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Crypto Cards Aim to Break Through to the Mainstream www.cardsinternational.com Issue 556 / june 2018 BOOM OR BUST? CRYPTO CARDS AIM TO BREAK THROUGH TO THE MAINSTREAM ANALYSIS REGULATION COUNTRY SNAPSHOTS What long-term damage Australian Royal Need-to-know data on did the Visa crash cause to Commission focuses on card payments in Portugal, its brand, and the industry? credit card decisioning Finland and Kenya CI June 2018 556.indd 1 15/06/2018 14:32:51 contents this month NEWS 05 / EDITOR’S LETTER 06 / DIGEST • Wells Fargo bans credit card cryptocurrency purchases • Mastercard seeks patent for blockchain-based verification tech • Chase and Starbucks launch rewards-based Visa prepaid card • New coalition to enhance US card payment security • Mastercard to make contactless standard in five years • Mastercard, Diebold to trial digital ATM transaction • Mastercard announces solutions for Open Banking transformation • Visa introduces programme for COVER STORY European fintech startups • YouGov poll reveals UK consumers seek better protection and control CRYPTO CARDS 11 • Monobank introduces credit card platform in Norway • Centenary Bank launches new Visa Editor: Group Editorial Director: Director of Events: debit card Douglas Blakey Ana Gyorkos Ray Giddings +44 (0)20 7406 6523 +44 (0)20 7406 6707 +44 (0)20 3096 2585 • Precise Biometrics launches smart [email protected] [email protected] [email protected] card algorithm 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: Briony Richter Mishelle Thurai Jamie Baker +44 (0)20 7406 6701 +44 (0)20 7406 6592 +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 0956-5558 07 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: 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 CI on twitter @Payments_News 2 | June 2018 | Cards International CI June 2018 556.indd 2 15/06/2018 14:33:06 contents June 2018 s to talk about cracking China, disrupting SWIFT,COUNTRY and leveraging SNAPSHOTS WeCha 16 / PORTUGAL The Portuguese banking sector was deeply affected by the economic crisis, but consumer preference for debt-free payments and prudent spending has resulted in growing debit card transaction volumes and values 18 / FINLAND Frequency of card use is higher in Finland than in other mature European markets such as the UK and Germany. Debit cards are the most popular card type, and are used almost six times more than pay-later cards 20 / KENYA Kenya’s payment card market is still very much in a developmental stage. The East African nation recorded a penetration rate of 30 cards per 100 individuals in 2017, and just 16.0 transactions per card per year 20 ANALYSIS REGULATION 10 / VISA CRASH 14 / AUSTRALIA On 1 June 2018, Visa Europe suffered an The Royal Commission into Misconduct in outage that affected thousands – if not millions the Banking, Superannuation and Financial – of consumers. While the system was back Services Industry in Australia has attracted running by the end of the day, what damage publicity for all the wrong reasons, and as Tom did it do? Patrick Brusnahan writes Ravlic reports, the cards sector is not immune 16 FEATURE INDUSTRY INSIGHT 11 / CRYPTO CARDS 22 / CARDTRONICS A growing number of crypto lenders are Commentators have used the 20th anniversary looking to disrupt the traditional card sector. of online banking to declare another banking Ivan Castano reports on their prospects, and revolution: one of mobile apps, artificial asks whether they really can give Visa and intelligence and Open Banking, writes Mastercard a run for their money 22 Cardtronics director Duncan Faithfull www.cardsinternational.com | 3 CI June 2018 556.indd 3 15/06/2018 14:33:14 HEAR ∤ NETWORK ∤ DISCOVER ∤ CELEBRATE SHAPE THE FUTURE OF PRIVATE BANKING Private Banking & Wealth Management: Switzerland 2018 12th December 2018 ∤ Marriott, Zurich Private Banking & Wealth Management: Switzerland 2018 Conference and Awards leverages the expertise across the Verdict research and publishing portfolio, including Private Banker International, Wealth Insight and Wealth Intelligence Centre. The event is an opportunity to share ideas, discover trends and network with peers across the wealth industry. Key Issues : ∤ Economic trends to 2020. Wealth ∤ How should Switzerland’s private banking management industry performance industry define itself in the age of digital technology and intensifying competition? ∤ With technology playing an increasingly significant role in service delivery what ∤ What channels are working for attracting, benefit does institutional size confer? retaining and managing an increasingly diverse customer universe? ∤ What are the implications for service, delivery and product distribution in the ∤ What’s the connection between distribution age of the digital wealth manager? and profitability? How are Swiss private banks adapting to the challenge of tight ∤ How is technology enabling faster, more cost margins and higher costs? effective on-boarding, KYC and compliance reporting among wealth management ∤ What does the country need organisations? to do to stay ahead? Gold Partner: Silver Partner: Bronze Partners: Exhibitor: Supported by For more details please contact: Page 1 Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580 Untitled-2 1 15/06/2018 15:15 editor’s letter RBC gunning for TD Douglas Blakey, Editor y almost every business metric – mortgages, Almost 90% of Canadian adults hold at least one credit card; consumer lending, mutual funds, business lending the average number of credit cards per Canadian adult is about B and deposits – Royal Bank of Canada (RBC) ranks 2.2 cards, with reward programme benefits a key issue in the in first place in its domestic market – but not in the credit cards battleground. Canadians belong to an average of around cards sector. 11 loyalty programmes, with almost 80% of Canadian adults RBC, with a 27.3% market share, is now gunning for market holding a credit card offering rewards. leader Toronto Dominion (TD). This will be worth watching: McKay said RBC’s decision 20 years ago not to outsource its RBC CEO Dave McKay is not in the habit of missing targets. rewards programme had paid off handsomely. RBC Rewards TD Bank captured the number one spot back in 2013, has five million members; last year RBC Rewards points overtaking long-term credit card market share leader CIBC. At redemptions grew by 7%, and according to McKay, RBC an investor day in Toronto on 13 June, McKay, outlined plans Rewards will deliver more points than any rival offering by to grow its Canadian customer numbers by 2.5 million in the 2019. next five years, with credit card growth very much in his sights. RBC Rewards members are 1.7 times more digitally engaged RBC will spend C$3.2bn ($2.5bn) on technology this year, than non-members, hold 1.5 times the average number of including investment on digital marketing, AI and social media. RBC products per person and are twice as profitable as non- members. RBC, WestJet launch Ampli RBC is also forming a next-generation loyalty platform, Digital customers up 8% to 6.5 million dubbed Ampli, with airline Westjet, with the aim of delivering Overall, RBC digital customer numbers grew by 8% last year to unparalleled value to consumers through amplified earning 6.5 million, and its digital adoption rate of 49% of all customers power on a simple and convenient digital solution. is up by six percentage points since 2015. Open to all Canadians, Ampli will provide members with Digital sales as a percentage of all sales grew also rose by six merchant offers, flexible rewards and exclusive bonuses. In percentage points in the same period, from 24% to 30%, and addition, members who spend on RBC cards and fly with McKay has targeted 50% of sales by digital by 2021. Currently, WestJet will receive augmented rewards. 35% of all credit card sales are digital – a figure RBC is also McKay said:“The Canadian loyalty landscape is ready for committed to growing. disruption, and Ampli is a fundamental shift in the business A renewed focus on digital marketing is paying off in the model. We are bringing together top Canadian brands to help credit card sector. The rate of growth of approved new-to-RBC them reach consumers more efficiently and effectively. We will credit card applications is on track to rise threefold in the 12 also provide consumers with opportunities to earn rewards months to the end of the first half of 2018 compared to the and save money like never before.” previous 12-month period. Ampli will go head to head with the Aeroplan rewards RBC estimates that its current credit card customer programme. Last year, WestJet rival Air Canada announced acquisition rate is between two and three times the rate of its that it would split with Aeroplan and start its own rewards peers.
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