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This Week in Payments: July 17, 2014

Photo Via Reddit: Kalamazoo Beer Exchange – where the price of beer fluctuates based on real-time supply and demand.

A weekly roundup of news related to Accounts Payable, Payments, and the broader Finance landscape.


Funding Circle, a Peer-to-Peer Lender, Raises $65 Million
by Peter Eavis
Silicon Valley has been working on new ways to bolster the flow of capital to small businesses, one of the nation’s main engines of economic growth. Those efforts took another step forward on Wednesday, when Funding Circle, a so-called peer-to-peer lending network, announced that it had raised $65 million in new funding and appointed Robert K. Steel, the chief executive of Perella Weinberg, to its board. Index Ventures, a venture capital firm, led the latest round of financing for Funding Circle. (via New York Times DealB%k)

Visa Launches Checkout, Another Play for Digital Payments
by Ina Fried
Visa wants you to know it gets that the future is about more than just plastic. The company on Tuesday took the wraps off Visa Checkout, its latest effort to make itself relevant in a world of digital payments. Checkout is designed to allow consumers to pay from mobile devices and PCs with only a couple of clicks. (via re/code)

Google Wallet gets gift cards, requesting money, sending it from your debit card for free, and Spanish support
by Emil Protalinski
Google today updated its Google Wallet app for Android and iOS with new features, including gift cards, requesting money, sending money, and Spanish support. (via TheNextWeb)

Payments startup Plastiq raises $10m
Plastiq, the only payments company that enables consumers to pay with their credit card of choice regardless of merchant acceptance, today announced that it has raised $10 million in Series B financing. Khosla Ventures led the round, with participation from investors from the previous round, Atlas Venture and Flybridge Capital Partners. (via Finextra)


Payments Cards Are Getting A Technology Upgrade — And It’s Bad News For Online Retailers
By John Heggestuen
In the U.S., most consumers and merchants will soon need to switch over to the ‘chip card’ standard, otherwise known as EMV. It’s a technology most recognizable as a chip on payment cards, which is designed to make card transactions much more secure. In Europe and other parts of the world, the chip has been standard on payment cards for years. (via Business Insider)

Why More Isn’t Always Better in B2B Payments Biz
PaySimple, an 8-year-old company whose products enable small businesses to collect payments and manage customers more efficiently, has seen various market changes over the years, but it also has seen where things haven’t changed much at all. In a recent podcast interview with Market Platform Dynamics CEO Karen Webster, PaySimple CEO of founder Eric Remer discussed how his company is addressing the marketplace, and what it’s not doing. As Remer sees it, the more tools offered to a merchant, the more difficult it’s going to make that customer’s life. But the merchant’s life could be made much better simply by providing something that makes the tools he uses easier to use, he said. (via

The Future of Payments

Digital payments to nearly double by 2019
By John Ginovsky
The annual transaction value of online, mobile, and contactless payments will reach $4.7 trillion by 2019, up from just over $2.5 trillion this year, says Juniper Research. (via American Banking Journal)

Apple, Coca-Cola Among Firms Signed on to White House Plan for Small Suppliers
By Jeffrey Sparshott
The Obama administration said Apple Inc., Coca-Cola Co. and about two dozen other companies are signing on to a White House effort to speed payments to firms down their supply chains, a move intended to boost cash flows and increase investment at smaller businesses. (via The Wall Street Journal)

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