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Visa and Mastercard Stand out As the Most Valuable Payment Brands www.cardsinternational.com Issue 568 / june 2019 LEADING LIGHTS VISA AND MASTERCARD STAND OUT AS THE MOST VALUABLE PAYMENT BRANDS INNOVATION ANALYSIS COUNTRY SNAPSHOTS Mastercard and Visa go Is Amazon’s new card really Key payments market data toe to toe with Apple and the way forward for people and analysis for Austria, Amazon in voice activation with low credit scores? Finland and Slovakia CI June 2019 568.indd 1 01/07/2019 15:25:04 contents this month COVER STORY NEWS 14 05 / EDITOR’S LETTER 06 / DIGEST • Razer expands payments reach with Visa partnership • Mastercard, Treezor partner to support fintech growth in Europe • Apple starts expanded trials of upcoming credit card • 23% of US drivers claim to be skimming victims • Columbia Care launches medical cannabis card • American Express teams up with Andy Murray • US digital challenger CARD on track for 1.5 million new accounts in 2019 • Chinese embassy in New Zealand adds UnionPay support • Rappi taps Visa to offer prepaid cards in Brazil BRAND VALUES • Crédit Agricole launches biometric payment card trials Editor: Group Editorial Director: Director of Events: Douglas Blakey Ana Gyorkos Ray Giddings 08 +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 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 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 | June 2019 | Cards International CI June 2019 568.indd 2 01/07/2019 15:25:34 contents june 2019 COUNTRY SNAPSHOTS 16 / AUSTRIA 20 Cash remains the preferred payment instrument in Austria. However, payment card use has been growing in line with rising consumer awareness of electronic payments, and an increase in the banked population 18 / FINLAND Finland is moving quickly towards a cashless society, with the central bank expecting it to be fully cashless by 2029. Consequently, cash’s share of the total payment volume fell from 33.5% in 2014 to 27.7% in 2018 20 / SLOVAKIA Cash is mainly used for day-to-day low-value transactions; despite its dominance, however, consumers are gradually shifting towards card- based payments, supported by government initiatives to increase financial inclusion INNOVATION ANALYSIS 10 / CURVE CASH 11 / AMAZON Curve, the card-consolidation smart card and E-commerce giant Amazon has launched a app, has launched Curve Cash, which features credit card for people with low credit scores. 1% instant cashback to customers. Patrick While it has services that could aid such Brusnahan speaks to the business to find out consumers, is another card really the best way more about how it works out? Patrick Brusnahan writes 12 / CRYPTERIUM FEATURE Crypterium has launched what it claims is the world’s first global crypto card, allowing 14 / BRAND VALUES holders to pay with cryptocurrencies at any Visa is now valued as the world’s fifth-most- retailer, anywhere in the world. Will anyone valuable brand, up a whopping 22% in the actually use it? Patrick Brusnahan writes past year. Meantime, Mastercard is the world’s 12th-most-valuable brand, following a 30% 13 / VOICE ACTIVATION rise in its brand value, reports Douglas Blakey Voice-enabled support is the newest buzz in the industry. AI-focused assistants have been rolled out by Apple and Amazon, while 12 Mastercard and Visa are also expanding their 16 voice-enabled services. Briony Richter reports INDUSTRY INSIGHT 11 22 / FLYWIRE The past few months have seen enormous deals in the payments sector. Giants like Mastercard and Visa in particular have been acquiring new challengers, but is this the road to payments ‘utopia’? Flywire CEO Mike Massaro writes www.cardsinternational.com | 3 CI June 2019 568.indd 3 01/07/2019 15:25:50 editor’s letter US market will be a tough one to crack for European challengers Douglas Blakey, Editor t has been a busy month for European digital Meantime, N26 has its own great-sounding tagline: the challengers plotting product launches in the US. As world’s first global mobile bank. TransferWise and Monzo have I CI goes to press comes news that the TransferWise beaten N26 in the race to launch in the US. In 2017, N26 said debit card is now live in the US. it would aim to open in the US “soon”; that suggested a 2018 Earlier in June, digital challenger Monzo launched in the US or early 2019 launch date. N26 will also use a US partner bank with grand ambitions to take on its incumbent retail banks. to get around pesky US regulations – no matter: consumers And since its most recent capital raising, Monzo has deep will be assured by the FDIC credentials of its partner. The enough pockets to make a proper go of it. German peer N26 latest word from N26 is that it will enter the US within “the also has funds to target the US. It raised $300m in January in next few weeks”. a series D financing round, in part to plan its US launch. At the time, that financing round valued N26 at almost $3bn. Customer growth: Monzo 2 million, N26 3.5 million Monzo only became a unicorn last October. In the interim, While Monzo has grown to two million customers in the UK, its value has doubled, but it remains a long way off breaking N26’s 3.5 million customers are spread across more than 20 even in the UK. For the 12 months to end February 2019, European markets. Monzo reports a loss of £47.2m ($59.6m); this compares to a It is safe to assume that the three European raiders will all loss of £30.6m for the year-ago period. The suspicion remains offer great customer service. The apps will work well and users that Monzo is on the money in claiming to be the UK’s fastest- will receive instant spending notifications. The ability to offer growing bank – it is, after all, growing UK customer numbers P2P payments is a given. Bill-sharing and fee-free spending at the rate of 200,000 per month. However, numbers actually abroad can be taken for granted. For PFM tools, the service switching their primary account to Monzo remain modest. will be top notch. And there will be a lot of buzz and activity on social media. Expect to hear a great deal about the bank’s Monzo US waiting list live community and willingness to take feedback on board – not Monzo will introduce itself to the US market via launch events to mention some impressive-sounding numbers when details in Los Angeles. A Monzo US website, inviting consumers to emerge of the Monzo waiting list. join its waiting list, is also up and running. A Monzo Mastercard The mega question is: will N26, Monzo and TransferWise debit card will be issued by FDIC-licensed Sutton Bank, a succeed in the US? Chase, Citi, Wells Fargo, Bank of America seven-branch-strong bank headquartered in Ohio. et al do mobile banking pretty well. Citi is a class leader when At TransferWise, there is no end of great soundbites. The it comes to rewards. Bank of America and Chase, among company’s borderless account has reached $10bn in deposits others, feature cardless ATM withdrawals – not a feature after experiencing rapid growth in Europe. The card first associated with Monzo. launched in April 2018 in the UK and Europe, since when US consumers have remained pretty loyal to incumbents cardholders have made more than 15 million transactions. such as Chase, Wells Fargo and Bank of America, even among After success across Europe, the TransferWise debit card is the millennial segment. If Monzo, N26 and other potential hitting the streets of the US, with a mission to support those European raiders check out customer numbers for US players who want to travel, spend and send money internationally. such as Moven and Simple, they are in for a shock. Also, if the A business card is slated to roll out later in the year. At the US was such a great potential market for a mobile-only player, same time, TransferWise is plotting to launch in Asia-Pacific. one might have expected one or two major Canadian banks The Mastercard debit card enables users to send and receive to have launched a mobile offering there.
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