payment in 2050 & beyond · the manufacturing value, but the emotional value that the brand...

Payment in 2050

amp beyond

October 2017

copy Limonetik 2017 All rights reserved 2 | P a g e

Su

MMA

RY

TOMORROW PREPARES US

FOR TODAY

THE END OF MONOPOLIES

REVOLUTION OF HABITS

NEW BUSINESS MODEL

Cash Payment is Disappearing Gilles Grapinet WORLDLINE

Use Will Create Value Angelo Caci SYRTALS CARDS

The Real Value will be Emotional Seacutebastien Descours PHILOSOPHIE ACTIONS

- ETHIRES

The Banks Will Win or Lose Philippe Marquetty SOCIETE GENERALE

The Middlemen Get Pushed Out Alexandre Gonthier PAY WITH MY BANK

Payment Will be at the Forefront of the Global War for Digital Leadership Jean-Franccedilois Hugon EBRC

Payment in the Era of Multitude Laurent Dhaeyer SECURE TRADING

Money Will (once again) Belong to

No One Franccedilois Veron Founder NEWFUND

Data Will Make B2B Online

Payment Easier Axel Mouquet WEBHELP

Christophe Bourbier LIMONETIK


To project to year 2050 and imagine what the payment industry will be like in a little over

thirty years seems ambitious if not hazardous We havenrsquot chosen this endeavour randomly

Projecting only 10 years ahead is relatively effortless quite a few conferences regularly

address the subject 10 years from now is pretty much like todaymdashonly a little faster bigger

more cross-channel and more mobile

But 100 years is a long way off Now we are talking pure science fiction

Projecting 30 years ahead on the other hand is trickier It requires that we keep one foot

firmly in the present pursuing our current methods and at the same time project a strong

vision into a future that most of us will still be around to experience

30 years ago we were in 1990mdashto me only yesterday Yet at the time e-commerce was still

in its infancy France for instance boasted only the Minitel Amazon wasnrsquot created until

1994 Google only dates back to 1998 My first Nokia was a gift in 2000 In a space of

ldquobarelyrdquo 30 years I lived through at least three major global revolutions in technology

CHRISTOPHE

BOURBIER

LIMONETIK

Tomorrow prepares

us for today

Editorial


Today as we approach the end of 2017 Limonetik represents more than 125 international

payment methods and handles the payment flows of international B2C and B2B online

marketplaces for PSPs buyers and merchants around the world Publishing this eBook

literally ldquoheightened our awarenessrdquo of the key changes and improvements to consider

when creating our current service offer the introduction of instant payment total

internationalisation of exchange generalisation of online exchange platforms (eg online

marketplaces) in B2B and the disappearance of currencies and of the act of paying

In this eBook we want to share with you our conviction that

tomorrow prepares us for todaymdashthat the distant future

provides the keys to guide innovation in the short term

The contributing authors all experts in their field have helped us to make this eBook into a

collective effort that gushes with ideas The point isnt so much to imagine what the future

will be as to identify what we must do to prepare for it now

We hope that this eBook will inspire you in your ventures as it does for us in ours We wish

you an enjoyable read


Who remembers the Minitel For the French this was the first experimentmdasha faint omenmdash

in what would become the Internet of Payment Things (IoPT) In the early days of mass e-

commerce Francersquos Minitel offered more than 20000 paid services What was being

invented at that time without our necessarily realising it was one of the first methods

deployed on a large scale for the general public to pay without using any physical media

whatsoever (eg card check or cash) Creating a new payment method however is never

trivial because it impacts one the most pivotal social conventions of our culture over the last

six millennia the use of currency Over time this social convention has evolved from the

direct barter of resources (eg salt spices) to the completely paperless methods of

exchange that we know today But it always boils down to exchanging one value against

another The conditions of this exchange have themselves changed radically over time that

is with a steady decrease in ldquofrictionrdquo created by the inherent limitations of the payment

methods used in the act of purchasing Five thousand years ago barter determined both the

GILLES

GRAPINET

WORLDLINE

Cash Payment is

Disappearing

Revolution of habits


value and the immediacy of an exchange according to the possibilities for transporting and

evaluating the goods themselves Eventually paper currency cheques credit cards and

finally new alternative payment methods all contributed to further simplify the payment

experience

At the same time all these payment methods allowed trade both domestic and

international to grow to absolutely massive proportions in terms of volume speed security

or confidence

Sometime before 2050 the next step in this evolution towards simplicity will most likely be

the disappearance of the last ldquophysicalrdquo media as standard payment methods These media

will be replaced by a whole range of full digital payment procedures that will be

personalised and contextualised in real time using artificial intelligence solutions The

transition is already underway Consider the services for which you can now pay in real time

via smartphone What makes them different is that the delivery or use of these services is no

longer finalised by a payment ritual that is distinctly separate from act of consumption itself

(witness McDonalds Uber Libert-T)

By 2050 the act of paying will disappear from our daily lives

We will no longer pay just use And using will automatically trigger a form of payment

invisible to the user through interaction with a connected paying object (eg smartphone

wearable device biometric sensor car or even connected objects at home) As consumers

we will intervene mainly to dispute an error which can always happen

One of the important challenges we face as we transition to full dematerialisation is to

maintain and even build up consumer confidence it is after all the fundamental purpose of

the payment value chain When it comes to consumer confidence expect some serious

upheavals We can already see clear signals the constant consolidation of European


standards and regulations (eg DSP-2 GDRP) based on three main practices the status of

the operators the authentication of the identity of the bearer and of the transaction and

fraud management

Generally speaking the simpler and more frictionless (and fully transparent) the payment

experience is for the customer the more complex the verification and management tasks in

back-office will be More than ever these tasks will require the implementation and

integration of advanced technologies such as biometrics artificial intelligence or

blockchains

The total amount of cash transactions

has gradually decreased to below 5


By 2050 the evolution of payment methods will be intertwined with a good many

transformations affecting our society The prospect of both demographic change and

scarcity of resources in the presence of digital technology is already combining to favour the

development of a new form of economy Such an economy would in turn influence the

world of payment thereby affecting services and value propositions

From a consumer perspective it will no longer be about paying for ownership but rather for

usage whether through rental or sharing The basic evidence of this trend is already

apparent in the transactions that individuals and businesses conduct and the services they

consume

By 2050 these consumer habits and corresponding payment practices will prevail

Therefore there will be a nearly ldquoinfiniterdquo number of variations on the act of payment

depending on the context In some cases payment will be triggered by a connected object or

sensor that follows us wherever we go whenever we enter a place or in our car or when

we begin to use a piece of equipment Many payments will be invisible or embedded and

be based on automatic customer recognition When it comes to identity recognition it is

very likely that within a matter of decades artificial intelligence biometrics and machine

learning will allow the eye and the finger to replace the smartphone and the credit card By

the same token we can expect to see the development of a barter economy this paradigm

will expand to areas that we havenrsquot even dreamt of (eg trading a BlaBlaCar ride for the

right to use the subway for one day)

ANGELO CACI

SYRTALS

CARDS

Use Will Create Value


The first impact on the payment industry will be a major shift

in the added value of services

Competing players will propose global offerings allowing merchants and users to adapt to

the new types of consumption and modes of payment In 40 years from now usage will

indeed be generating value

Ultimately citizens and businesses will still have to pay but the act of payment as such will

eventually disappear for it will become a trivial function hidden inside a package of services

And there will very likely be no fee for the basic service of payment But theres a catch The

seamlessness of payment transactions will depend on the ability to provide the smoothest

and easiest possible payment experience Here is where brand difference and innovation will

play a role Companies and service providers must come up with new ways to identify

authenticate recognise and qualify customers transactions and risks

These developments will likely require new practices through special partnerships They will

give rise to a new generation of players who will use service platforms and ecosystems in a

useful responsible consistent and efficient way

75 million connected objects in 2025


In a way money is already a thing of the past It is the legacy of an Old World faced with

changes caused on the one hand by a combination of automation and scarcity of resources

and on the other by environmental constraints It is already certain that machines will

replace humans in the future when it comes to activities involving production and analysis

Having already transformed the agricultural industry in a major way this change is now

affecting both manufacturing and services

In a production-driven system currency and the act of paying make up a simple and

relatively universal system of exchange based on the transfer of ownership underpinned by

objective and accountable value (ie goods against goods purchasing power against labour

spent) This system of valuation has already ceased to exist Automation and globalisation

have made it possible for example to produce a T-shirt for a few euros which does not

prevent the consumer from buying it at 100 times its production cost What is bought is not

the manufacturing value but the emotional value that the brand creates through marketing

and communication Take the case of Apple who in financial difficulty not twenty years ago

has the highest market capitalisation in the world today But Apple too is a landmark of the

previous era dominated by mass production

By 2050 a second factor of transformation barely perceptible today will take over the

scarcity of resources and the increasingly evident impact of human activity on the

environment It is still difficult to predict how this will affect consumer behaviour but the

future effect on currency and payment is clear This represents another radical paradigm

shift because the purpose of currency since the dawn of time has been to seal a two-way

transfer of property between two stakeholders

SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES

The Real Value will be

Emotional


In a context of limited resources it will be less and less acceptable for part of these

resources to be held or hoarded by any one individual The right of ownership will

necessarily be replaced by a socially responsible and information-rich right of use

The act of paying in this context will no longer depend on

the quantitative valuation of the product using an abstract

unit of exchange instead it will validate a set of criteria of

confidence and brand fidelity that motivate the ldquoconsumer-

playerrdquo

In extremis this will be made possible by the emergence of digital currencies and in

particular blockchain technology This system of valuation could even replace currency as an

intermediary In this system consumer confidence would in turn trigger confidence of

business suppliers and partners according to the logic of a cashless ecosystem But this de-

monetisation will not eliminate the act of paying itself Instead it will complicate it by

requiring a volume of information to be communicated for each transactionmdasha far greater

amount than is available today

80 of businesses are seeing a major

change in consumer payment habits



If you were asked back in 1981 to predict what paying would be like in 2017 you probably

wouldnrsquot have had a clue But if you carefully observed the developments at that time yoursquod

have known what to expect Widespread use of credit and debit cards began in the 1980s

and this form of payment still dominates the market today The transition to this payment

method has proven highly instructive The credit and debit card isnt only a physical medium

but also an industrial process for handling payment What we wonder about today is the

sustainability of the physical medium With the advent of the e-wallet in particular we are

witnessing a progressive dematerialisation of this medium In terms of use this is more of

an evolution than a revolution Dematerialising the card is only to move the payment

activation process from one medium (the card) to another (a smartphone or connected

device) In theory any object of daily life can become a payment medium For example Uber

has shown that an object is not even required All you have to do is to just get into the car to

be recognised and then use the service

By 2050 this change in payment habits will or wonrsquot put banks in a situation similar to the

one which telecom operators are battling with today disintermediation In the telecom

industry phone manufacturers and app providers have usurped the customer base from the

operators who manage the traffic to the point where in no-contract plans they must

accept the possibility of being replaced in the click of a jog wheel In the world of consumer

PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE

The Banks Will Win or

Lose

The end of monopolies


payment credit and debit card operators are also experiencing a form of disintermediation

though their logo is present on each card the party that actually maintains the strongest

bond with the customer is the issuing bank The same phenomenon of disintermediation

could eventually affect banks When the physical media of the credit or debit card

disappears so does the most obvious symbol of the bankrsquos usefulness to its customer

Projecting into the payment universe of 2050 a bank must

come up with other ways to be present in the daily lives of

their customers

This might involve connected objects but also advanced analyses of data to build

confidence combat fraud make life easier for the user In any case the challenge for the

banks in future if it isnrsquot the case already will be to serve a practical purpose and preserve

security If a brand is to fight against trivialisation of services and the risk of attrition its

usefulness should immediately and permanently be clear to the user

In 2017 Apple Pay has reached 57

market share in number of

payments


The financial system hates the idea of change Yet that is what it will be facing in the years

and decades to come This change will be directly caused by the diversity of the Internet

which is allowing suppliers and customers to do business without middlemen Shared

economy through online platforms and marketplaces like Airbnb Uber and Alibaba are

today emblematic of a new ability to systematically challenge the proverbial middleman

The digital transformation of our society has brought about two phenomena in the payment

world Both seek to create parallel alternatives to the established order

Firstly the payment processing monopoly of major credit card operators is threatened by

new alternative payment networks Online bank transfer services such as Sofort (Germany

10-15 of the volume of online payments nationally) Trustly (Scandinavia 5-10 of online

payments regionally) iDEAL (Holland over 50 of the volume of online payments nationally)

and PayWithMyBank (USA) already have Facebook Western Union UNICEF or First Data as

customers

Indeed each of these card issuers has created an alternative payment network even though

use of private cards is limited to the issuerrsquos sales network or its partnersrsquo Contrary to

popular belief wallet services such as Apple Pay or Android Pay do not fall into the category

of alternative payment networks because their sole purpose is to allow the user to initiate

payment more easily the underlying transaction is always completed through conventional

credit or debit card networks

ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out


Secondly consumers are apparently growing more and more mistrustful of a monetary

system deemed too centralised and undemocratic Witness the growing interest in digital

currencies that are blockchain-based such as Bitcoin or Ethereum which allow users to do

point-to-point transactions without going through a central system capable of detecting the

contents of the transaction The same motive is behind the development of prepaid cards

using gold or silver as a reference value seducing those who prefer a tangible monetary

standard to the fiat currency printed by central banks

By 2050 the number of alternative players is likely to increase dramatically Networks that

permit payment by direct bank transfer will gain significant market share in Europe and

even worldwide this is already the case in the Netherlands

Thanks to supportive legislation (PSD2) digital currencies will

also become mainstream even if their future still seems

uncertain

Private cards will continue to develop as customer loyalty programs expand The traditional

players in the credit or debit card business will likely have lost a substantial share of their

current near-monopoly Globally the development of transactional networks based on

alternative currencies could even jeopardise the status quo of the financial system which is

based on the pivotal role of central banks Today all these options are on the table The only

certainty is that this development will result in further commoditisation of transaction

processing that will leave little or no room for middlemen

There are 12 million private payment

cards in circulation in France


The digital transformation of our society is full of surprises After 10 years of upheaval here

is our conclusion you ainrsquot seen nothing yet Today we can identify three weak signals of

change

One is the creation of cryptocurrencies Remarkably their unit value has steadily increased

up from a few hundred euros when they were first launched to a few thousand today

In a different vein we are witnessing the spread of increasingly autonomous online

marketplaces that use their own private currencies This mode of transaction is comparable

to exchanging shares between companies Whatrsquos different is that nowadays this form of

exchange is extending beyond the financial sphere

At the same time the payment experience is becoming simpler than ever before That

alternative payment methods are also becoming more accessible will help spread their

appeal but they are used differently around the world Some countries like China have

already outpaced Europe in a number of areas The evolution of the payments industry and

its foreseeable economic impact could not only revolutionise how we consume but also

influence todayrsquos economic and geopolitical balance globally

JEAN-FRANCcedilOIS

HUGON

EBRC

Payment will be at the

Forefront of the Global War for

Digital Leadership


By 2050 it is very likely that the economic strength of a

country will no longer be based on its gross domestic

product but on its computing power and capacity for

innovation

What actually might count is the capacity of a trade bloc or a country to project its offering

of services on a global scale and capture all or a part of the transaction flow in a given

economic sector Witness the way the music market was transformed by iTunes or the

influence of US companies on Internet technologies In tomorrowrsquos economy which will be

100 digital the sovereignty of states will clearly be at stake Europe for example will be

challenged with defending its own concept of privacy protection and imposing limits on

certain private interests Though seemingly distant 2050 is actually a fairly short timeframe

considering the issues that lie ahead Innovators particularly in the strategic payments

sector will not only try to adapt to changes in consumption but will also have the daunting

task of supporting industrial winners that can stand up to the current competition and

achieve economic leadership in the digital world

70 of distribution companies are

preparing to integrate the use of

connected objects to improve the

customer experience


When it comes to payment as well we are entering the Age of Multitude Changes in usage

patterns already anticipate the proliferation of virtual or physical payment methods We will

pay using social media e-wallets and biometric devices Unlike today no single preferred

or centralising payment method will exist in future but rather as many payment services as

there are contexts for exchange

The first consequence of this evolution is the increasing complexity of the processing chain

There will be a greater number of players than today meaning at least initially that

payment data will pass through and be stored in an increasing number of places

Security-wise the more points there are where data is

manipulated the higher the risk Add on the combined

effects of globalisation

LAURENT

DHAEYER

SECURE TRADING

Payment in the Era of

Multitude

New business model


For instance consider the proliferation of geographical and regulatory areas for processing

data We should also anticipate an explosion of non-human payment-triggers as supply-

chain automation increases in all industries and as Internet of Payment Things expands

According to studies (which still conflict) the number of connected things could reach 20 to

50 billion by 2020 of which 63 will be major consumer applications that could potentially

generate transactions

By 2050 we can ultimately expect an even greater automation of the payment processing

chain which will have become much more complex and distributed over time This situation

already represents a major systemic risk for the financial system as a whole and it will

continue to do so This potential risk is somewhat similar to the one that caused the 2007

financial crisis because the actual complexity of the current system still largely eludes us But

even if everyone begins to understand the principles of the future self-regulating system the

details behind its underlying algorithms are still largely a mystery The payment industry is

caught between consolidation and fragmentation On the one hand this push-pull

movement will enable certain major players who hold the most data to use their algorithms

to influence the market Secondly this turbulence will increase the number of potentially

vulnerable points within payment ecosystems that are more or less closed and less

interdependent than they are today As is the case throughout the history of monetary

exchange we can expect criminal organisations to use the most advanced security

technologies (such as AI) as weapons against the system that has implemented them The

future of payment will depend on our confidence Gaining our trust will require the

unprecedented transparency of each automated system and each algorithm and the

possible consequences of their failure But the debate will not only be technical The userrsquos

needs will have to be taken into account because payment is primarily a social contract

Ultimately we should never forget that the customer is the one who chooses how to pay

Neither the promises of simplicity nor of near-perfect security have ever been convincing

enough


As of 1971 national currencies were no longer tied to gold which previously had served as a

common reference value This change was imposed by governments and central banks

The financial crisis of 2008 resulted in a glut in the money supply which makes it very

difficult today to assess the true value of all monetary assets This probably explains peoplersquos

growing distrust of national currencies and the rising success of cryptocurrencies They offer

a new and visible alternative to the traditional monetary system because like gold a

crypocurrency belongs to no one Its value cannot be determined unilaterally by a

government or a central bank it is the product of a global social agreement re-created by

digital currencies within their software environment A cryptocurrencyrsquos value is defined by

the safety and reliability of the exchange and secured storage protocols that constitute

them It will be a while before a cryptocurrency builds the same level of confidence as gold

Indeed a number of issues are yet to be solved starting with the matter of convertibility

However 2017 is already considered to be Year One for cryptocurrencies

It is hoped that by 2050 there will be an end to the debate over the digital transformation of

payment and currency One thing is already certain consumers will consider todayrsquos

complex monetary system as obsolete and incomprehensible

FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One


The digital revolution will not affect only the act of paying

(the transactions) but also what we pay with (the currency)

the latest being underpinned by social convention

By 2050 innovation will be facing two challenges simultaneously and alternately First of all

mechanisms for interoperability and interconnection will be developed to allow exchanges

on a global scale between countries with dissimilar regulations and potentially different

levels of user acceptance levels of new electronic currencies Secondly the evolution of

electronic money protocols will continue at an accelerated pace in a fiercely competitive

world

As a point of perspective consider the Browser Wars back in the late 1990s After a first

explosive phase Microsoft occupied a dominant position by linking its browser to other

services until the European and US competition authorities revamped the regulations to

allow a minimum level of diversity Will we see Amazon or Google tomorrow distributing its

own currency And what will the consequences be A few years ago no one would have

suspected that Google would create algorithms to influence the production of content in the

way they do today But what about cryptocurrencies All the initiatives will not succeed But

for the next 40 years the pace of innovation will continue to accelerate

2011 1 Bitcoin = $ 100

August 2017 1 Bitcoin = $ 278800


In 2015 Frost and Sullivan projected that the profits from B2B online business would grow

to euro67 trillion by 2020 doubling the B2C online market size during the same period The

growing appeal to company buyers of purchasing online and the huge investments by

suppliers in the development of online sales platforms are current proof of this major trend

But B2B e-commerce has little in common with its B2C cousin In the first case a few

specialised buyers purchase wholesale and prices are negotiated between seller and buyer

whereas in B2C prices are imposed on customers Payment is being handled differently as

well Most business-to-business payments are not made through bank cards but through

invoice-based deferred wire-transfer payment

By 2050 the development of automation in industry and manufacturing and in services will

have caused almost all business vendors and suppliers to follow this trend Replenishment

orders will be issued directly by industrial robots and handled through integrated platforms

combining management of logistics and payment Each of these transactions will use a huge

volume of data This data may include specifications of the product or raw material ordered

expected delivery times also also financial information on customers such as their ability to

pay based on the history of previous orders All of these exchanges will be handled by

artificial intelligence to analyse both customer demand and any risk that the customer might

pose to the supplier

AXEL

MOUQUET

WEBHELP

Data Will Make B2B

Online Payment Easier


Data will be essential for the development of B2B e-

commerce which will no longer be confined to the sole

bilateral relationship between customer and supplier

We will witness the development of complex ecosystems that not only allow suppliers and

customers to collaborate better but also to rely on third parties for managing certain risks

Of course nothing will prevent suppliers from using online credit insurance services to

guarantee that the goods they manufacture will be paid for But the robotisation of the

economy could lead to another type of scenario which is already happening in some

business sectors For instance for each order made automatically current transaction and

transaction history data is used to define the most appropriate terms of payment to

minimise the risk of cashflow problems for all players in the industrial chain The sequence of

purchase orders can be full automated by successive triggers according to a strategy of

absolutely zero stock relying on a more extended if not global network of business

partners

The value of B2B electronic payments in

the US in 2020 is expected to reach

$1132 billion


Practices means methodsmdashthe whole payments industry is facing a further paradigm

shift The two leading technologies of the future artificial intelligence and the blockchain

reinforce the need for both ecosystems and open platforms

2050 may seem far away but one certainty is that an entire industry must urgently adapt to

the coming payment revolution The evidence of this has become clear over recent years

the payments sector has undergone more changes in 10 years than in the last two centuries

PricewaterhouseCoopers as quoted by the French magazine Les Echos states that more

than $150 billion will be invested in the fintech industry in the next three to five years to

prepare for the payments industry of tomorrow This revolution is all the more earthshaking

since it affects (or will affect) all the components and core assets of the payment value

chain Biometric identification and connected objects will reinvent not only payment tools

but also what we pay for and what we pay with As cryptographic currencies become more

widespread we are likely to witness the creation of new private currencies that will act as a

partial alternative to established institutions Yet other channels are already being explored

that are not directly monetary These would tap into the programming potential of the

blockchain in all industries Blockchain technology can be used to validate escrow

agreements or deeds of sale (real estate) protect confidential data (healthcare) or secure

automatic exchanges between computers (eg IoT sensors networks) All of these

capabilities can be combined The electronic data-rich transaction schema so far confined to

the exchange of monetary value is about to be applicable to any kind of information

exchange in the future

Conclusion

2050 so far away yet so close


This complete restructuring will cause the payment industry to face unprecedented

challenges So far transactional information has been more or less limited to monetary

amounts an account number and potentially a confidence score Blockchain technology

involves embedding a much larger volume of data from a great many more sources than are

used today In this operating mode the transaction data behind a customer order on an

online marketplace would include in addition to the price of the product information on the

sellerrsquos capacity to produce guarantees of the buyerrsquos solvency terms and conditions of

purchase and sale by the middleman and potentially the information required to pre-

program the different logistical steps of delivery All this data would be part of the

ldquocontractrdquo sealed by the blockchain But in such a case it is doubtful that the chain itself

would be large enough to store such a volume of data Moreover the probative value of the

documents embedded in the blockchain is not necessarily ensured in light of current and

future legislation

The resulting question is ldquowhat good is a blockchain contract if it isnrsquot legally admissiblerdquo

From this standpoint itrsquos easy to see how profoundly the blockchain changes the position of

the different players in the payment chain because more than ever before this will become

a chain of faith

One last thing to consider with regard to the future of payment in 2050 is that all the

developments we have just mentioned will have to take place in real time Within the few

tens or hundreds of milliseconds necessary to process a transaction the following is

essential at the very minimum validate the identity of the contracting parties involved

analyse the risks of fraud or failure customise the terms of the contract For artificial

intelligence to be effective in the fight against fraud it will have to play a key role in

consolidating the terms and conditions of a contract from raw transaction data All things

being equal this is already happening in the full-service collecting process as raw

transaction data is further enriched with financial data In the blockchain-powered

transaction schema this same principle will be at work but for a much larger perimeter of

data mining than whatrsquos needed to cross-reference sales and cash receipt reports

Combining all these challenges calls for innovation in any industry from the youngest

fintechs to the most established players

Blockchain transforming the chain of payment

into a chain of faith

Artificial intelligence will depend on open ecosystems to give transaction data a meaning


For the future of payment to evolve almost everything has yet to be donemdashand done

collectively Indeed none of this can be made possible outside the increasingly complex

ecosystems which will combine the most advanced expertise on each topic with sufficiently

powerful computing capability (inevitably to be shared as well) The world of payment in

2050 will rely on open APIs where each transaction will ldquocomposerdquo a package of meaningful

services through a blend of skills that is still hard to fathom today


Limonetik is a full-service aggregator in the payments ecosystem that proposes to

PSPs acquirers international merchants and online marketplaces to easily access via

a unique API to a large panel of international payment methods and advanced

services from accounting reconciliation currency conversion and regulation

compliance

In 2015 Gartner awarded Limonetik with the badge of ldquoCool Vendorrdquo as a result of its

ldquoone- stoprdquo innovative and creative technical solutions which have real and positive

impact on its clientsrsquo businesses

Limonetik was formed in 2008 from a ldquocontradictory analysisrdquo resulting from the

complex challenges of continual development of physical and digital PMs and the

difficulty of using them to pay for goods and services online To face these challenges

Limonetik simplifies and streamlines the entire payment process playing the role as

facilitator and integrator for all the parties in the value chain PSPs PMs Tier 1 amp Tier

2 merchants and online marketplaces

Limonetik provides an on-demand full-service offer including collecting flow

management reconciliation etc Limonetik can also create new PMs like loyalty

program points prepaid solutions e-wallets etc merchants can thus turn their own

payment methods into useful marketing tools to enhance user experience

Limonetikrsquos solutions are global and our reach is International allowing us to

facilitate ldquocross- borderrdquo transactions in any currency

About Limonetik


Secure Trading is one of Europersquos leading independent payment management companies The firm

helps online businesses succeed by providing cutting-edge acquiring security and processing

technology world-class expertise and a culture dedicated to trust Secure Trading has more than 20

yearsrsquo experience in the payment industry

From its roots as a robust and secure payment processing company to its best-of-breed acquiring

and cybersecurity services today Secure Trading is a one stop shop for payment services and has

continually evolved to meet the ever-changing needs of online businesses

Today Secure Trading is focused on speed and simplicity for its merchants ndash it offers a full cross-

border acquiring service across Europe and the US

Webhelp Payment Services a Payment Institution is one of the best-performing FinTech companies

on the market

With unique positioning in the industry specialising in B2B transactions in France and internationally

the company generates more than 80 percent of its business volume worldwide

Today more than 300 customers from various business sectors have entrusted Webhelp Payment

Services with the end-to-end management of a transaction volume that in 2016 exceeded euro1 billion

making the company one of Europersquos leading B2B payment services

Webhelp Payment Services is present in more than 30 countries via 10 local offices in Europe North

Africa and North America

Secure Trading

Webhelp Payment services

About our

partners for the

eBook


EBRC (European Business Reliance Centre) was founded in 2000 in order to meet the challenges of

the digital economy to ensure its safety and to become a European IT competence centre for the

management of sensitive information

As a specialised ICT provider it has a unique worldwide offering with three Data Centres Tier IV

Design amp Facility certified by the Uptime Institute More than 15000msup2 of highly secure and ldquofault-

tolerantrdquo white rooms ensure such high availability of its IT infrastructures that EBRC has been able

to achieve 100 availability in its 17 years of operation

With EBRC clients can benefit from a complete ldquoone-stop-shoprdquo service centre to assist them in their

digital transformation implement tailor-made projects help launch their start-ups or set up their

activities at the heart of the European Union

As a renowned centre of excellence and recognised by more than 60 prestigious certifications and

awards EBRC offers a catalogue of high-quality servicesmdashits ldquoTrusted Services Europerdquomdashwhich

consist of six complementary strategic offerings Advisory Cloud Computing Security Business

Continuity Data Centre and Managed Services The company addresses an international and

demanding audience in sectors such as Finance FinTech Health Life Sciences Government and

Institutions Defence RegTech Media as well as Space (terrestrial observation)

With an integrated offering EBRC simplifies the implementation of critical projects reduces their

lead times and ensures the smooth running of operations To ensure these objectives and deliver the

utmost level of service that is measurable and consistent EBRC has adopted the highest standards

ISO 27001 ISO 27018 ISO 20000 ISO 22301 ISO 9001 ISO 14001 ISO 50001 and PCI DSS Level 1

CSA (Cloud Security Alliance)

Our thanks go to Gilles Grapinet Angelo Caci Seacutebastien Descours Philippe Marquetty Alexandre

Gonthier Jean-Franccedilois Hugon Laurent Dhaeyer Franccedilois Veron Axel Mouquet Paul Philipon-

Dollet CEZAIRE Conseil and Jeff Styler AXESSIO Consulting for their contribution to this Limonetikrsquos

eBook

EBRC

Acknowledgments


LrsquoExpress ndash LrsquoExpansion - 1995-2015 lexplosion du e-commerce en 10 dates ndash 8 juin 2015

RetailMeNot Center for Retail Research 2017

Forrester Research Online Cross Border Retail Forecast 2016-2021

Rapport 2012 laquo Lrsquoavenir des moyens de paiement en France raquo Feacutedeacuteration Bancaire Franccedilaise

IHS Markit 2017

The Economist Intelligence Unit 2014

Juniper Research

Observatoire laquo les Franccedilais et leur carte raquo Echangeur BNB Paribas Personal Finance 2016

Zebra 2017 Retail Vision Study

Observatoire 2016 laquo Les Franccedilais et leur carte raquo Centre drsquoeacutetudes BNP Paribas Personal finance

Cisco Visual Networking Index 2017

Gartner Forecast - Janvier 2017

Cisco citeacute par Yale Economic Review novembre 2014

Gartner Forecast (op cit)

Bitcoincom

Forrester Research

Frost amp Sullivan Futur of B2B retailing 2015

LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2

Photo by Nick Jio on Unsplash

Photo by Aaron Burden on Unsplash

Photo by Dose Media on Unsplash

Photo by Tom Ritson on Unsplash


Photo by Vadim Sherbakov on Unsplash

Photo by Benjamin Child on Unsplash

SOURCES


eBook

Payments in 2050 amp beyond

wwwlimonetikcom

marketingwwlimonetikcom

Limonetik SAS ndash Siren 501 862 015 RCS Paris France

Headquarter 8- 10 rue Saint Fiacre FR-75002 Paris


Su

MMA

RY

TOMORROW PREPARES US

FOR TODAY

THE END OF MONOPOLIES

REVOLUTION OF HABITS

NEW BUSINESS MODEL

Cash Payment is Disappearing Gilles Grapinet WORLDLINE

Use Will Create Value Angelo Caci SYRTALS CARDS

The Real Value will be Emotional Seacutebastien Descours PHILOSOPHIE ACTIONS

- ETHIRES

The Banks Will Win or Lose Philippe Marquetty SOCIETE GENERALE

The Middlemen Get Pushed Out Alexandre Gonthier PAY WITH MY BANK

Payment Will be at the Forefront of the Global War for Digital Leadership Jean-Franccedilois Hugon EBRC

Payment in the Era of Multitude Laurent Dhaeyer SECURE TRADING

Money Will (once again) Belong to

No One Franccedilois Veron Founder NEWFUND

Data Will Make B2B Online

Payment Easier Axel Mouquet WEBHELP

Christophe Bourbier LIMONETIK















CHRISTOPHE

BOURBIER

LIMONETIK

Tomorrow prepares

us for today

Editorial































GILLES

GRAPINET

WORLDLINE

Cash Payment is

Disappearing






experience



or confidence





















fraud management





blockchains












consume












ANGELO CACI

SYRTALS

CARDS










































SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES


Emotional









playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom


















CHRISTOPHE

BOURBIER

LIMONETIK

Tomorrow prepares

us for today

Editorial































GILLES

GRAPINET

WORLDLINE

Cash Payment is

Disappearing






experience



or confidence





















fraud management





blockchains












consume












ANGELO CACI

SYRTALS

CARDS










































SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES


Emotional









playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom


































GILLES

GRAPINET

WORLDLINE

Cash Payment is

Disappearing






experience



or confidence





















fraud management





blockchains












consume












ANGELO CACI

SYRTALS

CARDS










































SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES


Emotional









playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom








experience



or confidence





















fraud management





blockchains












consume












ANGELO CACI

SYRTALS

CARDS










































SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES


Emotional









playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom







fraud management





blockchains












consume












ANGELO CACI

SYRTALS

CARDS










































SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES


Emotional









playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom













consume












ANGELO CACI

SYRTALS

CARDS










































SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES


Emotional









playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom












































SEacuteBASTIEN

DESCOURS

PHILOSOPHIE

ACTIONETHIRES


Emotional









playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom












playerrdquo






























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom























PHILIPPE

MARQUETTY

SOCIEacuteTEacute

GEacuteNEacuteRALE


Lose










their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom












their customers








payments














customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom

















customers







ALEXANDRE

GONTHIER

PAY WITH MY

BANK

The Middlemen Get

Pushed Out














uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom

















uncertain













change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom







change













JEAN-FRANCcedilOIS

HUGON

EBRC



Digital Leadership





innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom








innovation















customer experience













LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom
















LAURENT

DHAEYER

SECURE TRADING


Multitude

New business model




























enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom































enough


















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom





















FRANCcedilOIS

VERON

NEWFUND

Money Will (once

again) Belong to No

One










world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom













world









2011 1 Bitcoin = $ 100





















AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom























AXEL

MOUQUET

WEBHELP

Data Will Make B2B
















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom


















partners



$1132 billion























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom


























Conclusion















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom

















future legislation




a chain of faith





























compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom
















compliance
















About Limonetik












on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom















on the market








Secure Trading


About our

partners for the

eBook


























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom





























eBook

EBRC

Acknowledgments






IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom









IHS Markit 2017


Juniper Research








Bitcoincom

Forrester Research


LesEchos

photos credit

Photo Freepik 1

Photo Freepik 2








SOURCES


eBook


wwwlimonetikcom





eBook


wwwlimonetikcom




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