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Payments: New card technologies & cards; Open Payment Platform; UK Faster Payments; Card charges row

Payment systems and services revolution continues. Over the last few weeks we have had: new payment card technologies; retailers building Open Payment platforms; UK faster payments’s amazing growth continues; and new payment cards have been launched even though Visa and MasterCard charges have gone up considerably..

New payment card technology

Fraud prevention at the point of sale has always been paramount with one of the biggest problems being to identify that the person with the card, actually owns the card. 

Source & Copyright©2018- gemalto

The Smart Payment Asssociation latest report - Biometrics in Payment - Breaking down barriers with high value payments reports that on-card matching - biometric identification of the cardholder - is now practical and cost-effective.

“In January of 2018, Bank of Cyrus announced its intention to roll-out EMV biometric dual interface cards in partnership with Gemalto and VISA. Using fingerprint recognition instead of a PIN code to authenticate the cardholder, the card is compatible with existing payment terminals already installed in the country. Bank of Cyprus' customers will complete a swift enrolment process at the bank's branches, using a specific tablet designed for the solution. The biometric personalization and card activation process is designed to avoid transmission of biometric data over the air to ensure users' data privacy is protected. The fingerprint template captured during the enrolment process is stored only on the card. This is believed to be the world's first EMV biometric dual interface payment card for both chip and contactless payments.” See image of card below:

Source & Copyright©2018 - Bank of Cyprus

Obviously one of the key problems is cardholder enrolment, but if India can enrol millions of their population into their fingerprint scheme, it is not insurmountable.

Overall, the SPA, “Considers SPA considers that the introduction of biometrics sensors on payment cards would represent an important step forward for the finance industry, opening the way to eliminating fraud for issuers and cardholders, reducing costs and providing the additional security and identity verification required to support remote or crossborder transactions.”

AirPlus International Introduces New European Corporate Card

AirPlus International, a leading global provider of payment and billing solutions for business travel, is expanding its product range by offering the European Corporate Card. The new card solution supports companies operating in Europe and their employees in carrying out and managing business trips more efficiently. The European Corporate Card will be available in France starting September 24. By the end of 2019, it will be available in 18 other European countries.

Retailers need to build open payment platforms to accept anything

A Payments Cards & Mobile Research Report for RBTE The Challenge for Retailers showed that the changing consumer behaviour meant that the retailers now need to make sure their domains are compatible

Source & Copyright©2018 - Payments Cards & Mobile Research

Not only this retailers need to accept a growing range of payment systems:

Source & Copyright©2018 - Payments Cards & Mobile Research

Payments Cards & Mobile concluded that retailer’s need to build a Central Payments Platform for new digital payments world:

Source & Copyright©2018 - Payments Cards & Mobile Research

UK Faster Payments growth rate continues

Last month - May 2018 - UK Faster Payments grew at 20% annually while cheques declined by 15%, and direct debits grew by 3%:

Source & Copyright©2018 - UK Payments

Check your Visa and MasterCard payment card charges

The EU authorities made the payment card companies remove surcharges at the point of sale, but The Guardian/Observer reported on 17 June that five months on that “UK traders have to pay £1bn extra a year to Visa alone, after the US-owned giant doubled its fees for every card payment. This means smaller retailers are, in turn, being forced to increase their prices to cover the extra charges, thus undermining January’s surcharge ban.”

What has happened to your payment card charges from Visa, MasterCard and Amex? 

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This item appears in the following sections:
Payments - Receipts
Accounts Receivable Management
Lockbox Bill Collection
Regular Bill Payments from Consumers
Payments - Receipts at POS
Card Payments at POS
Payments - Disbursements
Accounts Payable Management

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