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Payments: Cards remain king; new Amazon Pay; Faster Payments

The payments evolution keeps grinding on at a rapid pace:

Cards remain king

Apple Pay launched in 2014 and was hailed as the system that was going to replace payment cards, but Payments Cards & Mobile reports that Cards remain king as mobile payments fail to hit the big time, even though, “Partnerships with major payment providers such as American Express, MasterCard and Visa meant that the innovation was anticipated to make a major impact on consumers straight from launch. They were even predicted to replace cash and card by Visa back in 2015 who forecasted the UK to spend over £1.2 billion a week by 2020 via mobile payments.” 

“Yet, this payment method has failed to meet its anticipated high expectations and cards remains the firm favourite for UK consumers.”

Indeed, recent research showed that “mobile payments are almost as unused as cheques, with payment cards prevailing as the number one favourite for the majority of UK consumers.”

Amazon Pay coming

Regardless of the lack of usage of mobile payments, Amazon is reported to be about to launch a mobile wallet called Amazon Pay.

UK payment clearings - Faster Payments keeps on soaring

The latest statistics from UK Payments show that Faster Payments usage in UK in October is still growing at over 20%/year:

Source & Copyright©2018 - UK Payments

Cross-border interbank payment and settlements

A 68 page report from Bank of Canada, Bank of England and Monetary Authority of Singapore and lead commercial bank HSBC  on the “CROSS-BORDER INTERBANK PAYMENT AND SETTLEMENTS - Emerging opportunities for digital transformation” has been published. It is a cross-jurisdictional industry collaboration between Canada, Singapore and the United Kingdom examining the existing challenges and frictions that arise when undertaking cross-border payments. This report explores proposals for new and more efficient models for processing cross-border transactions. 

The chapters on:

  • Key Challenges
  • Root Causes and Potential Future State

will be of interest.


This item appears in the following sections:
Payments - Bill Collection
Payments - Collecting at POS
Card Payments at POS
Payments - Making
Making International Payments
Making Urgent Payments

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Comments

By Simon Lyons on 26th Nov 2018:

First class article. The transformation comes from third party access to the traditional payments schemes. Open banking and PSD2 enables this. The biggest change will be when we have a point of sale that debits a bank account directly without the need for a cards network. Its been done before and its probably the next biggest step in payments. Aside from that I enjoyed reading this article and many others from Jack.

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