Crowdfunding may surpass venture capital next year, Australian bank ANZ integrates contactless payments, Verifone partners with Ericsson, and other top stories from the past week in FinTech.
A recent report from Massolution shows that next year the crowdfunding industry may account for more funding than venture capital. Last year, US$16 Billion was crowdfunded, and this year the total is expected to grow to over US$34 Billion. Forbes reports:
“If we look at what is driving this growth and change, … we see that the collaborative economy has brought new disruptive models to giant existing industries like real estate and transportation, leveraging automation and the internet to create massively scalable businesses.”
The Australia and New Zealand Banking Group (ANZ), has announced it will implement China’s UnionPay contactless payment feature QuickPass to ANZ electronic funds transfer at point-of-sale terminals and ATMs. From CT:
“China’s UnionPay is moving forward with its global expansion plans, announcing yesterday it had concluded a deal with ANZ that would find the bank implementing UnionPay’s QuickPass contactless capability to 90,000 ANZ EFTPOS terminals across Australia.”