P R E S E N T E R : RA C H E L E I C H E N , N O VA R E L I B RA RY S E RV I C E S

ONLINE CURENCY AND PAYMENT TRENDS

MONEY, THAT’S WHAT I WANT

WHAT YOU NEED TO KNOW TODAY

• Mobile Commerce is HERE – NOW! • “Normal” People

are buying from their phones• The market is still

wide open• Privacy & security

will be the biggest issues

http://www.flickr.com/photos/moriza/126238642/

BEGINNERS GUIDE TO MOBILE WALLETS

• Amazon• I-Tunes• App-based

purchases

PAYPAL

• Request & send money via SMS • 2.9% transaction fee + $0.30• Discounted Non-profit Rates (2.2%)• PayPal SMS or PayPal Mobile• Bump to exchange contacts & send money 

SQUARE

• Swipe Credit Cards via your mobile device• Can set up “employee

accounts”• Free to Set-up• 2.75% Transactional charge• Instant Receipts

DWOLLA

• Up and coming• Charges the recipient $0.25

per transaction. And the money sender has the option to assume this cost.• Right now mainly P2P• Ties-into Facebook and

Twitter• Bank account (not CC)

NFC (NEAR FIELD COMMUNICATION)

• Google Wallet: Beta/Limited Availability• Mastercard PayPass• Visa PayWave

Benefits: Stays with you, ease of use,

GOOGLE WALLET

• Libraries can set –up “nonprofit accouts” – 0% transaction fee on credit cards!!!

SECURITY AND PRIVACY ISSUES

Protect Yourself:• Safe/Change Pwds• Lock Phone• Use “Find my

Phone”

• Hackers• Unsecured Transmissions• 3rd party access to your

data• Pick Pockets!!!

BIOMETRICS

• Motorola and others actively working on implementation• Fingerprint/Voice security on mobile devices

Image from http://www.mobioproject.org/

LIBRARIES TAKE ONLINE PAYMENTS

CRYPTOCURRENCY

WHAT IS BITCOIN?

Digital: Bitcoins cannot be printed or physically made. They must be generated through computerized methods.

Decentralized: Bitcoins are not regulated by any government or banking institution.

Revolutionary: Transactions allow for anonymity and are almost instantaneous.

Global: Bitcoins are borderless currency and can be used anywhere.

Source: http://www.slideshare.net/few/introduction-bitcoin

BITCOIN IS SIMILAR TO GOLD

• Limited in Supply• Encourages bartering• Middleman for currency exchange• Price fluctuation

Source: http://www.slideshare.net/few/introduction-bitcoin

VALUE OF BITCOIN

Today:1 Bitcoin=$640

BITCOIN WALLET

• Stores Bitcoins• Electronic signature is added• Records each transaction to

ensure no duplicates• Online stores and local spots

accept Bitcoin

HOW TO GET BITCOINS

• Mining• Trading other

currency for• Selling

products/services for

MINING

• Needs enormous computing power• Fast processor takes 3

years to mine a single coin

BUYING BITCOINS

PROS OF BITCOINS

• Anonymous (sort of..)• Minimal fraud• Low transaction fees

CONS OF BITCOINS

• Volatile• Not backed by an institution (no FDIC)• Subject to hackers

OTHER CRYPTOCURRENCIES

SHOULD LIBRARIES ACCEPT BITCOIN?

• It’s not all bad• Money is money• Understand processing fees• Can exchange into USD on the spot• No libraries, yet..

RESOURCES

• We Use Coins (intro to Bitcoin)

• How to accept Bitcoin for small businesses

• Online Donations: The Newest Way to Give (ALA)

• Coinbase: Bitcoin wallet

QUESTIONS?

CONTACT INFORMATION

adverb@gmail.comslideshare.net/adverb

facebook.com/NovareLibraryServicesNovare Library Services 877-816-9638

Rachel Eichen