The growing movement against the use of cash promises higher-performance economies, better expense tracking, and enhanced repressive capacities against theft, crime, money laundering and tax evasion. But increasing numbers of voices, in the freedom movements as well as in the social justice circles, raise awareness over the social damage which the upgrade could yield.
While GDPR and Europe’s revised Payment Services Directive (PSD2) are not contradictory, the fact that the regulators and many banks work on them in silos is problematic, AccessPay executives argue.
We’ve all become more impatient as digital services are increasingly real-time and in many cases instantaneous. Look at the big winners out there: Uber, Klarna and Amazon. Each organisation has innovated to reduce impatience by dramatically reducing wait time and offering real-time updates. In banking, there is a similar pattern.
In modern-day banking, transactions are still a laborious process—sending money across the globe involves time, effort and risk. Payments moving across borders are slow, as they typically hop from one correspondent bank to another, each sitting on the funds, ccollecting afloat for who-knows-how-long.
Direct carrier billing is currently a competitive payments industry in Europe, but will it flourish under PSD2? EE and Microsoft think so.
Contactless payments have become increasingly common in the UK. Today, six in ten Brits pay with touch and go. What started off as an alternative payment method capped at £20 per transaction, has now become an increasingly common way to pay.
PSD2 heralds a new dawn for mobile payments, as the regulatory technical standards around the upcoming European open banking regulations are expected to put mobile devices at the heart of new payment techniques. But despite the regulatory environment nudging markets towards certain payment types, it is not easy to predict exactly how consumers will adopt the technology.
A surprising alliance is slowly coming together, in the global war on cash. Large Internet-based companies and commercial banks are mixing interests with top-level governmental bodies to press for the disappearance of hard currency, and speed up the digital transition towards a cashless world. On the losing end of the intended shift, central banks which seem to be putting up feeble resistance.
Tech-savvy banks and the new wave of disruptors will be the beneficiaries as banking undergoes a long-awaited transformation.
As the 10th anniversary on contactless payments draws near, western retailers are taking steps to incorporate Asian contactless payment methods.