Your Friday fix for global fintech and payments news
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.
- Lloyds to provide free digital skills training and tablets for elderly customers
- Why numberless cards are not enough to tackle payment fraud
- Mobile payments service to streamline how UK charities collect donations
Lloyds Banking Group have announced plans to provide free digital skills training and tablets for its elderly customers. The banking group, which includes many household names like Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows, has made plans to equip up to 2,000 customers over the age of 70 with free tablets and have set up a dedicated phone line to provide training and support in using the tablets, and their online services.
Lloyds Banking Group are working with digital skills training agency, We Are Digital, to provide the dedicated phone service to up to 20,000 customers, where they hope to make such services like online shopping, online banking, and video calls with friends and family much easier for those not so digitally inclined.
Fiona Cannon, Sustainable Business Director at Lloyds Banking Group, commented on the initiative that: “For many right now, staying connected and accessing vital services is difficult … that’s why we believe offering practical and emotional support through initiatives such as these is so important in helping our vulnerable customers to feel more connected and in control.”
Cybersecurity startup, swIDch, has introduced its new dynamic virtual PAN technology for numberless cards, to overcome current potential security risks. While numberless cards currently flaunt increased security over standard payment cards, hackers can still exploit weaknesses through online payments. Although no PAN is visible on the card itself, hackers are still able to access a customer’s static card information on the card issuer’s app, which is where customers fall at risk of CNP (Card Not Present) fraud.
To provide a solution to this issue, swIDch, are introducing dynamic virtual PAN technology that replaces static PANs with dynamic PANs, thus eliminating opportunity points for hackers. swIDch have also announced that it will be implementing a biometric-based digital display card that shows a dynamic card number for authentication. swIDch has plans in place with card manufacturers to launch the new digital card in June this year.
A partnership between MobiCash and RSM 2000 Ltd. is helping charities across the UK by offering market-leading payments technology to boost their donations and support for their causes. The UK charity sector is expected to lose over £4 billion in the upcoming weeks and months due to the nationwide lockdown, which has resulted in fundraisers being cancelled, and charities, places of worship, and more closing their doors. With conventional means of these charities collecting donations off limits, discovering alternative ways to collect funds is vital to ensure that they can continue to support those in need.
Mobile payments service, MobiCash, allows consumers to send remote donations to charities registered with MobiCash, providing a user-friendly way for donors to support causes, conveniently and securely, using their mobile devices. MobiCash also enables charities to collect Gift Aid with every contribution, which adds 25% to the overall donation value.
Steven Marsland, Business Development Director, MobiCash at Compass Plus, says that: “We are seeing charities in the UK and beyond under a lot of pressure to continue their activity while struggling to support themselves financially. We are proud to be working together with RSM 2000 to equip them with a mobile payments service to help them continue their important work.”