Things are always greener on the other side—at least it seems that way when it comes to fintech across the pond. Curve, a UK-based company is allowing its users a "second chance" when it comes to card swipes. Steve O'Hear (@sohear) at Techcrunch reports. Accidental purchases on a business card can now be a thing of the past; allowing users to quickly undo and charge a personal card instead of dealing with HR. It's quite clever, really.
How in the World Does Venmo Make Money? — The Atlantic
Ever wonder how Venmo makes money? Wonder no more! Joe Pinsker (@jpinsk) reports—and quickly dispels the notion that it's in the float. The truth is that it's in the data. Venmo is hedging its future on business's willingness to change card processing providers in order to gain access to its customers' shared transaction feed. And it may work—so long as patrons are willing to pay through Venmo and promote businesses along the way.
Reducing Fraud with Tokenized Payments — Finextra
Why do chip-based purchases take so much longer than the swipe-kind? Dan Jayasinghe (@dan_jayasinghe) contributing for Finextra explains. The added time required for those modern, chip-based transactions is for safety. Jayasinghe expands on one of those new safety features—tokenization. With tokenization, credit card or account numbers aren't used for the transaction, rather a unique, single-use number is created on-the-fly. And although this process adds time, it's a small price to pay in exchange for expelling fraud.
What in the world is this Etherium thing I'm hearing about? And how is it any different than Bitcoin? You may have more questions when it comes to cryptocurrenies and Etherium, but Stan Schroeder (@franticnews) of Mashable has done a great job of answering those. Invest a few moments to read Schroeder's piece and gain a foundational understanding of Etherium and its future.
There's money to make in mining—data mining. That is, after all, what's made Silicon Valley so wealthy. Now it's the incumbent banks and financial institutions that are heading into those same data mines. Suman Bhattacharyya (@newsient) of Tearsheet reports on the trend that has banks increasingly mining data in hopes of nurturing customer relationships. This may be exactly what banks need to keep already tech-savvy customers.
See what you missed in the previous edition: Weekly Ledger 45