After Wikipedia proved that crowd sourcing can be successful, the US company Kickstarter is now demonstrating that crowd funding also works: Through Kickstarter’s website, creative projects gain a platform from which to appeal to a community of private individuals for financing. While the market for this type of funding has already begun to firmly establish itself in the USA, it has only just launched in Germany – but it is off to a promising start.
Innovative companies are positioning themselves in the financial services market
Blog Posts24th January 2012
The transformation of digital structures is changing everyday social and economic realities: new methods of communication and participation are appearing, added-value chains are changing, and new players are entering established markets. The financial services market, despite its isolation through regulations, is also feeling the impact of these changes. Many of the new players and offers fall within one of four business areas and segments (see graphic above): Personal Finance Management, Payment Transactions, Asset Management and Lending Operations.
myTaxi – Base – Targobank, or: The Quiet Integration of Payment Functions
Dr. Mirko Schiefelbein
Progress continues in regard to the integration of payment functions into existing services. Various providers are presenting new payment solutions and combining them with their existing services. Recently, myTaxi, Base and Targobank integrated a payment function into their app so that clients can pay for their trip directly from the app. This requires that they save their PayPal or credit card data in the app a single time - myTaxi does not use other hardware, QR codes or the new technology of Near Field Communication (NFC) for the payment process, rather, its app makes use of the data connectivity of smartphones. Additionally myTaxi does not rely on payment transaction offers of larger banks for the implementation of its payment solution, instead working together with Wirecard, a Munich-based company. This company ensures the secure storage of customer data and secure payment processing.
In the wireless communications market, E-Plus is now also getting into the payment transaction business with its Base brand and in collaboration with Targobank. In addition to a physical MasterCard, customers also receive an NFC sticker that they can attach to their mobile phone or smartphone. The sticker contains a chip on which credit card and banking data are stored. In order to make a payment at a store, customers hold their smartphone up to a device that reads the information on the chip.
Several retail chains, including Douglas and Thalia, already provide the option of paying via NFC in all of their branches around the country. At the moment, over 5,000 stores in Germany accept payment via NFC. The providers are presenting payment options that are seamlessly integrated into their services and thereby providing customers with a better user experience, as customers no longer need to switch from one type of media to another in order to make a payment.