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Rolling the Dice July / August 2017 COVER STORY: ROLLING THE DICE ALSO FEATURED: REGTECH - REGULATION, REGULATION EVERYWHERE CYBERCRIME - INSIDE THE MIND OF THE HACKER Keep your business a step ahead through our software integration Agent Portal Issuing Iso-Processing Clearing & Settlement Issuing Services Acquiring Global Acquiring General Ledger & Accounting Routing & Switching Switch Clearing & Settlement Dispute Management Interchange Optimisation E-Wallet Chargeback & Dispute Handling Merchant Portal Merchant Reward (Loyalty / Cash Back / Discount) Payment Facilitator Email: [email protected] RS2.COM PAYMENTS INDUSTRY INTELLIGENCE PaymentsCARDS & MOBILE July / August 2017 Volume 9, Issue 4 Production Team Alexander Rolfe Editor-in-chief and publisher Tel (+44) 1263 711 800 [email protected] “Money never sleeps” or so the saying goes. Seemingly, neither Joyrene Thomas does the payments industry. Staff Writer Tel (+44) 1263 711 800 [email protected] As we head full speed into the holiday season, the usual downing of tools does not seem much in evidence in 2017. Wendy Sanders Keep your business Head of Business Development Tel (+44) 1263 711 801 Summer is traditionally a time when people splurge their hard-earned cash. This is certainly [email protected] a step ahead through true in the online gambling world. Just as the house always wins, so do the processors and acquiring banks, or so it seems. In this issue, we take a look at why gambling is still viewed Gemma Rolfe General Manager our software as high risk. In a regulated environment with solid KYC requirements, should it still fall into Tel (+44) 1263 711 800 integration this category? [email protected] Gemma Haywood FinTech has existed and been written about for more than a decade. It has been the driving Subscriptions and General force behind some of the extremely positive changes seen within the financial services Tel (+44) 1263 711 800 industry. RegTech is the new player in town. We consider what RegTech actually is and how [email protected] it is helping financial service providers and end-customers in an ever-changing Adam Unsworth regulatory environment. Graphic Design Tel (+44) 7932905744 [email protected] When it comes to cyber security, I think as an industry we are very happy to point the finger at how easy some breaches have been, and how slow the admissions have been afterwards. Printing But what about the hackers themselves? What drives them and how do they select Micropress Printers their targets? Finally, whether you are heading for sunnier climes or simply downing tools for a few weeks, PCM wishes you all the best for the summer. Editorial Advisory Board Alexander Rolfe, John Berns Managing Partner, Accourt Sylvie Boucheron-Saunier SVP Financial Institutions, North America Agent Portal Issuing AlexRolfe & Europe, ACI Iso-Processing Clearing & Settlement Editor-in-chief and publisher, Robert Courtneidge Issuing Services Acquiring Payments Cards & Mobile Global Head of Cards and Payments, Global Acquiring General Ledger & Accounting Locke Lord Routing & Switching Switch June Felix Clearing & Settlement Dispute Management President – Europe, Verifone Interchange Optimisation E-Wallet Denise Gee Chargeback & Dispute Handling Director, Magna Carta Merchant Portal Simon Hardie Merchant Reward Director, Magna Carta (Loyalty / Cash Back / Discount) All rights reserved. No part of the publication may be reproduced or transmitted in any form without the Payment Facilitator publisher’s prior consent. While every care is taken to provide accurate information, the publisher cannot accept liability for errors or omissions, no matter how caused. Payments Cards and Mobile The Stable, Hall Yard, Kelling [email protected] © PaymentsCM LLP 2017 Payment Cards and Mobile™ is owned and published by Holt, NR25 7EW, United Kingdom Email: RS2.COM PaymentsCM LLP ISSN 1759-829X +44 1263 711800 / paymentscm.com contents 06 - 07 PAYMENTS NEWS 23 ISSUING & ACQUIRING 25 CONTACTLESS NEWS IN BRIEF IMPACT OF THE INTERCHANGE FEE UK: CONTACTLESS CARDS SET TO OVERTAKE All the latest news from the past 60 days REGULATION 18 MONTHS ON CASH IN 2018 It is now almost 18 months since the Rapid growth in the use of contactless cards 08 - 09 CARD NOTES introduction of the Interchange Fee Regulation means cash will be overtaken as Britain’s most (IFR). This covered a good deal more than the frequently used payment method by the end of THE DEATH OF THE PASSWORD? interchange fee caps and included substantial 2018, according to a new report. Passwords are no longer passing muster changes to the business rules for card as a security or authentication method. The acceptance and processing frameworks. APPLE AND VISA HIT WITH APPLE PAY problem is quantity as much as quality. The PATENT INFRINGEMENT LAWSUIT average number of passwords registered to 24 MOBILE PAYMENTS Apple and Visa have been hit with an Apple a single e-mail address is 130, according to Pay patent infringement lawsuit by Universal password management company Dashlane. US BANKS TAKE THE P2P FIGHT TO SILICON Secure Registry (USR), a small US company, VALLEY RIVALS that alleges their mobile payment partnership EUROPE CLIMBS IN PAYMENTS INNOVATION More than 30 US banks and credit unions infringes four of its patents. RANKINGS unveiled a unified person-to-person money While Asia remains home to most payments transfer service in mid-June. Known as Zelle, 26 POS TERMINALS innovation, Europe has leapfrogged Africa, the service covers around 86 million US North America and Latin America into second mobile-banking customers and competes CONSUMERS STILL LOVE CASH AS ATM place, findings from theGlobal Payments head-on with rivals such as Venmo from TURNS 50 Innovation Jury Report 2017 reveal. PayPal and Apple Pay from Apple. 1967: Ronald Reagan was inaugurated as governor of California, Elvis Presley 22 RISK & COMPLIANCE P2P BECOMING THE NEW SOCIAL NORM IN married and the UK entered negotiations THE US for membership of the European Economic GDPR: LESS THAN A YEAR TO GO AND COUNTING The latest Bank of America Trends in Community. It was also the year that the With the 25 May 2018 deadline for the Consumer Mobility Report found that P2P is first ATM was installed at a Barclays Bank in European General Data Protection Regulation quickly becoming the new social norm, as 36 Enfield, north London. This ushered in not only (GDPR) looming large, PCM considers the percent of adults currently use the service, with convenient 24-hour cash access, but also a background, content and opportunities of the millennials leading the charge at nearly double new way of interacting with banks new regulation. that rate (62 percent). and technology. 10-12 COVER STORY: ROLLING THE DICE Acquiring gambling merchants is high risk. Or at least this always used to be the case. But in a regulated industry quick to adopt new technology, where the house always wins, how high risk is acquiring gambling merchants nowadays? 4 payments cards & mobile | July / August 2017 www.paymentscm.com contents 27 E-COMMERCE VISA COMMITS TO STRATEGIC INVESTMENT NEXT EVENTS IN KLARNA PSD2 DRIVES A 37 PERCENT DECLINE IN Visa and Klarna announced they have reached SEAMLESS PAYMENTS EAST AFRICA ONLINE CARD VOLUMES an agreement for Visa to invest in Klarna, and 6-7 September, Nairobi A new study from Ovum, has attempted for intend to develop a future strategic partnership. www.terrapinn.com/exhibition/seamless-east- the first time to quantify the detrimental effect africa instant payments and PSD2 will have on NATIONAL MOBILE WALLET SERVICE traditional credit and debit card payments. LAUNCHES IN UAE THE FUTURE OF LENDING The first nationally sanctioned mobile wallet 19 September, London ONLINE CARD SPENDING TO DOUBLE BY 2021 solution for the United Arab Emirates has been www.marketforce.eu.com/events/financial- Global Payment Cards Data and Forecasts launched. Emcredit, a fully owned subsidiary of services/future-of-lending to 2021, an annual survey of the global the Dubai Economy, will launch empay, a secure payment cards sector, reveals that the value of mobile wallet and payment platform that offers SEAMLESS PAYMENTS VIETNAM e-commerce card payments made worldwide all United Arab Emirates residents the ability 6-7 September, Ho Chi Minh City grew by 26 percent during 2015 to reach $2.7 to easily pay for a wide variety of goods and www.terrapinn.com/exhibition/seamless- trillion, and represented 12 percent of all services using smart wearable technology or vietnam/ card expenditure. multi-functional devices. RESTAURANT TECH LIVE 28 PRODUCTS 30 CONFERENCES BAR TECH LIVE HOTEL TECH LIVE AMAZON CHALLENGES BANKS IN BUSINESS MONEY2020 EUROPE 26-27 September, London LOAN MARKET Money2020 Europe, held in Copenhagen www.restaurantbusinessshow.co.uk It started with book publishing before moving 26-28 June, was again a great success, to grocery retail, delivery, music streaming and covering payments and financial services PAYEXPO EUROPE television. The next industry Amazon has in its from core services to FinTech. Presentations 4-5 October, London disruptive sights is banking. The Seattle-based included those from senior executives of well- www.payexpo.com/europe behemoth has lent more than $1 billion to small known global companies to smaller, but equally businesses in the last year, according to a interesting, businesses. SHOPTALK EUROPE media statement. REGULATORS 9-11 October, CopenhagenALERTS BUSINESSshoptalkeurope.com/ INGENICO ANNOUNCE PSD2-COMPLIANT OPERATIONS SOLUTION FOR MARKETPLACES Ingenico ePayments,
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