Wave and Pay

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pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd

"hyperreality Baudrillard"~20 OR "Baudrillard hyperreality", accounting loophole / creative accounting, bank run, banking crisis, banks create money, behavioural economics, Bernie Madoff, bitcoin, Bitcoin Ponzi scheme, blockchain, borderless world, Bretton Woods, BRICs, business cycle, capital controls, capitalist realism, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computer age, conceptual framework, credit crunch, cross-subsidies, currency risk, David Graeber, debt deflation, dematerialisation, disintermediation, Dogecoin, emotional labour, eurozone crisis, fiat currency, financial engineering, financial exclusion, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, gentrification, German hyperinflation, Goldman Sachs: Vampire Squid, Herbert Marcuse, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kickstarter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liberal capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, Minsky moment, mobile money, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, National Debt Clock, Neal Stephenson, negative equity, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer, peer-to-peer lending, Ponzi scheme, post scarcity, post-Fordism, Post-Keynesian economics, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, risk free rate, Robert Shiller, Satoshi Nakamoto, scientific management, 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, Veblen good, Wave and Pay, Westphalian system, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

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.

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.


pages: 302 words: 73,581

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

3D printing, Airbnb, Amazon Web Services, barriers to entry, bitcoin, blockchain, business logic, business process, Chuck Templeton: OpenTable:, Clayton Christensen, collaborative economy, commoditize, crowdsourcing, cryptocurrency, data acquisition, data science, fake it until you make it, frictionless, game design, gamification, growth hacking, Hacker News, hive mind, hockey-stick growth, Internet of things, invisible hand, Kickstarter, Lean Startup, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, means of production, multi-sided market, Network effects, new economy, Paul Graham, recommendation engine, ride hailing / ride sharing, Salesforce, search costs, shareholder value, sharing economy, Silicon Valley, Skype, Snapchat, social bookmarking, 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 long tail, the payments system, too big to fail, transport as a service, two-sided market, Uber and Lyft, Uber for X, uber lyft, vertical integration, Wave and Pay

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.


pages: 677 words: 206,548

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

23andMe, 3D printing, active measures, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, algorithmic trading, Alvin Toffler, Apollo 11, Apollo 13, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, Bill Joy: nanobots, bitcoin, Black Swan, blockchain, borderless world, Boston Dynamics, Brian Krebs, business process, butterfly effect, call centre, Charles Lindbergh, Chelsea Manning, Citizen Lab, cloud computing, Cody Wilson, cognitive dissonance, computer vision, connected car, corporate governance, crowdsourcing, cryptocurrency, data acquisition, data is the new oil, data science, Dean Kamen, deep learning, DeepMind, digital rights, disinformation, disintermediation, Dogecoin, don't be evil, double helix, Downton Abbey, driverless car, drone strike, Edward Snowden, Elon Musk, Erik Brynjolfsson, Evgeny Morozov, Filter Bubble, Firefox, Flash crash, Free Software Foundation, future of work, game design, gamification, global pandemic, Google Chrome, Google Earth, Google Glasses, Gordon Gekko, Hacker News, high net worth, High speed trading, hive mind, Howard Rheingold, hypertext link, illegal immigration, impulse control, industrial robot, information security, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jaron Lanier, Jeff Bezos, job automation, John Harrison: Longitude, John Markoff, Joi Ito, Jony Ive, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, Kiva Systems, knowledge worker, Kuwabatake Sanjuro: assassination market, Large Hadron Collider, Larry Ellison, Laura Poitras, Law of Accelerating Returns, Lean Startup, license plate recognition, lifelogging, litecoin, low earth orbit, M-Pesa, machine translation, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Metcalfe’s law, MITM: man-in-the-middle, mobile money, more computing power than Apollo, move fast and break things, Nate Silver, national security letter, natural language processing, Nick Bostrom, obamacare, Occupy movement, Oculus Rift, off grid, off-the-grid, offshore financial centre, operational security, optical character recognition, Parag Khanna, pattern recognition, peer-to-peer, personalized medicine, Peter H. Diamandis: Planetary Resources, Peter Thiel, pre–internet, printed gun, RAND corporation, ransomware, Ray Kurzweil, Recombinant DNA, refrigerator car, RFID, ride hailing / ride sharing, Rodney Brooks, Ross Ulbricht, Russell Brand, Salesforce, Satoshi Nakamoto, Second Machine Age, security theater, self-driving car, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, SimCity, Skype, smart cities, smart grid, smart meter, Snapchat, social graph, SoftBank, software as a service, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, Stuxnet, subscription business, supply-chain management, synthetic biology, tech worker, technological singularity, TED Talk, telepresence, telepresence robot, Tesla Model S, The future is already here, The Future of Employment, the long tail, The Wisdom of Crowds, Tim Cook: Apple, trade route, uranium enrichment, Virgin Galactic, Wall-E, warehouse robotics, Watson beat the top human players on Jeopardy!, Wave and Pay, We are Anonymous. We are Legion, web application, Westphalian system, WikiLeaks, Y Combinator, you are the product, zero day

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.

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.