup is hoping to shake up the multi-billion dollar remittance market with a mobile app that that bypasses the middle men by using the bitcoin blockchain and a network of 'human ATMs'.
|
Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
Other Topics
Leadership & Communication
Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
Social Media Marketing
World Economy News
|
X as part of it 2024 strategy plans introduce P2P payments around in Q2/Q3 of this year. X has 14 MT licenses with more in stages of approval.
Part of X strategy (Musk) is to create a WeChat like super app that he calls 'everything app' and to take over entire financial lives without a bank account. As Musk states X will bring “the power of living more of your life in one place".
Super apps have not seen traction outside of Asian markets - do they have a place for developed markets with the growing workforce of Melliniials and Gen-X that will dominate commerce(banking, payments, investments...) and are digital savvy consumers.