Wave and Pay

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pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd

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accounting loophole / creative accounting, bank run, banking crisis, banks create money, Bernie Madoff, bitcoin, blockchain, borderless world, Bretton Woods, BRICs, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, computer age, conceptual framework, credit crunch, cross-subsidies, David Graeber, debt deflation, dematerialisation, disintermediation, eurozone crisis, fiat currency, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, German hyperinflation, Goldman Sachs: Vampire Squid, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, mobile money, money: store of value / unit of account / medium of exchange, mortgage debt, new economy, Nixon shock, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer lending, Ponzi scheme, post scarcity, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Satoshi Nakamoto, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Wave and Pay, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

The monies themselves, and the circuits being used to convey money from one node to another, do not present quite such an array of choice as might initially appear to be the case. Many of the new payment systems that are available involve partnerships with established financial services companies: wave and pay operates through Visa, for example; Google Wallet works in partnership with Visa, MasterCard, American Express, and Discover; iZettle works with American Express and MasterCard. It is therefore worth pausing to ask why there has been such an explosion of payment services in recent years, before discussing what it might mean for the future of money. Google Wallet and Wave and Pay are forms of “mobile money” that have been developing alongside the growth of alternative monies. Mobile monies appeal to users because they remove from the act of payment the inconveniences and impositions associated with traditional banking.

The idea that you can “buy stuff just by asking for it” suggests a world in which we could behave as if money did not exist. If one could get credit in one’s bones, a whole host of practical problems—losing your card, having it stolen, verifying your ID—would evaporate. It is striking how close Stephenson gets to the spirit of what money has become: forms of mobile money such as contactless payment or Wave and Pay appear to render money as inconspicuous as it can possibly be—short of having your credit limit injected into your pelvis. In 2004, the Baja Beach Club in Barcelona launched a new payment system for its VIP members: a VeriChip implant lodged inside a 1-mm-diameter glass capsule injected beneath the skin. “We are the first discotheque in the world to offer the VIP VeriChip. Using an integrated (imbedded) microchip, our VIPs can identify themselves and pay for their food and drinks without the need for any kind of document,” the club announced.

See also capitalism; financial system Wallace, Henry, 149 war, 31n23, 121n, 126, 133, 266, 338, 360; in Bataille, 171, 174, 176; and capitalism, 60; in Cicero, 225; and empire, 238, 239; and gold, 225; its impact on money, 95–96, 97, 100, 225–26; and monopoly capitalism, 60; and Schmitt, 261. See also First World War; Second World War; Vietnam War; violence war against terror, 43 Warburton, Peter, 199 Warren, Josiah, 342 Warwick, University of, 73n30 waste, 12–13, 151; and the gift, 186; and money, 175, 184, 204; versus utility, 164 Wave and Pay, 377 Weber, Florence, 292 Weber, Max, 109, 247, 276n, 292, 302, 317; on capitalism and religion, 143, 155, 175; on charisma, 247; on Knapp, 103; on money and the modern state, 217; on prices, 109n25; The Protestant Ethic and the Spirit of Capitalism, 156, 175; on taxation, 217 Weimar inflation, 131n57, 142, 224, 387 welfare. See social welfare Wendt, Alexander, 220 Wergild, 24, 302 Western Union, 380n Westphalia.

 

pages: 302 words: 73,581

Platform Scale: How an Emerging Business Model Helps Startups Build Large Empires With Minimum Investment by Sangeet Paul Choudary

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3D printing, Airbnb, Amazon Web Services, barriers to entry, bitcoin, blockchain, business process, Clayton Christensen, collaborative economy, crowdsourcing, cryptocurrency, data acquisition, frictionless, game design, hive mind, Internet of things, invisible hand, Kickstarter, Lean Startup, Lyft, M-Pesa, Mark Zuckerberg, means of production, multi-sided market, Network effects, new economy, Paul Graham, recommendation engine, ride hailing / ride sharing, shareholder value, sharing economy, Silicon Valley, Skype, Snapchat, social graph, social software, software as a service, software is eating the world, Spread Networks laid a new fibre optics cable between New York and Chicago, TaskRabbit, the payments system, too big to fail, transport as a service, two-sided market, Uber and Lyft, Uber for X, Wave and Pay

While reintermediating an existing payments business, mPesa brings in added efficiency to the transaction, without reinventing the end-user behavior. BACKWARD COMPATIBILITY AS A ROAD TO GRADUAL BEHAVIOR DESIGN Any form of payment has to combat a behavioral problem. Hence, building in some form of ‘backward compatibility’ helps spur adoption because users have the choice to continue with the existing method or transition to a new one. Visa and MasterCard have extensive experience regarding disrupting the payments space. When Wave and Pay were first introduced, the new cards that were issued supported both swipe (existing) and wave (new) modes of payment. Consumers could continue using swipe until merchants set up enough wave terminals. Additionally, a string of incentives to early adopters of wave helped increase the adoption of wave. PLATFORM SCALE IMPERATIVE Platforms that require near-simultaneous adoption by two markets may find it difficult to achieve traction if they try to create new behaviors on both sides.

 

pages: 677 words: 206,548

Future Crimes: Everything Is Connected, Everyone Is Vulnerable and What We Can Do About It by Marc Goodman

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23andMe, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, algorithmic trading, artificial general intelligence, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, Bill Joy: nanobots, bitcoin, Black Swan, blockchain, borderless world, Brian Krebs, business process, butterfly effect, call centre, Chelsea Manning, cloud computing, cognitive dissonance, computer vision, connected car, corporate governance, crowdsourcing, cryptocurrency, data acquisition, data is the new oil, Dean Kamen, disintermediation, don't be evil, double helix, Downton Abbey, Edward Snowden, Elon Musk, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, future of work, game design, Google Chrome, Google Earth, Google Glasses, Gordon Gekko, high net worth, High speed trading, hive mind, Howard Rheingold, hypertext link, illegal immigration, impulse control, industrial robot, Internet of things, Jaron Lanier, Jeff Bezos, job automation, John Harrison: Longitude, Jony Ive, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kuwabatake Sanjuro: assassination market, Law of Accelerating Returns, Lean Startup, license plate recognition, litecoin, M-Pesa, Mark Zuckerberg, Marshall McLuhan, Menlo Park, mobile money, more computing power than Apollo, move fast and break things, Nate Silver, national security letter, natural language processing, obamacare, Occupy movement, Oculus Rift, offshore financial centre, optical character recognition, pattern recognition, personalized medicine, Peter H. Diamandis: Planetary Resources, Peter Thiel, pre–internet, RAND corporation, ransomware, Ray Kurzweil, refrigerator car, RFID, ride hailing / ride sharing, Rodney Brooks, Satoshi Nakamoto, Second Machine Age, security theater, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart meter, Snapchat, social graph, software as a service, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, Stuxnet, supply-chain management, technological singularity, telepresence, telepresence robot, Tesla Model S, The Wisdom of Crowds, Tim Cook: Apple, trade route, uranium enrichment, Wall-E, Watson beat the top human players on Jeopardy!, Wave and Pay, We are Anonymous. We are Legion, web application, WikiLeaks, Y Combinator, zero day

In the developed world, there has also been a rush to adopt and deploy mobile phone payment systems. MasterCard and Visa have implemented numerous NFC payment programs that allow users to launch an app on their phones and wave or tap the device on a contactless sensor to quickly charge goods and services. From Starbucks, to Best Buy, to parking meters in San Francisco and cabs in New York City, “wave and pay” is increasingly the choice of users for quick checkout and payment. Though Google was an early adopter of NFC payment systems for its Android phones, in September 2014 Apple joined the bandwagon and added swipe-and-pay technology to its latest batch of iPhones. Within the Android ecosystem, Google’s Wallet payment system allows users to store their debit and credit card information with Google and launch the Google Wallet app to check out in an increasing number of stores via any PayPass-enabled store checkout terminal.

RFID tags are printed electronic circuits no thicker than a piece of paper, often come in sticker format, many the size of a dime, and can be produced for under a penny. They are capable of performing real-time, constant data exchange and can be read by scanners, some as far as up to one hundred meters away. Even if you are unfamiliar with RFID technology, chances are you have already encountered it in your life, whether it’s the security ID card you use to swipe your way into your office, your “wave and pay” credit card, the key to your hotel room, your subway pass, or the little box you use to pay for highway tolls, such as E-ZPass. Though the convenience of RFID, considered by many the gateway to the Internet of Things, sounds great, there’s one problem: it’s eminently hackable. There have been dozens of exploits against RFID technology, whose electronics can be readily hacked, spoofed, and jammed, and there is an active “RFID underground” continually working on improving its offensive techniques.