How and why the payments industry will experience massive growth over the next five years
- With such impending immense growth, it's crucial for any business that even touches the payments industry to understand what's ahead.
- The rise in global card and terminal penetration, coupled with increasing digital payments volume, will will be the key drivers in this growth.
- To successfully navigate this changing landscape, individuals and organizations must understand the full extent to which digital transformation will affect the payments industry, the key drivers of this growth, and how it all relates to the work they do every day.
- The Payments Forecast Book 2018 from Business Insider Intelligence is a detailed four-part slide deck outlining the most important trends impacting the payments ecosystem around the world — and the key drivers propelling each segment forward.
- Representing thousands of hours of exhaustive research, our multipart forecast books are considered must-reads by thousands of highly successful business professionals.
Twitter CEO Dorsey: Square Crypto Starts 'Inevitable' Bitcoin Mass Adoption
- By CCN: Square, the $32.7 billion mobile payment company founded by Twitter’s Jack Dorsey, is one step closer to launching its long-awaited crypto project.
- In March 2019, Square CEO Jack Dorsey announced his company would hire three or four developers and a designer to work on the open-source Bitcoin ecosystem.
- Many Bitcoin developers are volunteers, but Dorsey wants to fund the growth of Bitcoin directly through Square Crypto.
- Are you currently contributing to bitcoin-core or other crypto ecosystem projects for free in your off-time?
- Dorsey claims the Square Crypto initiative is not a commercial pursuit, but an attempt to give back to the bitcoin community.
- The bitcoin community has speculated that Square Crypto will work on integrating the Lightning Network, a second-layer protocol designed for instantaneous bitcoin payments.
- Dorsey invested $2.5 million in Lightning Labs, a startup developing on the Lightning Network.
This $1.2 billion San Diego fintech unicorn backed by Bridgepoint says its new payments partnership with JPMorgan is a 'game-changer'
- The unicorn has received heavy backing from major funds such as Bridgepoint, and will soon be able to offer access to JPMorgan Chase's real time payments service.
- Kyriba helps corporates and CFOs manage liquidity, as well as compliance and FX risk, through a software which allows businesses to identify payments across their company in real-time.
- Kyriba clients include major financial institutions like HSBC and major music streaming service Spotify and it has received funding from major funds like Bridgepoint in the past.
- The company processes more than 83 million payments a month across thouands of clients.
- This emphasises the need for better risk management and hedging, according to the most recent Kyriba currency impact report.
- In March, the company sold a majority stake to London-based hedge fund Bridgepoint in a $160 million deal which gave Kyriba its current $1.2 billion valuation.
These are the four transformations payments providers must undergo to survive digitization
- Rising smartphone penetration, regulations pushing users away from cash, and globalization demanding faster and new ways to transact are leading to a swell in noncash payments, which Business Insider Intelligence expects to grow to 841 billion transactions by 2023.
- Those that do this effectively, and use these shifts as a means of achieving scale without eroding the user experience, will be in the best position to use ongoing digitization in their payments space to their advantage.
- In The Future Of Payments 2018, Business Insider Intelligence takes a look at some of the biggest problems digitization and crowding are causing for payments firms, outlines the key transformations players can make going forward to resolve them, and explores areas where firms have already begun to use these transformations to their advantage.
TikTok owner ByteDance's long-awaited chat app is here
- The new offer is called Feiliao (飞聊), or Flipchat in English, a hybrid of an instant messenger plus interest-based forums, and it’s currently available for both iOS and Android.
- As expected, there’s no direct way to transfer people’s WeChat profiles and friend connections to Feiliao, and there’s no option to log in via the Tencent app.
- In all, Flipchat is more reminiscent of another blossoming social app — Tencent-backed Jike — than WeChat.
- Though Feiliao isn’t a direct take on WeChat, there’s little doubt that the fight between Bytedance and Tencent has heated up tremendously as the former’s army of apps captures more user attention.
- According to a new report published by research firm Questmobile, ByteDance accounted for 11.3 percent of Chinese users’ total time spent on ‘giant apps’ — those that surpassed 100 million MAUs — in March, compared to 8.2 percent a year earlier.
Facebook Unexpectedly Plants Its Flag in Crypto-Friendly Switzerland
- By CCN: Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland.
- The move clearly correlates with the social media giant’s Project Libra.
- According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing.
- Famed investor Michael Novogratz recently called Project Libra “stunningly important” to the crypto space.
- This seems to be the way Facebook has chosen to roll out its Project Libra.
- Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users.
- Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users.
- As Facebook was making arrangements for this Switzerland fintech, it was facing hiring problems on the domestic front.
- They are concerned that Project Libra will be plagued by Facebook’s failure to adequately secure users’ data.