Payments revolution continues as:
- UK in June 2019:
- Faster Payments continues to grow at +20%+ annually with single immediate payment at +27%
- CHAPS grew by +6%
- BACS: direct credit -2% and direct debits +3%
- Cheques and credit declined - 8%
- BofA Merrill is still Is top U.S. Issuer of Visa® and Mastercard® Commercial Solutions according to The Nilson Report, a financial industry publication covering card and mobile payments. Investing heavily in their card platform to increase security, expand product capabilities and extend geographic reach, e.g.
- Launch of mobile wallet for Commercial and Prepaid cards in North America.
- Enhanced Virtual Payables and Virtual Travel solutions.
- Mobile friendly cardholder and program administrator tools.
- Contactless cards across the globe
- Digital Wallets: Consumer spend via digital wallets across Europe and North America will increase by 40% this year to nearly $790 billion, according to a new study from Juniper Research. By 2024: digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50% of the world’s population
- Swift to test real-time cross border payments in Europe: To avoid lag as payments enter the domestic space Swift are testing real-time gpi cross-border payments through the Eurosystem’s Target Instant Payment Settlement (Tips). Participants include Banque Internationale à Luxembourg, BBVA, Deutsche Bank, Natixis, Santander, Sberbank and UniCredit
- AscendantFX, a technology-based payment provider, have launched SchedulePay, a payment service for corporate treasury departments to automatically schedule and submit batches of cross-border B2B and B2C payments in advance of monthly deadlines.
- IATA Financial Gateway expansion continues:
- WorldPay has joined the Fintech and Payments Services Strategic Partnership Program. This initiative will enable payments across web, mobile, MOTO (mail order telephone order), NDC (New Distribution Capability), and PCI-DSS compliant chip and pin terminals. It also supports IATA’s plans to create a unified gateway, allowing airlines to increase their payment diversity and acceptance.
- Worldpay will support the upgrade and rollout of IATA’s new Billing and Settlement Plan (BSP) file format (DISH23). With pre-integration in over 100 BSP countries
- Worldpay will help airlines consolidate their local BSP acquiring relationships into one global account
- Cash usage declines: UK's Link ATM network shows decline in the use of cash machines for withdrawing money and checking balances, as contactless cards and mobile banking services take hold with 8.7% decline in London, but only 3.7% in North East.
CTMfile take: Payments are becoming more and more instant, BUT there are two big elephants in the room: 1) is cash worth preserving? and 2) is how will all these payment systems talk to each other? To be discussed at SIBOS in London in September.
Like this item? Get our Weekly Update newsletter. Subscribe today