The Briefing on Payments
The latest news, trends and data in Payments
In Data:
Payments News in Numbers
84%
A survey from financial services software provider Compass Plus reported that the number of people using contactless payments in the UK increased from 54% to 84% since the last survey conducted in 2016. The survey, which quizzed 200 consumers on UK contactless payments, also found that about 58% respondents over the age of 60 are using contactless cards, a significant jump from 31% in 2016.
$10m
Cyber criminals have stolen $10m in a global bank heist. Hackers have managed to invade Cosmos Bank’s debit card system with malware and stole $10m. This was over 14,800 ATM transactions across 28 countries.
5 million
SIA’s mobile offering Jiffy, now has five million customers registered. It works with 130 banks and is connected to 80% of bank accounts in Italy. Furthermore, it works with 2,000 retailers ranging from the small to the large.
1 in 3
Contactless payments set to represent 1 in 3 in-store transactions by 2020. Driven by the rapid increase of mobile wallets and card technology, contactless payments will reach an estimated $2trn by 2020, according to new research from fintech analysts, Juniper Research. Moreover, by 2020, contactless payments will represent 15% of the total point-of-sale (POS) transactions globally.
8%
An interactive map developed by FICO has revealed 8% decrease in payments card fraud across the UK in 2017, which is said to be the first drop since 2011. The map is based on data obtained from Euromonitor International and UK Finance. Apart from the UK, France also achieved 6% drop in net fraud losses.
Top Stories
The Key Moments in
Payments This Month
Caribbean central bank exploring digital currency
The prospect of central banks tapping into digital currency is becoming more realistic. In August, Centrale Bank van Curaçao en Sint Maarten (CBCS) signed a Memorandum of Understanding (MoU) with Barbados-based fintech company, Bitt. The MoU is there to allow the pair to explore the feasibility of creating a digital currency that will be able to support digital payments within the monetary union of Curaçao and Sint Maarten.
Santander and Moneybox app partner for Open Banking initiative
A first for Moneybox app as it becomes the first third-party player to launch an Open Banking integration with Santander. The partnership between Moneybox and Santander will support customers in saving and budgeting their spare change on a daily basis. With the launch now live, a waiting list of around 20,000 people have been notified.
Maybank moves towards a cashless Malaysia
Maybank customers are now able to make cashless payments digitally for purchases while using the Maybank App. Maybank QRPay is Malaysia’s first QR-based payments mobile wallet with direct CASA integration. It’s the first step towards a cashless Malaysia. Cash usage in the country is still high but Maybank is on the move to reverse the trend.
B mobile banking app merges with Open Banking platform
B mobile banking app offers customers innovative banking tools that enables its customers to conduct their banking tasks on one frictionless platform. By integrating with DirectID Open Banking platform, the B mobile banking app now has more access to banking data from a wider range of UK banks, including Barclays, HSBC, Lloyds Group, Santander, RBS, and Nationwide. Not to mention digital banks as well, such as Starling and Monzo.
Automation in Action
The latest companies to use AI to streamline their workforce
Pandora Automates 5% of Workforce
Music streaming service and Spotify rival Pandora has announced that it is laying off about 5% of its workforce in a bid to save around $45m a year. Jobs across several departments are being automated, including advertising, marketing and investment, as part of a wider restructuring to the company in a bid to maintain its presence in the streaming market.
Source: TechCrunch
Amazon Restructuring Sees Key Tasks Automated
Online retail giant Amazon has cut hundreds of jobs at its Seattle headquarters as the company reorganises to remove older departments and shift a growing number of tasks onto AI-based software. The company, which is enjoying strong growth, is reportedly restructuring to support future ventures, cutting some operating costs in the process.
Source: Time
Driverless Trucks Replace Oil Sands Jobs
Canada-based Suncor Energy has announced the layoff of several hundred workers as the company introduces autonomous haul trucks into its Alberta-based oil sands operations. The layoffs, which have prompted strong reactions from unions, are likely to be only the start, with Suncor planning to build a fleet of over 150 driverless trucks over the next six years.
Source: Global News
India Sees IT Layoffs in Tens of Thousands
Once one of the biggest employment sources in the country, India’s IT industry saw layoffs totalling over 56,000 in 2017, and is expecting to see further job cuts in the coming year. The layoffs have been largely due to digitisation and automation, which have dramatically reduced the number of workers required to maintain current operational levels.
Source: Quartz
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