Can blockchain ease global payments?

in Industry Insights

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

in Industry Insights

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

in Industry Insights

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

in Industry Insights

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

in Industry Insights

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…

Q&A : Payment platforms launch innovation

in Industry Insights

Paul Stoddart, chief executive of Vocalink, a Mastercard company, tells how payment platforms are benefiting customers worldwide. Why should governments, businesses and consumers care about payment platforms? Payments are a fundamental enabler for everything we do, from business to the way we conduct our personal lives, and have become a critical part of the financial…

Thoughtful innovation: What’s next for the payments industry?

in Industry Insights

In a rapidly evolving world, payment systems must meet the challenge of agile development without sacrificing the trust and stability upon which the industry is built, says leading payment systems provider Vocalink, a Mastercard company. From cash and cheque to chip and PIN and contactless, the payments landscape has changed dramatically over the past 50…

Getting physical looks on the cards

in Industry Insights

Biometrics has been called “naked payment”, suggesting some kind of nightmarish scenario in which you dream of yourself clothes-free in the middle of a supermarket. But, of course, it’s a way of stripping down ID technology to use unique physical characteristics to identify an individual and clear them for payment or access. “People are only…

Disruption is slow burn in banking

in Industry Insights

Slow to take off , open banking could yet transform financial services and offer better deals for banking customers Born in a sea of hype on January 13, open banking has so far fallen short of delivering the promised financial revolution. We have yet to see any “killer apps”, dramatic changes in consumer behaviour, sudden…

Citizen Data Scientists – Are we there yet?

in Industry Insights, Latest news

Artificial Intelligence is a field that captures the imagination in the press and the public domain, with a vision of machines supporting us in everyday life. But how close are we to that in everyday business life? The answer is very close, but with one key intermediary step. Back in 2016, Gartner coined the term…