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Australia's New Push for Real-Time Payments and Open www.cardsinternational.com Issue 546 / AUGUST 2017 CROSSING THE BARRIERS AUSTRALIA’S NEW PUSH FOR REAL-TIME PAYMENTS AND OPEN BANKING COUNTRY SNAPSHOTS FEATURE INSIGHT The card payment scenes in Cards launch the fightback New regulation to tackle Argentina, Mexico and the against cash in the Middle consumer affordability and Czech Republic East and Africa persistent debt CI August 546.indd 1 31/08/2017 17:49:08 contents this month NEWS COVER STORY 05 / EDITOR’S LETTER REAL-TIME PAYMENTS 06 / DIGEST • HDFC Bank launches prepaid card for students travelling abroad AND OPEN BANKING IN • Mobile contactless spending surges • UK’s eMerchantPay receives licence • DPO completes acquisition AUSTRALIA • VTB Bank, Mastercard to issue new contactless card in Armenia • Wirecard extends support for Singtel • ICICI Bank debuts instant credit card • US debit card fraud loss rates fall 28% in 2016 after EMV launch • Commonwealth Bank to refund $8m • UnionPay partners with VTB24 • Central Payment, CardFlight to provide SwipeSimple mPOS • Worldpay sold to Vantiv for $10.4bn 10 • Australian credit card fraud up 78% Editor: Douglas Blakey Group Editorial Director: Director of Events: Ray Giddings +44 (0)20 7406 6523 Ana Gyorkos +44 (0)20 3096 2585 [email protected] +44 (0)20 7406 6707 [email protected] [email protected] Deputy Editor: Anna Milne Head of Subscriptions: +44 (0)20 7406 6701 Sub-editor: Nick Midgley Alex Aubrey [email protected] +44 (0)161 359 5829 +44 (0)20 3096 2603 [email protected] [email protected] Senior Reporter: Patrick Brusnahan Publishing Assistant: Sales Executive: Jamie Baker +44 (0)20 7406 6526 Joe Pickard +44 203 096 2622 [email protected] +44 (0)20 7406 6592 [email protected] [email protected] Customer Services: +44 (0)20 3096 2603 or +44 (0)20 3096 2636, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0956-5558 06 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to Cards International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London Office: 71-73 Carter Lane, London, EC4V 5EQ Asia Office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] follow CI on twitter @Payments_News 2 | August 2017 | Cards International CI August 546.indd 2 31/08/2017 17:49:26 contents august 2017 13 18 s to talk about cracking China, disrupting SWIFT,COUNTRY and leveraging SNAPSHOTS WeCha 16 / ARGENTINA Cash remains the predominant payment instrument in Argentina, mainly for day-to- day and low-value transactions. Overall, cash accounted for 78.5% of the total payment transaction volume in 2016 18 / MEXICO Cash remains the preferred form of consumer payment, especially among the rural FEATURE population, primarily as a result of limited 16 knowledge of payment cards or poor access to 10 / AUSTRALIA banking infrastructure Australia is characterised by high contactless 20 / THE CZECH REPUBLIC card usage, debit card dominance over credit The Czech economy has registered robust cards, and stringent regulatory control. Robin growth since 2014, supported by a decline in Arnfield reports on the main trends and two oil prices, increased investment activity, and key programmes: the real-time New Payments government policy to encourage exports and Platform, and the open banking initiative domestic demand 13 / THE MIDDLE EAST ANALYSIS AND AFRICA Cash dominates the consumer payments 22 / PERSISTENT DEBT market across large chunks of the Middle East In light of the FCA’s latest plan for the cards and Africa. However, cards are starting their industry, Callcredit Information Group’s fightback.Patrick Brusnahan looks into Eamonn Tierney looks at how organisations Saudi Arabia, Nigeria, Israel and Egypt with can be better prepared to deal with ever- the help of GlobalData’s research changing requirements to support customers www.cardsinternational.com | 3 CI August 546.indd 3 31/08/2017 17:49:30 Simple, secure and effortless digital solutions for fi nancial services organisations To fi nd out more please visit: www.intelligentenvironments.com @IntelEnviro Intelligent Environments is an international provider of innovative fi nancial services technology. Our mission is to enable our clients to deliver a simple, secure and effortless digital customer experience. We do this through Interact®, our digital fi nancial services platform, which enables secure customer acquisition, onboarding, engagement, transactions and servicing across any digital channel and device. Today these are predominantly focused on smartphones, PCs and tablets. However Interact® will support other devices, if and when they become mainstream. We provide a more viable option to internally developed technology, enabling our clients with a fast route to market whilst providing the expertise to manage the complexity of multiple channels, devices and operating systems. Interact® is a continuously evolving digital customer engagement platform that ensures our clients keep pace with the fast moving digital landscape. We are immensely proud of our achievements, in relation to our innovation, our thought leadership, our industrywide recognition, our demonstrable product differentiation, the diversity of our client base, and the calibre of our partners. For many years we have been the digital heart of a diverse range of fi nancial services providers including Generali Worldwide, HRG, Ikano Retail Finance, Lloyds Banking Group, MotoNovo Finance, Think Money Group and Toyota Financial Services. IE Adverts - 2017 MG Edit.indd 1 27/07/2017 12:46:16 editor’s letter CardS sector in rude health Douglas Blakey, Editor arely a day seems to go by when I am told by In particular, it reported strong growth in key international someone that cards are old hat, dull, dated and markets such as India, Russia, Mexico and Australia. Latest R under threat. quarter earnings from Mastercard were also way ahead of Apple Pay this, real-time payments that, cross-border analyst forecasts with earnings per share up 24% against the payment facilities will represent a huge challenge to the card same quarter last year. schemes. But enough about my teammate who edits sister Visa’s prospects in India alone are hugely exciting. The Indian publication Electronic Payments International. government is committed to cash displacement. Little over Yes, PSD2 – to be implemented from January 2018 – will one-third of Indians hold a credit card, and with more and provide new entrants and non-payments participants with more Indians travelling internationally, Visa is in a great place access to the SEPA Instant Credit Transfer scheme, potentially for future growth in the region. leading to the creation of new payments products and services In Asia-Pacific, the upcoming combined Cards International/ that could threaten card schemes. Electronic Payments International CEPI Awards and Summit on 7 Given that SCT Inst will create a potentially pan-European, September in Singapore, brings home the extent of innovation fast bank-to-bank payment network, it has the capacity to in products and services in the cards sector. A record number disrupt the role of payment cards in both domestic and cross- of submissions have been received for the awards – full details border payments. The scheme represents a new set of ‘rails’ on of the winners in the September issue of Cards International. which payments can be made, facilitating the development of To name but a few – and in no particular order and innovative products that can compete with cards both online without breaking embargoes – Citi, DBS, Maybank, ANZ, and in-store. If such services are cheaper to use and accept Standard Chartered, RCBC, Kasikorn Bank, Taishin Bank, Siam than cards, card schemes could, in theory, find themselves cut Commercial and CTBC are all very strong runners in the awards out of the European payments value chain. stakes. A very grateful thanks to all the participating banks. The notion that Visa and Mastercard are under threat is Back in the UK, the latest figures show that card spending where I have an issue. Some 85% of all transactions globally is rising at the fastest rate since 2008. The number of card – the figure remains a whopping 40% in a mature market transactions increased by 12.3% over the year to the end of such as the US – are made using cash. The idea that Bitcoin – June. Credit and charge card spending rose by 9.3% in the year however trendy and overpriced it may continue to trade – is an to June, with debit card transactions ahead by 13.2%. alternative is bunkum. One of the more amusing recent after- The one potential negative: Outstanding credit card debt work trips I recall was a trip to hip Shoreditch with a fellow rose to £68.5bn at the end of June, up almost £1bn from the editor – I decline to name and shame – and watching him try to end of the first quarter. buy a round of drinks using Bitcoin. Not so long ago I seem to recall being told by younger On the other hand, Visa and Mastercard are masters at teammates how Apple Pay was going to revolutionise the driving cash displacement. In quarter three, Visa again beat market in China, among other places; they seem to have at market forecasts with a strong set of results. least gone quiet on that argument. < Get in touch with the editor at: [email protected] www.cardsinternational.com | 5 CI August 546.indd 5 31/08/2017 17:49:32 News | Digest news digest HDFC Bank launches prepaid card for Mobile contactless students travelling abroad spending surges in UK identity cards for students.
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