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Tracking fintech, banking & financial services innovations since 1994
Payment processing company Cloverannounced a new capability for dine-in restaurants to offer their guests. The Fiserv-owned company launched Scan to Pay, a tool that enables diners to pay for their meal at their table without the help of their server.
Available on Clover Dining, Scan to Pay prints a QR code on the customer’s itemized bill. Once guests scan the code with their iPhone they can pay via Apple Pay without opening a separate payment app. After the transaction is complete, the server sees a notification on their Clover terminal that their customer has paid. This allows the customer to leave the restaurant without further interaction.
“As restaurants look for new ways to adapt to consumer trends and offer quality dining experiences, Scan to Pay puts the power of when to pay and leave into the hands of the restaurant guest, creating a better dining experience and reducing extra tasks for servers,” said John Beatty, co-founder of Clover. “Scan to Pay represents another step forward for Clover as we continue to build out our core technology capabilities and provide additional solutions that can help merchants grow their businesses and delight their guests.”
Restaurants using Clover Dining can access Scan to Pay without additional cost, though they are charged card not present (CNP) rates for Scan to Pay transactions.
While the potential user base is limited to iPhone users and further limited to those that have set up ApplePay, the user base for payment services such as Scan to Pay is growing. 9to5Mac recently reported that Apple Pay is used for 5% of card transactions across the globe. And by 2025, that number could reach 10%.
Clover was founded in 2010 and was acquired by First Data in 2013. First Data, in turn, was acquired by Fiserv in July of last year. Clover, which demoed at FinovateSpring 2012, offers a range of card present and CNP technologies and processes more than $100 billion in payment volume each year.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Central and South Asia
Visatakes minority stake in Indian payment gateway BillDesk.
Swift India partners with MonetaGo to pilot blockchain-based banking.
India FinTech Forum (IFF) announced the 20 companies recognized at its India FinTech Awards (IFTA), including Finovate alums Hydrogen, iProov, Ocrolus, and James Finance.
Latin America and the Caribbean
Elevar Equity leads $5.25 million investment round for Uruguayan fintech, Bankingly.
Banco Original, a Sao Paulo, Brazil-based FI, to deployFICO Origination Manager and FICO Application Fraud Manager.
First Data launchesClover Mini and Clover Flex in Argentina.
Finastragives Singapore banks top marks in its inaugural Open Banking Readiness Index.
FinLab accelerator introduces its smart business transformation program for Thailand small businesses.
SmartPesa brings its softPOS contactless card acceptance via NFC phone running Android – to Singapore and South East Asia.
South African financial services company, Discovery, to launch “behavioral bank.”
Nigeria’s central bank proposes fintech licensing regime to help manage cyber risk, capital adequacy, and operational oversight issues.
A “hands-off” attitude toward regulation is credited for helping boost Uganda’s emergent fintech sector.
Payment-processing company Clover, which was acquired by First Data in 2012, announced it will soon launch the Clover Online Store, a complete ecommerce platform for small businesses.
The offering is an all-in-one solution that delivers professional-looking web design and secure ecommerce capabilities. Clover is integrating the ecommerce offering with its in-store POS terminals, which range from a simple dongle to a fully-fledged countertop station. The combined solution will enable Clover to deliver an omnichannel shopping experience for end-customers and a comprehensive view of sales metrics and management capability across channels for small businesses.
Similar to Square’s ecommerce offering, the Clover Online Store lets users select from a variety of professionally designed web templates and guides them through the steps needed to create a responsive-design website and online store. Businesses can start accepting payments directly on their website using Clover’s open API.
Booker, an online scheduling platform for service-oriented small businesses, is the first third-party to build on the Clover API. Josh McCarter, CEO of Booker, is excited about the new capabilities the Clover Online Store will bring to its client base, “The combination of the Clover Online Store and Booker is a game-changer for SMB service businesses that will benefit from the first completely integrated business management and payment solution, allowing business owners to focus on the work they enjoy.”
Clover debuted at FinovateSpring 2012. The Clover Online Store is launching next month and will be available for free to small business customers until the end of this year.
Three Finovate/FinDEVr alums won top honors at the Emerging Payments Awards in London, United Kingdom, earlier this month.
Hyperwallet won in the “Best Corporate/Government Payments Programme” division with its Paylution Global Disbursements Program. In a statement, CEO Brent Warrington highlighted the scalability and flexibility of the Hyperwallet platform, and reported that more than five million independent workers are currently using the technology. Hyperwallet demonstrated its RESTful API and embedded payout widget at FinDEVr 2015 in San Francisco in October.
In partnership with Optimal Payments, Revolutwon the “Best Emerging Payments Startup” category. Optimal Payments and Revolut teamed up back in July to launch a multi-currency MasterCard and mobile app that helps travelers take advantage of the best exchange rates available. Revolut made its Finovate debut this year at FinovateEurope 2015 in London.
The event’s overall Industry Contributor Award went to IrisGuard for its EyeBank Iris Recognition electronic payment platform. The platform has been deployed to help bring “sustainable financial inclusion” to those in the Syrian refugee program. As of June 2015, the program had enrolled more than 1.6 million refugees.
Now in its eighth year, the Emerging Payments Awards help recognize creative and business talent in the payments industry. The Awards are run by the Emerging Payments Association, which has also provided the Prepaid Awards since 2006. The Association said that this year’s Emerging Payments Awards was its largest event to date.
If you’re in the United Kingdom and love fintech, then make sure FinovateEurope 2016 is on your calendar. Our two-day conference returns to London, February 9 and 10, 2016.
Sixteen Finovate and FinDEVr alums have been recognized by the PYMNTS Innovation Awards 2015. Three alums, MasterCard , Clover Network and OnDeck took home top honors in their categories, winning gold in “Best New Technology,” “Best POS Innovation,” and “Best Small Business Innovation,” respectively. The rest of the alum field earned silver and bronze in 13 additional categories, including LoopPay, which earned Silver for Best New Technology and a Bronze for “Most Innovative.”
More than 600 companies competed for the awards, with more than 10,000 votes tallied. Finalists were selected by an expert panel, and the top five companies in each category were submitted to the “PYMNTS community” for voting. In addition to the Innovation Awards, the event recognized Phil Tomlinson of TSYS (also a Finovate alum) and Michael Joseph of Safaricom, inducting both into the PYMNTS Hall of Fame. Two women, Carey Kolaja, VP of Global Consumer Products for PayPal and Perse Faily, CEO of Tillster, were also recognized at the event. Apple took home the Innovation Award’s Catalyst Award for what MPD CEO Karen Webster called during the award ceremony, “creating a roadmap for the industry” with its ApplePay innovation.
The full list of winning alums is below. For more information about the Innovation Awards 2015, including the full list of all finalists, visit their page here.