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BITCOIN SILK ROAD SHUTDOWN It’S a Case of Drug Deals, Blackmail, Assassinations, and at the Center of It All, Bitcoin

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BITCOIN SILK ROAD SHUTDOWN It’S a Case of Drug Deals, Blackmail, Assassinations, and at the Center of It All, Bitcoin SEP 30-OCT 5, 2013 Go to www.paymentweek.com BITCOIN SILK ROAD SHUTDOWN It’s a case of drug deals, blackmail, assassinations, and at the center of it all, bitcoin. Occupy Money Credit Giants Propose Global Leaked Video Shows Cooperative’s Debit Card Payments Standard to Make Clinkle in Action Sees Some Resistance from Digital Shopping Safer the Resistance 2 SEP 30-OCT 5, 2013 CONTENTS Go to www.paymentweek.com Felix Shipkevich Bitcoin Silk Road Shutdown and Founder Arrested 10 FOUNDER Kevin Xu FEATURED ARTICLES CONTENT STRATEGIST Jason Mongiello TECH DIRECTOR OF MARKETING Restaurant Mobile Payment App Cover Launches in NY 3 Laura Forero Leaked Video Shows Clinkle in Action 4 CREATIVE DIRECTOR Daniel Pritchard EMERGING PAYMENTS GRAPHIC DESIGNER Occupy Money Cooperative’s Debit Card Sees Some Elan Mendel Resistance from the Resistance 5 ADVISOR MARKETPLACE Address 65 Broadway Braintree Takes Venmo One Touch to See the Queen 8 Suite 508 To advertise with us Credit Giants Propose Global Payments Standard to [email protected] Make Digital Shopping Safer 9 Lamil Media Publication IDUSTRY VOICES ©2013 Issue 12 Rentalutions’ Ryan Coon – Limiting Payment Options Limits Your Bottom Line 12 TECH Mobile News Restaurant Mobile Payment App Cover Launches in NY By: Kevin Xu Image Credit: Cover etting the check and splitting it Cover may be appealing to restaurants COVER MAY BE between friends might be more since transaction fees paid by participating APPEALING TO awkward than your junior prom. restaurants would be less than that of tak- G RESTAURANTS ing traditional credit cards. Cover, a New York based startup, aims SINCE to change the way people pay for their As of the now, you can only split the TRANSACTION meals with a mobile payment app that just check evenly, a decision made by the Cov- FEES PAID BY launched on the Apple App Store (the An- er team after they realized that giving the PARTICIPATING droid version is in development). users “control would have them spend the RESTAURANTS last part of the evening with their phones The app has been in beta testing for a out, fine-tuning everything on the bill,” says WOULD BE year, and its New York launch brings Cover founder Andrew Cove. LESS THAN to more than 20 of the city’s restaurants. THAT OF It’s a usability decision, but support for So how does it work? TAKING different split amounts would solve the TRADITIONAL After creating an account, you must be need for multiple checks, and drastically cut dining at one of the restaurants that sup- down the workload for busy servers. CREDIT CARDS. port Cover. Tell your waiter that you’re pay- Cover faces competition from other ing with Cover. Open up the app to create or restaurant-focused payment apps which in- join a “table” which includes other Cover us- clude Dash and OpenTable which added a ers who you can split the check with. When payment feature in July. you’re done with your meal, the tip is auto- matically applied and you can walk away, or Regardless, if these companies have their you can adjust the tip amount as you see fit. way, you might never have to say “check please,” ever again. 3 4 TECH Mobile News Leaked Video Shows Clinkle in Action By: Kevin Xu Image Credit: CrunchBase linkle, the new mobile-wallet that’s a direct bank transfer, or a credit card pay- THE CLINKLE garnered a ton of attention (due to ment, which carries a fee. WALLET SEEMS the company raising $25 million C Clinkle also has a messaging feature, TO BE ABLE along with the hype surrounding its secre- which will probably come in handy when TO STORE tive details), has leaked. you’re trying to get your friend to pay you DEBIT AND Sort of. back for last night’s bar tab. CREDIT CARDS, A user by the name of “Clinkle Hopper” Clinkle users are required to enter person- REWARD has posted a video on YouTube with the al identifying information including name, CARDS, Clinkle app running in demonstration mode address, and their social security numbers AND BANK to use some features. This is because, as the ACCOUNT The Clinkle wallet seems to be able to linked tumblr claims, is because Clinkle is store debit and credit cards, reward cards, INFORMATION. creating a bank account at Zion Bank that and bank account information. You can YOU CAN will hold funds for their users. transfer to and from your bank account on TRANSFER TO to the wallet app. The interface is very slick, and offers AND FROM some amount of customization. Thought it Users at stores that support Clinkle can YOUR BANK hasn’t even been released, if the video is any pay through Aerolink, which was reported to ACCOUNT indication, Clinkle will definitely be one of be a sound-based NFC alternative. ON TO THE the most attractive mobile wallets WALLET APP. The video also demonstrates social pay- released to date. ments through funds linked to the wallet, 4 EMERGING Payments Card Solutions Occupy Money Cooperative’s Debit Card Sees Some Resistance from the Resistance By: David Mindich ccupy Wall Street has been mak- The Coop states that its mission is “to “THE OCCUPY ing the headlines again with what provide fairly-priced, member-managed, MONEY may be its most baffling incarna- and non-predatory financial products to the O COOPERATIVE tion yet: the Occupy Prepaid Debit Card. The 99%” and to offer “alternative products and idea seems almost like an oxymoron; how is services based on the principles of democ- IS LIKE A BANK, a group whose beginnings stemmed from the racy, inclusion, and fairness.” Because it’s a BUT BETTER.” desire to stand up against shady bank deal- coop, the company is run by its members, so ings and Wall Street trading going to put its it won’t have to “answer to Wall Street or to name on a bank card? profit-hungry directors.” The simplest answer, it seems, is by not However, the degree in which The Occupy calling it a bank card. Money Cooperative actually distances itself from these institutions seems questionable The card is being offered by the Occupy when they tell you that they work through a Money Cooperative: a financial institution bank and are backed by Visa. with all the bells and whistles of your neigh- borhood bank but better. – so they claim. As it turns out, in order to ensure the mon- ey people put on the card, the Occupy Money The first line of their about us page reads, Cooperative has to work with a bank. “The Occupy Money Cooperative is like a bank, but better.” 5 6 EMERGING PAYMENTS And in order to get anyone to accept the of the “neo-liberal language” Ebrahimian BECAUSE IT’S thing, they need to work with a credit com- talks about on their website, it seems un- A COOP, THE pany like VISA. Under normal circumstanc- likely that that they’re planning to corner COMPANY IS es, these would be rather mundane details. the market on prepaid debit cards. They’re But this is Occupy Wall Street we’re talking merely offering an alternative to big banks RUN BY ITS about here, isn’t it? Where’s the resistance and other financial institutions. And, by MEMBERS, SO from two years ago? Where’s the passion? many accounts, it’s a good one. It has the IT WON’T HAVE The Coop markets the card with the slogan lowest fees out there and could very well TO “ANSWER TO “a protest with ever purchase.” But at best, be useful to someone who can’t afford WALL STREET this seems like begrudging compliance. At bank fees or who can’t open a checking OR TO PROFIT- worst: just plain compliance. Is this what account. HUNGRY the movement has come to? So then why all these mixed feelings? DIRECTORS.” Not everyone seems to think so. It seems it’s all about principle. In many Seeing the use of “Occupy” as merely a ways, the Occupy Card can be a huge step marketing ploy by the Coop, Suzahn Ebra- forward for the movement. OMC is doing himian, writer for the social movement the best that they can to provide people publication Tidal, accuses The Occupy with a solid alternative to big banks. But Money Cooperative of using the “neo-liber- after all the fighting, after all the demands al language” that’s readily available when for large-scale, radical change, to market a talking about Occupy Wall Street to pull card that still has such strong ties to these people away from normal card issuers, giant financial institutions as a solution and its lack of exclusivity to “get the upper just feels like a copout. It’s like sitting hand on their credit union competitors.” through all of Rocky IV just to watch the And she’s not alone in her cynicism. Italian Stallion give Drago a stern talking to. It’s like cooking a pound of turkey ba- But how much malicious intent can a con. The payout just doesn’t seem worthy not-for-profit have? of the effort. While there’s certainly an abundance 6 8 MARKETPLACE Image Credit: Venmo Global & Local Braintree Takes Venmo One Touch to See the Queen By: Kevin Xu n a partnership between Braintree and and digital campaigns, along with newslet- IN A REPORT American Express, Venmo Touch is now ters and Cardmember outreach. RELEASED BY available to consumers in the UK as a I In a report released by Econsultancy’s one-touch mobile payment option across a ECONSULTANCY’S Multichannel Retail Survey, it was found host of integrated services.
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