A robot hand holding a vintage ladies' wallet, representing electronic wallets or e-wallets, respectively

What Is An E-Wallet – Definitions and Technical Distinctions

E-wallets are software programs which securely store data. This data is needed to enable the wallet owner to conduct payments online or at points-of-sale. And they do so by use of a specific device.  

That’s as close to an encompassing definition of e-wallets, or electronic wallets respectively, as we will probably get. But it’s also just the surface of what electronic wallets – sometimes also called digital wallets or (obsoletely) cyberwallets – can do. Over the last decade, e-wallet technology has found application to a variety of use cases. This article will cast a light on the term E-wallet, especially in the context of online payments. In the following paragraphs you’ll find: 

  • Definitions of certain types of e-wallets 
  • An overview of their common functionalities 
  • A breakdown of e-wallet-based payment 
  • An outlook on their role in the future of payments and e-commerce
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Two hands with medical gloves handing over a banknote, representing fintech during the corona year of 2020

How 2020 Changed the Fintech Industry – Trends and Developments

What a year… good thing, we have a new one in replacement. 

Last December, when putting together our annual industry recap articles (you can find some of them here if you are in for nostalgia), we could not have guessed that the fintech scene would be on the brink of profound change. Many predictions, fintech and banking experts had made for 2020, did not occur – or did not occur for the reasons that we assumed would provoke them. 

Everything considered, though, the financial industry got off cheaply in 2020, when compared to other industries. Some branches could even step up their game. 

The question now is, if the fintech trends of 2020 will continue in 2021 or if they will “return to form”, once the restrictions in worldwide trade, business and retail loosen again. A look in the rear-view mirror will give us some implications. 

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A close-up photo of a dollar note, representing the traditional financial system and its history

The History of the Financial System

Introduction

trimplement co-founder Natallia Martchouk
trimplement co-founder Natallia Martchouk looks into the history of centralized finance.

We all are used to living in the world of centralized banks and institutions that govern finance – also known as the old economy in the crypto and fintech scene. In fact, many people cannot imagine that the financial system could work differently. They simply take this existing system as the given and best option. 

But is this the case? Or are there good reasons why there is a need for new paradigms like the growing new area of decentralized finance? Let’s talk about some historical milestones in the development of the financial systems of the old economy, before examining its disadvantages.

The Old Economy: History, Status Quo and Risks

Money Makes the World Go Round

Let’s start at the very beginning and go through some basic concepts. The financial story of humankind starts with the invention of money.

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A wallet, money and a computer cooling system, symbolizing the rapid real-time payments of SCT Inst

From SCT Inst to EPI – How European Banking Is Changing

Matthias Gall, co-founder of trimplement
trimplement co-founder Matthias Gall traces the origin of the SCT Inst scheme and gives an outlook.

Having followed the European financial press in recent years, chances are you stumbled across the term SCT Inst. This seven letter abbreviation hints at an ambitious banking project that has sharpened the competitive edge of the European financial market: Instant, multi-national payments. 

The SCT Inst scheme was introduced to enable rapid, real-time payments between banks and financial institutions located in different European countries. As such, SCT Inst acts as a stepping stone for more banking projects bound to happen further down the timeline (like the European Payment Initiative or EPI). 

As you are reading this, SCT Inst has already taken hold in banking. But still, banks can feel the challenges it has presented to them. 

Let’s see what we are dealing with.

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Two businessmen lining out a payment gateway for their online marketplace and other platforms of the platform economy.

Empowering the Platform Economy

aye4fin Managing Partner Thomas Tittelbach, presenting 5 important topics when creating payment gateways on a business level.
Thomas Tittelbach, Managing Partner at aye4fin gives you a detailed overview of how to approach building a payment gateway from a business perspective.

E-commerce is a growing market – but it’s not taking place entirely within single online shops. By far not. Online marketplace environments have cemented their presence all over the web, be they specialized in dealing with certain types of goods or all-in-one digital warehouses. In addition to retail, service platforms and even comparison portals have found their niches as well. In short: We live in the age of the platform economy – driven by smooth-flowing online payment solutions.

Yet sometimes the last part is more wishful thinking than reality. Payment processing requires a payment gateway designed for the specific transaction flows, which occur in marketplaces. And if you want to design such a well-functioning solution yourself, you can turn it into a business case on its own.

Of course, there are things to keep in mind, from a business perspective. In this second part of our Article Series on Payment Gateway Building, we give you an overview of those. Here are five topics to consider when building payment gateways for marketplace platforms.

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A point-of-sale for credit cards symbolizing the developments in the digital payment industry of 2019

2019: The Year in Payments

Matthias Gall, co-founder of trimplement
Matthias Gall looks back on the developments in payments of 2019

When I sat down to write my article on innovation in fintech and payments last year, I was a little disappointed about what I saw in Europe, as you can probably tell from the article. I decided to look somewhere else instead and found more innovation on the African continent.

This year, though, things are looking a bit different: pressure to innovate keeps rising in Europe. When it comes to payments in Europe, there might be light at the end of the tunnel.

Let’s start with one theme that manifested itself throughout the last couple of years.

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A car's dashboard, with the number 2019 stuck to it, symbolizing the automotive market of the year 2019 in this review article.

2019: The Year in Automotive

Photo of Thijs Reus, co-founder of trimplement
Thijs Reus looks back on the automotive developments of 2019

Sometimes, things take longer than expected. 

In my 2018 review, I have hinted at how PSD2 and GDPR would ring in a new, more dynamic era of fintech, filled with opportunities. And then again it didn’t. The PSD2 deadline has been expanded, as banks and other financial companies have kicked the adaption of their systems and services down the road, so to say.

In the meantime, BigTech companies like Google, Alibaba or Apple cement their market position with their own smart payment solutions.

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2019: The Year in Cryptocurrency

Natallia Martchouck looks back on the cryptocurrency developments of 2019

Another fintech year is over. Even a fintech decade. A lot of things happened last year and in good tradition, I’d like to look back at 2019. In this article, I’ll recap the highlights of the crypto scene from my point of view. It has been a year full of victories and drawbacks, as usual.

The beginning of the crypto year was quite turbulent.

The 51 Percent Attack

Bitcoin, father of the crypto industry and most prominent and popular cryptocurrency, started the year below the 4.000 USD mark, achieved a yearly high in July at approx. 12.000 USD and then fell back to 7.000 USD at the end of the year.

In the meantime, the start of the new year wasn’t much better for Ethereum Classic. The blockchain experienced a 51% attack. The attack began on January 5th, went on for three days, finally ending on January 8th with estimated losses of 1.1 million USD. The attack could be stopped due to the collaboration of blockchain analytics companies and exchanges, who halted the ETC transactions and provided data to the analytics companies. Even though the possibility of a 51% attack on a proof-of-work blockchain was known it was scary to see it becoming reality on a blockchain that ranks in the top 20 crypto assets list.

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