Interview: iVendPay on Cryptocurrency Vending Machines, GoByte Project
- Smart vending machines capable of handling cryptocurrency payments will be installed throughout Malaysia and Israel by the end of 2018 as a result of a partnership between iVendpay and GoByte.
- The smart vending machines process payments in under 3 seconds with no fees.
- This doesn’t mark the first time vending machines have been equipped to process cryptocurrency payments.
- In 2015 CCN reported that there were vending machine in Seattle that allowed people to purchase marijuana using bitcoin.
- While the Lightning Network scaling solution may yet prove successful for bitcoin adoption, projects like GoByte specifically designed to handle small transactions quickly with low or no fees have a strong use case as well, supporters allege, and it will be interesting to see whether smart vending machines allowing for crypto-transactions will become more widely adopted in other countries.
Bank of Japan Deputy Governor Downplays Cryptocurrency Plans
- However, it is clear that this trend is changing, as Ripple, a cryptocurrency in the global payments space, has announced high-profile partnerships with financial institutions such as PNC Bank, a Top 10 United States bank with over 8 million customers, and more recently with the largest private foundation in the United States, the Bill and Melinda Gates Foundation.
- Mario Draghi, the president of the European Central Bank, and widely considered one of the most important figures in global finance, recently downplayed the idea, stating that the “underlying technology is still fragile”.
- The report, called “The Future of World Trade: How Digital Technologies Are Transforming Global Commerce”, was not ambivalent in its claims, stating explicitly that “blockchain has the potential to profoundly transform the way we trade, who trades, and what is traded”.
How digital is upending payments worldwide and what it says about the future
- However, some of the greatest examples of digital payments disruption can be found in developing nations.
- The fact that digital disruption in these regions can be complex and varied, makes it difficult for the industry to devise effective strategies for international expansion — but understanding the drivers of this disruption can significantly aid payments companies.
- Despite each region's unique attributes, there are shared key conditions that make a market ripe for digital disruption.
- These include new payments infrastructure, increased access to financial services, and government intervention to drive digital payment capabilities.
- In this report, Business Insider Intelligence examines several case studies of digital payments disruption to draw valuable insights for players in developed markets like the US to consider.
- It also analyzes disruption in Australia to show how major digital disruption can be facilitated in a well-developed market.
This is how banks can use digital tools to stay ahead of a trillion-dollar opportunity in the bill pay market
- Business Insider Intelligence That market is growing slowly, but it's changing fast — more than ever before, customers are moving away from paying bills via check or cash and toward paying online, either through their banks, the billers themselves, or using a third-party app.
- And that's not poised to change unless banks do, since issuer bill pay is least popular among the youngest customers, who will be the most important in the coming year.
- But, if banks do it right, bill pay marks a strong opportunity to add and engage customers, and in turn, grow overall lifetime value while shrinking attrition.
- Business Insider Intelligence has put together a detailed report that explains the US bill pay market, identifies the major inflection points for change and what's driving it, and provides concrete strategies and recommendations for banks looking to improve their digital bill pay offerings.
How three countries are creating the roadmap to a cashless society
- This is a preview of the Global Payments Landscape report from Business Insider Intelligence.
- But there are a few key markets - Australia, Sweden, and the UK - where annual noncash payments have already surpassed traditional cash transactions altogether — and they're stong early indicators of what a truly cashless society could look like.
- How are Australia, Sweden, and the UK driving the world towards cashless payments?
- Australia, Sweden, and the UK are emblematic of opportunities for payments players to lead the world away from cash.
- The Global Payments Landscape from Business Insider Intelligence, Business Insider's premium research service, provides a snapshot of the payments industry in each of these three markets.
- The Global Payments Landscape from Business Insider Intelligence compiles various payments snapshots, together illustrating how digital payment methods are supplementing or replacing cash in each market.
How evolving merchant demands are pushing POS terminal providers to up their game in an increasingly competitive environment
- That means the point-of-sale (POS) terminal, which merchants use to accept payments of all types and to complete transactions, isn't going anywhere.
- As merchants look to cut costs amidst shifts in consumer shopping habits, POS terminals, which were once predominantly hardware offerings used exclusively for payment acceptance, are evolving into full-service, comprehensive solutions.
- These new POS terminals are providing an array of business management solutions and connected offerings to complement payment services.
- As merchants begin demanding a wide variety of payment solutions, terminal providers are scrambling to meet their needs in order to maintain existing customers and attract new ones.
- Business Insider Intelligence, Business Insider's premium research service, has put together a detailed report on the shifts in this landscape, how leading players can meet them, and who's doing it most effectively.
PayPal surges 9% after its Venmo app shows signs of becoming a money-maker
- PayPal shares soared 9 percent on Friday after the company beat expectations on earnings and revenue and announced positive news about its peer-to-peer app Venmo.
- On Thursday, PayPal reported third-quarter earnings that beat Wall Street's expectations, though payment volumes fell slightly short of estimates.
- Twenty-four percent of Venmo users have now participated in what the CEO called a "monetizable action"— up from 17 percent in the second quarter and 13 percent in May. In September alone, PayPal said, it processed more than $1 billion in instant transfer volume on Venmo.
- It also saw growth in its Venmo card, a physical debit card linked to a Venmo account that PayPal unveiled this summer, with roughly 320 percent month over month growth August to September.
- Venmo's payment option on websites and apps, known as "Pay with Venmo," saw monthly active users increase by roughly 185 percent from August to September, Schulman said.
PayPal and American Express expand partnership, will allow use of points for PayPal purchases
- PayPal this week announced an expanded relationship with American Express that will allow cardholders to use their Membership Rewards points when shopping from PayPal merchants, as well as more integrated experience within both PayPal and the Amex apps, among other things.
- In addition to using points for purchases at PayPal’s millions of online merchants, the new partnership will also allow Amex mobile app users to send money through PayPal or Venmo directly in the app.
- On PayPal’s side, users will be able to pay their Amex bill with their PayPal or Venmo balance using the PayPal Instant Transfer feature, and it will more clearly identify users’ specific American Express cards in the PayPal wallet using card-specific branding.
- The company also reported earnings this week, noting the addition of 9.1 million accounts during the quarter and a 25 percent increase in total payment volume.
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PayPal earnings beat: 58 cents per share, vs 54 cents expected EPS
- PayPal reported third-quarter earnings and revenue that topped Wall Street estimates on Thursday, and saw a surge in payment volume for its peer-to-peer payment app Venmo.
- Total payment volume from the company's peer-to-peer payment app Venmo rose 78 percent in the third quarter to roughly $17 billion.
- PayPal's total payment volume jumped 25 percent to $143 billion during the same time-frame.
- Earlier Thursday, the company announced new features and an expansion of its existing partnership with American Express, which is also reporting earnings after the bell.
- It also raised full-year forecast in the second-quarter announcement and said that PayPal's board had approved up to $10 billion in share buybacks.
- Analysts had been looking details on PayPal's peer-to-peer payments app Venmo, which has struggled to prove itself as a money-maker for the payment company.