The information you need to start your day, from PaymentsSource and around the Web:
London's mayor lobbies for Euro ties: There are signs that
Contactless charity opens to wearables: Ingenico has raised more than $17,000 for a child protection charity via a connected screen as part of a fundraiser that was also designed to demonstrate new donation technology. The point of sale technology company is attempting to counter a decline in charitable giving in the U.K. due to the growth in digital payments, meaning people are carrying less money. The number of regular donors in the U.K. has fallen 37% in the past year, partly because people carry less cash, according to Ingenico, citing research from Consumer Intelligence.
Selfie rules: The Swiss regulator Finma has changed onboarding rules to accommodate new authentication techniques such as selfies, which large financial services companies such as
No honor among thieves: An Ethereum hack allows frausters to steal from each other.
From the Web
Fortune | Mon Feb 19, 2018 - Sweden’s quest to move to digital payments has had an unexpected side effect: It’s moving too quickly. The country is making the transition to mobile and digital payments so fast that authorities worry that it will be difficult to maintain the infrastructure for handling cash. Throughout the country “No cash accepted” signs are a common sight at restaurants and stores, and now many of the country’s bank branches have also stopped handling cash, Bloomberg reports.
Reuters | Mon Feb 19, 2018 - Global banking regulators signaled on Monday they were in no rush to adapt their rules to financial technology firms that have begun nibbling away at banks’ markets. The regulators looked at how fintechs could disrupt banks’ business models by offering payments services, crowdfunding, mobile banks and online trading. “Despite the hype, the large size of investments and the significant number of financial products and services derived from fintech innovations, volumes are currently still low relative to the size of the global financial services sector,” the Basel Committee on Banking Supervision said in its report on the implications of fintech on banks and regulators.
The Guardian | Mon Feb 19, 2018 - Britain will move beyond “peak cash” this year, according to data gathered by the Guardian that suggests notes and coins are rapidly being supplanted as the favoured payment method, particularly in cities. Debit cards are set to overtake cash as the most frequently used payment method in the UK later this year, according to UK Finance, which represents leading finance and banking firms. The volume of cash removed from cash machines (ATMs) is falling fast, while other data shows customers are eschewing cash for cards – even for small purchases such as a coffee or a beer. In 2006, 62% of all payments in the UK were made using cash; in 2016 the proportion had fallen to 40%. By 2026, it is predicted cash will be used for just 21%, according to figures from UK Finance.
More from PaymentsSource
Google launched its Google Pay app for Android devices Tuesday, probably confusing millions of people globally who already used Android Pay. But the change is more than just in the branding.
The rudimentary email pre-orders at Grossman's stores were helpful, but limiting in that it still focused on a one-on-one interaction with the customer. Grossman has since implemented technology that allows multiple customers to submit a single order.
The Olympics draw together fans from around the globe to cheer on their fellow citizens, and having such a diverse group of people in one spot can inspire companies to experiment with cutting-edge technologies.
Many large European banks are developing their own services to comply with the data-sharing requirements of PSD2, but thousands of smaller and midsize organizations will need help, seeding the growth of startups specializing in open banking tools.
