A Smart City Needs Smart Payments

Last week saw London Technology Week where, once again, London’s leading role in global technology innovation was highlighted, debated and promoted. One of the major topics for discussion was the ‘Smart City’.

Smart cities are cities where ideas and technology combine to create an interactive, connected and engaged city and citizenship. The key technology in this is M2M (machine to machine technology), popularly known as the Internet of Things. Using wireless connectivity, M2M technology allows machines to “talk” to each other and exchange information with limited or no human involvement.

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MYPINPAD on the Future of Payments Report

In May this year, MYPINPAD was proud to be associated with Raconteur’s in-depth survey of the Future of Payments. In an industry as fast moving as ours, debate and analysis of trends is to be welcomed and encouraged.

Leading payments players such as HSBC, VocaLink and the Payments Council discussed their own visions of the future of payments and while there is disagreement of how to get there, it is agreed that the future will be digital and ‘on-the-move’.

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On Disabilities In Payments

Have you ever wondered what it would be like to go through life blind, or with a learning disability? Or what it will be like when you’re older and perhaps your mental acuity is not what it once was?

What must it be like to be almost totally reliant on loved ones, or perhaps worse, the honesty and goodwill of complete strangers?

For those with physical or mental challenges even the most menial of tasks can become extremely difficult. Now begin thinking about how these difficulties are dealt with in the world of payments.

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Cutting Through the Payments Hype

Last week’s Sunday Times featured Raconteur’s The Future of Payments report, with which MYPINPAD is pleased to be associated.

The new payments landscape is complex and exciting and reports such as these are absolutely critical in cutting through the confusion created by such a broad, diverse and competitive subject.

Media and marketing hype is a direct side effect of an industry moving at the rapid pace of the payments industry. Start-ups, established players, analysts and commentators are all working in an environment that must live up to the promise to change forever the way we shop, bank and do business online.

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UK Opts Out of EBA Guidelines: What Now?

In a rather surprising move, the UK’s Financial Conduct Authority (FCA) has opted out of implementing the European Banking Authority’s (EBA) Final Guidelines on the Security of Internet Payments scheduled to come into effect on August 1st of this year.

According to the FCA’s statement; “[It] does not have the power without legislative change to make binding rules requiring all payment service providers (credit institutions, payment institutions and e-money institutions) to comply with the EBA Guidelines.”, but nevertheless supports the EBA’s objectives and is considering releasing its own guidance to service providers. However, any guidance released by either party is only an interim gesture and a prelude to the more intensive security requirements included in the Payment Services Directive (PSD2) transposition scheduled to take effect in 2018/19.

Whilst the regulatory complexity of enforcing any guidelines is significant, to not immediately propose an interim alternative for how the UK will protect its citizens from online fraud will leave many questions unanswered. According to the UK Cards Association, rates of online fraud have increased by 35% year-over-year since 2012, and without significant changes this will likely continue for the next 3 years.

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The Future of Payments is Online PIN

The payments landscape is ever changing, as are customer demands and expectations. We were therefore proud to take part in this week’s Raconteur investigative report, The Future of Payments. This report demonstrated just how fast the sector is developing, and unfortunately, how fragmented it is. It is daunting for customers and merchants alike.

When a customer wants to buy online from a retailer or business, they have to authenticate themselves before they can make that purchase, sometimes several times.

Secure payment is something that is easy to do in store; customers either hand over cash or use contactless cards, neither of which need any authentication, or they can pay by card and use their PIN to authenticate. It is simple, seamless and trusted.

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