Predicting the future of money


The Future of Money Award was launched in 2009 and was created to bring previously unseen creative thinking to the financial industry, by asking artists and designers to think ‘out of the box’ when imagining the future of money and payments – pushing the boundaries of what might be possible.

The theme of the award this year was ‘Identity is the new money”, and it invited… “creative practitioners to imagine a future world where identity has become the new money… looking for either hopeful or woeful visions of this monetary future, which explore the social impact of this technological trend.”
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Real-time Payments: Different questions, funnily enough, get different answers


Bob recently posted some views on the same day ACH – as always, great points, well made. Somehow, in Twittersphere, some of the comments got attributed to me, and from that some of those have got re-interpreted as me being anti real-time payments. As my daughters would say, whatever! That’s not the point of this blog.

What really struck me was the fact that some saw Bob and I as having different opinions. I would say that I don’t believe we do (at least not in the majority of the issues), but that we were addressing different questions, and, unsurprisingly, end up with different answers. To crudely paraphrase Bob’s post, he quite rightly points out that the business case, based on today’s business, doesn’t stack up. Secondly, he points out that consumers don’t really want real-time payments – how many of us wake up with the urge to make a payment?!
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How do we achieve ‘The Holy Grail’ in contactless payments?


Contactless payments in the UK are rocketing, with 226% more contactless transactions compared to this time last year. This is yet further evidence of the trend in consumer preferences in payment methods, as retailers and the financial services industry wake up to the reality of the growing number of consumers looking to transact with contactless. Consumers want convenience and contactless payment technology for both card and mobile transactions provides the ultimate consumer experience. The big issue with contactless remains the fear of fraud, and for this reason low transaction limits prevail.  The Holy Grail for consumers and merchants alike is convenience with security and not convenience versus security. However, there is no reason why contactless technology cannot be combined with emerging invisible security technologies to address the fraud issue, thereby enabling contactless capability for all card and mobile transaction regardless of transaction value.
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Mobile Payment Wars: The Importance of BLE And NFC


In two of my earlier posts on mobile payments, I talked about disruptive innovations in the mobile payments landscape and how the impending EMV deadlines could impact NFC adoption. In this post, I will continue to dwell on the disruptive innovations in mobile payments technologies, focusing on the raging iBeacon versus NFC debate.
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Making Faster Payments a Reality


Real-time payments could be moving a step closer to reality under pressure from forces both inside and outside of the financial services industry, say BAI Payments Connect 2014 panelists.

In this fast-paced, highly mobile, Internet-everywhere world, it’s not surprising that U.S. consumers and businesses have come to expect their transactions to post in real time. And soon, industry insiders say, they might finally get their wish.

Read more at BAI Banking Strategies
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Who will decide the future of retail payments?


The philosophical battle is “push” versus “pull” but the check-out experience is all

I believe the defining technical debate around the future of retail payments is the philosophical battle between pull and push. As I wrote here, there is a deep difference between paying at a shop with cash and paying with a card.  Here’s what I mean:
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The Challenge of Making Mobile Payments Work at the POS


This weekend I paid with PayPal in the physical store. There are a handful of stores in the UK that now accept PayPal payments, and while I’ve seen the demos, this was my first time to actually go through the process myself. And I have to say, it’s not something I will be looking to experience in a hurry again…

The good news: the payment worked, first time. Which is more than what I can say about my NFC experiment with QuickTap wallet from Orange (EE) and Barclaycard. There, my experience has been very inconsistent – sometimes it works like a dream, other times it doesn’t work at all. The worst is when it’s not even clear if it worked, and at least one of us, either me or the merchant, is left scratching our heads if we ended up short-changed, either by paying cash or card or by assuming the payment did go through. None such problems with PayPal – the payment went through and I got instant acknowledgement of the Transaction.
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New opening in mobile payments


I should of course have added to the looking back at 2013 post – that the new direction for mobile payments also made a breakthrough. When it is realized that mobile payments should be payment receiver initiated in order to produce full value the speed in this direction will take up dramatically.
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Alles was Sie zu Mobile Banking wissen müssen


Mobile Banking ist eine nicht aufzuhaltende Entwicklung. Die heute vorgestellte Infografik gibt einen Überblick zu den wichtigsten Themengebieten rund um diesen spannenden Trend.