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Five global indicators that we are heading towards a (nearly) cashless future

Coins and banknotes are rapidly losing ground. 2016 was the first year in which the amount of money spent with non-cash payments was higher than with cash payments, according to Euromonitor International. It is still uncertain whether we will ever completely eliminate cash. Several Swedish agencies, for example, have expressed doubts about this. Although the pace of transition varies from country to country, however, there are several signs that we are rapidly heading towards a nearly cashless society. Worldline has identified five indicators that point to a (nearly) cashless future. Read more

Is the world ready to say ‘good riddance’ to cash?

banknote-belt-bills-928184 (1)Although the use of cash varies between countries, there are signs that point to the possible end of banknotes and coins. In Sweden for example, for only 13 percent of payments cash is used. According to scientists at Stockholm’s Royal Institute of Technology – the largest and oldest technical university in Sweden – that percentage could work its way down to zero in less than five years. In South Korea the central bank has set a 2020 target to phase out coins. And in cities in the United Kingdom and the United States, the number of shops with signs that quote ‘no cash, please’ is increasing rapidly. Read more

‘The creation of financial systems is in the Baltics mainly driven by the younger generation’

ZandaWith the acquisition of First Data Baltics, Wordline has gained a leading financial processor in the Baltic States, which is one of the fastest growing economies within Europe. According to research carried out by the World Economic Forum Lithuania, Latvia and Estonia are all three in the top seven most innovative countries in Europe, with Estonia ranked first. And this particular region is the domestic market of new-born Worldline Baltics.

The Baltic countries are at the forefront of embracing new digital (payment) technologies. With the Baltics’ relatively small population of six million, it is fairly easy to be agile. The government also supports innovation, by keeping bureaucracy to a minimum and promoting entrepreneurship. For example, the Estonian government is already working on laws on the liability of robots and artificial intelligence.

We asked Zanda Brivule-Jansone, CEO of Worldline Baltics, about her and Worldline Baltics’ views on the trends and developments in the Baltic banking sector. Read more

Open banking requires enhanced security such as Strong Customer Authentication

hand-iphone-macro-40011In general, there are three factors to identify yourself when making an electronic payment: something that you know (such as a PIN code), something that you possess (such as a telephone) and something that you are (such as a physical characteristic). Under PSD2, the Regulatory Technical Standards (RTS) for Strong Customer Authentication (SCA) requires that one’s identity has to be verified with least two of these three independent options in order to perform a payment. What is SCA and why is it necessary for banks to enhance their security?

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More and more Europeans are ready to pay using wearable devices

apple-apple-watch-gadget-267391On the one hand, the spread of smartphones, wearable devices, and the Internet of Things, and on the other hand the development of mobile payment solutions and applications that are increasingly safe and reliable and above all usable: the innovation at the level of apps, mobile devices and mobile payments is impacting on the business models of the retail and banking world precisely because they are changing the habits of consumers who use these devices for business and pleasure.

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The great battle between banks and fintechs for the loyal customer

P2P payments blogDutch bank ABN AMRO announced its new record: one payment request per second was sent via Tikkie during Dutch national holiday ‘King’s Day’ on average. This record is not entirely surprising, as electronic peer-to-peer (P2P) payments have tripled since 2016. Fintechs and banks all over the world are keen to respond to this trend, which now seems to have become mainstream. A lot is happening  to provide consumers with the right applications so that they can transfer money to each other as quickly and easily as possible. But what has this competition led to? And what can consumers expect in the near future?  Read more

Five important steps to become a Third Party Provider following PSD2

TPP-WhitepaperWe know from our recent discussions with a wide range of market players that many would-be Third Party Providers (TPPs) feel uncertain about why they should become a TPP and if so, what they need to do to best prepare for PSD2, and about whom they can turn to for strategic, as well as technical, assistance. This blog post is a summary of a whitepaper that was specifically created for market players who intend to become a TPP. This whitepaper named ‘Time to get practical – a PSD2 whitepaper with a step-by-step preparation guide for TPPs’ is the second whitepaper on PSD2 that was created by Worldline and equensWorldline.

Despite numerous concerns, PSD2 primarily represents a unique strategic opportunity for would-be TPPs, including the banks, if only they have the courage and the innovative power to seize and unfold it. All types of companies can become a TPP if they so desire and as long as they fulfil the national requirements for TPP approval. This means that many different types of TPPs are expected in the market. Read more

Seven key elements for banks to reach full PSD2 compliance

time to get practicalThe introduction of PSD2 in January marked the beginning of the emergence of a new eco-system for banks. equensWorldline and Worldline have written two whitepapers to shed light on the changing landscapes for banks and the payments sector. This blog post is about the first whitepaper ‘Time to get practical – a step by step PSD2 preparation guide for banks’. The next blog post will zoom in on the second PSD2 whitepaper with a practical preparation guide for Third Party Providers (TPPs).

Due to access to accounts (XS2A) in PSD2 banks face the risk of losing the direct relationships with their customers and therefore of being reduced to the role of basic infrastructure providers – and this will mean a drastic cut in their revenues. How to overcome those concerns? As indicated before, PSD2 points in the direction of Open Banking and is likely to inspire banks to innovate faster than they otherwise would and to create connected omni-channel experiences. Read more

Can payment-options give chatbots a push in the right direction?

ChatbotThe future of chatbots is unknown. When Facebook announced in 2016 that it would allow developers to place chatbots on its Messenger app, the expectations were high. According to Vice President David Marcus from Facebook Messenger 100,000 chatbots were launched on their platform since then (status April 2017). This way, companies were able to dramatically reduce the workload of their customer service employees. At the same time, they would improve user experience. Read more

Building the future of payments during the ECB’s TIPSapp Challenge

Mark Munne on stage_1“Instant Payment is faster than the security check-in at the ECB”, those were the opening words of Marc Bayle de Jessé of the European Central Bank himself. But a lot of people made it to Frankfurt on February 6 2018  to see sixteen companies present their instant payment solutions and to engage in the interesting discussion panels during the TIPSapp Challenge, organized by the European Central Bank.

The challenge each of the companies had to face was not the time span of five or ten seconds as in instant payments, but they had only five minutes on stage to present their solutions to the audience. All of them managed the task very successfully. The interested listeners got to see a variety of solutions from all over Europe. Read more