Innovation in Payment Systems

Category: Photography & Branding

Following the achievement of access to banking and transactions over the Internet, led at the time in Spain by Bankinter, nowadays there are some unknowns or uncertainties about the following innovations in payment methods, banking, ICT partners etc., regarding the upcoming technologies that would enable the via mobile payment, contactless payment, and other lines or technologies and applications more or less available, showing a universe far beyond the e-wallet.

The current user experience in online banking, and other services in which the number of clicks is long, and the users and passwords are already too many, doesn't seem to be very viable for transactions for mobiles, from the time the visibility and keyboards do not facilitate the task as from a terminal or PC. In the future the user experience will be simple and homogeneous, easily and securely.

At present between 10 and 20% of transactions are being made from mobile devices, especially during the weekend. The rise of laptops, tablets and smartphones seems unstoppable.

The sector is developing different pilot projects that could be framed as R&D&innovation activities, in the scope of NFC (Near Field Communication) technology, the Contactless technology, the EMV technology with SIM cards, and other protocols and technologies that could be interesting. NFC is a protocol that already exists, and that seems very interesting, but must overcome several barriers such as, where appropriate, support large volumes, changes in present systems that work perfectly, and other relevant aspects some of them being non-obvious, do not facilitate its ultimate entry in the market. By contrast SIM EMV would allow Contactless technology, and even Sticker simply continuing the expansion of TPV with some updates. This does not mean that NFC will not succeed because it would have an easy implementation of successful multisectoral card mode in transport, reservations and payments, which could provide massive success for expansion. Another way that might work as a way to both NFC SIM, is micropayment , which refers to payments of less than 20 € to bring the phone or card to the device, without the need for signature or pin, it is the Contactless. This technology will be a great success as well in those payment ranges ehre fraud does not occur, so it could succeed in parking meters, pizza delivery, security against robberies, etc, to be launched in Spain between a few months and two years, according to entities.

VISA will launch this summer 2013 the virtual wallet to access the internet payment in 2 or 3 clics, with the massive launch in Spring 2014, being what could be called an improved Paypal. Between 20 and 25% of transactions fail currently in these kind of operations, and with this launch writting security and authentication should be strongly improved.

Sony and Samsung are the pionneers in other applications of NFC, in the case of Sony the protocol name is Felica, and it is already in the market with a number of applications and utilities that enable the interaction among cellular, TV and speakers, etc, simply putting then close, all specially centered in the cellular, it is called One Touch. However, at the entrance of NFC in banking payment methods can be still about 6 or 7 years.

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