Payment Insight November '21
Headlines
PAYMENT – Sovereignty and competition issues
EMBEDDED PAYMENTS – Payment integration as a driver for innovation
PAYMENT – Sovereignty and competition issues
- UNITED KINGDOM - Amazon puts pressure on Visa
- SOUTH KOREA - Google forced to open its in-app payment system
- EUROPE - EPI: a soft take-off
While European banks are choosing independence and European sovereignty by formally launching the European Payment Initiative (EPI), South Korea is opening up a gap in which other countries could jump in to reaffirm the competitive principles of in-app payments, platforms such as Google or Apple. While the regulator can play a significant role in creating a more balanced competitive framework for the future, private players also have a role to play; this is the role that Amazon has taken on in a show of force against the Visa card scheme in the UK, where the e-commerce platform simply deregistered Visa credit cards from its payment system on the grounds that the latter's bank fees were too high. For large retailers, such as Amazon, who sell items with extremely thin profit margins, the fee increases make it commercially unviable to continue accepting their credit cards. This thunderclap is likely to have repercussions. In particular, it could inspire other e-commerce players and banks to build on the proliferation of alternative payment initiatives to accelerate a new era.
EMBEDDED PAYMENTS – Payment integration as a driver for innovation
- UNITED STATES - MasterCard and Adobe turn signatures into payments
- FRANCE - Stripe installs payment in chatbots
- UNITED STATES - Volume optimises 1-click payment
- EUROPE - Daimler and Visa install in-car fingerprint payment
French Payment was the first part of the banking business to be integrated into third-party environments. The simplification of processes and software has allowed for greater flexibility, which is now reflected in a strong push for innovation in terms of integrated payments. Whether it is via account-to-account payment or direct payment from the telecom bill or Request to Pay, there is no shortage of innovations to offer consumers new solutions that facilitate the purchasing process, invoice management or even the automation of disbursement processes. This is the meaning of the partnership between Adobe and Mastercard, which allows a payment to be triggered via Mastercard Send by the validation of documents and their signature by Adobe Sign. This initiative also highlights the growing importance of identity verification and electronic signature in the payment process. Other players such as Volume place greater emphasis on the cost savings that can be achieved through account-to-account payments and promise a completely seamless experience. The user experience is at the heart of all these new solutions. With this in mind, Daimler and Visa have teamed up to develop biometric payment in the carmaker's latest models, turning the vehicle into a new medium for authentication and autonomous payment.