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PAYMENTS INDUSTRY INTELLIGENCE January / February 2017 PaymentsCARDS & MOBILE IN THIS ISSUE PAYMENT CARDS IN EUROPE 2017 CYBER CRIME CYBER HEISTS AND THE CYBER SECURITY FIGHT BACK ARTIFICAL INTELLIGENCE THE RISE OF THE MACHINES CARD NOTES • ISSUING & ACQUIRING • MOBILE PAYMENTS • E-COMMERCE POS TERMINALS • CONTACTLESS • PRODUCTS & CONTRACTS • CONFERENCES www.paymentscm.com payments cards & mobile | January / February 2017 1 Your Quality Confirmed. Test Solutions for the payments world Your success is our concern. You have ambitious goals and we are dedicated to helping you get there. We engage with you, help you gain insight and advise you. > Certify your EMV Payment Terminals > Minimize downtime of your ATMs and release changes easier > Validate your payment host and switch implementations We’d love to talk. Contact us at [email protected] See us at the Merchant Payments Ecosystem Expo • February 14-16, Berlin www.opentestsolutions.com 2 PAYMENTS INDUSTRY INTELLIGENCE January / February 2017 Volume 9, Issue 1 PaymentsCARDS & MOBILE Happy New Year to you all! As the payments industry clears the sleep from its eyes and begins to rev up the engine, the more astute of you will have noticed that not a lot changed over Christmas. For those working in UK financial institutions, the threat of Brexit and Theresa May’s government finally making its mind up will still be an eye-catching issue during 2017. For the rest of the industry, it’s business as usual. In this issue, we take our annual statistical view of the European payments industry. The good news is that there is growth in both card issuance and card acceptance generally. However, we cannot be lackadaisical as the threat of cybercrime is ever-present. Criminals seem to be eschewing the soft underbelly of robbing consumers through phishing attacks etc. and going for the big bucks... Criminals are back to robbing banks! With that in mind, we focus our critical eye on how the industry is waging the cyber security fight back in this ever-evolving battleground. What if everything were controlled by highly advanced artificial intelligence? Machines such as Skynet from the Terminator films? Once it became self-aware, it saw humanity as a threat to its existence and decided to trigger the nuclear holocaust Judgment Day and deploy an army of Terminators against humanity. Perhaps I’m being overzealous here, but what if…we reveal all in the feature about the rise of the machines. Alexander Rolfe, Editor-in-chief and publisher, Payments Cards & Mobile Production Team Editor-in-chief and publisher Head of Business Development Subscriptions and General Contributors Alexander Rolfe Wendy Sanders Gemma Rolfe Joyrene Thomas Tel (+44) 1263 711 800 Tel (+44) 1263 711 801 Tel (+44) 1263 711 800 [email protected] [email protected] [email protected] Printing Micropress Printers Staff Writer General Manager Graphic Design Joyrene Thomas Gemma Haywood Adam Unsworth Tel (+44) 1263 711 800 Tel (+44) 1263 711 800 Tel (+44) 7932905744 [email protected] [email protected] [email protected] Editorial Advisory Board John Berns June Felix Managing Partner, Accourt President – Europe, Verifone Sylvie Boucheron-Saunier Denise Gee SVP Financial Institutions, North America & Europe, ACI Director, Magna Carta Robert Courtneidge Simon Hardie Global Head of Cards and Payments, Locke Lord Director, Magna Carta All rights reserved. No part of the publication may be reproduced or transmitted in any form without the 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. © PaymentsCM LLP 2017 Payment Cards and Mobile™ is owned and published by PaymentsCM LLP ISSN 1759-829X contents payments news features 6-7 NEWS IN BRIEF 12-15 COVER STORY: All the latest news from the past 60 days PAYMENT CARDS IN EUROPE 2017 card notes Cards and card payment at the point of sale and online showed solid growth rates in most European countries in 2015. 08 HOW DO YOU SOLVE A PROBLEM LIKE BRANCH TRANSFORMATION? Banks are on the horns of a dilemma with regard to branches. The current branch model is broken. It is financially unsustainable, not always customer-centric or inclusive of digital and omni-channel models. 08 EMV CARD-PRESENT TRANSACTIONS EXCEED 42 PERCENT GLOBALLY More than two-in-five card transactions undertaken in the face-to-face environment globally between July 2015 and June 2016 used EMV chip technology, according to official figures released by technical body EMVCo. 09 CASH BAN CAUSES CHAOS IN INDIA Many in India were unprepared when prime minister Narendra Modi 16-18 CYBER CRIME: announced a surprise ban on higher denomination notes. The Rs500 and Rs1,000 rupee notes ceased to be legal tender overnight on 08 November CYBER HEISTS AND THE CYBER in a government crackdown on corruption and tax evasion. SECURITY FIGHT BACK 2016 was the year when cybercrime reached record heights with 10 FEDERAL RESERVE PAYMENTS STUDY HIGHLIGHTS STRONG a $81 million cyber heist on the Bangladesh central bank, and an TRENDS IN CARD USE unprecedented number of ATM attacks and data security breaches. Card payments accounted for more than two-thirds of all core non-cash payments in the US in 2015, according to a triennial Federal Reserve study. 10 UK CONSUMERS SUPPORT DATA-DRIVEN FRAUD PREVENTION The majority of people interviewed for a UK survey accepted the use of transactional data to combat fraud, if there were safeguards in place. 11 A NEW WAY TO PAY? The UK payments strategy forum has delivered a new strategy to overhaul the nation’s payment systems, making it fit for the 21st century. In its official statement, the forum set up by the payment systems regulator billed this as the most radical change in payments since the 1960s. 23-25 ARTIFICIAL INTELLIGENCE: 11 THE FUTURE IS HAPPENING IN REAL-TIME THE RISE OF THE MACHINES Consumer-facing technology brands have done much to reset Move over Big Data. There are two new buzz words in town: ‘artificial expectations around speed, but also convenience, value and choice. To intelligence’ and ‘machine learning’. meet customer expectations and set themselves up strategically for the future, real-time, immediate or instant payments are now a necessity for banks around the world. PAYMENTS INDUSTRY INTELLIGENCE PaymentsCARDS & MOBILE www.paymentscm.com 4 payments cards & mobile | January / February 2017 www.paymentscm.com contents industry insight e-commerce 19-22 BORN DIGITAL IN 9 MONTHS: A STORY OF B1NK AND OPENWAY 34 EXPLOSIVE GROWTH IN LAT AM E-COMMERCE – MERCHANTS Replacing legacy platforms or implementing new solutions which STRUGGLING WITH PROCESSING COMPLEXITIES underpin digital banking processes can seem daunting. The fact that the main markets in Latin America are experiencing an explosion in e-commerce growth is hardly news. However, as both issuing & acquiring IN ASSOCIATION WITH internet and smartphone take-up continues, consumers now have e-commerce opportunities that other markets may have taken for 26 PREPAID CARDS: OPENING UP A NEW WORLD OF POSIBILITIES granted over the last five years. Prepaid cards are witnessing a fast rise in popularity, with the global market expected to grow to $535bn by 2020. 34 FRICTIONLESS CHECK-OUT UNDER THREAT IN EUROPE The recent European Banking Authority (EBA) consultation paper on 28 COMBATTING THE TRADE IN CHILD ABUSE MATERIAL ONLINE strong customer authentication and secure communications under PSD2 The internet comes with unintended consequences, including the ease generated 146 responses. with which it can be mis-used for the commercial sexual exploitation of children. pos terminals 29 BLOCKCHAIN GOLD PILOT COMPLETE 35 DISCOVER AND PAYPAL PARTNER ON DIGITAL PAYMENTS Euroclear announced the successful completion of its first pilot for Discover Financial Services (DFS) and PayPal have signed a tokenisation Euroclear Blockchain, the gold bullion-based Blockchain solution, with and digital payments agreement making PayPal more widely available to FinTech company Paxos. Discover cardmembers, acquirers and merchants. 29 SEPA INSTANT CREDIT TRANSFERS ARRIVE 35 WORLDLINE AND HEASE ROBOTICS SIGN PAYMENTS The European Payments Council published the SEPA instant credit PARTNERSHIP transfer (SCT Inst) scheme rulebook at the end of November 2016. Worldline has entered into a mutually beneficial co-development relationship with Hease Robotics, a French B2B service robot 29 OPEN API-DRIVEN DIGITAL INNOVATIONS AND MERCHANT PAYMENTS manufacturer, which delivers robots to the retail and hospitality How mobile, online and social media channels have revolutionised industries. consumers’ shopping behaviour, and sparked demand for new payment solutions that support multichannel commerce, Big Data, loyalty and products & contracts targeted advertising. 37 AMEX ACQUIRES AUTHENTICATION VENDOR INAUTH mobile payments American Express announced in early December 2016 that it had acquired the risk management and authentication vendor InAuth for an 30 SIZING AND PROFILING THE IN-APP MOBILE PAYMENTS MARKET undisclosed sum. First Annapolis recently estimated current in-app mobile payments volume at €60 billion and €125 billion in Europe and North America 37 VISA BUYS CARDINALCOMMERCE respectively. In attempt to accelerate its digital commerce ambitions, Visa has agreed the acquisition of card-not-present authentication firm contactless CardinalCommerce. 32 US PAYMENTS FORUM LAUNCHES NEW MOBILE AND 37 CMA SLOWS MASTERCARD ACQUISITION OF VOCALINK CONTACTLESS PAYMENTS EFFORT The Competition and Markets Authority (CMA) has found that Mastercard’s The US Payments Forum has announced the mobile and contactless acquisition of VocaLink gives rise to competition concerns. payments working committee. conferences 32 MASTERCARD AND VISA SIGN DIGITAL WALLET TOKENISATION DEAL Mastercard and Visa have committed to accelerating the adoption of an 38 TRUSTECH 2016 AND MERCHANT PAYMENTS ECOSYSTEM 2017 open digital wallet. There was a great deal of negative speculation about the survival of Cartes when they decided to change both the name to Trustech and 32 NON-CASH PAYMENTS ACROSS US AND UK TO SOAR BY 2026 venue to Cannes for the 2016 event.
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