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Visa's B2b Connect Looks to Change the Game in Cross-Border Payments www.electronicpaymentsinternational.com Issue 386 / august 2019 CHAIN REACTION VISA’S B2B CONNECT LOOKS TO CHANGE THE GAME IN CROSS-BORDER PAYMENTS FEATURE INSIGHT COUNTRY SURVEYS How contactless wearable ISO 20022 will bridge Market analysis and payments are now at the a fundamental gap in payments data for Japan, front of most banks’ minds r-l;m|v1ollmb1-ঞom Luxembourg and the UK contents this month COVER STORY NEWS 11 05 / EDITOR’S LETTER 06 / DIGEST • NatWest, RBS suffer outages as millions struggle to access accounts • Wirecard partners with emonvia to digitise charging stations • Noor Bank partners with UnionPay for QR-based payments • StanChart and SAP Ariba agree partnership • HSBC signs licence with Australian fintech Identitii • Square integrates with POS software Goodtill • Melissa launches technology to ease ID verification • FreedomPay and Vista to collaborate in UK and Europe • JPMorgan to close Chase Pay app in early 2020 VISA B2B CONNECT 06 Editor: Group Editorial Director: Director of Events: Douglas Blakey Ana Gyorkos Ray Giddings +44 (0)20 7406 6523 +44 (0)20 7406 6707 +44 (0)20 3096 2585 [email protected] [email protected] [email protected] Senior Reporter: Sub-editor: Head of Subscriptions: Patrick Brusnahan Nick Midgley Alex Aubrey +44 (0)20 7406 6526 +44 (0)161 359 5829 +44 (0)20 3096 2603 [email protected] [email protected] [email protected] Junior Reporter: Publishing Assistant: Sales Executive: Evie Rusman v;m- ;उbul;m1b Jamie Baker +44 (0)20 7406 6701 +44 (0)20 3096 2633 +44 203 096 2622 [email protected] [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 0954-0393 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 Electronic Payments International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London Office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN Asia Office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] follow EPI on twitter @Payments_News 2 | August 2019 | Electronic Payments International contents august 2019 COUNTRY SNAPSHOTS 17 19 / JAPAN Despite lower penetration, credit cards are the preferred card type, accounting for 98% of the total payment transaction value in 2018. Their popularity among consumers is largely a result of associated reward programmes 20 / LUXEMBOURG Luxembourg’s payment card market is mature, with a high penetration rate of 4.6 cards per inhabitant. Cards accounted for 54.1% of the total consumer payment transaction volume in 2018 21 / UK The UK payments market is highly mature – arguably even overserved by its financial institutions. There were more debit cards in circulation than individuals in the UK in 2018, by a considerable margin ANALYSIS FEATURES 21 10 / SPORTS SPONSORSHIP 11 / VISA B2B CONNECT Sponsorship has become an important tactic Visa’s blockchain-based B2B Connect for payments service providers that are network provides a way to process high-value looking to gain some extra recognition and corporate cross-border payments globally, appeal to sports fans. Evie Rusman analyses without needing correspondent banking some of the biggest deals currently in place relationships. Robin Arnfield reports 14 / WEARABLE TECH With ever-growing advances in technology, contactless wearable payments are now at the forefront of most banks’ minds. Evie Rusman looks at the latest trends in the sector, and speaks to industry experts about its future 17 / SCA ROUND-UP Over the last few weeks, SCA has caused something of a headache for the payments industry. Countries are now increasingly planning to delay the new regulations. Evie Rusman and Asena Değirmenci investigate INDUSTRY INSIGHT 19 22 / CAPCO ISO 20022, the new standardised messaging scheme for financial services, will bridge a fundamental gap in payments 14 communication. Alex Yip, consultant at Capco, looks at the potential benefits www.electronicpaymentsinternational.com | 3 HEAR ҋ NETWORK ҋ DISCOVER ҋ CELEBRATE Leasing Life Conference & Awards 2019 Barcelona, Spain ҋ 28 November 2019 oub|vƐƔ|_;7bঞomķ|_;Leasing Life Conference and Awards 2019lo;v|o-u1;Ѵom-ķ|o0ubm] |o];|_;u-vv;|Cm-m1;ruo=;vvbom-Ѵv-m7bm7v|u7bvur|ouvbm-m-1ঞ;7bv1vvbomo=|_;h; bvv;v=-1bm]|_;Ѵ;-vbm]bm7v|uĺ $_bv;-uĽv;-vbm]b=;om=;u;m1;;rѴou;v_o uor;ĽvѴ;-vbm]bm7v|ubvu;vrom7bm]|o|_; -Ѵ;1_-bmorrou|mb|ķ|_;uoѴ;o=|;1_moѴo]bm|_bvrbmm-1Ѵ;|u-mv=oul-ঞomķv|u-|;]Ŋ7ub;m bmmo-ঞom-m7l1_lou;ĺ$_ubbm]bm-7b]b|-Ѵ-];_-vm;;u0;;mlou;blrou|-m|ĺ Event highlights • l0u-1bm]|;1_moѴo]b1-Ѵ|u-mv=oul-ঞomĹ 1u;-ঞm]7b]bঞv;70vbm;vvlo7;Ѵv • From new technologies to corporate 1Ѵ|u;vĹl-hbm]bmmo-ঞom-u;-Ѵb| • $_;1bu1Ѵ-u;1omolĹ7ubbm]1_-m];-| =ѴѴvr;;7 • vr-m;Ѵ7bv1vvbom-m7 şĹ|_;=|u; o=-vv;|Cm-m1;ŋ-v|u-|;]b1o|Ѵooh • !;l-bmbm]u;Ѵ;-m|bm-mbm1u;-vbm]Ѵ 1olr;ঞঞ;ouѴ7 • -m;Ѵ7bv1vvbomĹ1-rb|-Ѵbvbm]om7-|-|o 7ub;bm7v|uŊb7;bmmo-ঞom ;-7Ѵbm;-u|m;u oѴ7-u|m;u "bѴ;u-u|m;uv uom;-u|m;uv _b0b|ouv -m;Ѵ-u|m;u o1h|-bѴ-u|m;u $-0Ѵ;ov| -7];-m7 -m-u7-u|m;u oulou;7;|-bѴvrѴ;-v;1om|-1| !-b77bm]vomu-ĺ]b77bm]vŠ-u;m-Ŋbm|;um-ঞom-Ѵĺ1olou1-ѴѴƳƓƓŐƏőƑƏƒƏƖѵƑƔѶƔ editor’s letter Has Australian BNPL reached critical mass? Douglas Blakey, Editor et me take you to Australia for a moment. The buv|o@ķ1omvb7;u|_;o;u-ѴѴl-uh;|ĺ$o|-Ѵ|o|-Ѵ local buy-now-pay-later (BNPL) sector is worth v-Ѵ;vbmv|u-Ѵb--m7;,;-Ѵ-m7|o|-ѴŪѶĺƓ0mĺ"oķ-v L a glance. -Ѵ;uvom-u];vķ-11om|v=ou-l;u;Ɩѵ0-vbv BNPL players allow shoppers to purchase products robm|vbml-uh;|v_-u;ĺ"r;1bC1-ѴѴ-vu;]-u7v[;ur-ķb|_ without paying up front. And crucially, the consumer avoids v-Ѵ;vo=ŪƓĺƒ0mb|;mfov-0o|ƓƖ0-vbvrobm|vo=|o|-Ѵ the regulatory hurdle of applying for a credit card or loan. v-Ѵ;vĺ u|_;ulou;ķ-Ѵ;uvom1-ঞomv|_-|[;ur-Ľvu-|; $o0;=-buķ|_;u;bv-v|uom]rb|1_ĺ"|-ঞm]|_;o0bovķ o=]uo|_bmƑƏƐƖ_-vvѴo;70-uom7|oŊ|_bu7vĺ v]uo|_r;-h;7Ĵ-_ث-technology is making electronic payments easier, and the [;ur v;u;r;ub;m1;1omঞm;v|oblruo;-|vr;;7ĺmѴbm; $_-|0;]v|_;t;vঞomĹ_-v[;ur-Ľvr_;mol;m-Ѵ]uo|_ v_orrbm]1omঞm;v|ovo-uķ-m7v|u-Ѵb-m1omvl;u |o7-|;-Ѵu;-7r;-h;7ĵ||_;v-l;ঞl;ķom;lb]_| 1omC7;m1;bm|_;bm1l0;m|0-mhv|ooh-_-ll;ubm] rom7;ub=[;ur-Ľv-m7b|vr;;uvĽmb1_;bm|_;l-uh;|bv at the recent Royal Commission. This all combines with going to remain limited to certain market segments – a evidence that younger adults are less keen on credit cards |rb1-Ѵ;-lrѴ;oѴ70;ol;m-];70;|;;mƐѶ-m7ƒƔĺ |_-m|_;bur-u;m|vĽ];m;u-ঞomĺ ѴѴ|_;_bѴ;ķ7;0b|1-u7|u-mv-1ঞomv]u;0Ɛƒѷbm $_bvbv_;u;b|];|vbm|;u;vঞm]ĺ$_;u;bv-m-u]l;m| ƑƏƐѶĺ$_-|bv|_;=-v|;v|u-|;o=]uo|_bm=ou;-uvĺ that Australian BNPL vendors will transform how As Halverson comments, it hardly suggests that BNPL is Australians pay for things. Similar comments apply to ;Ѵblbm-ঞm]o|_;u;Ѵ;1|uomb1=oulvo=r-l;m|ĺ consumers in New Zealand, and once these markets are $_;0vbm;vv0-vb1vo=-u;|_-|-ŪƐƏƏv-Ѵ; 1omt;u;7ķ|_;u;bvv1or;=oubm|;um-ঞom-Ѵ;r-mvbomĺ |rb1-ѴѴ7;Ѵb;uvŪƔbmu;;m;-m7ķ_or;=ѴѴķŪƏĺƑƏ If analyst enthusiasm is borne out, then there is an bmruoC|ĺѴm|Ѵķ0vbm;vv;v-u;;uŊ_b]_ŊoѴl;ķ obvious threat to growth rates for all other electronic ;uŊѴoŊl-u]bm0vbm;vv;vķvo-7uoro=omѴom;ou|o r-l;m||r;vĺomvb7;u|_;;m7ou[;ur-ķ=ou;-lrѴ;ĺ basis points is a major factor. It derives around 80% of its revenue from vendors; the rest mƑƏƐƖķ[;ur-Ľvv-Ѵ;vbm,;u;ŪƓĺƒ0mķ0|b|v comes from late payment fees from customers. l-u]bm7uorr;7vb0-vbvrobm|v=uolƔĺƑѷbmƑƏƐѶ|oƓĺѵѷ [;ur-v_-u;vѴbv|;7bmƑƏƐѵ-|ŪƐŐŪƏĺѵѶőĸ0Ѵ-|; bmƑƏƐƖĺmu;-Ѵlom;ķ|_-|l;-mvѴov|u;;m;o=ŪƑƓlĺ ]v|ķ|_;[;ur-v_-u;rub1;_-7vo-u;7r-v|ŪƒƏĺ v-Ѵ;uvom-u];vķ-fobm|l-uh;|1-ro=ŪƐƏĺƓ0mbv- $_;u;bvķ_o;;uķlou;|o|_;l-uh;||_-mfv|[;ur-Ĺ huge bet on this small tech sector. He tells EPI: “There is no Ѵo1-Ѵub-Ѵ,brom;bv]uobm]-|r-1;ķ-m7-m;vঞl-|;7 market globally that has reached this level. You have to go ƐƏѷo=v|u-Ѵb-m1omvl;uv-u;-Ѵu;-7v;uvo=;b|_;u 0-1h|o&"ƑѴ;m7;uvbmƑƏƐƒŊƑƏƐƓ=ou-vblbѴ-u000Ѵ;ķ [;ur-ou,brom;ĺ and that ended in tears.” Zip’s service is already all over Australia, and earlier this ;-ub|-mmom1;7|_-|b|_-7vb]m;7ro;uƐƏķƏƏƏu;|-bѴ BNPL – SALES VS MARKET CAPITALISATION partners.
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