Coin News

Bitcoin prices experienced moderate volatility during the week ending 8th July, as market participants took action ahead of the upcoming halving.

What’s in store for Bitcoin, the ‘daddy’ of all cryptocurrencies? Well, according to new industry research transaction values in the digital currency could almost triple to $92 billion (bn) in 2016 over last year. But with the price having risen 50% so far this year, where might the price be in six months’ time or beyond that?

In May, Bitcoin Magazine covered the spectacular launch of The DAO, a new kind of organization created and run using blockchain software...

The post Renowned Futurists Merkle, Hanson on the Future of Government Using DAOs and Prediction Markets appeared first on Bitcoin Magazine.

Bitcoin groups around the world are gathering to celebrate the halving of the bitcoin mining reward this weekend.

Fast food chain Wendy’s has confirmed a credit card breach induced by a malware compromising its point-of-sale systems, has impacted over 1,000 outlets, rather than initial estimates of 300 restaurants.

The post Burger Joint Wendy’s Confirms Credit Card Breach in 1000+ Locations appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Members of the bitcoin industry, including major players in the mining space, as set to meet in California this month, sources say.

As of July 29, Coinbase will no longer be servicing its Canadian customers, informing them that they must change their existing CAD balances to Bitcoin or have it relocated to their bank account. The San Francisco-based company, who is a leading Bitcoin exchange, sent out an email to its customers informing them of the upcoming […]

The post Coinbase to Shutdown CAD Services to Canadian Customers appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The payments industry undergoes changes seemingly every week, as companies create innovative ways to transform how we pay for goods and services.

At their most basic, payment processing companies handle the transactions between two parties, most often a customer and a merchant, by transferring payment information (such as a credit card) from the customer to the merchant's bank account of choice.

Hundreds of companies offer this service, but Marketing Land has ranked the best payment processing companies out there, and the three following companies topped the list.

Unsurprisingly, PayPal ranked in first place. The company has been the go-to name in online payments processing since its debut in 1998. It's greatest strength is its widespread availability, as it operates in more than 200 countries and in 26 currencies. This makes it the first choice for consumers and merchants. And retailers can also easily integrate PayPal checkout on their websites, process payments through a browser, app, or reader, and offer credit lines to customers.

Second on the list is Due, an end-to-end service that handles the total billing and payment process for freelancers, small businesses, and other companies. Due provides time tracking, project management, and custom invoicing. Furthermore, these features are all available in more than 100 languages, currencies, and tax systems, along with international credit card processing.

Third is Stripe, which offers a customizable payment solution for developers, who can manually adjust settings inside Stripe's API to craft a product that best fits their needs. Stripe facilitates the acceptance of credit card, debit card, and bitcoin payments from more than 130 currencies.

These are just three of the companies that are transforming the payments industry. There are hundreds of stakeholders in this industry who benefit when the process runs on digital rails, a practice that is becoming increasingly common.

Evan Bakker and John Heggestuen, analysts at BI Intelligence, Business Insider's premium research service, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.

Here are some key takeaways from the report:

• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.

In full, the report:

• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

Join the conversation about this story »

What will happen when bitcoin's mining reward declines this weekend? CoinDesk surveys market experts for their predictions.

Bitcoin price rebounds to the upside, but the block reward halving waiting game continues (amid growing suspense). This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now. Bitcoin Price Analysis Time of analysis: 15h00 UTC Bitstamp 4-Hour Candle Chart From the analysis pages of xbt.social, […]

The post Bitcoin Price Meanders to the Starting Line appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The world of fintech is exploding, and that growth means the space is becoming increasingly competitive.

Companies are jockeying for position to serve the different sectors that fintech is disrupting, but a few in particular have risen to become the cream of the crop.

Fintech Innovators has ranked the top 100 fintech companies on its Leading Global Fintech Innovators 2015 list, and these three disruptive companies placed at the top.

The first is ZhongAn, a Chinese online property insurance company co-founded by Alibaba chairman Jack Ma in 2013. The company uses big data technology to help with product design, automatic underwriting, automobile claims, precision marketing, and risk managment. It focuses primarily on health, travel, and accident insurance.

ZhongAn is the first company in China to receive an online insurance license.

The second is Oscar, a New York-based company with the goal of simplifying the healthcare experience. Oscar employees tech and healthcare experts who examine the current U.S. healthcare system to identify ways to streamline healthcare delivery. To that end, the company is reinventing how to manage healthcare, process medical claims, reduce healthcare costs, and increase transparency.

The third is Wealthfront, based in Palo Alto. This automated investment service combines financial expertise and leading technology to offer elite investment management at a price that the average investor can afford. Wealthfront wants to bring the same level of financial advice that major financial institutions and private wealth managers offer (such as tax-loss harvesting) without the high account minimums and costs.

Each of these companies is part of the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

• Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

• Retail banking

• Lending and Financing

• Payments and Transfers
• 
Wealth and Asset Management

• Markets and Exchanges

• Insurance

• Blockchain Transactions


If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.

Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.

This exclusive report also:

• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.

Join the conversation about this story »

Vogogo Inc., an Alberta, Canada-based company that provided payment processing and transaction risk services, announced in a press release it will close its payment processing operation and sell off assets after struggling to find ways to enhance shareholder value.   The company developed software for multiple electronic payments, including peer-to-peer and online banking systems, pre-authorized […]

The post Bitcoin Services Startup Vogogo to Close Payment Processing Services appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

An organization tasked with regulating brokerages and exchanges is seeking to obtain information about how its members are using bitcoin.

You now have more than 24 hours in a day, sort of.

Thanks to technology, we are able to accomplish more things in a day than ever before. It's almost like tech has given us extra hours to help us get it all done.

When the electric light bulb was created, it opened up the dark hours of the day. Slack is taking over offices around the world, and employees can now be expected to be reachable at all hours. As our tech becomes more and more capable, our time use becomes more and more efficient.

It's like time deflation. An hour ten years ago is worth less than an hour today. It's a trend that started a long time ago, and it's not going to stop soon. There are technology advancements on the near horizon that will free up more time than we previously thought possible.

It's all about freedom and efficiency

Think back to agriculture. It's what allowed humankind to set up our first cities. When we got good enough at farming, we had more time available for art, philosophy, math, and science.

Agriculture was one of the first technologies that gave us more time in our day. It wasn't that the sun stayed in the sky longer, but we were no longer forced to spend every waking hour hunting or foraging for food. It expanded the time in a day to pursue other tasks and shrunk the time we had to devote to the single task of staying alive.

Since that time, there have been countless innovations that have given us more time in the day. Phones made communication faster, and internal combustion engines cut down our amount of travel time. Amazon, Blue Apron, and Netflix have made it so we almost never have to leave our homes, and the internet means we can telecommute to work.

The gross domestic product of the United States has been steadily increasing since it was first measured in the 1940s. Productivity, as measured by the amount of GDP created per hour of work, has also been slowly increasing throughout the last several decades.

It's not all sunshine and roses

There are people who will say that technology goes too far. Technology is amazing but there are limits to its wonders.

Tesla's autonomous driving feature recently sent a driver to his death, and regulatory bodies have yet to catch up with the fervent innovation in self-driving cars.

On a lighter note, social media is now a huge part of our lives, and it's not always the most productive use of our time. The average user spends 20-30 minutes in Snapchat alone, according to the company. Multiply that by the number of users and you get around 75 million hours a day spent sending your friends photos that ultimately disappear.

Supercell, the mobile gaming company, has found a way to monetize our boredom with its popular titles like Clash of Clans and Boom Beach. The company made $892 million in 2013, mostly by selling in-game perks and power-ups. The company built a $3 billion empire just three years after launching, a feat made possible by cell phones and long lines at Chipotle.

Certainly, not all tech innovation is focused on increasing our productivity.

What the future holds

Virtual reality, drones, and artificial intelligence are all hot topics in tech right now, and all have the potential to make us more productive.

If driverless car technology is perfected, by Tesla or any of the other car and tech companies working on it, then the average commuter is no longer stuck to the steering wheel. They can whip out a laptop, connect to their peers online and start working the minute they start their commute. It's just like adding hours to your day, without needing another cup of coffee to make it through the extra time.

In the far future, technology like Elon Musk's proposed "Neural Lace" may make humans one with the computers they use, upping efficiency even more. (Imagine thinking a message to your friends and coworkers instead of typing it.) Musk also talks about living on other planets and incredibly fast transportation between cities.

Jet packs are basically a reality, and flying cars are being worked on. The future is fast approaching and it will change, and hopefully improve, how we spend our time.

But we don't have to wait for technology to change everything because it already has. Thanks to tech, we have more time than ever before and there is no end to our productivity in sight. Time deflation is here to stay.

So go ahead and watch a cat video to celebrate all that extra time you have. 

SEE ALSO: Bitcoin set out to disrupt how we transfer money, but may end up changing everything else instead

Join the conversation about this story »

NOW WATCH: An exercise scientist reveals exactly how long you need to work out to get in great shape

In a historical, decentralized and defining decision, Ethereum holders have unanimously voted in favor of a hardfork to deprive the DAO thief of his ill gains and return the funds to token holders, avoiding a trainwreck just months after ethereum’s release. Utilizing the blockchain, a transparent and non-gameable voting method shows that out of more […]

The post Ethereum Reaches Unanimous Agreement to Hardfork appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

In June Bitcoin Magazine covered the first Decentralized Web Summit, a gathering of developers striving to make the web open, secure and...

The post The W3C and MIT Media Lab Host First ‘Blockchain and the Web’ Workshop appeared first on Bitcoin Magazine.

This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here.

US Bank, the fifth largest commercial bank in the US, eliminated fees associated with digital real-time peer-to-peer (P2P) transfers, likely as part of a move to make the platform more attractive to consumers.

Customers can send money through bank-owned clearXchange, a network that allows intra- and inter-bank P2P transfers within existing banking apps and websites. US Bank was the first bank to launch real-time transfer on clearXchange. 

For context, US Bank had charged $6.95 per real-time and $2.95 per next-day transfer, fees that could be cost-prohibitive for the lower-value transactions that P2P is popular for. But other banks began offering their customers free real-time transfers via clearXchange. It’s likely that US Bank changed its stance to align with its peers and push its customers to use the service for inter-bank transactions.

US Bank might gain in the long run by cutting fees. Without fees, the service won’t be directly profitable for the bank. But fee-less real-time transfers could more closely tie US Bank customers to mobile or digital banking. And though deposit accounts don't drive significant revenue, closer ties to mobile banking could push consumers towards other products that might — mobile banking users consume 2.3 banking products on average, compared to 1.3 among nonmobile users, according to Fiserv. 

But that’s dependent on the service’s ability to attract users, which could prove challenging.

• clearXchange could capitalize on the trust consumers place in their banks. No single firm has captured a majority of the mobile P2P market, which leaves room for banks to grab share, particularly because 75% of consumers would trust their bank most for a mobile wallet, according to ING. That level of trust could carry over to P2P products. 
• But free real-time may not be a strong enough value proposition to convert users from other, more popular products. When selecting a mobile P2P product, 59% of consumers value convenience, compared to just 23% valuing real-time transfer, according to Bank of America. The fact that consumers prioritize convenience over speed could indicate that real-time is not an urgent enough need to drive users to clearXchange. And the real-time advantage could become even less decisive in the fall, when ACH same-day transfer will bring quicker transfers to competing platforms, according to the Minneapolis Star Tribune.

The payments world is changing rapidly thanks to advancements such as this one, but there are so many more moving parts to the entirety of the payments industry.

Evan Bakker and John Heggestuen, analysts at BI Intelligence, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.

Here are some key takeaways from the report:

• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.

In full, the report:

• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

Join the conversation about this story »

 Following a steep drop that began early yesterday, bitcoin price has scaled its way back up the charts toward $650 in a continuing rally today. The Bitstamp Price Index (BPI) plateaued most of the day after a late rally last night to scale the $650 figure, following a low of $611.40, on Thursday. The decline […]

The post Newsflash: Bitcoin Price Makes a Comeback to $650 appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

North Carolina Gov. Pat McCrory has signed a law that defines “virtual currency” and clarifies what activity triggers licensure. The Chamber of Digital Commerce views the measure as a historical moment for state regulation of virtual currencies and blockchain technology. The ratification of the bill, also known as the North Carolina Money Transmitter Act, follows […]

The post North Carolina Governor Signs Bitcoin-Friendly ‘Virtual Currency’ Law appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

A recent note from the University College London’s blockchain research center explores the fair cost of bitcoin mining.

Bitcoin exchange and platform Coinbase has announced new investment and partnership with the Bank of Tokyo-Mitsubishi UFJ (BMTU), Japan’s biggest bank. The endeavor will see Coinbase look toward expansion efforts in Japan and Asia. Bitcoin exchange and services platform Coinbase will raise $10.5 million from Japanese investors today with the aim to launch services in […]

The post Japan’s Biggest Bank Invests in Bitcoin Exchange Coinbase appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The bitcoin price has increased nearly 50% since January 1. While the year has been tumultuous economically for the world, an upcoming network event called a Bitcoin halving could have had price implications and led to the big gains for Bitcoin price. Though, based on the only historical halving, which took place in 2012, the unsurprising nature […]

The post What Happens to Bitcoin Price amid Halving? appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin Press Release: The World’s Most Affordable Bitcoin ATM Austin, Texas (July 7) – Blockchain Innovation, announced today the official release of their highly anticipated Bitcoin ATM, the BitTeller. With the growing popularity of cryptocurrency; developing and producing the BitTeller was a no brainier for blockchain Innovation. The BitTeller is a small but powerful Crypto­ATM […]

The post Blockchain Innovation Announces the Release of the Simple, Fast, and Secure BitTeller ATM appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The U.S. Department of Health and Human Services (HHS) just put out a call for White Papers that address the utilization of blockchain in healthcare. Let’s see what happens. A Call For Papers HHS recently offered a press release [PDF] that asked for registrants to register and respond to the prompt, “Blockchain and Its Emerging Role […]

The post U.S. Department of Health Calls for Blockchain Research appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

 Coinbase, one of the world’s largest bitcoin companies, has set its sights on Japan after landing funding from a range of Japanese investors, including one firm that helped Twitter set up shop in the country. Read More

Good morning! Here's what you need to know. 

Libor riggers were sentenced. Four former Barclays bankers were sentenced to between 33 months and six-and-a-half years in jail by a London judge on Thursday for conspiring to fraudulently rig global benchmark interest rates.

An heiress is in trouble. The daughter of L'Oreal heiress Liliane Bettencourt has been placed under investigation for allegedly giving money to an accountant whose testimony in another case helped her protect her mother's fortune.

The UK is seeking closer ties with China. Finance minister George Osborne met senior Chinese officials in London on Thursday to discuss trade following Britain's vote to leave the European Union, agreeing to work to foster stronger ties between the two countries, a source close to Osborne said.

Japan is investing in Bitcoin. Bitcoin exchange Coinbase said on Thursday it has received a $10.5 million investment from Bank of Tokyo Mitsubishi UFJ, the bank's Mitsubishi UFJ Capital unit and Sozo Ventures.

Microsoft lost its COO. Citadel Securities announced Thursday morning that it has hired Kevin Turner away from Microsoft to be CEO. Turner was COO running Microsoft's enormous sales operations.

Banks want to keep London a major financial centre. Major investment banks including Goldman Sachs and JPMorgan said they would work to help London remain a top center for international finance, in a joint statement on Thursday with British finance minister George Osborne.

Italy banned short-selling its banks' shares. Consob, Italy's Securities and Exchange Commission, has banned the short selling of shares in stricken Italian bank Monte dei Paschi di Siena for at least three months from Thursday morning, in the latest sign that Italy's banking system is teetering on the brink of a major disaster.

Unemployment is still falling fast in America. US private employers hired 172,000 workers in June, higher than economists' expectations, a report by a payrolls processor showed on Thursday.

Citigroup is merging its consumer banking arms. The lender is combining its consumer banking unit in Europe, Middle East and Africa with Asia, the largest region for profit for the business outside North America, according to a memo seen by Reuters.

A Swedish fintech company is growing rapidly. Mobile payment solutions business iZettle's growth strategy is continuing apace, it said on Thursday, citing an 81% leap in revenue last year. 

Join the conversation about this story »

NOW WATCH: 5 of the most successful 'Shark Tank' stories of all time

PayPal earned its fame as the internet's original electronic payment system for consumers. 

But thanks to an acquisition it made three years ago, PayPal is now a contender in one of the fastest-growing and most promising parts of the payments business. 

PayPal's secret weapon is Braintree, a payments startup it bought for $800 million in 2013. The deal gave PayPal vital technology for the back-end payment processing that's used by a slew of new apps and services, from Uber to Airbnb. 

It's a competitive business, with richly-valued startup Stripe counting an impressive list of its own marquee customers. 

But Braintree says it's seeing robust growth in an important part of its business, providing an important engine for its PayPal parent. 

Braintree is doing 3 times as many transactions as it was this time last year, the company tells Business Insider. Assuming the average dollar amount per transaction hasn't dropped significantly, that increasing usage could help Braintree accelerate the growth in its overall payment volume, which totaled $50 billion in 2015. 

That's good news for PayPal, which did $234 billion in payment volume in 2015. With payment volume the best measure of a payment company's success (it's all about how much money you move, after all) that makes Braintree a big piece of PayPal's future success.

And at a time when companies like Apple, Google and Amazon are all trying to eat into PayPal's traditional market, with rival payment services, Braintree is providing PayPal with a way new way to stay competitive. (As an added bonus, Braintree had previously acquired popular social payments app Venmo for $26.2 million in 2012, making it a two-for-one deal for PayPal.

PayPal, founded in 1998 as a direct way to send money point-to-point, was getting a "little stodgy,"Braintree General Manager Juan Benitez says. Braintree presents a new way of looking at payments. Braintree is giving PayPal some much-needed new perspective and a new strategic focus. 

"The integration of PayPal into Braintree is going great," Benitez remembers one PayPal executive joking with him recently. 

Amazon does it

When Braintree first started up in 2011, it was a tiny 5-person team based in Chicago. Now, it's 500 employees strong, with presence all over the world. 

To understand the problem that Braintree helps solve, consider the humble Amazon smartphone app. Finding stuff, putting it in your cart, and paying for it with a credit card or gift card balance is so simple, you don't even think about it. If you're shopping from a phone with a fingerprint sensor, you can even use that.

Which is great for Amazon. But for basically any other web merchant out there, it just ain't that easy. Payments, in particular, is hard to do yourself — if you're a small startup, especially, it's a maze of fraud prevention, deals with credit card arbitrage firms, and a million other headaches. 

"Commerce is hard," Benitez says. "Scale is hard."

That's where Braintree comes in. It lets developers quickly and easily build payment systems that blend right in with their own apps and websites. They can take credit cards, Bitcoin, Apple Pay, Google Pay, or whatever comes next, without having to be a specialist in any of those things. Just plug in Braintree and go.

"When Uber started, how was Uber going to do one-click checkout like Amazon does?" asks Benitez.

Airbnb is a customer. So are Uber, Pinterest, GitHub, OpenTable, and lots more companies large and small (Benitez says Braintree can't disclose all of their customers, but some of them are quite large). When you pay in those apps, no matter what payment method you use, it all gets invisibly intermediated by Braintree. 

So even when Tim Cook promotes Apple Pay at big Apple events, it's Braintree and its customers who get the push.

Staying in the game

Braintree is a strategic must-have for PayPal, in many ways.

While PayPal itself has rapidly improved its technology, both in terms of its app and its behind-the-scenes plumbing, the world is changing. People are doing more and more shopping from mobile apps, while gadgets like Amazon Echo and Google Home present and even newer, more-cutting-edge way to buy stuff.

Braintree gives PayPal a way to always be a part of those transactions, wherever and whenever they take place, so long as developers put it in their apps. As computing becomes increasingly mobile, and then moves to other devices entirely, that's a shift PayPal needs to make to survive in the long-term.

And while Braintree faces competitors like fast-growing $5 billion startup Stripe, Benitez says that having access to PayPal's proven model— which includes fraud prevention and a presence in dozens of countries across continents — is a big differentiator.

Still, Benitez says that the greatest challenge isn't so much the competitive field, as it is the drive to help get merchants of all sizes accept digital payments — a must in 2016, as smartphones and wearable technology promise to change the way we think of commerce.

SEE ALSO: There will never be anything like the iPhone again

Join the conversation about this story »

NOW WATCH: James Altucher makes an argument for not paying back your credit card debt

Bitcoin services startup Vogogo is closing its payment processing service next month after it failed to gain traction or generate money.

In a significant business deal within the cybersecurity industry, security giant Avast has revealed its intention to acquire antivirus software firm AVG for a transaction of around $1.3 billion.

The post Cybersecurity Biz: Avast Acquires AVG in $1.3 Billion Deal appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Although he deemed Hillary Clinton’s use of her private email servers while serving as secretary of state, FBI director James Comey said that he would not be recommending criminal charges against the presumptive Democratic presidential nominee.

The post FBI: Hillary Clinton Faces No Charges for Email Hacking appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

A recently uncovered malware attack targeting Facebook users has claimed nearly 10,000 victims in just under two days, with countries in South America and Europe among the hardest hit.

The post Phishing Malware Claims 10,000 Facebook Victims appeared first on CCN: Financial Bitcoin & Cryptocurrency News.