Google – Real Time P2P – Rumor

Free Blog – Google will announce real-time payments in Google Wallet pilot with JPMC and at least 2 other banks this month

Summary

UPDATE – I no longer beleive P2P is focus, but rather Request for Payment and merchant integration. Blog forthcoming today.

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I have no idea what this looks like, so congrats to Google for keeping this locked down. The following is my best “guess” on a pilot, based upon:

  1. What Google has launched internationally (Tez) and GPay through India’s UPI (highly recommended read here)
  2. Changes/Focus Bill Ready put in place before his departure as new CEO of Pinterest. Remember Bill was CEO of Braintree (the most significant acquisition PayPal ever made).  Braintree enabled payment APIs for online and mobile merchants (among other things). 
  3. Prior to Bill, Google’s support and advice for FedNow  (see article)
  4. Understanding of what Banks want to accomplish (ex TCH tokens in mobile phones). 
  5. My short time in Google during the creation and launch of Google Wallet. Particularly the exec team’s desire for a global P2P service.
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Retail Banking’s “Blockbuster” Moment?

Sandy Weill’s financial supermarket vision is coming to an inglorious end…. The Blockbusters of Banking…

Last week, in his annual shareholder letter (page 28), Jamie Dimon stated “Banks have enormous competitive threats — from virtually every angle,” he said. “Fintech and Big Tech are here… big time!”

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Chase Net 2017

Its tough to find time to Blog as a CEO…. Most of you my blogs are sometimes snarky and tactless (making NOT offending someone a new consideration).

I was taking a look at JPMC’s latest investor presentation and noticed that ChaseNet is gone.. Why? I’ve written on JPMC and ChaseNet a number of times over last 6 yrs. Today I’ll cover my views on the latest developments and my views on JPMC’s ChaseNet strategy. Lets recap first:

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