Whine and Dime #0002


A short edition this week due to holiday travel, relocation to London, and house hunting. 

Industry News 

Starting off with some crypto is news that Bank of America has filed a patent for a cryptocurrency wire transfer system. Perhaps this will be the start of a whole bunch of "because blockchain" nuisance patents that just add cryptocurrency to an already established mode of operation. 

Is news that Visa is shelving its mobile payment venture in India an indication that Telcos are going to start throwing their weight around in payments? A bigger question is: will they succeed? Even startup unicorns like Stripe and Square are diversifying their businesses because making money in payments is really, really hard. Just take a look at what happened to Card.

In line with Jim Barksdale's proclamation that "... there’s only two ways I know of to make money: bundling and unbundling", we are starting to see significant unbundling of banking and financial services. SAP thinks that the bank you know today will disappear within "10 or even 20 years". Perhaps that will be sooner, given the state of the UK fintech startup scene

And lastly, the imperative to move to faster payments is gathering pace in the US. Moving to immediate payments will be a massive improvement over the very outdated ACH payments system currently in place. Alternatively, why not just scale up Dwolla?

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