June 11, 2019

The retailer Target is now hiring a blockchain engineer specifically to work on its open source ConsenSource certification registry and its HyperLedger Grid project, a supply chain middleware program, which will interact with distributed ledger databases, according to the job posting.

The retailer is specifically looking for someone who can:

"The primary responsibilities of this role will be development of distributed ledger systems, protocols, smart contracts, CLI's, and RESTful APIs in an open source environment," the job posting stated. "Join this innovative team where you will constantly be learning in a new and exciting technology!"

Topics: Bitcoin, Mobile Payments, Retail, Technology Providers

Companies: Target

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June 11, 2019

Verrency, an Australian fintech that helps banks upgrade their payments technology, has raised $6.96 million (AUD $10 million) in Series A funding, according to a press release.

The funding will be used to fuel the company's international expansion, and Verrency has hired SennaHill Partners in the U.S. and Soho Capital in Singapore for a Series B round scheduled for the second half of 2019.

The Melbourne-based firm has developed APIs that allow banks to add on loyalty rewards, real time budget notifications, auto rounding and other features to banking products without the need to overhaul legacy systems.

"Consumers are gravitating towards experience led banking and we help our customers offer new products and services in a cost effective and agile way," David Link, founder and CEO of Verrency, said in the announcement. "This Series A investment of $10 million (AUD) is a vote of confidence in our technology and leaves us well positioned to continue our global growth, increased R&D and bolster our sales team."

The company signed a 2018 deal with Volt, an Austrialian neobank that will roll out the new Verrency-backed service offering during the second half of 2019. The company has also signed new agreements with Banco Davivienda in Columbia and Emirates in the UAE.

Topics: Mobile Banking, Region: APAC

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June 11, 2019

Juniper Research issued a new report that estimates mobile wallet use will surge to 4 billion users by the year 2024 from the current estimates of 2.3 billion users, with wallet transaction volume rising 80% to about $9 trillion per annum.

Juniper Research sees annual spending per digital wallet in the U.S. will increase to about $6,400 by 2024 from current levels of $3,350 per wallet.

The spending and transaction increases will be largely driven by online payments for remote purchases. New digital payment specifications being developed by EMVCo are expected to be a major factor in this increased volume, as tokenization and dynamic cryptograms help drive growth.

The report also notes that NFC-based contactless wallets like Apple Pay and Samsung Pay will be challenged by the rise in QR code-based wallets, which will gain traction in part due to the new EMVCo standards on digital payments. Outside of China, QR codes will largely see gains in developing Asian markets, where many merchants lack POS infrastructure and merchants will be able to complete transactions using smartphones.

Topics: Mobile/Digital Wallet, Mobile Payments, Trends / Statistics

Companies: Juniper Research

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June 10, 2019

Juniper Research issued a new forecast stating that international digital remittances will surge to $525 billion by 2024, compared with an estimated $332 billion in 2019.

The report estimates that mobile remittances will show a sharp increase in market share, growing to 41% of international money transfers, compared with 33% in 2019.

The report says blockchain-based payments have the potential to further grow digital payments, as the technology may be used to disrupt traditional business models.

"While traditional operators have launched digital solutions, they have yet to adopt transparent pricing of transfers," Nick Maynard, who authored the research report, said in a company release. "Unless operators accept this requirement, they will continue to lose market share."

The report showed that blockchain based network operators can offer faster, cheaper and more transparent services. Services like RippleNet and IBM Blockchain World Wire are expected to disrupt the industry, the report said.

Topics: Money Transfer / P2P, Trends / Statistics

Companies: Juniper Research

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