News & Views - Savantor

New Kids on the block

Thursday, 31 March 2011

It’s always worth watching what the new players are up to and recent activity is no exception.  A small but significant article indicated that Facebook has set up a payments subsidiary, registering it various US states. Facebook has been looking to the payments business as a way of diversifying its revenue stream, introducing its own virtual currency, Facebook Credits, in a bid to tap the fast growing social gaming market.  The company also moved to incorporate a subsidiary in Florida in December called Facebook Payments Inc. 

Google has stepped up its assault on the mobile contactless payments market, beginning work with MasterCard and Citi.  Their plans also include terminal vendor VeriFone, which according to a recent Bloomberg report will roll out NFC cash-register systems paid for by the search giant.  Google plans to make money from the venture by offering retailers more data about their customers to target ads and offers to users near their stores.

O2 has launched Apple and Android applications that enable Irish customers to transfer funds to each other. Developed by local vendor V3 Transaction Services, the free apps let users move money between O2 Money cards in real time irrespective of where either sender or recipient is located.

PayPal has reportedly exceeded USD 6 million in mobile transactions daily.  PayPal’s mobile payment transaction volume has grown from USD 24 million in 2008 to USD 140 million in 2009 and to USD 750 million in 2010. The company is projecting to reach USD 2 billion in mobile transactions in 2011 and USD 7.5 billion in 2013.  Looking at some of the other articles in this edition it seems that P2P systems is the flavour of the month but those PayPal numbers look like a clear statement of intent.

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