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Payment systems evolution keeps on coming

Payment systems evolution keeps on coming. Latest systems and developments include:

  • Cheque imaging begins in the UK: image-based cheque clearing system that will speed up processing times significantly for cheque users across the UK with a phases roll-out begins 30 October 2017:
    • cheque clearing time will be reduced from ‘six weekdays’ to ‘end of the next weekday’
    • there is growing awareness of the new system with charities, etc. being well aware
    • BUT only 20% of businesses are aware of the new systems and only 15% of consumers
    • some banks and building societies may offer their customers the additional option of paying-in an image of the cheque - by using a secure mobile banking app on their smartphone or tablet - rather than having to go to a bank to pay it in.
  • THE PAYPERS Payment Methods Report 2017 has an important section explaining the evolution of the payment landscape by looking at the various domains in this development and how e-wallets are the end game:
    • Domain 1: Electrification of payment infrastructure (1960 – onwards)
    • Domain 2: Platforms ‘on top of payment infrastructure (2000 – onwards)
    • Domain 3: Banks reacting through online banking based online payments (since 2005)
    • Domain 4: Payment Service Providers offering simplicity to merchants (2000 – 2017)
    • Domain 5: The mobile revolution accelerating ecommerce (2007 – onwards)
    • Domain 6: The online continents (2010 - onwards)
    • Domain 7: Consumer wallets
      • Source & Copyright©2017 - Innopay Gmbh
    • (Report is worth a read for this section alone.)
  • Payments {R}evolution - Bob's Guide report - key article:
    • Will PSD2 prove to be biggested shake-up in the banking industry for 600 years?
  • Apple has added PayPal as a payment option in its digital stores. Apple customers in US, UK, Canada, Mexico, Australia and parts of Europe to choose PayPal as a payment option. The US-based payments service provider has also stated that it will integrate with Siri and bring the One Touch feature to Apple ID accounts, allowing for faster purchases.
  • Chinese are GOING GLOBAL, but will they have an impact? WeChat Pay web-site announces that “WeChat Pay is now coming for overseas vendors.” They continue: “WeChat Pay is now available to overseas vendors. Every vendor can get access to our payment services only by applying in this official page.” But why would merchants sign up? WeChat Pay say there are millions of Chinese travellers to Europe and they offer multiple payment methods: QR scanning, in Apps web-based payments, etc. It is so easy, but every other payment system provider is trying to make their system ‘frictionless’ as well. 

CTMfile take: Competition is increasing all the time, and there is even talk of WeChat Pay Taking Over Alipay?

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This item appears in the following sections:
Payments - Receipts
Lockbox Bill Collection
Payments - Receipts at POS
Card Payments at POS
Cheque Payments at POS
Collecting Payments on the Internet
Collecting Payments via Mobile
Payments - Disbursements

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