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Recommended reading: Payments by e-mail and the social network of things

BBVA Innovation Center

12/16/2013 04:55

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This week we want to highlight Square Cash, a service that allows you to send money through e mail, an article from Harvard Business Review that tells us about Internet of the "Social Network of Things" and a study that reveals that open codes result in innovative financial services.

Payment services are evolving, and the latest novelty, Square Cash, is already available for everyone. Users can already send money to their friends by simply sending an e-mail. That's all. Currently, it is only available for users from the United States and anyone can use it.

The article published by The Next Web, explains that the process is very simple: you just send an e-mail to [email protected] introducing the quantity in the subject and including a message in the body of the e-mail. Once the e-mail has been sent, the receiver will get another e-mail urging them to link their debit card accounts to make their payment. Recipients can receive a payment once they have also introduced their debit card number. From that point, any future transaction will be processed automatically.

On the other hand, we suggest an interesting article from Harvard Business Review titledLa edad de los productos sociales(The age of social products), which explains how the Internet has moved from being the “Internet of Things” and the “Internet of Everything” to being the “Internet of the Social Network of Things”.

Finally, a comprehensive report published by Bearing Point and Black Duck reveals the benefits and risks of using an open code in the financial sector. The benefits include, among others, a reduction in costs, greater IT flexibility and faster solution times. In addition, the commitment with the community with open code may also lead to more efficient support models and to the development of greater productivity and retention.

Among the risks, Jeff Hammond, main analyst at Forrester research, states that the uncontrolled use of the open code and the lack of formal acquisition processes may prevent financial services organizations from maximizing open code software benefits while being exposed to risk.