On the 1st May 1997 the first EMV transactions in the world were performed in Basildon, UK. The project team, including some PayX people, basked in success and predicted the world would be complete in 5 years. 15 years later and it is still only starting in some countries, of course the US being the most topical.
We have all learnt a lot in that time; namely we have created frameworks for banks to determine how many projects streams there are, what size, key requirements, how to stage it sensibly. Most importantly though, there are now methods to capitalise on migrating to EMV rather than it be the massive draining cost centre that many banks have experienced for years. EMV seems so simple to start, but in fact it is a large undertaking, bringing all entities in an organisation together; business, technical, operations, infrastructure, security, finance, risk, legal, call centres, and the retail branch network to name a few!
The reality is EMV is an opportunity; done right it can be a springboard to success. PayX has helped EMV migrations meet complementary objectives of capturing additional market share, refining customer profitable segmentation, and launching future payments vehicles – all new revenue generation – it can be done. EMV connects naturally to mobile, NFC and hybrid online/physical transactions; yes it’s called EMV, which isn’t exciting in itself, but it can be a key to a bank’s future payments success.
Have a good rest of the summer, looks like there a lot of projects starting this Autumn
8 August 2012 – Starbucks Coffee Company (NASDAQ: SBUX), with its leading mobile payment platform, and Square, the company revolutionizing everyday transactions between buyers and sellers, announced a broad innovative partnership to bring the best possible payment experience to both sides of the Starbucks counter.
30 July 2012 – Dear iZettlers, We are sorry to report that based on a policy decision by Visa Europe, we have no choice but to stop processing Visa card payments in Denmark, Finland and Norway on August 1.
U.S. Senator Richard Durbin, who won federal limits on debit-card swipe fees, said merchants should “think hard” before signing a $6.6 billion settlement with Visa Inc., MasterCard Inc. and banks over credit-card fees. “This is a stunning giveaway to Visa and MasterCard,” Durbin, the Senate’s second-ranking Democrat, said in remarks last week, according to the Congressional Record.
In late June, a number of our customers were impacted by a technology incident affecting our transaction batch processing.A full and detailed investigation is under way into the causes of the problem, overseen by independent experts and reporting to the Group Board Risk Committee.
17 July 2012 – More than 12 million pieces of personal information were illegally traded online by identity fraudsters in the first four months of 2012, new figures from Experian CreditExpert reveal. Bespoke research* from Experian CreditExpert’s web monitoring service – which helps people to quickly detect ID theft – shows that the first four months of 2012 have already outstripped the entire of 2010 when 9.5million pieces of personal information were illegally traded.
23 July 2012 – Customers’ willingness to use new payment technologies that are easier for them and cheaper for retailers should send a message to the payments industry establishment that their existing charging regimes have to change.
The upcoming Mobile and advanced payments, conference & exhibition will focus on…improving the customer experience and how banks can use mobile payments to form a closer, more personal relationship through their own and through key partnerships.
Jul. 13, 2012– MasterCard Incorporated (NYSE: MA) has agreed to a Memorandum of Understanding (MOU) to settle the current U.S. merchant class litigation. The MOU has been executed by all of the defendants – which include MasterCard, Visa and a number of banks – and the court-appointed class counsel for the merchants.
7 August 2012 – Westpac in collaboration with MasterCard are powering towards a future led by mobile payments with the announcement today of a new pilot Android Mobile Contactless Payment application.
1 August 2012 – Today we’re releasing a new, cloud-based version of the Google Wallet app that supports all credit and debit cards from Visa, MasterCard, American Express, and Discover.
30 July 2012 – More than 2.5 million South African Social Security Agency MasterCard debit cards have been issued to social grant recipients across South Africa as part of the social grants disbursements tender which was awarded to Cash Paymaster Services, a wholly owned subsidiary of Net1 UEPS Technologies, Inc in January 2012.
30 July 2012 – A Nexus of converging forces — social, mobile, cloud and information — is building upon and transforming user behavior while creating new business opportunities, according to Gartner, Inc. Although these forces are innovative and disruptive on their own, together they are revolutionizing business and society, disrupting old business models and creating new leaders. As such, the Nexus of Forces is the basis of the technology platform of the future.
2 August 2012 – Two new Forrester Research reports illustrate how new products and services will emerge from Near Field Communications (NFC) and digital wallet technologies. In short, it’s not just about payments. This is a crowded space with many companies jockeying for position including: Google Wallet, Starbucks’ mobile payment app, PayPass from MasterCard, and the Isis venture from AT&T, T-Mobile, and Verizon Wireless.