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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.
August 2017

Millennials and mobile banking - the perfect match?

Millennials are studied on a scale like no other generation before them, including when it comes to mobile banking, where research suggests that the while the technology does provide them with some of what they need, there is still distance to go to provide the ultimate user experience.
May 2017

Cardless cash transactions: the future of ATMs?

We all have days where we don’t remember important things like keys or wallets – but cardless cash transactions from your local ATM could spare your blushes at the checkout.
March 2017

The Olympic legacy of contactless payments

What mark did London 2012 leave on payment methods and how did the 2016 Rio Games take the cashless concept and further develop it?