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2021

November 2021

Infographic: The mobile banking revolution

It's no secret that a mobile banking revolution has been sweeping across the globe. Many consumers have now adopted mobile as their primary banking channel and are demanding better digital experiences from banks. Inspired by the topic of our new white paper, our latest infographic explores this sentiment further, revealing the impact that mobile banking is having on the world at large and how consumers are now taking action to get better mobile experiences.

October 2021

White paper: How digital platforms and super apps can power up traditional banks

As technologies develop, consumers’ capacity to adapt keeps improving. Most people weren’t comfortable with land-line phones until the 1930s, 50 years after they were invented. By contrast, it took just 10 years for smartphones to become a part of people’s everyday lives. Likewise with mobile banking: launched less than 20 years ago, today around 80% of bank customers in developed economies use mobile as their primary banking channel. Mobile banking is now so popular that most consumers would switch bank to get a better mobile experience.

October 2021

Can prepaid cards drive financial inclusion?

In recent years, there has been significant progress made towards financial inclusion. According to the latest data from the World Bank, more than 1.2 billion adults worldwide have gained access to financial services since 2011, and today 69% have a bank account. However, there is a long way to go, with close to one-third of adults (2 billion) unable to access financial services.

October 2021

Technology as a driver for innovation in the Asian payments market

The payments landscape in Asia is diverse. With almost half of the world’s population calling the region home, and huge differences between cultures, it is understandable that meeting the needs of both consumers, merchants and financial institutions (FIs) is far from simple. For example, in Japan there is a preference for card payments, in Malaysia, bank transfers and cash win out, while the region as a whole is the fastest growing for mobile payments and e-commerce. As such, Asia represents an evolving and fast-paced payments environment, which offers both opportunities and challenges for payment service providers and FIs looking meet the complex requirements of the region.

September 2021

Keeping pace in the evolving Middle East and Africa payments market

The Middle East and Africa (MEA) is often reported as having one of the smallest payments markets in the world in terms of available services. Despite this, it is extremely fast-paced. This is, in part, due to the number of new disruptive players entering the market. The rate that new fintech start-ups are appearing in the region shows no signs of stopping and they are creating quite a buzz, raising over $100 million in the last 5 years.

April 2021

Impact study: 5 Key considerations when selecting your payments platform

In 2020, the whole world of payments changed. Covid-19 emerged, pushing consumers to actively seek ways to pay for goods digitally and creating real pressure for financial institutions (FIs) to evolve their digital offerings.

April 2021

WEEKLY ROUNDUP - 16.04.2021

This week we are looking at the banking and payment trends that have come about during the events of 2020. We take a look at the amount of mobile fintech applications downloaded over the pandemic, how consumers still have safety concerns when it comes to Open Banking and the soar in electronic payments.

April 2021

WEEKLY ROUNDUP - 09.04.2021

This week’s payments news is focussed on consumer payment habits. Visa announced that it has processed an extra one billion contactless payments, Mastercard released research into the amount spent on e-commerce transactions in 2020, and Experian released information on how customer authentication preferences are changing.

April 2021

WEEKLY ROUNDUP - 02.04.2021

This week’s round up of industry news takes a look into the prediction that online shopping will account for half of all global retail growth by 2025, an update on the UK’s Current Account Switch Service, and Compass Plus customer Diebold Nixdorf being recognised by consulting firm RBR as the global leader in total ATM application software deployed.

March 2021

WEEKLY ROUNDUP 26.03.2021

This week’s round up of industry news takes a look into sustainable cards in Europe, how UK consumers are now more willing to try different payment methods when shopping online, and lastly whether Buy Now Pay Later schemes could break into the Islamic Banking market.
2020

December 2020

A look back on 2020

2020 really has been the year that no one expected. Whilst the COVID-19 pandemic swept the globe, there were other topics that kept us talking, distracting us as much as possible from the global lockdown. From the devastating bushfires in Australia at the beginning of the year and the guy who tamed wild animals being talk of the world back in March, to the 46th president of the United States being announced in November, it has been a whirlwind ride with plenty of highs and lows.

December 2020

The trends that are shaping the future of payments

Whilst 2020 has been daunting for many of us, there certainly are positives to be drawn. In the last of our three-part series, our industry experts give us the low-down on what is yet to come in the future of the payments industry. With 2021 on the horizon, we cover topics from open banking, to fraud prevention and regulatory measures.

December 2020

Lessons learned in 2020

It would have been shortsighted for businesses and industries to be ignorant of the changes that took place during 2020. Lessons of generosity and tolerance have humbled even the largest corporations during this time (another nod here to the famed A Christmas Carol, where I got my inspiration for this series!).

December 2020

Digital payments: A gift from the past year

Much like Ebenezer Scrooge on the eve of Christmas, the payments industry has been transformed by very recent events. Always one to turn a situation on its head and find the positives, Compass Plus likes to think that the turning tides of payments have come as a gift from 2020 past.

December 2020

WEEKLY ROUNDUP - 11.12.2020

With so many decisions to make at the end of year – gifts, food, decorations, what on earth to prepare for 2021 – we just couldn’t get our heads around settling on only three pieces of industry news to round up the week. So enjoy four. We are looking at how the cost of cybercrime may overtake previous records, how open banking can become beyond banking with successful partnerships, the increase of the contactless payment limit in India for 2021, and how Brits cannot see neobanks lasting 12 months into the future.

December 2020

The future of payments in Europe - Real-time payments, open banking and APIs

As 2020 comes to a close, we asked our payments professionals worldwide about the changes they have seen this year to the payments industry, and how they envision these changes might shape the future. In this blog, we asked Paul Chandler, Sales Director Europe, to give us the lowdown on the year that nobody expected and how we might see the effects in 2021.

December 2020

WEEKLY ROUNDUP - 04.12.2020

With the countdown to the festive period truly underway, this week we are looking at how so many global companies have not managed to maintain security standards necessary for the payments industry, we also take a look at the successes of buy now, pay later from Black Friday and, finally, whether a true omnichannel banking experience can be created on legacy architecture.

November 2020

Payments super apps: The value of onboarding vs developing your own

In this edition of our Podbyte series we discuss super apps. From their success in the East and whether this can be replicated in the West, Kirsty Berry, Head of Global Marketing, and Bethan Cowper, AVP Market Development and Business Support, also weigh up the benefits of onboarding with a successful payments super app, versus developing your own.

November 2020

WEEKLY ROUNDUP - 27.11.2020

In the week that concludes with what tends to be the largest spend of the year, we are taking a look at what banks should now be offering digitally, consumer habits around the holiday period with Discover’s Holiday Shopping survey, and lastly, how banks are being challenged by fintechs and other up and coming tech companies.

November 2020

Is your payments platform holding you back?

Since the first appearance of electronic payments and subsequent birth of the payments industry, we have seen a number of monumental shifts driven by the requirements that each new ‘era’ has presented. It is the development and evolution of technology that has made these changes possible and revolutionised our market.
2019

December 2019

2019: Year in Review

2019 has been yet another successful year for Compass Plus! We turned 30 years old, were shortlisted for the most prestigious office interior design award in Russia - The Best Office Awards 2019, and hosted two different user groups for our many customers and partners. To round-off the year, we’ve done a round-up of our highlights from the year below, so take a look at our stand-out moments from 2019.

November 2019

Compass Plus survey finds over 60s increasingly rely on card payments

A recent survey into consumer expectations of the payments market conducted by Compass Plus has revealed that the generation of consumers over 60 is increasingly relying on card as their primary payment method.

October 2019

Compass Plus at 30: facts & figures

For the second blog in our ‘turning 30’ series, we’ve decided to share some of the most interesting facts about Compass Plus.

October 2019

UK: Half of all debit transactions are contactless

UK Finance reported that in July half of all debit card transactions were contactless, accounting for 647 million taps – a major milestone in the technology’s timeline.

September 2019

Compass Plus at 30: Looking Back

This year we’re turning 30. As such, we’ve decided to take a look back on the last three decades and how we’ve changed – as a team and as a business.

August 2019

Digital banking: security and convenience are top priorities for Europe

A recent Mastercard survey has revealed that digital banking is the number one preference for European consumers’ daily banking needs.

August 2019

Are banks ready for digital transformation?

The banking industry is undergoing major changes. Customer expectations are higher than ever, competitive fintech startups are growing and new regulations are emerging. In the world of shared services and connected economies, how do financial organisations battle this storm?

July 2019

Sysadmin is a calling, not a profession

We sat down with two of Compass Plus’ dedicated sysadmins to try and lift the curtain on what hides behind this mysterious title.

July 2019

Contactless fraud in Denmark

With fraudsters looking for fresh ways to exploit consumers as the adoption of digital payments continues to increase globally, losses come as Denmark - already one of the most advanced countries in the world as far as being cashless goes - continues to move towards becoming a fully cashless society.

July 2019

Fashion or technology? How FIs are taking advantage of smart technology

As technology gets smarter and wearable transaction volume is increasing, financial institutions are embracing the opportunities wearable technology can bring
2018

December 2018

Alternative payments take the lead for eCommerce transactions in Asia Pacific

A recent article from Finextra highlighted results from GlobalData research that alternative payments are really making inroads in the Asia Pacific market, with online shopping predicted to hit $1.6 trillion this year. Perhaps the most interesting statistics from the report demonstrate the huge market share of alternative payments in the region in terms of method channels. In the first quarter of 2018, alternative payment methods accounted for 51 per cent of the total ecommerce transaction value in APAC, up from 49 per cent in the last quarter of 2017. Meanwhile, payment cards accounted for 28 per cent of transaction value, bank transfers 15 per cent, and cash and cheques six per cent.

November 2018

Will mobile payments make payment cards an endangered species?

Traditionally used for higher value purchases, consumers are increasingly using cards for lower-value transactions. This shift in consumer attitude and behaviour, coupled with the relatively recent introduction of contactless-enabled payment cards has undoubtedly cemented their appeal as a convenient, easy-to-use payment instrument. However, in the mobile world that we live in, could cards be an endangered species?

October 2018

Why is the Olympics the go-to for trialling payments innovations?

For more than 30 years, Visa has been the exclusive payments sponsor of the Olympic Games and has used the platform to trial and push the use of new, innovative technologies – such as contactless cards at London 2012 or wearables at Rio 2016. With the recent announcement that the international payment network has pledged its commitment to continuing to showcase payments innovation at the biggest sporting event on the planet until 2032, what is it about the Games that makes it the perfect environment for new trialling payment methods?

September 2018

10 little known facts about money

1. Only 8% of the world’s currency is physical money 2. In the UK, the direction the monarch faces on coins changes with each appointment 3. No paper money is actually made of paper; non-polymer banknotes are made from a cotton-linen mix, and most polymer notes aren’t vegan friendly!

August 2018

How prepaid cards are driving financial inclusion in the Philippines and the challenges ahead

With 69% of its population with no access to financial services, and 96% of transactions still conducted in cash in the country, the Philippines is one of the lesser developed nations in terms of digital payments in Asia Pacific. However, these figures are improving thanks to mobile wallets and, in particular, prepaid cards.

August 2018

Current account switching service - a missed opportunity?

Between 1 July 2017 and 30 June 2018, nearly one million UK consumers (965,317) switched current account, up 6% on the previous 12 months. While this small increase is encouraging, the present switching rates are no better than they were in 2012, before the current account switching service launched. Despite it being easier than ever for consumers to switch current accounts, awareness of the scheme reaching around 84% in the past five years, and banks offering ‘golden hellos’, the conversion rate is much lower than expected.

August 2018

Women’s Equality Day – getting over the next gender disparity hurdle in the payments industry

It is no secret that historically the financial services industry has a long-standing gender equality problem. At Compass Plus, we're proud to be an exception to the rule.

July 2018

Can remote banking services replace the branch and the ATM in the UK?

With the rise of online and mobile banking highly publicised as a key contributing factor to the decline of the high street bank and, subsequently, the ATM, are banks doing enough to replicate the services that a large number of people greatly rely on?

June 2018

Invisible payments in the mainstream

Some consider invisible payments as a way to pay that takes cash, debit and credit cards, wearables, PINs and card readers out of the equation, allowing you to pay via a virtual wallet. Whatever they are, will they ever make it into the mainstream?

June 2018

How young financial institutions in Eastern Europe can grow their market share and compete with larger players

The payments landscape in Eastern Europe is very diverse, with individual countries across the region still finding their economic identity as they develop their internal infrastructure at different rates following the fragmentation of the Soviet Union nearly three decades ago.So how do they compete with the larger multinational players in the region?

November 2021

Infographic: The mobile banking revolution

It's no secret that a mobile banking revolution has been sweeping across the globe. Many consumers have now adopted mobile as their primary banking channel and are demanding better digital experiences from banks. Inspired by the topic of our new white paper, our latest infographic explores this sentiment further, revealing the impact that mobile banking is having on the world at large and how consumers are now taking action to get better mobile experiences.

October 2021

White paper: How digital platforms and super apps can power up traditional banks

As technologies develop, consumers’ capacity to adapt keeps improving. Most people weren’t comfortable with land-line phones until the 1930s, 50 years after they were invented. By contrast, it took just 10 years for smartphones to become a part of people’s everyday lives. Likewise with mobile banking: launched less than 20 years ago, today around 80% of bank customers in developed economies use mobile as their primary banking channel. Mobile banking is now so popular that most consumers would switch bank to get a better mobile experience.

October 2021

Can prepaid cards drive financial inclusion?

In recent years, there has been significant progress made towards financial inclusion. According to the latest data from the World Bank, more than 1.2 billion adults worldwide have gained access to financial services since 2011, and today 69% have a bank account. However, there is a long way to go, with close to one-third of adults (2 billion) unable to access financial services.

October 2021

Technology as a driver for innovation in the Asian payments market

The payments landscape in Asia is diverse. With almost half of the world’s population calling the region home, and huge differences between cultures, it is understandable that meeting the needs of both consumers, merchants and financial institutions (FIs) is far from simple. For example, in Japan there is a preference for card payments, in Malaysia, bank transfers and cash win out, while the region as a whole is the fastest growing for mobile payments and e-commerce. As such, Asia represents an evolving and fast-paced payments environment, which offers both opportunities and challenges for payment service providers and FIs looking meet the complex requirements of the region.

September 2021

Keeping pace in the evolving Middle East and Africa payments market

The Middle East and Africa (MEA) is often reported as having one of the smallest payments markets in the world in terms of available services. Despite this, it is extremely fast-paced. This is, in part, due to the number of new disruptive players entering the market. The rate that new fintech start-ups are appearing in the region shows no signs of stopping and they are creating quite a buzz, raising over $100 million in the last 5 years.

April 2021

Impact study: 5 Key considerations when selecting your payments platform

In 2020, the whole world of payments changed. Covid-19 emerged, pushing consumers to actively seek ways to pay for goods digitally and creating real pressure for financial institutions (FIs) to evolve their digital offerings.

April 2021

WEEKLY ROUNDUP - 16.04.2021

This week we are looking at the banking and payment trends that have come about during the events of 2020. We take a look at the amount of mobile fintech applications downloaded over the pandemic, how consumers still have safety concerns when it comes to Open Banking and the soar in electronic payments.

April 2021

WEEKLY ROUNDUP - 09.04.2021

This week’s payments news is focussed on consumer payment habits. Visa announced that it has processed an extra one billion contactless payments, Mastercard released research into the amount spent on e-commerce transactions in 2020, and Experian released information on how customer authentication preferences are changing.

April 2021

WEEKLY ROUNDUP - 02.04.2021

This week’s round up of industry news takes a look into the prediction that online shopping will account for half of all global retail growth by 2025, an update on the UK’s Current Account Switch Service, and Compass Plus customer Diebold Nixdorf being recognised by consulting firm RBR as the global leader in total ATM application software deployed.

March 2021

WEEKLY ROUNDUP 26.03.2021

This week’s round up of industry news takes a look into sustainable cards in Europe, how UK consumers are now more willing to try different payment methods when shopping online, and lastly whether Buy Now Pay Later schemes could break into the Islamic Banking market.

March 2021

WEEKLY ROUNDUP - 19.03.2021

This week’s Friday fix takes a look at the effects the pandemic has had on the industry – from ATMs to consumers’ relationships with cash. We’re also looking at Compass Plus customer, Quipu, launching wearable payments in Ecuador.

March 2021

Payments 2021: how did we get here and where are we going?

It’s strange to think that 20 years ago, payments didn’t really exist as an industry in its own right. Fast-forward to the start of this decade and it’s a very different story – payments, banking, fintech, commerce (and much more) are all part of a thriving, complex, interwoven ecosystem.

March 2021

WEEKLY ROUNDUP - 12.03.2021

The beginning of this week saw us all celebrating International Women’s Day. It is great to see organisations and individuals across the world come together to support equality. In other news, we are looking at the rise of global e-commerce and fraud rates, the increase in trust of digital services, and the latest paper released by Compass Plus in conjunction with Finextra, covering the steps a business should take when choosing a new payments platform.

March 2021

WEEKLY ROUNDUP - 05.03.2021

With the UK budget announcement disclosing the information that the UK contactless limit will now be raised to £100, retailers are rejoicing whilst banks are encouraging the government to raise the limit in smaller increments. In other news this week, we are covering the rapid increase in chargeable ATMs in the UK, the spike in e-commerce in the US during the pandemic, and the news that BNPL service provider Klarna are planning further international expansion.

March 2021

A day in the life of an EVP

Ahead of International Women's Day, our Executive Vice President Maria Nottingham lets us in on a typical day in her busy work life

February 2021

WEEKLY ROUNDUP - 26.02.2021

This week the Mars Perseverance Rover has provided us with the first audio from Mars and is giving a 360-degree panoramic view of the planet. Back down on Earth and looking at payments news, the BNPL market is set to double over the next four years in the UK, Latin America looks to embrace Open Finance during 2021 and, speaking of embracing change, according to Mastercard, consumers around the globe have made the shift to digital payments and have no plans to turn back.

February 2021

WEEKLY ROUNDUP - 19.02.2021

This week’s news focus is on the European card market, with special focus on France and Belgium. We also take a look at biometric card market and the uptake in revenue due to the touch-free society we now live in, and how e-commerce and card-not-present fraud is once again on the rise.

February 2021

WEEKLY ROUNDUP - 12.02.2021

The end of this week brings in the Lunar New Year and the year of the Ox. Compass Plus wishes health and prosperity to all those who are celebrating over the weekend. This week’s news focus is on German consumers who have switched to online shopping, the reasons why UK and US consumers consider digital-only banks and the Fintech Finance Virtual Arena featuring our very own Paul Chandler, and HSBC's Brian McKenney.

February 2021

WEEKLY ROUNDUP - 05.02.2021

It’s the beginning of the shortest month of the year, and we are focussing on some global data this week, looking at the increase in fraud in correlation with the COVID-19 pandemic, and how the pandemic has also affected the payment cards market. Finally, we are looking at the news that the UK Financial Conduct Authority is going to be regulating Buy Now Pay Later schemes.

January 2021

WEEKLY ROUNDUP - 29.01.2021

As we look to the end of the first month of 2021, we are keeping you up to date with the latest research and announcements in the payments industry. This week we are looking at digital spending and the estimated increases we will see over the next 5 years, as well as focussing on UK consumer spending habits: firstly at the decrease in ATM use, and secondly at the FCA’s statement on increasing the contactless spending limit from £45 to £100.

January 2021

WEEKLY ROUNDUP - 22.01.2021

It’s been a busy week in the payments industry, with many news stories to choose from. Here are our top three: a cashless society may be closer than we think for the UK - as merchants turn cash payers away, the rise of mobile money in Kenya has led to a significant decline in card payments in the country, and Compass Plus customer Network International has teamed up with Mastercard to boost the adoption of digital payments in the Middle East and Africa region.

January 2021

WEEKLY ROUNDUP - 15.01.2021

As the second week of 2021 draws to a close, we are covering the UK’s three year anniversary of Open Banking and what the regulation means for banking habits in the future. We are also looking at the use of QR code payments, and the announcement that Ithmaar Bank in Bahrain has signed a processing agreement with Compass Plus customer, Sinnad.

January 2021

WEEKLY ROUNDUP - 08.01.2021

Happy New Year! As Bitcoin jumps to an all-time-high of USD$36,000, quadrupling its worth from 2020, it looks like 2021 will bring a new range of exciting and unanticipated events for the payments industry. Here’s what we know this week: the UK is looking to increase the limit for contactless payments yet again, and the New York Metro accepting Apple Pay at all terminals. In this week’s roundup, we also take a look back at our 2020.

December 2020

A look back on 2020

2020 really has been the year that no one expected. Whilst the COVID-19 pandemic swept the globe, there were other topics that kept us talking, distracting us as much as possible from the global lockdown. From the devastating bushfires in Australia at the beginning of the year and the guy who tamed wild animals being talk of the world back in March, to the 46th president of the United States being announced in November, it has been a whirlwind ride with plenty of highs and lows.

December 2020

The trends that are shaping the future of payments

Whilst 2020 has been daunting for many of us, there certainly are positives to be drawn. In the last of our three-part series, our industry experts give us the low-down on what is yet to come in the future of the payments industry. With 2021 on the horizon, we cover topics from open banking, to fraud prevention and regulatory measures.

December 2020

Lessons learned in 2020

It would have been shortsighted for businesses and industries to be ignorant of the changes that took place during 2020. Lessons of generosity and tolerance have humbled even the largest corporations during this time (another nod here to the famed A Christmas Carol, where I got my inspiration for this series!).

December 2020

Digital payments: A gift from the past year

Much like Ebenezer Scrooge on the eve of Christmas, the payments industry has been transformed by very recent events. Always one to turn a situation on its head and find the positives, Compass Plus likes to think that the turning tides of payments have come as a gift from 2020 past.

December 2020

WEEKLY ROUNDUP - 11.12.2020

With so many decisions to make at the end of year – gifts, food, decorations, what on earth to prepare for 2021 – we just couldn’t get our heads around settling on only three pieces of industry news to round up the week. So enjoy four. We are looking at how the cost of cybercrime may overtake previous records, how open banking can become beyond banking with successful partnerships, the increase of the contactless payment limit in India for 2021, and how Brits cannot see neobanks lasting 12 months into the future.

December 2020

The future of payments in Europe - Real-time payments, open banking and APIs

As 2020 comes to a close, we asked our payments professionals worldwide about the changes they have seen this year to the payments industry, and how they envision these changes might shape the future. In this blog, we asked Paul Chandler, Sales Director Europe, to give us the lowdown on the year that nobody expected and how we might see the effects in 2021.

December 2020

WEEKLY ROUNDUP - 04.12.2020

With the countdown to the festive period truly underway, this week we are looking at how so many global companies have not managed to maintain security standards necessary for the payments industry, we also take a look at the successes of buy now, pay later from Black Friday and, finally, whether a true omnichannel banking experience can be created on legacy architecture.

November 2020

Payments super apps: The value of onboarding vs developing your own

In this edition of our Podbyte series we discuss super apps. From their success in the East and whether this can be replicated in the West, Kirsty Berry, Head of Global Marketing, and Bethan Cowper, AVP Market Development and Business Support, also weigh up the benefits of onboarding with a successful payments super app, versus developing your own.

November 2020

WEEKLY ROUNDUP - 27.11.2020

In the week that concludes with what tends to be the largest spend of the year, we are taking a look at what banks should now be offering digitally, consumer habits around the holiday period with Discover’s Holiday Shopping survey, and lastly, how banks are being challenged by fintechs and other up and coming tech companies.

November 2020

Is your payments platform holding you back?

Since the first appearance of electronic payments and subsequent birth of the payments industry, we have seen a number of monumental shifts driven by the requirements that each new ‘era’ has presented. It is the development and evolution of technology that has made these changes possible and revolutionised our market.

November 2020

WEEKLY ROUNDUP 20.11.2020

This week we are looking at the level of contactless transaction volumes and the dramatic upward curve in different parts of Europe. Contactless transaction volumes have reached a new high in the UK, and there has also been an escalation in volume in the Nordics. On the opposite end of the payments spectrum, South Africa has decided to officially phase out the acceptance of paper cheques from the end of 2020. And lastly, Compass Plus and Consult Hyperion joined forces to bring you a discussion on 90’s technology versus tech developed and launched in the 2010’s and how the latter can help transform a business.

November 2020

WEEKLY ROUNDUP - 13.11.2020

While worldwide politics may be taking the main news headlines this week, our main focus is cash. We are looking at how, why and where the use of cash is in decline, and what consumers are turning to as an alternative. Our main features this week include: Norway consumers fast evolving away from cash, the ATM industry once again looks to be taking a downturn, and the digital wallet continues to be on the rise globally.

November 2020

WEEKLY ROUNDUP - 06.11.2020

This week has seen various financial institutions announce that they are gearing up to close more branches and cut jobs, as well as major UK supermarket Sainsbury’s looking to sell off their banking arm. In other news, Payments Cards and Mobile delved deeper into the Global Payments Report 2020 and predicted what might happen next in Asia, LATAM and MEA, Compass Plus customer Klarna discusses how e-commerce became the only way to shop on Fintech Finance PayTech Show, and we released a white paper with Consult Hyperion on how your payments platform can help you meet the business needs of today and prepare for tomorrow’s.

November 2020

The DNA of a successful payments super app

What does it take to become a successful payments super app, and consumers' 'go-to' app? Take a look at our infographic here...

October 2020

WEEKLY ROUNDUP - 30.10.2020

In the week that Money 2020 held its first ever global payments event, news announcements in the industry have been coming thick and fast. Long-standing Compass Plus customer KCB Group is celebrating being ranked the top banking group in East Africa by Global Finance, while in other industry news, mobile banking apps in the UK are coming under fire from consumers, and we take an in-depth look into payments super apps.

October 2020

WEEKLY ROUNDUP - 23.10.2020

This week we have been discussing the longevity of the superapp in the newly released white paper; ‘The rise of the payments super app – a fad, or the future?’ published by MobiCash, the mobile payments service powered by Compass Plus. In payments news the FDIC has complied information on underbanked American households, Visa has announced the global rollout of the Tap to Phone contactless POS platform, and statistics from GlobalData show the incredible increase India is going to see in mobile value transactions to 2024.

October 2020

WEEKLY ROUNDUP - 16.10.2020

This week in payments, Payments Cards and Mobile asks ‘How will the ATM survive the digitisation of payments?’ in a newly released report, while ‘swipe up shopping’ has Brits reaching for their wallets, and EMVCo looks into the viability of using mobile devices for contactless payment acceptance. Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week

October 2020

Why we chose PayX for an independent study into TranzAxis, with Bethan Cowper

We asked Bethan Cowper, AVP, Market Development & Business Support at Compass Plus, to give an insight into why we commissioned an in depth report into our open development payments platform, TranzAxis, with internationally renowned payments specialists, PayX.

October 2020

WEEKLY ROUNDUP - 09.10.2020

This week Apple has given the first glimpse of the iPhone 12, due to be announced fully next week at their virtual ‘Hi, Speed’ event. Meanwhile in the world of payments, Capgemini released the 2020 World Payments Report, local communities are banding together in the wake of the pandemic, and research from ING states that consumers are suspicious of open banking.

October 2020

WEEKLY ROUNDUP - 02.10.2020

It’s been a busy week for fintech and payments news! Amazon has announced its latest biometric technology ‘Amazon One’ which will allow customers in Amazon Go stores in Seattle, US to make payments via palm recognition. The tech giant has also released a co-branded credit card alongside American Express aimed at bringing rewards and benefits to SMEs in the UK. However, our main stories this week include the predicted time spent on m-commerce over the holiday season, how Europe is leading the way for instant payments, and the UK open banking market seeing a drastic increase in usage.

September 2020

Have the events of 2020 sped up the inevitable change of our payment habits?

We humans are creatures of habit. It is said to take just 21 days for a repeated task to become a habit. The past few months we have found ourselves with more time to create great habits to take forward with us into the future.

September 2020

WEEKLY ROUNDUP - 25.09.2020

Following on from last weeks’ news regarding the Access to Cash initiative by the Financial Conduct Authority, this week’s news brings plans for smaller UK communities to prepare ‘banking hubs’, enabling the vulnerable still have access to physical cash. Also reported this week, UK Finance states that card activity during June dropped considerably, and the EU could soon be in talks with Apple about opening up the iPhone NFC functionality.

September 2020

WEEKLY ROUNDUP - 18.09.2020

This week we are proud to announce that the Payments Awards 2020 revealed our open development payment platform in their shortlist for Payments Innovation Award and our mobile payments service for the Best Mobile Payment Solution award. In other industry news, the Financial Conduct Authority has announced that pre-warning is necessary for any branch closures or ATM conversions in the UK, Tesco Bank has revealed its Open Banking initiative and Standard Chartered statistics say that 64% of global consumers are expecting to be cashless within the next decade.

September 2020

WEEKLY ROUNDUP - 11.09.2020

Happy Programmers’ Day! In the week that we are celebrating all that programmers bring to the payments industry, we look at the huge escalation in the e-commerce market in India, at how artificial intelligence is being implemented in ATMs in Hong Kong, and the scheme in the UK that is being extended to online and telephone banking to safeguard vulnerable customers.

September 2020

WEEKLY ROUNDUP - 04.09.2020

Rounding up the news this week, we are talking about the digital global roll out of UnionPay, remittances hitting records heights in Mexico, and the effect that the COVID-19 pandemic has had on consumer safety in relation to payment fraud.

August 2020

WEEKLY ROUNDUP - 28.08.2020

This week’s news is based on payment trends – we are looking into the huge surge in contactless payments and how global contactless trends look into the future, seeing how open banking payment initiation is changing the way we pay online and how, despite everything, cash remains a crucial part of the payments industry, ensuring the ATM is here to stay.

August 2020

Sustainable plastic cards: just a trend or viable solution to environmental issues?

Did you know that the average weight of a plastic card is 5 grams and by the beginning of 2020, 5.6 billion payment cards were issued worldwide - the total weight of which was 28 million kilograms. If you take into account that the validity period of the average payment card is 3-4 years, the annual ‘waste contribution’ of bank cards is approximately 8 million kilograms!

August 2020

WEEKLY ROUNDUP - 21.08.2020

This week’s news has been focussed on the hugely popular short video sharing app, TikTok, and the race for interest in buying the US operation. While big players are fighting that out, stories shaping the payments and banking world from this week include voice biometrics breaking into Malaysia, a huge increase in the issuance of contactless cards in India, and just how much Brits are avoiding cash.

August 2020

WEEKLY ROUNDUP - 14.08.2020

In the week that the UK economy announced the biggest slump on record meaning an official recession, we also heard that Valencia is Spain’s first city to have the public transport system go cash-free. Also this week we have seen that Facebook have introduced Facebook Financial and Klarna has introduced Google Pay for in-store payments.

August 2020

WEEKLY ROUNDUP - 07.08.2020

In the week that Money20/20 announced the cancellation of its US and European shows, we also heard that cashless payments in the UK have skyrocketed. Alongside this, COVID-19 has caused banking app usage to take a huge upward trajectory and Mastercard launched a new platform which provides insights, market research and analysis.

July 2020

WEEKLY ROUNDUP - 31.07.2020

Mastercard has announced its recent partnership with Microsoft, as the payments giant plans to drive digital commerce, start-up innovation, and financial inclusion using the cloud. In other news, Klarna partners up with The National Retail Association, and current account switching in the UK drops by 65% in Q2.

July 2020

Happy 70th Birthday to payment cards!

Time necessitates change. Change is true of all things, and payments is no exception. And while the payment landscape of years gone by has changed and evolved drastically, the tried and tested payment card has been a stalwart of the modern commercial experience. In the last 70 years, cards have evolved from local courtesy cards for specific consumers and corporations, to the globally accepted and recognised debit and credit cards we use every day. It is with this new milestone that we have decided to revisit some of their most important landmarks and tidbits.

July 2020

WEEKLY ROUNDUP - 24.07.2020

Fintech usage in the UK soars as an increasing number of people begin to rely on financial technology to manage their finances, since the lockdown. Up by an impressive 22% since March, the UK fintech scene is burgeoning, with no signs of stagnation any time soon. In other news, the Philippines sees an equal interest in digital payments, as locals begin to forego cash transactions, and Mastercard announce their plans to promote sustainable credit cards.

July 2020

Let’s talk about remote project delivery with Gary Dunsmore

We asked Gary Dunsmore, Projects Director at Compass Plus, to answer some questions on how Compass Plus are managing projects remotely through the global pandemic. Gary covers everything from interrupted zoom calls to projects going live during these strange times.

July 2020

WEEKLY ROUNDUP - 17.07.2020

The Bank of England announces plans to potentially introduce a new central bank digital currency (CBDC). This would allow households and businesses to make electronic payments using money, issued by the Bank of England, where formerly this was a right reserved by other banks and select financial institutions. In other news, three major US banks announce 20% declines in credit card purchases in their second quarter, and recent speakers at PayExpo give their thoughts on new trends and regulatory responses in the payments and banking industry.

July 2020

WEEKLY ROUNDUP - 10.07.2020

A new study from RBR, Global ATM Market and Forecasts to 2025, finds that while COVID-19 had affected the ATM industry, it isn’t quite in the way you might think, as it has seen a surge in innovation as ATM deployers try to find ways to make cash access quick, easy, and more importantly, safe. In other news, Nationwide records a 3000% surge in the number of video calls it has been making, and Bank of Ireland UK unveil their new polymer £20 note.

July 2020

WEEKLY ROUNDUP - 03.07.2020

Zimbabwe has issued an order to mobile payments firms to suspend mobile payments transactions within the country, accusing them of conspiring to sabotage the economy. The country’s president, Emmerson Mnangagwa, has claimed particularly that operators like Ecocash are trying to destroy the Zimbabwean dollar. In other news, Klarna extends its popular ‘Buy Now, Pay Later’ service into Spain, and MobiCash enables South of England Conference of the Seventh-day Adventist Church to take mobile donations to its congregation of 223 churches.

June 2020

WEEKLY ROUNDUP - 26.06.2020

Just days after being launched, the Central Bank in Brazil has suspended WhatsApp payments in the country. The news comes with a statement that the bank needs adequate time to determine whether WhatsApp payments meets the rules of the country to ensure “an adequate competitive environment”. In other news, Mastercard announced that COVID-19 has sparked a growing, potentially permanent, transition to digital payments in the APAC region, and Barclaycard data shows that UK retail transactions have grown by 60% as the country sees lockdown measures being loosened.

June 2020

WEEKLY ROUNDUP - 19.06.2020

Visa have announced plans to begin issuing sustainable plastic cards, collaborating with card manufacturer, CPI Card group. These new cards with be made up of 98% plastic and have been created to mitigate the use of first-use plastic and eliminate plastic waste. Could this announcement spur similar measures from other card issuers in the future? In other news, the Access to Cash Review in the UK has launched a pilot scheme in eight UK communities, to help establish free access to cash. Klarna has also been named among the top five most disruptive companies by CNBC Disruptors.

June 2020

WEEKLY ROUNDUP - 12.06.2020

Brits are going weeks without using cash – a recent survey from Nationwide has revealed that British consumers are going an average of 44 days without using cash once, while there has been a 44% increase in tap-to-pay transactions. In other news, Klarna launches a new shopper loyalty program called Vibe, and PayX deep dive into Compass Plus’ flagship product, TranzAxis.

June 2020

WEEKLY ROUNDUP - 05.06.2020

For the first time in the UK’s history, card payments accounted for over half of all payments. This milestone, reached in 2019, has been on the cards for a while due to the shift in consumer behaviours as they become more comfortable with digital banking and electronic payments, and merchant acceptance. In other news, the US reaches over 1 billion EMV chip cards issued in the country and a new study reveals the top 10 cashless countries in Europe.

May 2020

WEEKLY ROUNDUP - 29.05.2020

Will retail banking ever be the same? Apparently not according to consultancy firm, Kearney, who predict that 1 in 4 European bank branches will close their doors for good in wake of COVID-19. With the pandemic pushing consumers ever further into utilising digital payment solutions, retail bank branches are likely to permanently change, offering different services and declining in numbers. In other news, ATMs have seen a growth in numbers in many countries around the world, and Diebold Nixdorf ask just what ATMs, and self-service in general, will look like in the “new normal”.

May 2020

WEEKLY ROUNDUP - 22.05.2020

This week, Brazil has announced that it will be embracing open banking as its central bank enables licensed institutions to share certain customer data, at the customers behest. Brazil is the latest in a long list of countries that have introduced these measures over the last five years. In other news, cyber-attacks are on the rise, recent news reveals, as banks have seen a 238% surge in attacks.

May 2020

3DS2: perfecting the balance between security and convenience

When it comes to usability in the payments industry, customer experience and security always seem to be at loggerheads with one another. The delicate balance between the two whereby both can exist in perfect harmony is talked about in the same wistful tones as the legendary pot of gold at the end of the rainbow. In a world where technology is so advanced that we believe shooting a car out of the earth’s atmosphere to Mars is achievable – why is this balance so hard to reach?

May 2020

WEEKLY ROUNDUP - 15.05.2020

The US banking industry has undergone drastic changes this week, as US cardholders have seen their credit card limits reduced, and banking accounts closed without prior warning. In other news, the US also sees a proliferation in growth of its cashless payments market, and Visa add 28 new partners to its Visa Token Service.

May 2020

In a world where you can be anything, be flexible

When a bank, payment service provider or FinTech assesses their technological requirements, it is safe to assume that these will be completely different. We make an educated assumption that what is right for one, isn’t right for the others. When we segment businesses like this, we are essentially taking a step back and viewing the transformation of payments companies from generation to generation. We have watched the landscape evolve from being bank-led to being customer-driven, however, we ultimately forget one critical factor: it can only ever evolve as far as the latest technological advances allow, regardless of vision.

May 2020

WEEKLY ROUNDUP - 07.05.2020

Video banking is on the up, having seen increased demand and usage in recent months. With branch banking around the world much more difficult for many due to lockdown measures, more and more consumers have been turning to video banking as a way of keeping up with their finances. In further news, Visa have stated that contactless payments, particularly in the US, are at an all-time high, and mobile payments service MobiCash roll out their services to UK relationship counselling service charity, Marriage Care.

May 2020

WEEKLY ROUNDUP - 01.05.2020

Visa announces further extension of its work in the Middle East and North African payments market, as it facilitates the rise of the contactless transaction limit in the United Arab Emirates. In other news, COVID-19 drives further historic shifts in payments as a huge spike in bank app downloads is seen, with a recent report by the BBC that the coronavirus could see many ditch cash in the future.

April 2020

Driving digital innovation in Latin America: Find balance and opportunity

Digitalisation is coming to the forefront in Latin America. In our last blog, we sat down with Compass Plus LAC representatives, Carlos Seer and Rafael Marinho, to discuss their thoughts on digitalisation efforts in the region, and how financial institutions (FIs) were approaching the challenge head on. For this part of our Driving Digital Innovation two-part blog series, we look at how the region is regulating such innovations and where FIs can go from here.

April 2020

WEEKLY ROUNDUP - 24.04.2020

Is there a new fintech giant on the horizon? Time will tell whether Google will hit the ground running with its newly announced Google smart debit card, that is looking to rival Apple’s position in the payments market. Wirecard make yet another partnership announcement, as it partners with Visa to be their preferred provider of digitalised solutions in the Middle East. Finally, a new report from Verdict reveals the proliferation of cybercriminals seeking to skim online credit card transactions in the wake of the COVID-19 crisis.

April 2020

Driving digital innovation in Latin America: The story up until now

Digital innovation around the world has revolutionised the way the average person makes payments. It’s not just about cash and cards anymore. Technological innovations and advancements over the course of the 21st century have unlocked new horizons of opportunity and choice for the average consumer. Yet, despite these momentous leaps in accessibility, security and convenience, certain countries - particularly in Latin America - have seemingly been slow on the uptake. This is not always through a lack of desire but a host of reasons, ranging from financial to political, each playing a part in restricting the drive and growth of digital innovation in the region.

April 2020

WEEKLY ROUNDUP - 17.04.2020

Emerging news this week features greater attempts to combat potential financial exclusion, as Lloyds Banking Group announces plans to provide free digital skills training and tablets to its elderly customers. Alex Rolfe tackles the trend of numberless cards and potential security issues around them, and our very own mobile payments service, MobiCash, announces its partnership with RSM 2000 Ltd, in an effort to streamline the donation process for UK-based charities. Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

April 2020

WEEKLY ROUNDUP - 09.04.2020

The ramifications of COVID-19 continue to affect the payments industry. This week, we take a look at the growing shift towards digital and contactless payments, payment networks doing their bit by increasing the issuance of contactless cards, and a slightly more disconcerting trend - cybercriminals profiting from COVID-19. Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

April 2020

Compass Plus' response to COVID-19

To the global Compass Plus community,

April 2020

WEEKLY ROUNDUP - 03.04.2020

“We’re all in it together” is the overriding sentiment this week as the payments industry sees companies coming together and collaborating where possible in the global response to COVID-19. Global financial services provider, Wirecard, has announced its ‘Innovation Now’ initiative to assist merchants at this time, as British bank Lloyds Banking Group opens a dedicated service line for vulnerable customers and NHS staff. Reports from this week also highlight that COVID-19 has prompted a rise in the use of fintech apps by as much as 72%. Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

March 2020

WEEKLY ROUNDUP - 27.03.2020

As the world adapts in response to the global COVID-19 pandemic, like many other industries, the payments industry has also been affected. Digital payments have seen a meteoric rise, while cash usage in the UK has halved just days after the shops closed. However, aside from all the virus news, there has been an announcement from UK-based fintech Revolut, which is to launch its neobank in the US. Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

March 2020

WEEKLY ROUNDUP - 20.03.2020

As news of the COVID-19 pandemic continues to radiate the airwaves, with constant updates the world over, it may seem hard not to feel discouraged. As freedom seems reduced for many and some of the things we take for granted are on hold, our Weekly Roundup brings you a taste of some of the positives we are seeing. Here’s something to make you smile, a tale of human kindness to reflect how basic consideration and compassion in times of crisis are essential to help us through it, together.

March 2020

10th International TranzWare/TranzAxis User Group (iT²UG 2020) update

Amidst the global concern that the spread of coronavirus (COVID-19) has generated, we would like to reach out and assure you that the protection of the health, security and productivity of our customers, partners and colleagues is of paramount importance to us.

March 2020

WEEKLY ROUNDUP - 13.03.2020

Buy Now, Pay Later (BNPL) features high on the agenda this week as Wirecard and Klarna combine expertise to create a new joint payment solution, plus, taking a trip down under, we look into the huge rise in popularity of BNPL, which has also started to gather traction in Australia. Australia is also in the sights of Revolut this week as it has announced plans to acquire an Australian banking licence in a bid to increase sustainability. Here’s your weekly dose of this week’s biggest payments news to keep you up to date with all that’s shaping our world this week.

March 2020

International Women's Day 2020 - What it means to us at Compass Plus

The theme for this year’s International Women’s Day was #EachforEqual. An equal world is an enabled world. But, what does it mean to forge an enabled world – especially in the workplace? At Compass Plus, enabling women in the workplace means opening opportunities, encouraging diversity, and championing change. Enabling women means not just celebrating them, but highlighting their achievements and innovations. Enabling women means freedom of choice. These aren’t just empty platitudes we use to sound like we care – they are mission statements. For this year’s International Women’s Day, we’ve shed a light on the impact women make every day at Compass Plus, what women mean to us as a company, and our initiative to promote greater inclusivity and development of women on a global scale.

March 2020

WEEKLY ROUNDUP - 06.03.2020

The question of cash and its long term relevance has been discussed among payments experts since the inception of the plastic card and its subsequent digital cousins. Now, however, this has become a hot topic of debate, in the face of recent news. This week our focus is on news that the World Health Organisation is prompting consumers to stay away from cash to prevent the spread of Coronavirus, while a blog by Chris Skinner assesses the role of cash in the future payments landscape. Here is your weekly dose of some of the biggest payments news from the past seven days so you can keep an eye on all that’s shaping our world this week.

February 2020

WEEKLY ROUNDUP - 28.02.2020

From a new instant payment scheme being planned for Brazil, to news that the global mobile wallet market is set to reach a value of $1 trillion this year - this week’s news points towards promising years ahead for mobile payments. Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

February 2020

WEEKLY ROUNDUP - 21.02.2020

Will the UK's cash system collapse in the next ten years? How will the emerging trend of bank branch closures in the US affect US consumers’ access to cash? And what does QR code adoption in China spell for the country and its approach to its payments future? All covered once again in our Weekly Roundup - bringing you a bite-sized digest of all the biggest announcements from the past seven days to keep you connected with all that’s shaping our world this week.

February 2020

WEEKLY ROUNDUP - 14.02.2020

Seismic shifts have graced the payments industry this week – from N26 leaving the UK following Brexit, to Mastercard entering the Chinese market and contactless payments predicted to hit $6 trillion by 2024. Our Weekly Round-up brings you a bite-sized digest of all the biggest announcements from the past seven days to keep you connected with all that’s shaping our world this week.

February 2020

WEEKLY ROUNDUP - 07.02.2020

February has arrived and there’s no stopping the big stories breaking this week – from digital payments taking the lead to security under the spotlight in open banking. Our Weekly Round-up brings you a bite-sized digest of all the biggest announcements from the past seven days to keep you connected with all that’s shaping our world this week.

February 2020

Can cashless societies ever be truly inclusive? Part 2

In 1993, world renowned Fintech disruptors, the Wu-Tang Clan, famously proclaimed “Cash rules everything around me”, so how is it that 27 years later, no one seems to need it anymore? Well, cash in its physical sense that is. In 2020, the payments landscape is a far cry from what it once was: mobile, contactless and wearable payments have revolutionised the way we pay.

February 2020

Registration for iT²UG 2020 is now open

Registration for iT²UG 2020 is now open Registration for the 10th International TranzWare/TranzAxis User Group (iT²UG 2020) is now open.

January 2020

WEEKLY ROUNDUP - 31.01.2020

This week has been another eventful time in the world of payments. Our weekly round-up brings you a dose of some of the latest news from the past seven days so you can keep an eye on all that’s shaping our world this week.

January 2020

Can cashless societies ever be truly inclusive? Part 1

Last week, a ruling by the New York City Council voted to ban stores and restaurants from refusing cash payments. The ruling comes from the decision that refusing to accept cash as legal tender is a discriminatory act against the unbanked, underbanked and poorer members of society who might not have access to debit or credit lines.

January 2020

New Year, New You with TranzAxis

The payments space has never been more exciting. Don't miss out! Make 2020 your best year yet!

January 2020

WEEKLY ROUNDUP - 24.01.2020

This week has been another interesting time for the world of payments. Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

January 2020

WEEKLY ROUNDUP - 17.01.2020

We’re back again with another week of exciting payments news! Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

January 2020

WEEKLY ROUNDUP - 10.01.2020

With the dawn of a new year comes a wave of new and intriguing trends, with possibilities emerging from around the world of payments. Our weekly round-up brings you a dose of some of the biggest news announcements, plus an insight into all that’s shaping our world this week.

December 2019

2019: Year in Review

2019 has been yet another successful year for Compass Plus! We turned 30 years old, were shortlisted for the most prestigious office interior design award in Russia - The Best Office Awards 2019, and hosted two different user groups for our many customers and partners. To round-off the year, we’ve done a round-up of our highlights from the year below, so take a look at our stand-out moments from 2019.

November 2019

Compass Plus survey finds over 60s increasingly rely on card payments

A recent survey into consumer expectations of the payments market conducted by Compass Plus has revealed that the generation of consumers over 60 is increasingly relying on card as their primary payment method.

October 2019

Compass Plus at 30: facts & figures

For the second blog in our ‘turning 30’ series, we’ve decided to share some of the most interesting facts about Compass Plus.

October 2019

UK: Half of all debit transactions are contactless

UK Finance reported that in July half of all debit card transactions were contactless, accounting for 647 million taps – a major milestone in the technology’s timeline.

September 2019

Compass Plus at 30: Looking Back

This year we’re turning 30. As such, we’ve decided to take a look back on the last three decades and how we’ve changed – as a team and as a business.

August 2019

Digital banking: security and convenience are top priorities for Europe

A recent Mastercard survey has revealed that digital banking is the number one preference for European consumers’ daily banking needs.

August 2019

Are banks ready for digital transformation?

The banking industry is undergoing major changes. Customer expectations are higher than ever, competitive fintech startups are growing and new regulations are emerging. In the world of shared services and connected economies, how do financial organisations battle this storm?

July 2019

Sysadmin is a calling, not a profession

We sat down with two of Compass Plus’ dedicated sysadmins to try and lift the curtain on what hides behind this mysterious title.

July 2019

Contactless fraud in Denmark

With fraudsters looking for fresh ways to exploit consumers as the adoption of digital payments continues to increase globally, losses come as Denmark - already one of the most advanced countries in the world as far as being cashless goes - continues to move towards becoming a fully cashless society.

July 2019

Fashion or technology? How FIs are taking advantage of smart technology

As technology gets smarter and wearable transaction volume is increasing, financial institutions are embracing the opportunities wearable technology can bring

June 2019

Happy Birthday to the ATM!

Back in 1967, the world’s first ATM was opened to the public. Half a century later, it is transforming in order to adapt to changing consumer behaviour.

June 2019

E-commerce on the rise in the Philippines

The Philippines remains a mainly cash-based society, however efforts from the Philippine government and the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, mean that cash is being challenged by the rapid growth of e-commerce.

June 2019

Cash use still prevalent in the UK

Research by UK Finance suggests that despite debit card payments overtaking cash payments, cash still remains the second most frequently used payment method in the UK.

June 2019

Registrations for TXUG 2019 now open

Registrations for the third annual TranzAxis User Group, TXUG 2019, are now open. TXUG 2019, organised by Compass Plus, will bring together TranzAxis customers, prospects and partners and will be held 24-25 September 2019 in Amsterdam, The Netherlands.

May 2019

Open Banking – one year on…

The majority of consumers are still unaware of what Open Banking is, a year after its launch in the UK - this is despite research that shows consumers' interest in mobile banking features that are directly associated with Open Banking.

May 2019

Building the future of IT education in Russia

With the IT market growing increasingly competitive and demanding, the pressure is building on IT companies to get involved in training future IT stars. Compass Plus is up for the challenge with various educational projects in place.

May 2019

Consumers cautious of new banking technology

Results from the 7th Annual ING International Survey on attitudes towards financial technology were released this week and revealed that, despite a high demand for banking innovation, consumers are often hesitant when it comes to adopting it.

May 2019

Germany: Cash still going strong…?

Back in February we spoke about how Germany still remains a predominantly cash-based society, although there had been a slight shift towards electronic and contactless payments driven by forward-thinking youngsters and e-commerce. However, this week, a study released by EHI Retail Institute suggests that, for the for the first time in the country’s history, card spending was more popular than traditional cash payments.

May 2019

Privacy vs Perks: how much are consumers willing to share?

A recent study shows that, despite the growing concerns about data privacy and breaches, more consumers are willing to share more of their personal data with financial institutions in exchange for improved services and better deals.

April 2019

Making contactless payments mainstream in the US

Only 20% of stores in the US have contactless-enabled terminals, and those that do haven’t necessarily activated the feature. At the end of 2018, just 0.18% of transactions in the US were made using contactless cards. However, with New York City subways and buses planning to introduce contactless payments at the turnstile this year, could this be what the US has been waiting for and drive both adoption and acceptance?

April 2019

Mobile banking on the rise

The results of recent research into UK consumers’ banking preferences revealed an increasing preference for app-based banking over all other channels. This is the first time ever that mobile banking has overtaken its online counterpart.

March 2019

Are you positive?

According to Ethoca, the value of transactions falsely rejected by US card issuers in 2014 was $118 billion, of this value only $9 billion constituted actual fraud. This is a ratio of 13:1. So why do companies continue along the path of declining and losing legitimate transactions due to suspicions of fraud?

March 2019

Pay it forward

In 2006, 62% of all payments in the UK were made using cash; by the end of 2016 this had fallen to 40% and by the middle of 2018, debit card had overtaken cash as the country’s favourite way to pay, with 3.5 million people stating they never use cash. Whilst we may never be a completely cashless society, it is safe to say that the decline of cash continues to be steady, with UK Finance predicting that by 2026 cash will be used for just 21% of transactions.

March 2019

Is it too early for a cashless society?

The buzz around the cashless society concept has been growing for years. Almost every day there is a news story about bank branches closing at a fast pace, ATMs disappearing from the streets, shops and restaurants around the world going cashless. A recent example is the Mercedes-Benz Stadium in Atlanta that will only be accepting card and mobile payments from 10 March, leaving cash-loving customers with just 10 machines that enable them to exchange cash for a prepaid card.

March 2019

Celebrating women in technology

In the days leading up to March 8th, widely celebrated as International Women’s Day, we met with some of Compass Plus’ female top managers to get their opinions and advice on how to grow a successful career in tech and overcome the challenges women may be faced with on their professional journey.

February 2019

Contactless fraud – are the figures as bad as they look?

Recent news released by Action Fraud revealed that, from April 2017 to January 2018, the number of contactless card fraud cases reported in the UK had nearly doubled compared to the same period the previous year. The number of cases increased from 1,440 to 2,739, with losses growing from £711,000 to £1.8 million. This news, which comes on the back of Worldpay announcing that contactless card payments in the UK had overtaken chip-and-PIN transactions for the first time (accounting for 52% of all in-store transactions), is obviously worrying for consumers.

February 2019

How do cyber criminals spend their money?

It won’t come as a surprise to learn that the US is the country most targeted by fraudsters looking to steal card data, with the UK not far behind in second place. We all know fraudsters steal and sell card data and we are no longer so naive as not to realise that these attacks are rarely carried out by individual hackers. Fraud is an enterprise, a well-oiled machine run as a business. But what do these seasoned criminals do with the money they steal?

February 2019

Tradition vs innovation: driving electronic payments in Germany?

In a time where the use of contactless payments rising globally, Germany still remains a predominantly cash-based society. A recent survey by Bundesbank, Gemany’s central bank, revealed that most Germans prefer using cash for small to medium sized transactions. What is more, many convenience stores and restaurants nationwide will only accept cash. It is payment security and transaction costs that are the top priorities for consumers and retailers respectively, while the convenience of a quick tap of a card or a mobile phone is not essential.

January 2019

Digital-first, not digital-only

For traditional banks, the growth of mobile technology – and the rise of digital-only banks – is often cited as a reason for the significant rate at which their branches are closing. Since 2007, nearly 50,000 branches across Europe closed their doors for good, with banks stating that this is due to the falling number of customers using their brick-and-mortar establishments. As a result, traditional banks seem to be diverting their attention increasingly towards their digital offering, but does this shift in focus spell the end for the physical bank?

January 2019

Going cashless, country by country

Multiple countries are locked in the battle to become the world’s first truly cashless nation; for others, becoming cashless is necessary due to unique local circumstances. Either way, it is well known that cash is being phased out across large portions of the globe. Here are ten interesting cashless facts from around the world...

December 2018

Alternative payments take the lead for eCommerce transactions in Asia Pacific

A recent article from Finextra highlighted results from GlobalData research that alternative payments are really making inroads in the Asia Pacific market, with online shopping predicted to hit $1.6 trillion this year. Perhaps the most interesting statistics from the report demonstrate the huge market share of alternative payments in the region in terms of method channels. In the first quarter of 2018, alternative payment methods accounted for 51 per cent of the total ecommerce transaction value in APAC, up from 49 per cent in the last quarter of 2017. Meanwhile, payment cards accounted for 28 per cent of transaction value, bank transfers 15 per cent, and cash and cheques six per cent.

November 2018

Will mobile payments make payment cards an endangered species?

Traditionally used for higher value purchases, consumers are increasingly using cards for lower-value transactions. This shift in consumer attitude and behaviour, coupled with the relatively recent introduction of contactless-enabled payment cards has undoubtedly cemented their appeal as a convenient, easy-to-use payment instrument. However, in the mobile world that we live in, could cards be an endangered species?

October 2018

Why is the Olympics the go-to for trialling payments innovations?

For more than 30 years, Visa has been the exclusive payments sponsor of the Olympic Games and has used the platform to trial and push the use of new, innovative technologies – such as contactless cards at London 2012 or wearables at Rio 2016. With the recent announcement that the international payment network has pledged its commitment to continuing to showcase payments innovation at the biggest sporting event on the planet until 2032, what is it about the Games that makes it the perfect environment for new trialling payment methods?

September 2018

10 little known facts about money

1. Only 8% of the world’s currency is physical money 2. In the UK, the direction the monarch faces on coins changes with each appointment 3. No paper money is actually made of paper; non-polymer banknotes are made from a cotton-linen mix, and most polymer notes aren’t vegan friendly!

August 2018

How prepaid cards are driving financial inclusion in the Philippines and the challenges ahead

With 69% of its population with no access to financial services, and 96% of transactions still conducted in cash in the country, the Philippines is one of the lesser developed nations in terms of digital payments in Asia Pacific. However, these figures are improving thanks to mobile wallets and, in particular, prepaid cards.

August 2018

Current account switching service - a missed opportunity?

Between 1 July 2017 and 30 June 2018, nearly one million UK consumers (965,317) switched current account, up 6% on the previous 12 months. While this small increase is encouraging, the present switching rates are no better than they were in 2012, before the current account switching service launched. Despite it being easier than ever for consumers to switch current accounts, awareness of the scheme reaching around 84% in the past five years, and banks offering ‘golden hellos’, the conversion rate is much lower than expected.

August 2018

Women’s Equality Day – getting over the next gender disparity hurdle in the payments industry

It is no secret that historically the financial services industry has a long-standing gender equality problem. At Compass Plus, we're proud to be an exception to the rule.

July 2018

Can remote banking services replace the branch and the ATM in the UK?

With the rise of online and mobile banking highly publicised as a key contributing factor to the decline of the high street bank and, subsequently, the ATM, are banks doing enough to replicate the services that a large number of people greatly rely on?

June 2018

Invisible payments in the mainstream

Some consider invisible payments as a way to pay that takes cash, debit and credit cards, wearables, PINs and card readers out of the equation, allowing you to pay via a virtual wallet. Whatever they are, will they ever make it into the mainstream?

June 2018

How young financial institutions in Eastern Europe can grow their market share and compete with larger players

The payments landscape in Eastern Europe is very diverse, with individual countries across the region still finding their economic identity as they develop their internal infrastructure at different rates following the fragmentation of the Soviet Union nearly three decades ago.So how do they compete with the larger multinational players in the region?

May 2018

The rise of contactless cards in the UK

A London Business School professor recently made the rather dramatic claim that parting with cash is “psychologically painful”, but that paying for items with a contactless card “anaesthetises the psychological pain that accompanies payment, seducing us into splashing out”. In fact, according to the UK Card Association, £3.9bn was spent in the UK in April 2017 using a contactless credit or debit card – an increase of 147.6% on the same month the previous year.