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News
their legacy systems. Karimzedah said QuickStartEMV is modular-based, The FT quoted unnamed sources that
allowing businesses to select the EMV components they want to implement in Facebook was "only weeks away"
conjunction with their existing systems, resulting in reduced migration costs. from gaining regulatory approval in
Ireland for its remittance platform.
Karimzedah believes the Target breach awakened businesses to the necessity of The report said Facebook's P2P
the EMV transition, but it's been a slow process. "More and more stakeholders platform will facilitate "migrant
are starting to think and actually do some EMV work," he said. "The ones that remittances," with the goal of
need to order cards, they are starting to order cards. They also need to buy expanding its payment presence in
terminals, and they are starting to order terminals." emerging markets, such as India.
Judging by the EMV transitions in the U.K. and Canada, the United States Facebook makes the bulk of its
migration will take some time to complete. Karimzedah said both markets, revenue from advertising; 10 percent
approaching a decade each in length of transition time, are still not 100 percent of its profits reportedly come from
EMV-compliant. "So it's not going to be black and white where, come October in-game payments for online and
2015, everybody is going to be done," he said. "It's going to be a long time. It's mobile games.
going to be many years before we are all done."
From WhatsApp to what's next
Facebook set to become Ken Paull, Chief Executive Officer
at mobile payment firm ROAM, said
P2P player Facebook's February 2014 acquisition
of
mobile
service
messaging
WhatsApp for $19 billion clarified the
social network's strategy. "With the
acebook is apparently ready to become a person-to-person (P2P) acquisition of WhatsApp, I think that
money transfer network. According to an April 13, 2014, report in it makes a lot more sense in extending
the London-based Financial Times, Facebook was nearing the launch that messaging platform into a P2P
F of P2P payments in Ireland. The decision to launch a money transfer money transfer service," he said.
service in the region can be seen as a test bed for Facebook's larger ambitions
of becoming a payment hub for its 1 billion users. Paull characterized the WhatsApp
acquisition and the expected P2P
network launch as part of the
first phase of Facebook's deeper
immersion into payments. "Their
initial implementation isn't on the
acceptance side, just on the P2P and
money transfer side," he said. "So
they have a number of steps or phases
to go before they're really on our side
of the business and compatible with
chip and PIN, chip and signature
type schemes."
The launch of Facebook's P2P
network in Ireland is unusual,
according to Paull. "I would say it's
a much less mature market than the
U.S. to start launching … and much
less competition," he said.
Ireland is therefore a market where
Facebook can experiment and "work
out the kinks," Paull added. He
believes Facebook would have less
freedom to experiment, and face
greater potential risks in case of snags
in execution as well, if it launched
P2P payments initially in the more
mature and competitive U.S. market.
12
their legacy systems. Karimzedah said QuickStartEMV is modular-based, The FT quoted unnamed sources that
allowing businesses to select the EMV components they want to implement in Facebook was "only weeks away"
conjunction with their existing systems, resulting in reduced migration costs. from gaining regulatory approval in
Ireland for its remittance platform.
Karimzedah believes the Target breach awakened businesses to the necessity of The report said Facebook's P2P
the EMV transition, but it's been a slow process. "More and more stakeholders platform will facilitate "migrant
are starting to think and actually do some EMV work," he said. "The ones that remittances," with the goal of
need to order cards, they are starting to order cards. They also need to buy expanding its payment presence in
terminals, and they are starting to order terminals." emerging markets, such as India.
Judging by the EMV transitions in the U.K. and Canada, the United States Facebook makes the bulk of its
migration will take some time to complete. Karimzedah said both markets, revenue from advertising; 10 percent
approaching a decade each in length of transition time, are still not 100 percent of its profits reportedly come from
EMV-compliant. "So it's not going to be black and white where, come October in-game payments for online and
2015, everybody is going to be done," he said. "It's going to be a long time. It's mobile games.
going to be many years before we are all done."
From WhatsApp to what's next
Facebook set to become Ken Paull, Chief Executive Officer
at mobile payment firm ROAM, said
P2P player Facebook's February 2014 acquisition
of
mobile
service
messaging
WhatsApp for $19 billion clarified the
social network's strategy. "With the
acebook is apparently ready to become a person-to-person (P2P) acquisition of WhatsApp, I think that
money transfer network. According to an April 13, 2014, report in it makes a lot more sense in extending
the London-based Financial Times, Facebook was nearing the launch that messaging platform into a P2P
F of P2P payments in Ireland. The decision to launch a money transfer money transfer service," he said.
service in the region can be seen as a test bed for Facebook's larger ambitions
of becoming a payment hub for its 1 billion users. Paull characterized the WhatsApp
acquisition and the expected P2P
network launch as part of the
first phase of Facebook's deeper
immersion into payments. "Their
initial implementation isn't on the
acceptance side, just on the P2P and
money transfer side," he said. "So
they have a number of steps or phases
to go before they're really on our side
of the business and compatible with
chip and PIN, chip and signature
type schemes."
The launch of Facebook's P2P
network in Ireland is unusual,
according to Paull. "I would say it's
a much less mature market than the
U.S. to start launching … and much
less competition," he said.
Ireland is therefore a market where
Facebook can experiment and "work
out the kinks," Paull added. He
believes Facebook would have less
freedom to experiment, and face
greater potential risks in case of snags
in execution as well, if it launched
P2P payments initially in the more
mature and competitive U.S. market.
12
