Innovation – Finance – Technology
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?
Read More 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.
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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.
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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?
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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.
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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.
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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.
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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.
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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.
Read More 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.
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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.
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Shared some perspectives on blockchain at Oslo blockchain day today.
Read MoreThis week Copenhagen was the center of attention for anyone interested in fintech and the future of finance asfor the
Read MoreThis post was originally published at TechCrunch. Payments has been one of the hottest areas in fintech for several years,
Read MoreAfter an exciting year for fintech in 2015 with investment levels at least doubling from 2014, consolidation in payments, continued growth
Read MoreThis is a guest blog post by Brett King, CEO of Moven, author and radio host of Breaking Banks. This
Read MoreiZettle just announced that they have raised EUR60m in order to move into small business lending. When payment processing becomes a commodity
Read MoreWhen talking about mobile payments it’s easy to assume that transactions in physical retail is synonymous with the traditional POS-terminal.
Read MoreAfter a busy couple of months with many interesting developments in fintech, I’ll be taking a couple of weeks hiatus from
Read MoreP2P payments is a hot topic these days with the upcoming launch of Facebook pay as well as Google announcing that
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