Annual report: Consumer trust in the digital age

Last year, payment card fraud in the UK was estimated at £618m, with the global figure standing at $21.84bn. Because of this, banks, issuers, schemes, merchants and PSPs are taking significant steps to improve online security and reduce the risk of fraud.

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RBTE Preview: Mobile has more to give

The retail industry is about to experience another leap forward in terms of payments mobility and in-store experience. PIN on Mobile (PoM) has recently entered the UK and, unlike previous mPOS solutions, it enables cardholders to enter their PIN directly into the merchant’s tablet or smartphone, rather than an external device or dongle. This development enhances many of the common benefits of mPOS, including in-store productivity, improved customer experience and reduced costs.

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Why should we be interested in consumer trust?

Consumer trust is the absolute bedrock on which digital commerce is based; it is absolutely critical. If consumers don’t trust the processes or new implemented technology, they won’t use it.

This is the reason why we are currently engaged in a social media sourced survey looking into consumer trust in digital transactions. We would, of course, be pleased if you could take five minutes to take part.

Our survey takes a particular focus on banking and financial transactions and with very good reason.

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Consumer convenience and strong authentication

Guest blog by Neira Jones, Advisory Board Member and Ambassador, Emerging Payments Association

With the world population now reaching 7.4 billion and Gartner predicting that there will be 6.4 billion connected “Things” in use this year[1], it is undeniable that consumers’ behaviours are changing at a staggering pace.

Whilst we all strive for innovation and consumers demand more amazing digital experiences, the world of retail is changing and recent data breaches have increasingly put the safety of the consumer and the threat and cost of data compromise on the Board agenda. This is further compounded by the explosion in FinTech, from digital challenger banks to emerging payments players, and exacerbated by recent regulations such as the EU General Data Protection Regulation to the EU Payments Services Directive 2 (PSD2), which was published in January 2016, with a deadline for implementation by January 2018.

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