Your Friday fix for global fintech and payments news
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.
- ATM report: How will the ATM survive the digitisation of payments
- Brits take to social media shopping
- EMVCo launches evaluation programme to support contactless payment acceptance on consumer mobile devices
Conducted during the early days of the pandemic, the 13th edition of the Payments, Cards & Mobile ATM and Self-Service Software Trends Report, sets out the implications of 2020 on the ATM industry. The report considered the viewpoints of 549 ATM and self-service industry members, many of which were financial institutions, with the rest largely comprising of IADs and self-service equipment vendors.
In the world we have found ourselves in, the typical ATM may see itself redundant. However, advanced-functionality machines and video tellers, among other remote teller devices, are proving highly popular and an excellent alternative to the typical, and previously widely used, in-branch options. The more simple cash dispenser machines are facing many closures with a majority of consumers choosing other forms of payment over cash.
The other main point covered in the report is that of the OS migration to Windows 10. Offering high-tech security, greater speed, improved interfaces and expanded transaction sets, the migration to Windows 10 was big news in the ATM industry.
New research published by Visa has shown an uptake in social media shopping in the UK. The survey, conducted by Opinium on behalf of Visa, took into account 2,000 respondents and found that the newly coined ‘swipe up shopping’ purchases accounted for 24% of total online purchases over the last 6 months.
Similarly to last week’s news where we discovered that European consumers are spending more at local and small businesses, Visa research figures show that 11% of Brits making a purchase through social media are doing so to support an independent company and 16% said that they feel more enabled to support small businesses through social channels.
While the convenience and speed are the positives of swipe up shopping, the negatives remain. 88% of respondents remain out of pocket due to a refund they never received, with 38% still chasing refunds or trying to return items, and 58% disappointed when their purchase didn’t live up to expectations. With CNP fraud on the rise, social media seems to be the latest place for opportunistic scammers.
Global technical body, EMVCo is piloting the Early Adopter Programme which aims to address industry requests to support merchants and acquirers that want to use commercial-off-the-shelf (COTS) consumer mobile devices to accept contactless payments.
The programme is available to mobile vendors who will first need to be approved for participation. Once their evaluation is completed, they can use the scores to improve their product designs and to demonstrate the performance of their devices to acquirers, merchants, payment systems and other interested parties.
Junya Tanaka, Chair of the EMVCo Executive Committee, said: “While COTS devices have limitations due to integration constraints, EMVCo believes that such devices could still provide a satisfactory user experience for some specific use cases. The goal of EMVCo’s initiative is to enable a good consumer experience when mobile devices are used for contactless payment acceptance.We are pleased to take the first step towards this with the Early Adopter Programme that meets merchant and acquirer needs for testing processes to support the use of COTS mobile devices.”