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Rivals jockeying for position in big race
Possible outcomes of current disruption in the payments industry could take a number of forms. Here are four favourites Margins for global payments providers are under intense pressure as they face stiff competition from technology fi rms and tougher regulation. These factors are likely to trigger radical changes in the payments industry. For example, this…
Banking ‘as a service’ simplifies payments for businesses
Automation technologies are enabling businesses to drastically reduce the costs and complexities involved in building and providing payments solutions, while removing the burden of dealing with an ever-complicated regulatory landscape Payments have evolved in recent years as companies have attempted to adapt to the behaviour of consumers on ecommerce platforms. This is often geographically influenced,…
China’s giants show the rest how it’s done
Mobile payments apps have leapfrogged credit and debit cards in China, signposting the way forward for the rest of the world. China’s two mobile payments giants, Alipay, an affiliate of the Chinese ecommerce group Alibaba, and WeChat Pay, owned by the messaging and social media powerhouse Tencent, are streets ahead of their Western rivals in…
Easy-to-use security is key to frictionless future
Consumers are increasingly using frictionless payment methods, from contactless to in-app and voice-activated. But before these new ways to pay become the norm, people need to be comprehensively reassured of the benefits. Despite the pace of innovation in frictionless payments, which ease the buying process by removing manual steps, cash and other established payment methods…
Can blockchain ease global payments?
Bold claims that blockchain can transform the payments industry, particularly in cross-border transactions, may soon be put to the test Anyone who has transferred money between countries recently realises the process has evolved little in decades. Too slow, too opaque and too expensive are the gripes. This is sparking debate among banks worldwide whether cross-border…
Blockchain heralds evolution of the gold standard
What’s old is new as gold-based cryptocurrencies rejuvenate the role of precious metals as mediums of exchange, while also bringing stability to a market marred by volatility Recent crashes in the value of the Argentine peso and Turkish lira illustrate what happens to fiat currency when people lose faith in a government or central bank….
Reward for playing your cards right
Becoming consumers’ default payment option, particularly in digital wallets, is an increasing challenge as incumbents and newcomers alike try to keep pace with developments in technology It’s convenient, quick and simple: having a default card that can be automatically used when you next shop online or pay a regular bill makes a consumer’s life much…
Biometrics will be at the heart of the global contactless push
The easier it is for consumers to pay, the more likely they will complete their purchases. Biometric payment cards with fingerprint recognition allow what was previously impossible – cards that are ultra quick to use, yet have powerful security Consumers have multiple payment options, from cash and cards to phones and mobile wallets, QR codes…
Tapping into new ways of banking
Innovation in the payments sector is driving change elsewhere in the UK economy and beyond When the Oxford English Dictionary announced in 2016 that fintech was officially a word, it signalled the future of payments was finally here. While innovation has always happened in the payments sector, it had suddenly become mainstream. There has certainly…
