What's New in Payments

UK consumers report growing concerns over using ATMs and payment terminals

Touching technology: preparing for a post-pandemic future — Foolproof — “Since the outbreak, three out of four people say they are now more concerned than before about ATMs, a similar number about touchscreens in GP surgeries and more than half of users are more concerned than before about smartphones. Previously much less of a worry, card payment terminals are now more of a concern for six out of ten users, making it into the top 5 touchpoints of concern.”


What's New in Payments

Survey finds 84% of consumers are ‘thinking differently about how they make payments’

Over half of UK consumers have tried a new payment method since the outbreak of Covid-19 — Paysafe — “In the company’s latest ‘Lost in Transaction’ survey, in which 8,000 consumers globally were asked about their payment habits, findings revealed that 54% of UK consumers have used new forms of payments since the Covid-19 outbreak began, and 84% of respondents globally admitted they were now thinking differently about how they make payments.”






What's New in Payments

UK extends strong customer authentication deadline

Strong customer authentication and coronavirus — Financial Conduct Authority — “In the exceptional circumstances of the Covid crisis, we are giving the industry an additional six months to implement strong customer authentication (SCA) for e-commerce. This will minimise potential disruption to consumers and merchants. The new timeline of 14 September 2021 replaces the 14 March 2021 date.”






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.”