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Are Gift Cards Coming to the Uk High Street's Rescue?

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Are Gift Cards Coming to the Uk High Street's Rescue? www.cardsinternational.com Issue 565 / march 2019 RETAIL THERAPY ARE GIFT CARDS COMING TO THE UK HIGH STREET’S RESCUE? TECHNOLOGY INSIGHT COUNTRY SNAPSHOTS SumUp’s strategy to meet How SCA is the biggest Key market data and demand as society becomes shake-up in payment analysis for Brazil, increasingly cashless security since chip and PIN Indonesia and Mexico CI March 2019 565.indd 1 22/03/2019 14:34:39 contents this month COVER STORY NEWS 14 05 / EDITOR’S LETTER 06 / DIGEST • Contactless set to explode in Poland as limit increases • Barclaycard partners UnionPay for card acceptance • ShoCard, Alhamrani Universal develop biometric ATM • US credit card and DDA fraud losses to reach $2.7bn by 2020 • Curve customer protection covers claims up to £100,000 • Experian calls off ClearScore deal • Nets renews and extends DNB and Eika deals • Barclaycard Presicionpay to integrate with Amadeus • Fingerprint Cards biometric software platform goes live GIFT CARDS 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: Briony Richter Asena Değirmenci 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 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 | March 2019 | Cards International CI March 2019 565.indd 2 22/03/2019 14:35:13 contents march 2019 COUNTRY SNAPSHOTS 16 / BRAZIL 12 Government initiatives, efforts by banks, and growing awareness and confidence in digital payments are leading Brazilian consumers to gradually shift away from cash and towards electronic methods of payment 18 / INDONESIA Cash remains the predominant payment instrument in Indonesia, especially among the rural population. It accounted for 98.3% of the total transaction volume in 2018, mainly as a result of the high unbanked population 20 / MEXICO The model operated in the Mexican banking and payments system differs from those of the country’s peers, with banks and other financial institutions partnering with convenience stores to provide services TECHNOLOGY FEATURES 10 / WEARABLES 12 / PREPAID Payment technology continues to reshape Prepaid can be one of the more neglected areas the financial industry; however, that is not of the payments sector, but it is making strong the only sector where it is making an impact. strides. Briony Richter speaks to Prepaid Briony Richter looks at how wearables are International Forum commercial director transforming the world of fashion Diane Brocklebank and chair Paul Swinton 11 / SUMUP 14 / GIFT CARDS With consumers now expecting to pay through Two trend predictions are common in the UK multiple channels, demand for fast, convenient market: the fall of the high street and the rise and often contactless options is growing. of mobile payments. However, the gift card Marc-Alexander Christ explains to Briony looks as like if it could buck – or at least delay Richter how SumUp meets those demands – both of these. Patrick Brusnahan reports 10 20 INDUSTRY INSIGHT 22 / FREEDOMPAY When the European Payment Services Directive for Strong Customer Authentication comes into force in September 2019, consumers and businesses can expect a sharp drop in fraud, writes Tony Hammond www.cardsinternational.com | 3 CI March 2019 565.indd 3 22/03/2019 14:35:17 HEAR l NETWORK l DISCOVER l CELEBRATE Private Banking and Wealth Management Germany 2019 30th April 2019 l Frankfurt, Germany SHAPE THE FUTURE OF PRIVATE BANKING Private Banking & Wealth Management: Germany 2019 Conference & Awards brings together private banks, family offices, independent wealth managers and intermediaries in an active discussion of the key issues facing the industry. The informative and inspiring keynote sessions and informal conversations provide setting for you to join other high-profile guests in engaging discussions. Key Issues l How is the regulation change set to challenge industry practices? l What is the future of Europe without Britain? l How can the private banking industry in Germany rival its neighbours? l Is Germany the traditional wealth hub we all know or will it become the new FinTech centre? l How can robo-advisors present opportunity to traditional wealth managers? l How are FinTech start-ups rivalling the market? l How can firms remain cyber safe and raise their security profile? l Can collaboration between incumbents and FinTechs be the next big thing? l Discovering Germany’s best kept investment secrets l How can banks leverage technology to strengthen the human relationship? l An insight into the next generation and how they are shaping the industry Gold Partner Lunch Partner Silver Partners Exhibitor For more details please contact Hannah Leigh on [email protected] or call +44 (0) 20 7936 6689 0219Timetric_PBI_Ad.inddUntitled-4 1 1 07/12/201822/03/2019 09:3715:29 editor’s letter Second megadeal of 2019 as FIS snaps up Worldpay Douglas Blakey, Editor IS’ deal to acquire Worldpay is not just the Worldpay expand into new territories – in particular, emerging biggest deal for the payments sector: it means FIS markets such as India. F overtakes Fiserv to become the largest processing Worldpay’s reward solutions for cards and payments may and payments company. complement FIS’ banking software to offer enhanced loyalty Fiserv’s deal to snap up First Data for $22bn in January programmes in multiple channels. FIS will now be able to offer lasted a mere two months as the biggest-ever payments e-commerce services that are not currently part of its offering. deal. FIS’ acquisition of Worldpay values the latter at around As for savings following the two megadeals, Fiserv and First $43bn, including its net debt of almost $8bn. FIS shareholders Data forecast $900m in run-rate cost savings, and at least will own around 53% of the combined group, with Worldpay $500m in “revenue synergies” over a five-year period. FIS and shareholders owning the remainder. Worldpay’s forecast savings are of the same order, estimating The premium paid by FIS is not quite as large as the initial $500m of annual revenue synergies by the end of year three, press reports suggested. The purchase price represents a 13% with a further $400m in annual cost savings. premium compared to the Worldpay share price pre-deal. The press release confirming FIS’ acquisition correctly states Scale matters that there is a risk that the integration of FIS and Worldpay The Fiserv/First Data combination provides the impetus for will be more difficult, time-consuming or expensive than consolidation in a fragmented market. As FIS chair, president anticipated. It adds the predictable caveat that “there is a risk and CEO Gary Norcross says: “Scale matters in our rapidly of customer loss or other business disruption in connection changing industry.” FIS/Worldpay will have pro forma 2018 with the transaction”. annual revenue and adjusted EBITDA of approximately FIS will be acutely aware that, as issuer-processing $12.3bn and $4.9bn respectively. contracts come up for renewal, there remain a number of In the main, analyst comment is positive. As my colleague live competitors in the sector. No financial institution, from Bhavika Shah, payments analyst at GlobalData, says: “The the largest tier one to the smallest credit union, can credibly merger of FIS with Worldpay, originally acquired by Vantiv, suggest that this year’s two megadeals are anti-competitive. represents full value at $43bn. Future possible M&As: players to watch “Worldpay, as of year-end 2018, held a 21% share of the US Attention will inevitably turn to other major players in the merchant acquiring market by value of acquired transactions, sector, and it is a long list. Is there a better-performing player according to GlobalData’s Merchant Acquiring Analytics, in the past year than Adyen? Its annual results, released on 28 making it the largest player in the US, in addition to its February, beat analyst forecasts. In the second half of 2018, international presence in 146 countries.” Adyen’s net revenue in North America almost doubled, and FIS, Worldpay: proven management Asia-Pacific revenue rose by over 120%. Adyen shares are Executing deals of this size successfully can never be taken up by close to 200% since its IPO last June. Others to watch for granted, but to be fair, senior management at both FIS and include Global Payments, Jack Henry, Wirecard and TSYS. Worldpay have successful M&A track records.
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