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 strong 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.
The downfall of US brick-and-mortar commerce is overblown — but merchants need to evaluate their point-of-sale terminals
- 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.
Nearly three-quarters of bills will be paid digitally by 2022 — this is how banks can stay ahead of the trillion-dollar opportunity
- 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.
South Korean Tech Giant Kakao Invests in Blockchain Project Orbs
- Israeli hybrid blockchain platform Orbs has announced that it is entering an investment partnership with the venture arm of South Korean internet group Kakao.
- Created to serve as a pioneering public blockchain system offering unprecedented flexibility and utility, Orbs permits business dApp developers to deploy over a highly secure and liquid network that comes with production-ready scalability.
- The move is the latest collaboration between both organisations following a prior and ongoing partnership between Orbs and Kakao blockchain subsidiary Ground X, which covers blockchain application research, development, and deployment.
- It will be recalled that earlier in the year, Orbs announced that its production-ready platform would be deployed in early 2019.
- Also this year, Orbs expanded into South Korea, establishing its headquarters in Seoul and inking a partnership with Terra to help its research and development efforts.
The digitization of daily life is making phones and connected devices the preferred payment tools for consumers — here's what that means for stakeholders
- As noncash payment volume accelerates, the power dynamics of the payments industry are shifting further in favor of digital and omnichannel providers, attracting a wide swath of providers to the space and forcing firms to diversify, collaborate, or consolidate in order to capitalize on a growing revenue opportunity.
- Gains in volume come with increases in per-transaction fee payouts, which is pushing consumer and merchant clients alike to seek out inexpensive solutions — a shift that limits revenue that providers use to fund critical programs and squeezes margins.
- In this report, Business Insider Intelligence unpacks the current digital payments ecosystem, and explores how changes will impact the industry in both the short- and long-term.
- It also uses forecasts, case studies, and product developments from the past year to explain how digital transformation is impacting major industry segments and evaluate the pace of change.
3 tips for scaling large Vue.js application
- In the Vue.js's guide, the "Tightly coupled component names" rule is considered as Strongly Recommended.
- The promise is quite similar to the backend: split big monolith into multiple applications, scale and be able to write application with different technologies.
- You can write the payment application in Vue and the Catalog application in React.
- Let say team working on the Catalog want to update to the next version of Vue. Unfortunatelly, the team who's working on the payment isn't ready yet.
- Also, if the backend is not already in a micro-service architecture, you can't work in completely isolated silos.
- If you convert existing modules to separated/isolated application, then the main framework on each application will be loaded on each module.
- One of the biggest problems with a component-based application is the store.
- Based on my experience, moving all the logic in the store lead to overhead and unnecessary complex features.
Pypestream raises $15 million for conversational enterprise AI
- In a few short years, the New York-based AI solutions startup has signed on customers like Shell, DishNetwork’s Sling TV, and TriWest.
- And it coincides with the launch of Design Studio, a new customization tool that sits atop Pypestream‘s proprietary natural language processing (NLP) engine.
- Design Studio is a far cry from Pypestream’s minimum viable product (MVP): a siloed app through which its business clients communicate with their customers.
- It eventually blossomed into the Pypestream Conversational Interface, an omnichannel, Erlang-based offering that’s end-to-end encrypted, plays nicely with first- and third-party apps, and supports things like claim submission, payments processing, file sending, and appointment scheduling.
- Also in tow is integration with Salesforce Service Cloud and third-party live agent vendors that use REST APIs. Pypestream, which was founded in 2015, has more than 100 employees at offices in New York City, San Francisco, and Johannesburg, South Africa.
Visa announces fintech partnership to help companies eliminate $33 trillion in paper checks
- Visa is partnering with Ingo Money to launch a product for merchants and banks to quickly get onto the payment network's systems allowing fast digital payments to customers.
- In cases where companies want to send money to customers – say, a small business loan or an insurance payout – the method replaces paper checks or the decades-old Automated Clearing House (ACH) network, sending money over debit-card rails directly into users' checking accounts.
- Increasingly, tech-savvy companies like small business lender On Deck Capital are using push payments to get money to users in minutes.
- But companies who want to adopt it need to either build or buy systems to help authenticate users and settle the payments, and that's where Ingo comes in.
- Their product, called QuickConnect, allows users to get onto Visa Direct faster than if they had to build their own solutions, according to Ingo CEO Drew Edwards.
How payments companies can take advantage of a trillion dollar processing opportunity
- How the US healthcare payments industry spends its dollars BII This is a preview of the Healthcare Payments (2018) report from Business Insider Intelligence.
- To learn more about the trends, innovations and companies involved in healthcare payment processing, click here.
- Relative to many other sectors around the globe, the US healthcare industry has been notoriously slow to embrace new payment systems and processes.
- Now is the time for payments hardware, software, and processing firms to introduce specific solutions that accommodate the shifting landscape.
- However, before payments companies introduce new solutions, they must navigate the highly regulated and complex industry.
- In this report, Business Insider Intelligence, Business Insider's premium research service, explains how a typical healthcare transaction is structured, identifies the major players in the industry, and pinpoints the most pressing pain points for stakeholders.
ANZ, Citi added to NSW's huge banking contract
- The NSW Government has decided that one of the bigger banking contracts in the country, previously held by Westpac Banking Corp, will be expanded to include ANZ Banking Group and Citigroup.
- Westpac and ANZ will provide the government with transaction banking services, payment services and cross-border transactions.
- By playing the banks off against each other the government estimates it will save up to $5 million a year on the three-year contracts, which start in April.
- Each year the NSW government makes more than 13 million direct payroll payments and more than 1 million credit card payments.
- The contract will include more payment options, improved security and greater use of digital payments, the government said.
- The new contracts allow "us to tap into the expertise of a broader range of leading Australian and international banks," NSW Treasury Secretary Michael Pratt said.