This week: five must-reads that cause us to pause and think about the dynamic between frictionless and safe. New technology is on the horizon that could help transform the payment experience – a vast P2P payments network, a mobile app that helps you bypass the sketchy POS at the pump, a new vision for APIs – but it’s not just ease that makes these innovations promising. Security is also a key factor. If card-not-present fraud is a much larger problem than anticipated, and consumers have come to believe their mobile wallets are secure, how will future preferences shape up?
TOP READ: Card-Not-Present Fraud Jumped 40 Percent in 2016
Although the payments industry was bracing for a rise in card-not-present fraud as EMV took root, Javelin tracked a much larger jump than anyone anticipated. Al Pascual, Javelin’s head of security, risk and fraud, says that clearly, “more is going on than a mere shift in fraud from card-present to card-not-present in the wake of EMV.”
Big Banks Declare War on Venmo
How can credit unions take on Venmo? Learn more about Zelle, a new payments network from Early Warning that is joining the nation’s largest banks and payments networks (including CO-OP) together to bring fast P2P payments to consumers across the country.
Would Standardized APIs Help Transform Financial Services?
With help from Accenture, NACHA just completed its exploratory effort to identify the value of API standardization for the U.S. financial services industry. The hope is that API technology can bring new transparency and agility to the industry.
Study: Consumers Believe Mobile Wallet Data Is Secure
“Consumers worldwide are more concerned about protecting their financial and payments information stored on a computer than they are about protecting the same data stored in a mobile wallet, according to a new study from ACI Worldwide and Aite Group.” Does this clear the way for greater mobile payments adoption?
Mastercard And Gulf Partner to Power Payments at the Pump
A new app from Gulf Oil will help drivers locate the nearest station, then make frictionless payments at the pump and in-store. The app will be powered by Mastercard’s Masterpass and, if successful, will help make the gas-buying experience faster, easier and more secure.
Digital technology is constantly changing, but is the way financial services companies strategize changing at the same rate? Here’s why digital transformation requires more than the addition of new tech – and why transformation is the surest route to success.