This weekend Apple acquired mobile payment company Mobeewave, a Canadian-based startup that allows merchants to use their smartphone as payment terminals without any external accessories. What will this mean for banks and the payment industry?
Payments
It is unlikely that Apple will open up NFC for third-party payment solutions
In the wake of the Apple Pay launch in Norway, the fact that only Apple themselves is allowed to provide NFC-based payments through the handsets, making Apple Pay the only option for contactless payments through an iPhone has become a hot topic, and Apple has been reported to the Norwegian competition authority for exploiting their dominant market position to prevent competition. Despite this, it is still unlikely that NFC access for payments will be opened for third-party developers anytime soon.
What should you expect from mobile payment adoption
Mobile payments have been one of the recurring topics for the financial service industry for more than a decade. Having followed this development a while, one thing is for sure No matter the approach to mobile payments, the only thing that matters is user behavior and reaching critical mass in terms of user adoption.
Fintech and the disruption of banks – where are we now? Part 1: Payments
The landscape for financial services is changing, and while some trends stand out as inevitable, the endgame is still unclear. Fintech is not one single discipline, but a collective term descibing diferent ways of improving and/or disrupting traditional financial services through use of technology, hence the term FinTech. Payments is still the biggest and most mature field within fintech, what is the state of payment innovation, and how is this affecting incumbents?
What could Facebooks European payment license mean for banks?
Early December, Facebook finally unveiled their newly acquired licenses for e-money and payment services out of Ireland. The rumors of Facebook entering the payment space in Europe has been going on for a while, ever since it was reported that Facebook applied for a money transfer license a while ago. Facebook is already in a unique position to disintermediate retail banks as the most powerful digital ecosystem out there for consumers. The key to Facebooks powerful position is the ability to evolve alongside changing user behavior, and so far, Facebook is excelling at this. According to a study conducted by pwc, 68 percent of bankers are concerned with losing control over their customer interface. A regulatory compliant Facebook should definitely make those concerns turn into worries.
Nordea and Danske Bank forms mobile payment powerhouse in the Nordics
Nordea announced this morning in a press release that they wil be joining forces with Danske Bank on the mobile payment platform Mobilepay as equal partners. The initiative welcomes all Nordic banks to join in in the collaboration effort.
The what, who, when, where and why of PSD2
This summary concludes my blog post series on PSD2, where I have focused on the basic principles of the directive and its implications on financial institutions as well as merchants and the ecommerce market.
PSD2 – opportunities, threats and strategic options for banks
As I have described in previous posts, PSD2 will force banks to open up their infrastructure to third parties by offering APIs under the XS2A (access to account) rule. The directive has the potential to fundamentally alter the payment landscape as we know it. One of the reasons why PSD2 will have such a large impact is that it will level the playing field and increase competition by integrating the role of new and emerging payment services into the regulation. While incumbents have the most to lose, there are also opportunities ahead for banks.
What does PSD2 mean for online merchants?
The purpose of the upcoming payment service directive PSD 2 is to create an even playing field for payments and encourage innovation. The players on this field include banks, fintechs, the PCI (Payment Card Industry) and merchants. While banks are at risk of losing up to 43 percent of retail payment revenues by 2020, the directive represents several opportunities for online merchants.
A short introduction to PSD2
The coming payment service directive from the European Commission marks a shift in banking regulations. Instead of prohibitions and limitations, the overall purpose of PSD 2 is to create an even playing field and encourage innovation in the payment space as a part of SEPA (Single Euro Payment Area). Although all the technical details is yet to be sorted out, the directive states that banks need to offer payment APIs to third party-providers of financial services, also known as TPPs (Third Party Provider) under the XS2A (Access to account) rule.
Mobil betaling handler ikke om å bytte ut plastkortet med mobilen
Kampen om mobilbetaling er i full gang, og kundene kan nå velge mellom en rekke ulike tjenester fra bankene. Dette er bare begynnelsen, og flere mobile betalingstjenester er på vei fra Facebook, Apple, Google, Samsung med flere. Tidligere meldte dagligvarehandelen seg på, med en annonsert betalingsløsning fra Norgesgruppen og Coop, ikke ulikt CurrentC fra de store varehandelsaktørene i USA. Mens banker, varehandelen og teknologiselskapene kjemper om å skaffe seg en posisjon innen mobilbetaling hevder flere at bankkort fortsatt er den enkleste betalingsformen og ser ikke behovet for betaling med mobilen. Denne konklusjonen har én fundamental feil, og det er forutsetningen om at måten vi betaler på forblir uendret.
Blockchain from a banking perspective
Shared some perspectives on blockchain at Oslo blockchain day today.
A short summary of Money 20/20 Europe
This week Copenhagen was the center of attention for anyone interested in fintech and the future … A short summary of Money 20/20 EuropeRead more
Are payments necessary?
This post was originally published at TechCrunch. Payments has been one of the hottest areas in … Are payments necessary?Read more
Fintech predictions for 2016
After an exciting year for fintech in 2015 with investment levels at least doubling from 2014, consolidation … Fintech predictions for 2016Read more
The Death of Bank Products has been greatly under-exaggerated
This is a guest blog post by Brett King, CEO of Moven, author and radio host … The Death of Bank Products has been greatly under-exaggeratedRead more
Why iZettle’s move into lending makes perfect sense
iZettle just announced that they have raised EUR60m in order to move into small business lending. When payment … Why iZettle’s move into lending makes perfect senseRead more
Will the buy button be the end of POS?
When talking about mobile payments it’s easy to assume that transactions in physical retail is synonymous … Will the buy button be the end of POS?Read more
For those in search of summer reading material
After a busy couple of months with many interesting developments in fintech, I’ll be taking a … For those in search of summer reading materialRead more
A challenger appears in the Norwegian mobile payment space
P2P payments is a hot topic these days with the upcoming launch of Facebook pay as well … A challenger appears in the Norwegian mobile payment spaceRead more