News & Views - Savantor

Innovation in payments – where next?

Tuesday, 09 September 2014
It has been an exciting month so far in the payments market. Apple has finally revealed its intentions in terms of payment capabilities with the announcement of Apple Pay, an NFC based initiative, for the iPhone 6 and iWatch. Apple Pay will use tokenisation capabilities as well as biometrics as a security feature. With this latest initiative Apple looks likely to consolidate its position as a key ‘non-traditional’ player in the payments market. MasterCard and Visa are also looking to roll out tokenisation, initially in the US followed by other countries. Meanwhile Fiserv is one of several fintech companies to announce the introduction of tokenisation capabilities to its mobile payments solution portfolio using the MasterCard and Visa tokenisation products (MDES – MasterCard Digital Enablement Service; VTS – Visa Token Service). Also this month online payments platform Braintree, a division of PayPal, has announced it will start processing Bitcoin transactions, allowing merchants to accept payments in the digital currency. Braintree also announced widespread availability of One Touch, a function that lets users pay for purchases using their iOS or Android mobile devices with a single touch. In the past few days, Transport for London (TfL) has introduced the use of contactless cards on the London Tube; this follows the abolition of cash payments on London buses earlier in the year. By so doing, TfL has given a huge boost to contactless usage, which is expected to triple over the next year. To coincide with the rollout, Barclaycard is inviting Londoners to sign up for free bPay contactless payments bands, which will let commuters pay for their journeys with a wave of their wrists. Barclays is launching biometric payments for corporate clients and will roll out voice recognition for retail clients next year as it steps up use of biometric recognition technology to combat banking fraud. Of course these are just some of the highlights of the technological developments which are currently being introduced, but it is their evolution in conjunction with each other which makes the payments market so exciting at the moment. When viewed alongside the developing roles of non-standard players such as Apple and PayPal, who can predict the shape of the market within the next 5 years?
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