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Wallets

Objective   3/15/2016

Documentation on web Wallets.

Digital wallet   3/18/2016

Wikipedia

A digital wallet refers to an electronic device that allows an individual to make electronic commerce transactions.

This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store.

An individual's bank account can also be linked to the digital wallet.

They might also have their driver’s license, health card, loyalty card(s) and other ID documents stored on the phone.

The credentials can be passed to a merchant’s terminal wirelessly via near field communication (NFC).

Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials.

For example, a digital-wallet could potentially verify the age of the buyer to the store while purchasing alcohol.

The system has already gained popularity in Japan, where digital wallets are known as Osaifu-Keitai or "wallet mobiles".

Apple Wallet   3/18/2016

Wikipedia   Apple Wallet

Apple Wallet (referred to as simply Wallet) is an application in Apple's iOS (previously known as Passbook in iOS 6 to iOS 8) that allows users to store coupons, boarding passes, event tickets, store cards and, starting with iOS 8.1, credit cards, loyalty cards, and debit cards via Apple Pay.

The technology is designed by Apple Inc. and was presented at the 2012 Apple Worldwide Developers Conference (WWDC) on June 11, 2012 under the name Passbook (now Wallet, as of iOS 9).

The application was released as a built-in app for iPhones and iPod Touch devices alongside iOS 6 on September 19, 2012.

Bitcoin   3/18/2016

Wikipeda    Bitcoin

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009.

The system is peer-to-peer; users can transact directly without an intermediary.

Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain.

The ledger uses bitcoin as its unit of account.

The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency.

Bitcoin is often called the first cryptocurrency, although prior systems existed.

Bitcoin is more correctly described as the first decentralized digital currency.

It is the largest of its kind in terms of total market value.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger.

This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins.

Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services.

Users can send and receive bitcoins for an optional transaction fee.

Bitcoin as a form of payment for products and services has grown, and merchants have an incentive to accept it because fees are lower than the 2–3% typically imposed by credit card processors.

Unlike credit cards, any fees are paid by the purchaser, not the vendor.

The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks.

Despite a large increase in the number of merchants accepting bitcoin, the cryptocurrency does not have much momentum in retail transactions.

The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media.

Criminal activities are primarily centered around black markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.

Bitcoin has drawn the support of a few politicians, notably U.S. Senator Rand Paul, who accepts donations in bitcoin.

Google Wallet   3/18/2016

Wikipedia   Google Wallet

Google Wallet is a peer-to-peer payments service developed by Google that allows people to send and receive money from a mobile device or desktop computer.

A Google Wallet account is linked to an existing debit card or bank account.

Google Wallet includes the Google Wallet app and the Google Wallet Card.

The app is available for Android devices running Android 4.0 and above, and for iOS devices running iOS 7.0 and above.

The physical Google Wallet Card is an optional addition to the app, which allows users to make purchases at point-of-sale (in stores or online) with the money in their account.

You can also use the card to withdraw cash at ATMs.

Google has modified the function of Google Wallet since its inception in 2011.

Near-field communication (NFC) technology used to be associated with Google Wallet, but as of late 2015, NFC capability is only available with Android Pay, which is a separate application available only to Android users.

PayPal   3/18/2016

Wikipedia   PayPal

PayPal Holdings, Inc. is an American company operating a worldwide online payments system.

Online money transfers serve as electronic alternatives to traditional paper methods like checks and money orders.

PayPal is one of the world's largest Internet payment companies.

The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee.

Established in 1998, PayPal had its IPO in 2002, and became a wholly owned subsidiary of eBay later that year.

It was spun off as an independently traded company in July 2015.

In 2014, PayPal moved $228 billion in 26 currencies across more than 190 nations, generating a total revenue of $7.9 billion (44% of eBay’s total profits).

The same year, eBay announced plans to spin-off PayPal into an independent company by mid-2015 and was completed on July 18, 2015.

Early History

PayPal was established in December 1998 as Confinity, a company that developed security software for handheld devices founded by Max Levchin, Peter Thiel, Luke Nosek and Ken Howery.

PayPal was developed and launched as a money transfer service at Confinity in 1999, funded by John Malloy from BlueRun Ventures.

In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk.

Musk was optimistic about the future success of the money transfer business Confinity was developing.

Musk and then-president and CEO of X.com, Bill Harris, disagreed on this point and Harris left the company in May 2000.

In October of that year, Musk made the decision that X.com would terminate its other Internet banking operations and focus on the PayPal money service.

The X.com company was then renamed PayPal in 2001, and expanded rapidly throughout the year until company executives decided to take PayPal public in 2002 as listed under the ticker PYPL at $13 per share and ended up generating over $61 million.

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