What's New in Payments

Mobile payment overtakes contactless cards for young Irish consumers

Impact of Covid-19 on spending behaviour revealed as more Irish consumers using contactless and digital wallets — AIB — “Digital wallet (Apple Pay and Google Pay) spend now accounts for 37% of all in-store transactions by those who are under 25… Contactless using a debit card is the most popular choice of in-store payment method among all age cohorts, except those under 25 where it accounts for 28% of spend.” 


What's New in Payments

European payments industry calls for extra six months to implement strong customer authentication

Joint industry letter on SCA delay due to Covid-19 — European Payment Institutions Federation — “It is now clear that the Covid-19 crisis has significantly reduced the capacity available to progress SCA development and implementation… The signatories therefore call on the European Commission and the EBA to consider appropriate additional measures and coordination to assist in the smooth transition to SCA in all EU Member States equally. In the light of Covid-19, this should also include the possibility of an at least additional six months for the market to be fully SCA ready.” 


NFC World

Uralkali rolls out NFC-based remote production monitoring system

Uralkali introduces mobile inspection system for process equipment — World Fertilizer Magazine — “The technology recognises electronic NFC (near field communication) tags on the production equipment and the inspection data is transmitted from smartphones to the database via WiFi… The technology was piloted at the Berezniki-4 plant in Russia’s Perm region, and the system is now being introduced across all of the company’s plants.” 


What's New in Payments

Starbucks and McDonald’s to pilot central bank digital currency in China

Starbucks, McDonald’s among 19 firms to test China’s digital yuan — Coindesk — “Starbucks and McDonald’s are reportedly among 19 restaurants and retail shops that will be involved in testing China’s central bank digital currency in the country’s Xiong’An new district, a local news outlet reported on Thursday, citing a government document. The move signals China’s wider efforts to test the digital currency project, with state-owned commercial banks already developing wallet applications for the digital yuan, also known as DC/EP.” 


What's New in Payments

Facebook scales back its digital currency plans

Facebook-backed Libra cryptocurrency project is scaled back — The New York Times — “The Libra project will now focus on creating a more traditional payment network in which coins will be tied to a local currency, somewhat like the digital dollars in a PayPal account. While Libra will also have a coin backed by multiple national currencies, which was the focus of the initial design documents, that will be less prominent.” 


What's New in PaymentsKnowledge Centre

Timex, Mastercard and Tappy report on the role of wearable payments in urban mobility

Wearable Payment Summit 2020: Urban mobility

KNOWLEDGE CENTRE: Convenience, consumer choice, and the ability to use contactless payments for public transportation hold the key to driving the mass market adoption of wearable payments in urban environments, Timex, Mastercard and Tappy explain in a panel discussion which is now available to watch free of charge in the NFCW Knowledge Centre... More