Carlos Sanchez, CEO of ipagoo comments on the 30th anniversary of the debit card
“Debit cards have fundamentally changed consumer behaviour, altering the way people spend money. We have seen a steady evolution of the capabilities of debit cards over the last 30 years aimed at making payments easier. For example, contactless debit cards now account for 69% of debit cards in issue*. Through this evolution debit cards have made a major contribution to economic growth especially through ecommerce. However, it is imperative for debit card providers to continue offering innovative payments solutions so consumers can make the most of the burgeoning digital economy.
“We believe innovation and modernisation is key. ‘Non banks’ such as ipagoo that create new banking models and disrupt the market are the future – and ipagoo has a key role to play in democratising the banking landscape and offering competitive products as identified by both ***Deloitte and Barclays in recent reports. We have continued to modernise what debit cards offer customers and have created the next stage of evolution. Living as global citizens in the modern world means people regularly need quick and easy access to a number of different currencies. With ipagoo people can use one debit card to access multiple accounts and pay in multiple currencies.”
Sanchez continues: “What we have also seen with card payments over the last 30 years is the growth of sophisticated frauds and attempted fraud, particularly fraud that exploits card not present transactions common with online shopping. As providers innovate they need to ensure their anti-fraud and security systems modernise with them.
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“We have processes in place that allow card users to automatically accept transactions from trusted retailers but ask for approval for purchases from retailers that have not been pre-approved. Most fraudsters start by trying to make unexpected small purchases. However small the amount we still require the account holder’s approval to allow money to leave the account to go to a retailer that hasn’t been pre-approved.”