The payment revolution continues, as the following examples show:

• Card schemes get together with frictionless ‘click-to-pay’
  • American Express, Discover, Mastercard and Visa are rolling out interoperable one-click checkouts at select e-commerce sites across the US, eliminating the laborious and repetitive key-entry of personal account numbers and information when shopping online. 
  • Based on the new EMV Secure Remote Commerce (SRC) industry standard, the networks have tested the technology in the market with issuers and merchants and are preparing to introduce click to pay at select sites in the United States this month, leading up to wide availability in early 2020.
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  • Payment processors and payment platforms, such as Adyen, Authorize.Net and CyberSource – Visa solutions, FIS, Global Payments, Mastercard Payment Gateway Services and Stripe are now offering click to pay to merchants. The initial focus will be on converting existing Masterpass and Visa Checkout merchants to click to pay.
  • First merchants
  • Cinemark, Movember and Rakuten are the first merchants to adopt the common click to pay button on their websites, with BassPro, JoAnn Fabric and Crafts, Papa John’s, Saks Fifth Avenue, SHOP.com and Tickets.com following by the end of 2019. 
• Faster Payments growth continues TO BOOM
  • The UK’S Faster Payments scheme launched over 10 years ago, yet the growth in September 2019 over last year was a total of 21%, and Single Immediate Payments was 28%.
  • And at the same time:
    • Direct Debits only grew by +3%
    • Cheques fell by -61%.
  • This really is a revolution,
• Alibaba global roll-out continues
  • Adyen has teamed up with Alipay to support Alibaba, the operator of global retail commerce business offering services to consumers, merchants, and brands.
  • As per the agreement, Adyen will facilitate payments outside of the Chinese mainland for AliExpress, Taobao, Tmall, and Alibaba.com as the Alibaba Group looks to streamline existing payment management operations. This will enable Alibaba the ability to offer local payment.
• India – UPI transactions overtake debit card payments
  • The number of transactions via the Unified Payments Interface (UPI) has overtaken the number of debit card transactions in 2018-19, according to a Reserve Bank of India report.
• Cash and coins
  • Bankers and governments are starting to worry about the disappearance of cash and coins. The removal of bank branches and ATMs from Britain's high streets has led to a debate about the consequences for a disenfranchised segment of the populace - estimated to comprise eight million individuals - who would struggle to cope in a cashless society. The UK’s Payment Systems regulator believes that the whole system of access to cash needs to be looked at again because it is so important in so many peoples’ lives.

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CTMfile take: Simplify, digitize, but don’t plan to remove cash completely from your solutions if you are in the retail business.