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November / December 2018 COVER STORY THE DEATH OF CARDS? ARTIFICIAL INTELLIGENCE AI’S ON THE PRIZE Covering all your needs for Instant Payments In a world where ‘instant’ has become the new normal, payments need to become instant as well. As a frontrunner in payments, equensWorldline has the unique capability to cover the whole value chain, from payment initiation to back-office processing, clearing & settlement, and channel solutions that directly benefit the end- customer. This way we are making European Instant Payments a reality. Interested? equensWorldline.com/ instantpayments PAYMENTS INDUSTRY INTELLIGENCE PaymentsCARDS & MOBILE November / December 2018 Volume 10, Issue 6 I have a conundrum. Is it possible to get through Production Team this issue without mentioning Money 2020? Alexander Rolfe Editor-in-chief and publisher Tel (+44) 1263 711 800 Damn it! So easily fooled. Oh well, it would have been remiss not to mention the [email protected] Greatest Show on Earth especially as many of the PCM team dedicated themselves to the trip to Vegas and during the time they were there squeezed in 28 meetings – I think James Wood Editor this is some kind of record…or perhaps justification for the expenses. [email protected] As with all our issues, we try to offer some analysis and insight into topics that Wendy Sanders Head of Business Development deserve more column inches. Alternatively we try to tackle a new subject that is Tel (+44) 1263 711 801 perhaps under-represented in some form or another. November/December is no [email protected] different. First, we had the on-going War on Cash. Now, everyone wants to predict Gemma Rolfe the death of cards. In this article, we see that the major card networks still dominate General Manager the modern payments landscape and have been a driver of global commerce over Tel (+44) 1263 711 800 the last fifty years. Recent statistics confirm this dominance – but there is a growing [email protected] trend towards the disintermediation of both the payment networks and traditional Gemma Haywood banks. Our cover story looks at recent developments and whether they represent the Subscriptions and General beginning of the end for the plastic card. Tel (+44) 1263 711 800 [email protected] AI is taking centre stage on a global level and every forward-thinking government Adam Unsworth is keeping a very wary eye on the technology, not only with a view on how it can be Graphic Design Tel (+44) 7932905744 harnessed but also to make sure that concerns on an electoral level are allayed. The [email protected] payments industry has a keen view on the abilities of AI — but is it really as useful as some people claim, or are we in the middle of a hype cycle? Printing Micropress Printers Finally, and perhaps happily so for the Millennials, the new marketing focus is zoomed right in on Gen Z. But who are these phantom beasts and what do they want? They Editorial Advisory Board have never known a world without mobile phones and tablet computers, have their own unique expectations, and a different attitude to any generation before them, but John Berns what does Generation "Z" mean for the payments business? Managing Partner, Accourt Sylvie Boucheron-Saunier SVP Financial Institutions, North America & Europe, ACI Robert Courtneidge CEO, Moorwand Alexander Rolfe, June Felix President – Europe, Verifone Denise Gee AlexRolfe Director, Magna Carta Simon Hardie Editor-in-chief and publisher, Director, Magna Carta Payments Cards & Mobile 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. Payments Cards and Mobile The Stable, Hall Yard, Kelling © PaymentsCM LLP 2018 Holt, NR25 7EW, United Kingdom Payment Cards and Mobile™ is owned and published by PaymentsCM LLP ISSN 1759-829X +44 1263 711800 / paymentscm.com contents 06 - 07 PAYMENTS NEWS EXPERTS PREDICT BLOCKCHAIN 26-27 MOBILE PAYMENTS PAYMENTS BY 2025 NEWS IN BRIEF Speaking at the recent Money2020 UPI LEADS VIBRANT INDIAN MOBILE WALLET All the latest news from the past 60 days. conference in Las Vegas, a number of industry RANKINGS experts predicted that public concern over Unified Payments Interface (UPI), a system 08 - 13 CARD NOTES recent data security breaches would which allows for instant bank-to-bank fund lead to the creation of a comprehensive transfers is gradually taking the lead over the EMERGING MARKETS STELLAR GROWTH IN blockchain-based payments network by 2025. vibrant mobile wallet market in India. NON-CASH PAYMENTS The World Payments Report 2018 from 24 - 25 ISSUING & ACQUIRING YOYO STRIKES $30 MILLION PARTNERSHIP Capgemini and BNP Paribas predicts noncash AGREEMENT FROM HARD YAKA transactions will accelerate over the next CONTACTLESS CARDS ACCOUNT FOR 50 Yoyo Wallet has secured $30 million in a five years. PERCENT OF ALL CARDS partnership agreement from Twitter and Contactless payment card issuance is set Coinbase investor Hard Yaka. PAYMENTS INDUSTRY SET TO BE WORTH to hit 1.5 billion units in 2018. $110 TRILLION ALTERNATIVE PAYMENTS ESSENTIAL AT New research from sharespost.com SWEDEN’S CENTRAL BANK PREPARES TO POS IN ASIA PACIFIC describes the global payments industry as LAUNCH DIGITAL E-KRONA Consumer desire for convenience is reshaping a business opportunity worth $110 trillion. Sweden’s central bank is preparing to launch a the retail sector, where retailers are scrambling cryptocurrency, according to reports. to offer a seamless shopping experience. BANKS MUST CHANGE OR MISS OUT, ACCENTURE WARNS UNIONPAY STAYS ON TOP AS THE WORLD’S ASIA OUTPACES WEST IN TERMS OF MOBILE Accenture has warned traditional banks that LARGEST SCHEME WALLET ADOPTION new entrants have arrived as significant New research reveals that the number of Mobile wallet adoption in Asian markets like players in banking, and that the industry is payment cards in circulation worldwide China, India and Taiwan is much higher than now seeing revenues shift towards these reached 15 billion at the end of 2017. their Western counterparts such as the US, the new players. UK and Germany. MASTERCARD, AMEX AND WORLDPAY JOIN FIS REPORT TRACKS GLOBAL TREND TO INAUGURAL CYBER WAR GAME 29 CONTACTLESS FASTER PAYMENTS Mastercard, WorldPay and AmEx were among The 2018 edition of FIS’s annual Flavour of the payment processors who took part in a THE CASHLESS SOCIETY – MAINTAINING Fast report has revealed a world in full ‘cyber war game’, in a bid to test their systems TRUST IN PAYMENTS migration towards faster payments. amid rising IT security threats. Lack of trust in the payment system remains a fundamental obstacle to a cashless society. COVER STORY P14-16 THE DEATH OF CARDS? 4 payments cards & mobile magazine - november / december 2018 www.paymentscm.com contents 31 E-COMMERCE DEUTSCHE BANK DIGITAL CHEQUE OPEN BANKING EXPO PROCESSING PLATFORM 27 November, London www.openbankingexpo.com RETAILERS SET TO LAUNCH VOICE Deutsche Bank is to migrate its cheque COMMERCE - ARE WE READY? processing operations to a digital, cloud-based TRUSTECH platform run by India's HCL technologies. Argos has become the first retailer in the UK to 27-29 November, Cannes offer a voice commerce and search shopping www.trustech-event.com service via the Google Assistant platform. 33 CONTRACTS BRANCH TRANSFORMATION PAYMENT TECH BRANDS CONNECT WITH UK INGENICO AND NATIXIS EYE STRATEGIC 27-28 November, London CONSUMERS MERGER www.rbrlondon.com/conferences/bt/ Half of the most significant brands in the UK The French bank Natixis is reported to be are associated with payment technologies, reviewing a potential deal with Ingenico as GSMA MOBILE 360 LATIN AMERICA 4-6 December, Buenos Aires according to an index recently launched by the companies look to expand in the rapidly www.mobile360series.com/latin-america/ Opinium Research. consolidating payments sector. FDATA 2ND ANNUAL GLOBAL NCR STEPS INTO PAYMENTS WITH JETPAY 32 PRODUCTS Open Banking Summit ACQUISITION 6-7 December, Edinburgh NCR announced a definitive agreement to BIOMETRIC CARDS FOR LIMITLESS Fdata.global/summit/ CONTACTLESS PAYMENTS. acquire US based JetPay, a provider of end-to- Societe Generale is trialling a card end payment processing. PARIS FINTECH FORUM with a built-in fingerprint reader that enables 29-30 January, Paris users to make contactless payments of TRUSTLY PARTNERS WITH LARGEST www.fintechforum.com unlimited value. EUROPEAN P2P MARKETPLACE MINTOS Trustly has partnered with Mintos, a global MERCHANT PAYMENTS ECOSYSTEM 19-21 February, Berlin “DATA BLEACH” TECH PROTECTS online marketplace for loans which provides merchantpaymentsecosystem.com CUSTOMER PAYMENTS retail investors with a way to invest in loans from around the world. Elavon announced its Secured Point-to- MEFTECH 2019 Point Encryption (P2PE) solution has been 38 CONFERENCES 25-26 February, Riyadh successfully validated by the Payment Card www.meftechksa.com Industry (PCI) Security Standards Council. MONEYLIVE SUMMIT 2018 MONEYLIVE SPRING 2019 26-27 November, London HITACHI AND SBI LAUNCH NEW INDIAN 11-13 March, Madrid www.marketforce.eu.com/money-live/ PAYMENTS PLATFORM new.marketforce.eu.com/money-live/ event/summit/ State Bank of India, with more than 420 events/spring million customers and 600,000 POS terminals GSMA MOBILE 360 MENA is the largest merchant acquirer in the Indian 26-27 November, Dubai market in terms of terminals has linked a JV www.mobile360series.com/MENA/ with Hitachi for a new payments platform. FEATURE P22-23 FEATURE P18-20 THIS DIGITAL LIFE: PAYMENTS AI’S ON THE PRIZE AND GENERATION “Z” www.paymentscm.com payments cards & mobile magazine - november / december 2018 5 news in brief global payments news from the last 60 days DIEBOLD NIXDORF has partnered with leading have been used by the fintech to originate FINASTRA WILL launch its Fusion Global technology providers, including Google and nearly $5 billion in loans to more than 600,000 PAYplus solution for tier three and four Mastercard, to create Vynamic Engage and people.
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