The Inherent Limitations Of The Contactless Card

This week saw an announcement from the UK Cards Association that the transaction limit on contactless cards had been raised from £20 to £30 to cover the average supermarket spend of £25. This is also in response to the news that the first half of 2015 saw £2.5bn spent on contactless transactions, compared with £2.3bn for the whole of 2014. Apple Pay has followed suit, although some retailers are considering scrapping the limit altogether given the authenticated nature of the transaction.

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Looking Forward to Autumn Events

As we come to the end of summer, we are already looking towards the final quarter of the year and, in particular, two events where MYPINPAD will attend: The Vendorcom Special Interest Group (SIG) on Payment Innovation and eCommerce Expo 2015.

Events such as these are central to the progressive discussions necessary in our industry. First and foremost, they enable vendors and potential clients to meet and discuss opportunities to work together and solve the on-going challenges across the e-commerce spectrum.

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The PIN Potential

The use of the PIN as an authentication method has significant and continued benefits, even in industry sectors spending small fortunes testing every biometrics know to man. This is due in large part to its simplicity and wide recognition, but also due to its wide-ranging versatility.

Consumers already use PIN to authenticate themselves when withdrawing money from ATMs and when making in-store debit and credit card payments. They are now able to use the same four digit code to make purchases online, while still taking full advantage of multi-factor and multi-mode authentication capability of the modern smartphone.

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Paving the Way for m-Commerce Dominance

Mobile commerce (m-commerce) continues to be one of the fastest growing segments in retail commerce. A research published in the US this week suggests that 88% of mobile phone users make regular use of retail apps. 20% of all Starbucks in-store sales for example now come from mobile transactions.

In the UK, the picture is similar; IMRG reported that in 2014 40% of sales in the UK’s multi-billion pound online retail market came from mobile devices.

These figures are all part of a growing trend with year-on-year growth being reported, and is expected to continue as more consumers turn to mobile for their retail, banking and other every day needs.

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GUEST BLOG: None as blind as those that can’t see. If you can’t see it then at least smell the “coffee”…

By David Poole, Business Developer Director at MYPINPAD.

I was fascinated to read the latest fraud figures as reported in The Nilson Report this week.  Worldwide card fraud is up 15% to $16b in 2014. Read that again – $16b that could potentially solve some austerity problems not to mention poverty.  I dare say many organisations would love to be reporting >15% top line revenue growth.

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Biometrics in Everyday Life, It’s Part of the Answer

2015 has seen biometrics in the public eye as never before. More and more devices and platforms have adopted the technology across multiple sectors, from airlines to financial services providers.

Biometrics isn’t a new concept. It has been around in a formalised way since the late 19th century when police forces began to use fingerprint identification to track and arrest criminals. The more recent leap forward in biometrics has been due to the ready availability of technology needed for automatic biometric recognition. The penetration of smartphones and tablets for both business and personal use is accelerating the push into everyday life.

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The PIN Is Mightier Than the Pen

US merchants have until this October to convert their payment terminals to those capable of EMV (or chip) transactions. This move has been long awaited by banks and payments companies worldwide as it is hoped that it will – among other things – put an end to the US being the primary offender related to fraud from cloned or stolen cards.

The much anticipated liability shift will be a game-changer, particularly for merchants, who will be liable for any card-present fraud committed in their store if they do not have EMV capable card acceptance technology.

The payments industry has been awash with predictions about what this will mean for card-present fraud (it will drop), card-not-present fraud (it will rise) and how American consumers will adapt to this new way of performing transaction. Read more

Familiarity and Security Lead to Trust

There are lots of factors that separate a successful payment method from an unsuccessful one. Ease of use, the right industry support, the buzz of social media, all play their part, but none are as important as trust.

Money itself is predicated on trust, it’s a promise. Take the common banknote, for example. It has no intrinsic value in itself; it is a form of negotiable instrument known as a promissory note whereby the bank will pay the value of the note if so demanded. Even the value of money itself is entirely abstract, it’s what you can do with the value that’s important, and everyone has to agree to participate in the same way for it to work.

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How do online gambling sites prepare for the latest anti-money laundering directive?

As long as there have been casinos, they have been used for money laundering. Criminals would enter casinos with “dirty” money (i.e. money obtained from criminal activities), convert it into casino chips, gamble for a short period of time, cash in their chips for a cheque and then the dirty money could be passed off as gambling winnings.

The explosion of remote gambling (online gambling) has opened up even more opportunities for criminals and even terrorists to launder money. Organised crime is nothing if not opportunistic and so the possibilities offered by online gambling to offenders has been grasped with both hands.

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A Welcome for Apple Pay

Apple Pay is here. From today, iPhone 6 and Apple Watch users will be able to upload their card details to their phone and use the handset to make contactless payments.

It’s been heavily trailed and expected since the iPhone 6 was launched last year with NFC technology installed. After all, having NFC technology installed on handsets, something Apple had long held out against, surely means payments are an important end goal.

So, the launch is something that hasn’t surprised anyone in the payments sphere. Yet what might have surprised people is how widespread its adoption seems to be. Every major bank in the UK is supporting Apple. Equally, 250,000 retail outlets (anywhere that currently offers NFC payments) will accept it and consumers will be able to use it online too.

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