Despite regulatory reforms and the introduction of real-time settlement systems, today’s payments industry still suffers from a litany of problems, many of which are related to the card-based technologies that still underpin in-store and online payments: Card-not-present (CNP) payments are the major cause of card fraud. Card-on-file (COF) exposes consumers to a high risk of data breach and identity theft….
Innovations in mobile payment systems are rapidly changing consumer payment behaviours, creating opportunities for non-banking players to enter the digital payments industry. The global tech giants, Google, Amazon, Facebook and Apple, in particular, are utilizing their formidable market reach and consumer behaviour know-how to reshape consumer expectations and the digital payments landscape. Millennials and Gen-Z display far less brand loyal…
In a survey of UK payments users (World Class Payments Report, Payments UK, www.paymentsuk.org.uk), customers expressed the need for “more choice and control over the timing and method of their payments”. Payments UK identified four capabilities as priorities for giving customers more control, simpler access, better information and improved confidence in their payments. One of those priorities is request-to-pay (RtP),…