Tackling security and trust in digital payments
Fintech Tables are back for their second event. Sponsored by Pinsent Masons it focusses on payment, one of the 4 key themes highlighted in the FinTech Scotland Research & Innovation Roadmap.
Those events, organised by BDM Media, provide a platform for discussion to support developments and initiatives around the four key pillars of the Roadmap; financial regulation, payments & transactions, climate finance, and open finance data.
This second event focusses on payments and transactions and more specifically about how organisations can build security and trust in digital payments.
Payments has always been the leading area of innovation for fintech companies in Scotland utilising innovations such as open banking and embedded payments making it faster and more convenient to pay and transfer money both locally and globally.
As digital payments continue to grow in the UK and around the world, so do online fraud, digital crime and cyber attacks with over £1.2 billion through fraud and scams in 2019.
This event will welcome many guests including:
- Lloyds Banking Group
- Eeden Bull
- BR-DGE,
- Transfer Mate
- Occamsec
- Police Scotland
- Scottish Business Resilience Centre
- The Payment Systems Regulator.
The group will consider the exciting opportunities offered by digital payments alongside the strategies that financial services organisations need to deploy in order to build and maintain security and trust in these innovative solutions.
More details on the event and others in the series can be found at www.fintech-tables.com
Dapio, live in BETA on Google Play in the UK
The Dapio app has arrived! With the launch of its groundbreaking smartphone app in beta, receiving payments just became a whole lot easier. For business owners looking for a smarter way to process transactions, they’re just one download away from a world of ease and convenience. The payments revolution has begun.
What is Dapio Tap to Pay?
In short, Dapio Tap to Pay is a simple, fast, contactless way to get paid. They make it easy to turn your smartphone into a direct card reader, so small businesses can get paid wherever they are, and whenever they need to.
To demonstrate just how easy it is to receive a payment, Dapio’s very own co-founder and CEO Kosta Du recently made the first ever Tap to Pay transaction in the UK. And he got it all on video!
Using the technology that already exists in an NFC-enabled Android smartphone, card transactions can be made in just a few seconds. A user simply opens the app, types in the required amount, and their device will transform into a dedicated card reader.
What are the main benefits of Dapio Tap to Pay?
Remember the old adage – time is money’? These days, commerce moves at lighting speed, which is why modern business owners require a simpler payment solution to help execute transactions, fast.
For Android users, that solution is only a few taps away, with the release of the Dapio smartphone app. Using Dapio Tap to Pay, Sellers can enjoy a scalable payment tool that can keep pace with their thriving business.
Here are some additional benefits that Dapio Tap to Pay provides:
Simple user interface
A streamlined mobile app allows even those with minimal tech expertise to process payments in seconds.
Portable payments
Say goodbye to clunky card readers, with a versatile payment solution, built for on the go’.
In-depth reporting
Access instant overviews of all transaction data, with performance insights and team management tools.
Is it safe?
With extensive safeguards to help protect customer and merchant data, the app maintains a safe transactional environment in which payments can be received. From data encryption to advanced fraud protection, Dapio’s PCI certified safety protocols help provide an extra layer of protection for all users. That means payments can be executed with confidence.
Who can use it?
Accessibility is one of Dapio’s main priorities. The Tap to Pay app is a one-size-fits-all solution to help businesses big and small improve the way they receive payments.
- Side hustlers/gig economy workers
- Cafes/restaurants
- Independent shops
- Gyms/fitness studios
- Delivery and transportation services
Dapio is currently available for all UK small businesses looking to level up their payments experience. Users can sign up on the Dapio website and will receive an invite to their Google Play BETA app.
Scotcoin launches carbon offsetting service
The Scotcoin Project (CIC) just launched Scotcoin Carbon Offset which allows individuals and businesses to offset their carbon footprint and support the drive to net zero by providing a discount to those who pay with Scotcoin (SCOT), while also accepting payments in pounds sterling.
People can purchase a single tonne of carbon for £20 (10 tonnes would cover the average carbon consumption for a person each year). Businesses can get in touch with the Scotcoin Project to talk about their specific needs.
2022 saw the Scotcoin Project CIC achieved carbon neutral status by offsetting 100 tonnes of CO2 through investment in a project delivered by the United Nations Framework Convention on Climate Change (UNFCCC) Adaption Fund, which seeks to reduce the emissions of harmful greenhouse gases.
Scotcoin seeks to use crypto as a force for good, supporting a range of charitable and environmental projects that boost Scotland’s ambitions for a greener and fairer society.
Temple Melville, CEO of the Scotcoin Project CIC, said:
“We are using cryptocurrency in a unique way to help Scottish people and businesses make their contribution to the country achieving net zero. While offsetting is not the only answer, carbon emissions are an inevitable result of many of the things people do in day-to-day life and in the way businesses operate. It’s not possible to cut all of that out altogether, but it can at least be offset and we believe crypto can play an important role in making that happen.
“We have the flexibility to sell single tonne quantities, which means even individuals can offset what they produce in a year through activities like sending emails or drinking coffee if they want to proactively do more for the planet. The climate crisis remains the biggest challenge society faces and we hope that our carbon initiative, via Scotcoin Carbon Offset, will incentivise more people and businesses to do as much as they can to help us reach net zero.”
To find out more, please visit: www.scotcoincarbonoffset.com
Zumo joins World Economic Forum Crypto Sustainability Coalition
Scottish fintech Zumo, has become the latest member of the World Economic Forum’s Crypto Sustainability Coalition.
This coalition will explore how blockchain solutions can be use to contribute to meaningful progress toward positive climate action. Zumo’s contribution will be around developing the guiding principles and toolkits for companies, regulators and start-ups to leverage the potential of blockchain to reach energy goals.
Particular areas of focus include:
- assessment of crypto sector energy usage
- examination of the potential of web3 technology to facilitate positive climate action
- investigation of the usage of blockchain-based carbon credits.
Nick Jones, Zumo CEO, commented:
“It’s extremely encouraging to see the level of coordinated activity that has emerged in this area since we started our own crypto decarbonisation journey.”
“As we all know, there’s a lot left to do and a long way to go; what we’re seeing, however, is the strands of this work in the crypto ESG space really coming together ”“ and, perhaps, the beginnings of a shift in the narrative and the ability to see this technology not just as a problem, but as a potential force multiplier for good.”
“Making sure crypto and blockchain more generally develops in a way that caters to the needs of people and the planet is critical to Zumo and what we’re doing. We’re delighted to be invited to participate in this worthy World Economic Forum initiative, and to continue to build and collaborate with our fellow actors in the space.”
Find out more about the Crypto Sustainability Coalition at weforum.org
Learn more about Zumo’s own industry-leading work to date at zumo.tech
Blockchain, a key driver for economic growth
Article written by Maciej Zurawski, Founder and CEO, Musemantik
We all know technological innovations are a key driver of economic growth. Innovation is so essential to increase the productivity and efficiency of value creation that economists attribute a staggering 85% of the economic progress in the Twentieth century was to technological innovations. For those of you keeping score, that’s a little over five of every six dollars that the world economy grew by in the last hundred years can be directly credited to technological advancement. What may surprise you is just how much developing Blockchain technology can further this trend towards prosperity.
Blockchain is a novel development in computer science that can escalate economic growth radically through personal value creation. Fundamentally, it is a technology of distributed data and digital assets that are spread across a global, decentralised computer network. New data is chronologically recorded in blocks that are cryptographically in a permanent chain of synchronised information. This information shared is public and does not rely on any centralised actor for it to operate and consequently cannot be manipulated by corrupting information on a central server. Data contained within the blockchain is completely secure and trustworthy allowing for applied use of data in new and valuable ways. In the same way that instant communication revolutionised the economy, totally secure communication offers incredible economic, social, and societal benefits. We at Musemantik believe that the Scottish economy is particularly poised to adopt Blockchain and to take advantage of the myriad benefits adoption will bring.
In brief, we estimate a £2.46 billion contribution to Scotland’s GDP by 2030 as a consequence of information transparency, £1.1 billion in efficiency savings, and a £4.48 billion general increase in GDP as a consequence of adoption. [I] We encourage general implementation of blockchain solutions to capitalize on their benefits to create value for Scottish society. By encouraging socially responsible supply chain activities, implementing user-friendly health care systems, and reducing the costs of data transactions or financial intermediaries this have the potential to increase the national wealth substantially.
[i] The calculations are based on the figures in the “Time for trust” report of PWC (2020) and on the share of Scottish GDP from the total GDP of the UK.
Photo by RODNAE Productions: https://www.pexels.com/photo/silver-and-gold-round-coins-8370389/
BR-DGE announces partnership with leading travel organisation, Travel Counsellors
Payment orchestration scale-up, BR-DGE, has announced a new merchant partnership with leading independent travel company, Travel Counsellors.
This partnership will provide the business with access to a multitude of payment providers and alternative payment methods, from Open Banking to eWallets, via BR-DGE’s market-leading orchestration platform, ensuring a streamlined booking experience for all global customers. This will enable Travel Counsellors to utilise BR-DGE’s dynamic rules engine to build a multi acquirer strategy across its global business operations.
Jacob Spencer, Head of Commercial at BR-DGE, said
“We are excited to be working with Travel Counsellors to revolutionise its payments infrastructure with considerable benefits for its customers and business.
We have seen that the sector is on track for a strong recovery; Travel Counsellors was well placed to bounce back and has had a tremendous last six months with record bookings in FY22 as sales levels reach 140% of FY19.
Our research has shown that over 8% of online transactions in the travel sector fail. As demand returns, with consumers expecting a seamless booking experience and merchants aiming to lift margins, payment orchestration is vital to boosting the sector’s resilience and increasing conversion rates.”
Travel Counsellors is a global travel business, turning over £700m per annum and serving over 600,000 customers worldwide by booking over 300,000 itineraries each year.
Mat Hanson, Chief Financial Officer at Travel Counsellors added
“Our core strategic focus of continued growth and delivering a personalised service to all of our customers remains unchanged. Working with BR-DGE is another example of how we’re continuing to enhance our customers’ experience though the use of new technology. Continuing to provide a seamless booking experience remains pivotal and especially at a time when many of our Travel Counsellors are so very busy.”
A conversation about art and NFT with Trevor Jones
Season 2, episode 4
Listen to the full episode here.
The NFT movement seems to have taken the world by storm. For most people it came out of nowhere and when most people are grappling with the idea of digital currencies, they now have to deal with non-Fungible-tokens. Digital currencies are changing everything and not just the way we deal with money. However, it’s not just about coins anymore. Today, in the episode we’re speaking about how it’s affecting one of the oldest disciplines in the world. Art. And just like appetite for cryptocurrencies is going up and down (down at the minute) so might NFTs. However, one thing is for sure is that they are here to stay. On this episode we welcome on of the top 10 NFT artists in the world according to most NFT specialists, Trevor Jones. Trevor is Canadian but has chosen bonny Scotland to establish himself and his art. With him we’ll discuss his incredible story and his vision on this new world. This podcast will also be an opportunity to showcase the Stirling Castle Party.
Trevor Jones – a story of art and NFTs
I never planned on or expected to be an artist. Although I took art classes in high school in Canada (as I had a natural talent) it wasn’t until my early 30s that everything changed. I left my home country in my mid-20s with a backpack to explore the world, working mostly in hospitality to get around and ended up in Scotland a few years later on a UK ancestry visa. After making some bad decisions I spiralled into depression, and I hit an important crossroads in life. For some strange reason, I decided that art would save me’.
Proving one’s never too old to follow one’s dreams, I enrolled in a foundation course at a small school in Edinburgh and the following year I was accepted into Edinburgh University and Edinburgh College of Art for the 5 year MA Fine Art programme. Thankfully, I managed to escape the dark depths of depression by the time I graduated; however, I now found myself at 38 years of age, broke and armed with very little but a huge student loan and an art degree.
Moreover, after two moderately successful commercial gallery solo exhibitions, I came to the conclusion that it was near impossible to make a living as an artist. So, there I was, working two jobs; managing a small art charity and teaching part time whilst running an Airbnb year round at my flat, to make ends meet all while spending every other spare moment painting.
I realised that if I were to make my art career dream viable that I would need to somehow differentiate myself from all the other artists exhibiting in Scotland, which led me to exploring and integrating new technologies with my work. In 2011 I was investigating QR code oil paintings and by early 2013 I was employing augmented reality as one of the first professional painters in the world to use AR.
I was more than excited when it came to exploring art and tech innovation but unfortunately it appeared the Scottish art world felt almost the exact opposite to me. As constant rejection of my artworks continued to fuel my frustration with the institutions was mounting, I decided to troll the legacy artworld with various tech inspired stunts.
For example, after my AR painting was rejected once again from the annual Royal Scottish Academy open exhibition, I snuck into the RSA building the day before the opening to photograph all the works on display. That night I augmented over 60 paintings and digitally replaced’ them with my pieces. I counterfeited 25 invitations and turned up to the posh opening night with a bunch of friends with smartphones and tablets and my AR app turning the event into the Trevor Jones solo exhibition. Some of the old guard’ weren’t too happy with me after this stunt but at the same time I also managed to build a little excitement and momentum around my artwork.
Fast forward to 2017 and for once I had a bit of money in the bank after a successful AR solo exhibition ”“ one that I’d organised myself as commercial galleries were no longer interested in showing my paintings. I invested in Bitcoin and very quickly became consumed with the world of crypto. I began coordinating my next solo show, which was titled Crypto Disruption: The Art of Blockchain. Almost all the paintings sold to crypto enthusiasts internationally via bitcoin and eth (which completely boggled my mind at that time!) and it was by far my most successful exhibition.
Near the end of 2019 I dropped my first NFT, a collaboration with the late, great Alotta Money, which broke all previous NFT sales records and really put me on the cryptoart map. I think I was a bit of an anomaly, as an academically trained painter coming into this space filled with almost entirely digital artists; which again, likely helped to differentiate me from the rest.
Things have continued to go from strength to strength with the last couple years being quite literally life changing both creatively and financially. Along with my record breaking Bitcoin Angel open edition drop on Niftygateway, seven figure sales collaborations with Pak, Metacask and the legend Ice Cube, and hiring Stirling Castle in July to throw an exclusive party for 300 of my angel collectors, I’m now working on a commission which will be a gift for a very high profile individual who makes electric cars and rockets.
My dad always used to say to me, “Son, life’s a funny thing” and he wasn’t wrong. I guess I’ll now add to his words with, “Work hard, persevere, focus on being different and you never know where you may end up.”
Making Scotcoin available on the global market ”“ a significant milestone for Scotland
In the growing world of blockchains and cryptocurrencies, Scotcoin is taking a big step forward with the announcement of our partnership with ProBit Global, which will see us publicly list SCOT on its exchange later this year.
With a presence on the ProBit platform, holders of Scotcoin across the world will be able to exchange existing tokens and new users will be able to buy Scotcoin for fiat currency (such as British pounds, US dollars or euros) or other types of cryptocurrencies.
ProBit has an excellent reputation and a substantial international presence that will allow us to spread the word about Scotcoin to more people than ever before. The platform currently operates in more than 200 countries, supports over 45 different languages, and trades in more than 700 different cryptocurrencies.
ProBit will also play an essential part in marketing up to and after the listing by sending information about Scotcoin to its two million customers.
Scotland has around 10 million members of its diaspora worldwide, and many people are sending and receiving money regularly. Importantly, through Scotcoin’s own scotscan.io system, transactions happen instantaneously and without payment of gas fees. This could be a massive benefit for anyone wishing to add Scotcoin to their range of revenue acceptance mechanisms.
Listing the cryptocurrency ties directly into the broader mission of using Scotcoin as a force for good through the Scotcoin Project CIC, which is about people and helping deliver sustainable and improved quality of life for those in need.
This significant milestone will allow further development of the Scotcoin Project CIC ”“ including appointing a professional full-time management team to deliver our business plan ”“ which is focussed on working with preferred partners to deliver a variety of initiatives relating to clothing, food, accommodation, and the environment. We continue to seek suitable preferred partners.
Amid ongoing economic uncertainty, now is the time for Scotland to embrace the idea of a supplementary form of money to strengthen its businesses, charities, and communities, helping to sustain our recovery.
We look forward to welcoming more users to the Scotcoin network, supporting our wider ambition and ultimately playing their part in supporting good causes.
Read more and be part of this exciting journey here: https://scotcoinproject.com
Please go to scotscan.io and sign up for an @scot address
Scottish fintech Zumo gets funding to decarbonise crypto
Scottish Fintech Zumo, just completed its Zero Hero pilot project, a live trial to buy Renewable Energy Certificates to compensate the electricity usage of bitcoin bought via the Zumo app.
During this trial, a total of 850 megawatt-hours of electricity was compensated, the equivalent of an electric vehicle for over three million miles.
This is very important with 84% of customers feeling that the issue of environmental sustainability in crypto paramount and that they are more likely to use a crypto wallet that participate in reducing crypto’s environmental impact.
The results of this trial are available at ”“ Decarbonising Crypto: Towards Practical Solutions’
Innovate UK just awarded Zumo and Zero Labs a grant to further fund research into the decarbonisation of crypto. This RenewableCrypto project starts this month with a clear objective of finding practical ways in which wallets and platforms can scale the use of renewable energy.
Doug Miller, Co-Founder, Zero Labs, said:
“Zumo is demonstrating leadership in the Crypto Climate Accord (CCA) community in two ways: leading dialogues about how to estimate the energy use of BTC holdings and procuring clean energy to power Zumo platform customers’ holdings in a verifiable way. Zero Labs is thrilled to support Zumo with scaling a solution across its growing customer base to increase demand for clean energy around the globe and convert the wider crypto industry into a newfound source of demand for clean energy in voluntary markets.”
Kirsteen Harrison, Environmental and Sustainability Adviser, Zumo, said:
“The results of our Zero Hero pilot project are hugely encouraging, showing both what is possible and a significant appetite from customers for clean energy solutions. But this is just the beginning, and the story can only continue through the collaboration of all market participants ”“ miners, platforms and end users ”“ within the crypto sector. We hope that our new report will help continue to shift the dial from talk towards action.”
“Along with our partners at Zero Labs, we’re aiming to lead this charge and explore new, digital-led solutions that remove practical barriers to voluntary renewables procurement and verifying green credentials. With electricity being the most significant part of crypto’s carbon footprint, we have a unique opportunity as a sector to rapidly decarbonise.”