MCX delays CurrentC bets on Chase Pay

The MCX consortia now says it will postpone the roll-out of CurrentC. This after evaluation of the Columbia pilot and instead, at least short term (?), focus on the cooperation and promotion of Chase Pay.

Chase Pay use is an app based mobile wallet using QR-codes that is scanned by the cashier at checkout instore. Competitor wallets like Apple Pay, Android Pay and Samsung Pay use “tapping” the mobile on the contactless enabled payment terminal.

One interesting is thing is, while MCX now promotes Chase Pay, two of largest and MCX merchants Target and Walmart are now rolling out their own mobile wallets Target Pay and Walmart Pay. For example Walmart is now rolling out Walmart Pay to 600 outlets in two states.

Read more  in Mobile Payments Today.

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PSD II – a devil in disguise?

At last months Swift business forum in London 150 debated and discussed about the new Payment Service Directive, PSD II and what it really means and what impact it will have on the payment industry.

The Directive – both the first and second versions – aim to establish a set of rules applicable to all payment services within the European Union.

  • PSD I – The idea was to promote modern and efficient payment services that would ultimately benefit consumers.
  • The revised PSD (PSD II) was adopted by the European Parliament in October 2015 with the aim to improve consumer protection and the security of payment services. It also aims to promote innovation and to lower the entrance barrier for new and 3rd party service providers. The panellists on the deep dive session on the forum were quite sceptical about the ability of regulation to stimulate innovation.

One “interesting” statement at the forum came from Emily Reid, partner at law firm Hogan Lovells, when she joked that payments regulation was a “growth sector” for lawyers.

Any way it’s time for the players in the payment industry, if not already done, to start planning for this directive though January 1st 2018 soon is here.

Read the article on PSD II from Banking Technology here.

Want to learn more about PSD II? European Commision has a FAQ, read it here.

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Nordics largest railroad company wants customers to unsubscribe to plastic cards

SJ is the largest railroad company and the largest online merchant in the Nordics. 85 percent of all travels booked at SJ are done online and the bookings via the app is showing tremendous growth.
 SJ prio kort
In a move to reduce the use of plastic cards, SJ is telling their customers to “unsubscribe to” the plastic membership/bonus card. Instead SJ promotes their updated mobile app that includes a virtual bonus card. With the new version of the app, you just click on a symbol with your name and the virtual card and the bonus points is shown. When clicking on the “show code” on the mobile card, a code is shown that can be used for collecting or using points in the bistro onboard the trains.
I think this is an excellent move by SJ, both cost- and marketing wise, and I believe this move also will give SJ more loyal customers.
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The 10 business models of digital disruption (and how to respond to them)

Interesting summary on disruptive business models and how to respond from Digital Intelligence Today.

Read the article here.

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Consolidation game mPOS is on

The number two and three players on the European market SumUp and payleven has decided to merge. I believe one reason of this merger is to take on the number one in Europe, iZettle and maybe try to take on Square in the US..

SumUpTotally invested in these two so far is $51M in payleven and €50 in SumUp. In iZettle the raised capital totals $244M and Square raised $590 before going public on November 19, 2015.

Industry players I’ve talked to says the combination of SumUp (“with better technology”) and payleven (“with better sales & marketing”) could be a 1+1=3 game. We will see, anyway the consolidation game in the very crowded hardware mPOS market is on.


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Verifone Carbon – at last a designed POS

It’s not often I get impressed, but this launch kind of impressed me, the new combined POS-terminal Verifone Carbon. Read more about it here.

Verifone Carbon

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LTP lists 50 Scandinavian FinTech Companies to watch in 2016 – I added a few

Let’s Talk Payments have listed and reviewed 50 Scandinavian FinTech companies to look out for in 2016. Read the article here.

I agree on many of the listed but lack a few interesting one’s like BlueAccess (mobile EFTPOS), Findity (digital receipts), Mobile BankID (infrastructure/security), Shopbox (mPOS), Twinsoft (mobile content enabler) and Vipps (payments).

Scandinavian FinTech companies

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