Facebook Goes After Your Coins on Messenger

And By ‘Coins,’ We Mean Money Transfers on Messenger 

Facebook Messenger just thought of a new way to remind you when you owe someone money. According to the The Verge, the social network is testing out what we’re calling a new ‘pay back feature.’

messenger

Here’s how it works: Let’s say you’re chatting with your friend about a recent night out. During the convo, someone drops words like ‘IOU’ or ‘ you owe me.’ Facebook’s feature with the help of chat assist and machine learning will pick up on those words or similar phrases.  The feature will then prompt you or your friend to make a payment right then and there.  While the feature does this automatically, it’s up to each party to decide whether they want to settle their debts right there on Messenger or keep their ‘IOU’ status a bit longer.

Just another sign that Facebook’s trying to get deep into the payments game. The company didn’t stop there. It’s also introduced group chat polling to help planning nights out with friends a bit easier.  Turn all the way up tonight or do something more chill and low-key? That could be the question.

U.S. Facebook users are in luck because both features are only available Stateside – for now.

What do you think? Good move by FB or completely unnecessary? Tell us what you think in the comments or take our poll!

Google Introduces “Spaces”

The late singer Aaliyah said, “if at first you don’t succeed, dust yourself off and try again.” And after the lukewarm reception of Google+, Google is doing just that when it comes to being “social.”

The company just announced Spaces, a new app that the company says will bring “people together instantly to share around any topic.” Since the app will be linked to other Google products like Search, YouTube, and Chrome, it’ll be easy to find and share content (i.e., articles, videos, and images) all within the app. The word on the street is that the app is pretty user-friendly, only requiring a single tap to launch a new space for your group chat.

shares pic

Facebook Messenger, WhatsApp, and general group sharing apps are ramping up worldwide. Fun Fact: In 2015, about 75 percent of Internet users worldwide accessed messaging services on mobile devices.

We’re all looking for ways to stay connected and keep up with each other. So, now seems like a good time for Google to get into the social game with a new product. You can get the Spaces app today (available on Android, iOS, desktop, and mobile web for Gmail accounts).

What do you think? Will you be trading in Messenger or WhatsApp for Spaces?

 

Virtual Skinny: Run That Back …

4.15.2016

Good to Know:  Reminder, if you haven’t gotten your U.S. taxes done, you’ve got until Apr. 18th.tax, Run

THE SKINNY

When You Swear It’s Déjà Vu …

Now that the Apple v. U.S. Department of Justice (DOJ) court battle has died down, Microsoft’s got next.

When You’re Like Hold Up! Run That Back …

The company wants to give you a heads up when the U.S. government is getting all up in your online biz. But, the government allegedly won’t let Microsoft put you on notice so the company’s fired shots with the lawsuit it filed earlier this week. 

When You Need The Details …

Microsoft’s argument comes down to the information you store in the “cloud.” For years, tech companies and privacy advocates have been calling out the U.S. government for using an old-school law (Electronic Communications Privacy Act aka ECPA) to gain access to people’s personal information stored in the cloud. They want the law changed.

When You’re Like, But How?

Well, look at it this way. If the government wanted access to information you’re keeping in your house or mailbox, it would need a search warrant under the 4th Amendment.  But, when it comes to your online stuff, less is required of the government to gain access.

When Things Are Backwards …

Even though it makes a ton of sense to change the law, not much has happened (sigh, politics).   The latest development is that the U.S. House Judiciary Committee approved its version of an amended bill to keep up with the times.  #SmallVictories

WHAT ELSE IS GOING ON?

Try Take Over The World …

Mark Zuckerberg is legit on ‘Pinky and the Brain’ status. This week, Facebook put on F8, its annual developer conference. Per usual, FB’s got a lot on its “to do” list.  The Zuck kicked things off by not missing a chance to throw shade at Republican presidential candidate Donald Trump. Then, he kept the zingers coming (in a good way) by unveiling his company’s 10-year plan.  Basically, it comes down to chat bots, virtual reality, and sponsored messages (in case you were wondering why you may have gotten a FB message from Lyft).  Looks like FB Messenger is going to be kind of a big deal. We’re talking potentially being able to use Messenger to interact directly with businesses to meet our needs (i.e., pizza).

Baby Steps …

While Facebook’s on that world domination tip, Google’s taking a local approach. According to reports, Google – now known as Alphabet – is using one of its subsidiaries called Sidewalk Labs to build out a “digital district.” The company’s allegedly got big name consultants and urbanists on its team to “create an area in the U.S. that serves as a testbed for new technologies from super fast Internet to autonomous cars.”

QUICK POLL – RUN THOSE NUMBERS …


In honor of Equal Pay Day this past Wednesday (Apr. 13), Facebook and Microsoft said they’re progressive because they basically pay men and women equally for the same job (for every $1 a man makes, a woman makes 99.8 cents).  Not quite equal pay, and the gender pay gap is still a major problem.

THE STREETS ARE TALKIN’

Twitter has its work cut out for it.  It’s been on a take-down rampage of tweets and accounts related to terrorism. But, a good thing has turned into a never ending battle. As soon as Twitter takes a tweet or account down, similar ones pop right back up. Enemy #1 is Abu al-Walid. He’s now on his 464th Twitter account. Oy …

While we’re on Twitter, can we talk about the Jack Dorsey- Azealia Banks connection? Let’s get into it. In 2015, Banks sent out tweets to promote Square Cash, the Venmo-like feature of Dorsey’s other company Square. Banks said she only did it because Dorsey promised to promote her mixed tape in return. He didn’t. She claims that he instead sent her his hair samples to “make him an amulet for protection.” Ok so, two things: (1) What TF is really going on? And (2) Watch your back, Jack. Yikes!

“Please silence your phones.” We’ve all heard that gentle reminder to not be that annoying person on their phones in the middle of a movie. Turns out AMC Theaters is admitting defeat. The CEO gets that millennials can’t part with their phones for too long so they want to make it acceptable for people to text and watch at their theaters. #ThingsThatMakeYouGoHmmm …

Amazon’s trying to get knee-deep in the fashion world so it’s looking to buy up startups like Everlane, Le Tote, Rent The Runway, ThirdLove and PreeLine.

Old things are becoming new again.  While the 90s are coming back with a vengeance, so are vinyl records. Startup ReplyYes wants to help you get your hands on the right vinyl records with its daily text recommendations.

Drone racing. Coming to ESPN in August 2016.

Virtual Skinny FinTech Ed: Back At It Again With The …

3.30.2016
deadline

Good to Know: Calling all FinTech social entrepreneurs! If you’re working on solving the financial inclusion problem, Village Capital’s: US FinTech 2016 business-training program is for you.  Learn more here and apply here. Hurry! You’ve got until April 3, 2016. 

THE SKINNY


When It’s Time To Regulate On ‘Em …

The Office of the Comptroller of the Currency (OCC), a top U.S. banking regulator, thinks it’s time for some rules around the growing financial technology (fintech) industry. Traditional banks and fintech startups are here for it.

When You’re For It, Just For Different Reasons …

Traditional banks have long been regulated and want competing startups to join the regulatory party. Startups don’t mind because they actually want to play by new rules so they create and innovate without having to watch their backs like no one’s biz. Could be a win-win?

When It’s Hard to Lead From Behind …

Other countries like the UK have already made moves to put in place a more fintech-friendly regulatory framework (e.g., the UK now allows what it calls the “sandbox model” aka a fancy way to say it lets startups experiment under the government’s watch).  U.S. regulators now want to get on their level…

When You’re Finna Do Something …

Other U.S. regulators have published papers and conferenced on fintech, but the OCC is taking it one step further. On Thursday (Mar. 31), it’ll publish its very own white paper on “responsible innovation” intended to get people running their mouths on the best way to put together new rules and processes. Top issue for discussion? A more systematic way for consumers to complain about new products and services.

WHAT ELSE IS GOING ON?


What’s HIGER Than Being #1?

Japan thinks Asia needs to be the top dog when it comes to blockchain technology.  So, the country is doing its part to get there.  Japan’s got some strict banking laws, but it’s willing to dial things back to encourage more investment in its fintech sector.  The country’s banking regulator, the Financial Services Authority, are putting new laws re virtual currency exchanges on the table. Authorities think that changing the laws will be a good look for its fintech industry.  More collabos between banks and fintech ventures are on deck with these changes (e.g., giving banks the go-ahead to buy stakes in non-finance related companies).

When You’ve Been Traded In For A Younger (FinTech) Model …

Bitcoin could be so yesterday.  The virtual currency and its network are about to be replaced by Ethereum aka Bitcoin 2.0.  Ethereum is taking advantage of the ongoing fight over software within the Bitcoin community.  Things are looking up for the new virtual currency on the block.  Its price is up 1000% just in the past three months, companies like IBM, Microsoft, and JP Morgan Chase are drinking the Ethereum Kool-Aid, and people think it’s better than Bitcoin.  Apparently, it’s not just about its virtual currency network. It can do things like execute smart contracts or programmable transactions. Oh, and not to mention, people have already created applications for it (e.g., managing and paying for electricity, betting on sports, and not so legit things like Ponzi schemes).  It’s not all sunshine and rainbows. There’s some concern about Ethereum’s potential security problems.

QUICK POLL – RUN THOSE NUMBERS …


FinTech brought in the doll-ah doll-ah bills in Feb. 2016. We’re talkin’ $1.5 billion in financing…

fintech chart

THE STREETS ARE TALKIN’


How do you reach millennials during tax season? Get Instagram star Pierce Thiot, responsible for the “Will It Beard” trend, to stick money in his beard. Just the latest attempt for small companies (Fishback Tax) and larger ones to reach millennials and their cash. #TaxSwag

Speaking of millennials, roboadvisor company Betterment just raked in US $100 Mill to bulk up on new products and services (retirement guides and account aggregation), which it thinks will attract young peeps.

Will Facebook soon let us make in-app purchases? Potentially. Code has been discovered within Facebook Messenger that’s got people talkin’.

Swiss banks want a mobile payments platform for the country. They’re chatting with retailers on how to make it happen.

Startup Purse wants to be the Bitcoin marketplace version of Etsy. Introducing Purse Markets. Sell anything on the platform in exchange for some virtual coins.

MIT’s Digital Currency Initiative is offering up $100k in scholarship to boost under-repped minorities and women at Consensus 2016, NY-based conference on virtual currency and blockchain technology.

The Virtual Skinny: Time Flies!

1.8.2016

Good to Know:  ‘ILI’ is described as the first wearable translation device. Seems like a bomb product, right? But then, this happened. #MarketingFail 

THE SKINNY


Time for a Pow-Wow…

Tech leaders and White House officials are getting together today to talk terrorism. 

Who’s On the List?

White House Chief of Staff Denis McDonough, presidential counterterrorism adviser Lisa Monaco, Attorney General Loretta Lynch, FBI Director James Comey, National Intelligence Director James Clapper, National Security Agency Director Mike Rogers and reps from Twitter, Apple, Google, and Facebook allegedly.

What’s on the Agenda? 

(1) How to make things easier for law enforcement and intelligence agencies to I.D. terrorist groups online. (2) Ways to make things that much more difficult for militant and terrorist groups to recruit peeps via social media.  (3) Specifically, how to use technology to throw militant operatives off of their violent radicalization and recruitment game.

Team Work Usually Makes The Dream Work …

But, tech companies have a tough balance to strike. While they want to seem cooperative, they also don’t want to appear too friendly with governments.  Post Edward Snowden leaks, companies helping governments with surveillance is just not a good look.

WHAT ELSE IS GOING ON? 


Warning Shots … 

Pretty much everyone and their moms in the tech world are jazzed up about next-gen products. But, the U.S. Federal Trade Commission is letting tech companies know that they should tread lightly.  The agency  wants companies to watch how they are collecting and using massive amounts of users’ data aka “big data.”  The FTC definitely understands that “big data” could have some important social benefits (e.g., proving people’s creditworthiness for loans), but it wants companies’ to make sure they are doing what they can to decrease social biases.

Who Does That Anymore?

If it’s up to social network Facebook, you should just forget about making regular calls and text messages.  Facebook Messenger has now got over 800 million users. The company not only wants to take over how you communicate with your peeps, but it’s got a virtual assistant feature in the works to help with your scheduling, shopping, etc.  Pretty cool …

We Want In … 

When you see an opportunity, jump on it immediately! That’s exactly what crowdfunding platform Indiegogo is doing with its new “enterprise crowdfunding” consulting service. Crowdfunding has typically been reserved for artist-types and pretty much anyone with a slightly weird but innovative idea.  Big brands like Brookstone want to be innovative too and are eyeing crowdfunding platforms. Why? Two reasons: (1) Major brands want to learn a thing or two about crowdfunding, and (2) crowdfunding platforms are a good place to scout out potential products/partnerships. Basically, a win-win situation.

THE STREETS ARE TALKIN’


It’s the same thing Netflix does every night … Try and take over the world. This week at a mega tech conference in Las Vegas, the streaming service announced that it’s now live in over 130 counties. #BizGoals

The new year may be off to a very rough start for some Yahoo employees. The company’s expected to let go of at least 10% of its workforce.

Going … going … GONE! Looks like the fashion deal site Gilt Groupe may have been a victim of its own flash sale model.  The company sold yesterday for $250 Mill to Hudon’s Bay, the parent company of Saks Fifth Avenue. The sale price is a mark down from the $286 Mill that Gilt previously raised.

Social scrapbooking site Pinterest is getting serious about increasing its diversity. The company just brought on Candice Morgan help step its game up.

Turns out giving young people Internet access via mobile devices is a recipe for success. And, these days India’s the place to be for Internet companies. That’s exactly why Tinder is setting up shop in Delhi.

And ICYMI, Twitter is trying to keep its users so the platform’s playing around with a 10,000 word character limit instead of the 140 we’re used to… Some people think this is no bueno.  We could see a change in the next couple of months.