PTP FTW! The beginnings of something much greater…

I'll give you a hint... Square is not competing with PayPal

I had a call with an industry colleague earlier today talking the recent news on GMail Google Wallet integration, Dwolla’s funding round and the “Square Cash” announcement. At large I’m seeing two broad industry responses to these moves. The first, is to see this all as a distraction from mainstream banking and that essentially all [...]

Millions of consumers soon won’t need a bank account

$3Bn in deposits, 2m transactions per week - Starbucks 'bank'?

Traditionally, if you wanted to move money around, save cash, pay a bill, purchase something at a store, or otherwise have some sort of systemic access to your cash as you moved around – you needed a “bank”. In fact, you couldn’t do any of these things in the past without a bank. Despite the [...]

What the Square and Starbucks alliance means for payments…

Starbucks has the most successful mobile payment deployment in the US to-date

Square and Starbucks just announced their intent to form a partnership for the purpose of improving or ‘revolutionizing’ in-store payments around the approximately 1,700 retail stores and 5,000 other points of presence in the USA. Square has had phenomenal success growing their merchant base to 2 million users in just over 2 years, which when [...]

Mobile Banking versus the Mobile Wallet – what’s the difference?

With recent news that Barclays Pin-git (or is it Ping-it) has had 120,000 downloads in 5 days, that Square has 1m merchants on their payments platform (1/8th of all US card merchants/retailers) and Starbucks is doing 25% of it’s North American payments via a cardless App – it seems like Mobile Payments are taking off [...]

Mobile Payments: Leave them to their own devices

As we’ve embarked on our Movenbank project, we’ve had a lot of people express concerns about our choice to be completely cardless and go with NFC and various other P2P solutions. There’s also often raised questions over which handset platform to support, which devices are certified, the lack of real NFC standards, how to enable [...]

Starbucks Mobile Payment – the shape of things to come

On Wednesday 26th of January 2011, Michael Degnan (of SapientNitro and Engagement Banking fame) and myself headed down to the Starbucks at One Penn Plaza in New York City with the objective of recording our experience of processing a mobile payment using the Starbucks App for the iPhone. The App links your phone to your [...]

Coffee Shops as an economic indicator for innovation

I spend a lot of time in coffee shops writing these days. I don’t know why, perhaps many of you have experienced this, but I seem to have a very productive time writing when there is the smell of fresh coffee, the sound of cappuccino machines and the white noise of the coffee crowd to [...]