Weekly Headlines 21 January 2020

21st February 2020

Fiserv completes ‘Pin on Mobile’ transaction

SCA compliant contactless payments for Internet shopping

Coinbase becomes Visa principal member

UK Access to cash worries and positive initiative

Mastercard Cyber Resilience Centre

GDPR in conflict with facial recognition

EC Data and AI strategies

FCA Sector views give warnings

 

 

Fiserv has completed a ’first-of-its-kind’ Pin on Mobile transaction with Visa.

Following security testing, the solution, developed jointly with Visa, Samsung, and PayCore, is being piloted in Poland by First Data. The solution facilitates secure PIN entry on a consumer-grade mobile device, simplifying. payment acceptance by allowing merchants to accept PIN-based contactless transactions without the need for a separate card reader or PED.

 

iAxept has launched a SCA compliant payment method using contactless payments cards for Internet shopping.  Video

The solution eliminates the need for users to type any card information, usernames, passwords, etc when buying online. Shoppers merely tap their contactless card on the back of their smartphone to enable the payment. If the purchase is above the contactless limit, the cardholder enters their usual PIN code on their phone.

 

Coinbase has become the first pure-play crypto company to be approved as a Visa principal member.

The Coinbase Visa debit card launched in the UK in 2019, enables customers to spend their crypto assets at POS and online. The Card is now available to customers in 29 markets, who can spend 10 cryptocurrencies in merchant locations globally. Visa membership will enable Coinbase to offer more features and support in more markets.

 

Access to CashUK’s cash system ‘will collapse without new laws’.

The campaign group is calling on the new Chancellor to take action in his first Budget on 11 March – “without urgent new laws the cash system could collapse within a decade”. But….

 

The Community Access to Cash Pilots initiative is being launched to help communities trial solutions.

Communities are being encouraged to apply to participate in the new Community Access to Cash Pilots which will help to test solutions to local access to cash needs, with the goal of developing scalable solutions which can inform national policy.

 

Mastercard is developing its first European Cyber Resilience Centre.

The centre, located at Mastercard’s HQ in Belgium, will drive collaboration between both public and private sectors, as well as regulatory bodies to serve as a single cybersecurity hub for the region.

 

EC – Margrethe Vestager has said GDPR makes automatic identification through facial recognition technology illegal.

There are, however, exemptions to the rule with regards to public security and the EC will take some time before deciding on how to legislate facial recognition remotely. Meanwhile it will not prevent national initiatives from using the technology according to existing rules.

 

ECShaping Europe’s digital future: Commission presents strategies for data and Artificial Intelligence.

The EC has published a series of announcements and documents setting out a European data strategy and the policy options to ensure the human-centric development of Artificial Intelligence.

 

ECWe Can’t Regulate Libra Without More Details.

A memo released by the EC Executive Vice-President Valdis Dombrovskis says the EC is still trying to figure out what to do about Libra.

 

The FCA has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. Sector views

Many new payments firms have been able to enter the market and grow quickly, but some of their products don’t have protection in place for consumers, for example e-money services advertised as ‘current accounts’ aren’t covered by the Financial Services Compensation Scheme.

 

Industry Videos

Pay.UK short video covering the way it is working to develop  common standards for UK payments.

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