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But the other may be the one that helps it grow: it has built its own payment platform — independent of PayPal, Amazon and the rest — that underpins the service, which is already capable of handling 17 different currencies, says Serres.
The strategic deal works two ways: Paymill will be using PAY.ON's technology in its own payment service — which it offers to developers as simple, secure, API-based code that can be integrated on to a site or app; a kind of "Twilio for payments" — and will be integrating PAY.ON's network of payment providers into the Paymill service.
"We are hoping to be IPO-ready by mid-2019," he said, noting that one of the big areas Lightspeed will put this latest investment towards is building its own payment processing infrastructure, as today it works with Vantiv and Cayan to provide these services.
If there's anything left on the bill, it sends that to your private insurer, which wires its own payment into your account.
That's a non-starter for Uber, which currently has its own payment processor for in-app payments, and it could mean the end of UberTAXI in the city.
Eventually if Facebook was able to collect enough credit card numbers that it could support Autofill With Facebook for decent chunk of users, it might replace payment processors like PayPal, Stripe, and Braintree with its own payment processing system.
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But Facebook insisted it wasn't aiming to build its own payments business – it largely saw the addition as something that just made Messenger better.
So successful was it that in 2002 the auction site ditched its own payments service, Billpoint, and paid $1.5 billion to bring PayPal under its wing.
WeChat's owner Tencent could also try a similar strategy to Circle by setting up its own payments operation in the West (although it would also need to secure regulatory approvals).
Facebook has its own payments service as part of Messenger, so it too has an interest in how young people think about money.
Every country has its own payments system, based on traditions and consumer preferences.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com