Wallets and payments — newcomers!
3 innovation and digital news in 1 minute. Every Monday. Episode 313.
News 1: Openwallet foundation, on Linux
Openwallet foundation is an initiative pushed by the Linux foundation (Linux, the open source OS) to develop a “webkit” for anyone to build a wallet. Secure and interoperable multi-purpose wallets anyone can use to build one’s own solutions. A bank, a telecommunication company, a credit card company, a retailer. And large tech companies like Microsoft behind. Opinion: An important initiative opposing the duopole Google and Apple Wallets. Both of them building and expanding functions on the wallet. Openwallet is starting with headwinds and interest from major “no-wallet” tech companies.
A great initiative, at the start of it. We’ll keep you informed about the development.
News 2: PayPay, the Japanese champion
PayPay has grown to be the Japaneese champion of digital payment. A comprehensive approach with many functions, QR code payment, auto payment, delayed payment, invoicing, coupons, insurances, car maitenance market place, etc. PayPay is a subsidiary of Z Company regrouping Japan leading services like Yahoo JP, LINE (the JP Wechat). Opinion: PayPay is a real hidden champion for us in Europe that has established itself as the number one versus giants like Rakuten. The app (see pic) is the typical super app with a main function, payment and then many further services. PayPay also has an online bank, PayPay Bank.
An a nice plain namename, PayPay
News 3: Duopole AliPay and WeChat Pay
Duopole, yes. WeChat Pay (Tencent) and AliPay (Ant Financial, Alibaba) are the two main payment apps in China. Two payment systems that are rivals online and at POS. New, AliPay users can now transfer money to another AliPay user through WeChat. Firts time the closed systems open up. Opinion: Both payment solutions with further news: WeChat Pay with palm reading biometrics identification and AliPay out of the Shanghai stock exchange tech index.
Very difficult to analyse these development with low access to information and a country we cannot visit right now.