FinTech Digest: Android Pay Arrives, CBA Integrates Ripple, Bitcoin ATMs Hit Milestone

Google Introduces Android Pay, A Replacement For Its Wallet App on Mobile

Google is taking another shot at mobile payments. At this year’s I/O developer conference, the tech giant stated that Google Wallet will now be replaced with Android Pay on smartphones. The Verge reported:

“Android Pay will power in-app and tap-to-pay purchases on mobile devices. Google Wallet will stick around, but it will power Play Store purchases outside Android, say on the web, and facilitate peer-to-peer payments you can make through the app and on services like Gmail.”

Commonwealth Bank of Australia to Integrate Ripple for Instant Settlements

Commonwealth Bank of Australia is getting into cryptocurrency, and they’re using the Ripple protocol to do it. The idea behind this endeavor is to test what bank-to-bank internal transfer might look like using crypto rather than existing payment providers. From CT:

“Speaking during a presentation at a forum organized by the Australian Information Industry Association, David Whiteing, CIO at CBA, said that the bank has been ‘testing crypto protocols’ and is about to ‘begin a wider experiment with one of our offshore subsidiaries.’”

TravelersBox Raises US$4.5 Million to Turn Your Change Into Money

Travelersbox, which lets users turn their foreign currency into dollars and euros and then send the money to their Paypal or Skype account, as just raised some cash of their own. TechCrunch reported:

“Founded by Tomer Zussman, Idan Deshe, and Dror Blumenthal, the company has raised $4.5 million from Global Blue, Yuval Tal, Zohar Gilon, Hagai Tal, and Ehud Levy, alongside Pitango Venture Capital and iAngels in order to expand into more airports where more TravelersBoxes will wait to munch your money.”

Tembusu Systems to Begin Implementation of Cryptocurrency Payments in June

Blockchain solutions provider Tembusu Systems is set to begin implementation of digital currency payments using the TRUST framework. The Singapore-based company will also be exploring human ATM applications as well. From Money & Tech:

“The company’s TRUST System — Tembusu Reputation-based Universally Secure Transaction System — uses the same technology as that behind the cryptocurrencies such as Bitcoin, Litecoin, Dogecoin and others, and allows users to make payments using different currencies — fiat, digital, and even gold and silver.”

The Stratos All-in-One Credit Card Isn’t Perfect Enough

Stratos, the universal credit card, is facing some uncertainties. Failing to work 5 percent of the time, the Stratos card is creating anxiety for one user. From TechCrunch:

“Payment devices like Stratos, Apple Pay and Coin need to work every time. One failed interaction will cast doubt in the user’s mind. It was hard to predict when a transaction would fail, too. It worked at Starbucks. Home Depot and 7-Eleven accepted it. Chase ATMs worked fine, but a generic ATM at a bodega failed to read it.”

The New Cash System That Protects You

DICE (Dynamic Intelligent Currency Encryption) is a procedure developed to solve security-related complications of cash systems today. In effect, DICE is aiming to create the “banknote of the future.” From EDAQS:

“Based on identifiable banknotes, preferably with a custom-frequency and secure RFID or machine readable codes like Datamatrix — or a smart combination of both, the DICE system integrates reliable and innovative technologies that combine their advantages to incorporate them into an optimized security.”

Bitcoin ATMs Reach 400 Units Worldwide, 2-Way Machines on the Rise

One year and seven months after the first Bitcoin ATM was installed, the world has reached its 400th unit. And more machines are definitely on the horizon. According to metrics from Coin ATM Radar, one ATM is installed every two days. CT reported:

“While the bitcoin ATM industry experienced impressive growth in 2014, North America has been, and still is, leading the way with 133 machines installed throughout the U.S., and 69 machines in Canada. Between them, the two countries host more than half of all the machines available worldwide.”

Facebook Messenger Beefs Up Payments, Lets You Pay Inside Group Chats Now

Facebook is expanding the ways people can pay each other inside their Messenger app. The world’s largest social network not only wants to give Messenger users peer-to-peer payments, but the company is also looking to embed the feature into the entire app experience. Mashable reported:

“Messenger announced on Wednesday new tweaks to its payments feature that tightens integration with the overall app. Facebook also expanded the availability of payments, which is being rolled out over the next few months; it's already available in a handful of U.S. cities, such as Seattle, Portland and Austin, but will now include the New York metropolitan area.”

9.3 Trillion Reasons FinTech Could Change the Developing World

Modern FinTech has the ability to create standard records about economies where none existed before. From O’Reilly:

“As fintech becomes normal and starts to involve the 4.3 billion humans with a phone, it will also take much of the world’s ‘unrecognized property’ and make it recognizable. Digital, ubiquitous financial technology might lift trillions of dollars — and billions of people — out of obscurity and into prosperity.”

MasterCard’s ‘FastTrack’ To Helping Fintech Startups

MasterCard announced it will be hosting the New York edition of Startupbootcamp’s FastTrack event at the MasterCard Tech Hub in Manhattan on June 1. Aspiring payment tech innovators are welcomed. PYMTS reports:

“By helping to bring the accelerator network to New York City, MasterCard is continuing in the stated mission of the MasterCard Start Path program, which fosters connection with and development of early stage startups around the globe. Through the program, MasterCard provides the nascent companies with direct operational support, small strategic investments, and accelerated access to MasterCard customers worldwide.”