News & Views - Savantor

Innovation season 2

Friday, 15 November 2013

More payment innovations launched recently – some good and some just interesting. The Fico proximity technology is a nice idea checking a person's location, via their mobile phone, against the location of the ATM or point-of-sale terminal where their card is being used but given that the real challenge for fraud in CNP it doesn’t seem to offer much help there. Still if it helps reduce the false positive declines issue then customer satisfaction will probably increase.

New start up Coin is offering a sort of ‘one card to rule them all’ which is a nice concept as many consumers will be attracted to the idea of carrying 1 card rather than a wallet full. Swipe your credit, debit or rewards card through an attachment on your smartphone, snap a picture of the front and back, and the card's information is stored in Coin. Once your cards are stored, you can use Coin's digital display to select which of them you'd like to use to pay. Merchants swipe Coin just as they would a regular card. Simple. But a couple of questions spring to mind. Anyone remember multi app cards? The concept only currently applies to mag stripe cards so limiting its appeal. The current version of Coin "locks up" if it's away from your smartphone for more than 10 minutes or if your phone's battery has run out. It's a security measure to ensure that you don't lose your card but having to depend on batteryguzzling smartphones in order to pay for dinner is a bit of a problem.

Meanwhile good old technology like contactless continues to make news with Boots in the UK rolling it out to all its stores and Orange rolling out a service in France. You never know it might actually catch on soon.

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