Two pieces of financial tech to talk about today.
First, PayPal and Venmo have announced that they will offer and accept cryptocurrency for payments, with PayPal’s support coming out later this year. This will position PayPal as a digital wallet and crypto exchange.
Unrelated, JPMorgan chase has launched QuickAccept, which lets businesses take card payments within minutes, and sales hit their Chase accounts within the day. The fast funding is offered free. The company intends to migrate a large portion of its three million small business customers to the service.
Why do we care?
I’m not going to claim crypto expertise, not by a long shot. That said, putting a digital wallet in that many consumers hands by default is a big deal. I’m not convinced that THESE currencies are the future, but the technology is certainly interesting. At a minimum, there are a lot of SMBs that use PayPal for transactions, and this adds crypto to their portfoilio.
There is a whole corner of the industry devoted to retail technology, and these payment systems are a huge deal. Saving money or making cash flow more efficient for customers is a direct value add.
I’ll throw out the conversation – how many solution providers really understand the technology their customers are using on payments… and probably should? When I talk about the idea of business value… well here’s an idea.
Source: The Verge