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Emerging Sri Lanka and the Role of the Private Sector

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Speech by Diarietou Gaye,
World Bank Country Director for Sri Lanka and the Maldives

Chairman, distinguished members and friends
I would like to thank you for inviting me today to deliver the keynote address at the 172nd Annual General Meeting of the Ceylon Chamber of Commerce.
The private sector has been a long standing partner of Sri Lanka’s development even through tough times and deserves a pat in the back for engaging with the Government from the colonial times, through independence, a 3 decade long conflict, financial crisis and now in the process of moving into a Middle Income Country.
Reading the CCC’s latest annual report, I found the theme “Practical, Effective, Development” very topical and timely for Sri Lanka in the current point of history.

As we all know, to become an effective Middle Income Country Sri Lanka needs to focus on building strong institutions and a practical governance structure that benefits its entire people. This should certainly need to be coupled with increased investments in infrastructure and human capital.
This is a great time for private initiative to emerge and prosper. Many opportunities are there and are just waiting to be seized.

For that to happen, we need to all work together to move Sri Lanka out of poverty and project the image of the Sri Lanka we all love : a great place to visit, live, learn and most of all invest.
The Chamber is in a good position to drive this engine of growth. You have done a good job over the years to pull together a good number of important private sector players and now it’s time you jump from good to great in positioning the private sector as a key partner in emerging Sri Lanka.
I will be glad to further discuss how the Bank can facilitate such a process through increased public and private dialogue.

If you allow me, Mr Chairman and dear guests, I would like to spend some time today on the New Sri Lanka and the opportunities that are created for the vibrant private entrepreneurs in this country. I would then like to move from that to talk a little about what other countries have done to mobilize private financing and boost their economy and finally suggest some areas where the World Bank could be of help in our dialogue with the Government and with you to support the objectives of the Mahinda Chintana of high growth and a decisive movement toward building a modern Middle Income Country.
Let me start with the Post conflict setting in Sri Lanka
The conflict as we all know, held back much of the country’s  growth and development prospects following the liberalization and opening up of the economy in late 1970’s.  

The economy and the private sector responded very well to the end of the conflict:
• The Colombo bourse rose 6 percent on the day of the announcement and has been strongly upbeat since then.
• Tourism industry (one sector which was adversely impacted by the crisis) has begun to thrive. Tourist arrivals grew 46 percent in 2010 and by a further 37 percent during the first half of 2011.
• Considerable opportunities for the private sector from the hitherto untapped markets in the North and East opened up. Many businesses made good use of this. Just taking the example of private commercial banks – nearly 40 branches of private commercial banks opened up in the years 2009 and 2010 in the N&E. Among other things this bode well for the small and medium scale enterprises in these areas.
On the macro front:
There was a strong rebound in growth post-conflict from an average 4.7 percent (1983-2009) to 8 percent in 2010 and likely even growth in 2011.

The country’s economic fundamentals have also improved considerably: (a) inflation and interest rates having come down to single digit levels (b) the rupee having stabilized and appreciating in recent times backed by strong BoP flows and strong external reserve position and (c) the fiscal deficit also narrowed considerably from nearly 10% in 2009 to around 7% in 2011.

The IMF program the country entered to in July 2009 – a few months after the end of the conflict, have progressed well with the country marking the completion of the sixth review in April 2011 – the furthest it has progressed under any IMF program in history!

But with all these feel good factors in the backdrop, considerable challenges remain for the country and indeed for the private sector moving forward:
First and foremost is the issue of lasting peace: Although the country has won the ‘war’ its main challenge is to win the confidence of all communities alike. National reconciliation and nation building need to be a collective effort, one that the government alone cannot achieve. Active support and partnership of the private sector, civil society and the international community is very much needed in the process – to ensure that the country sustains it’s hard won peace.

I have noted well the good work the Chamber is doing in linking people from the North and East with people from the South. Business can facilitate the reconciliation process by connecting people to people and link them to prosperity.

It is important to remember that achieving 8-9 percent growth over the medium term as envisaged under the Mahinda Chinthana needs to be primarily driven by the private sector.
To sustain these levels of growth the country needs to increase investments rates to around 35 percent of GDP (from current 28%). The private contribution of this investment requirement should therefore need to rise to around 30 percent of GDP from current 22% .This is a huge jump and it involves ramping up both the private domestic investment and Foreign Direct Investment (FDI).

Despite the fall in real interest rates and the gradual deepening of the capital markets – providing many avenues for businesses to tap capital (in forms of debt, equity, venture capital etc), the investment climate needs to be worked on further.
In Sri Lanka input costs are considerably high: the country pays one of the highest electricity tariffs in the world; labor costs are also rising with the gradual tightening of the labor markets. On top of this, the rigid labor laws in the country – makes the labor cost component– one of the most inflexible in the firm cost structure. All these are elements that any investor will look into when making an investment decision.
Clearly, the anticipated FDI flows following the end to the conflict has not materialized to a significant extent. The total FDI inflow recorded only US$ 435Mn in 2010 – well below peak achieved in 2008 (US$690Mn) and continues to remains low in relative terms (at < 1 percent of GDP). The factors outlined above together with others concerns as the general image still prevailing of country have certainly discouraged FDI.

This an area where Government and private sector need to engage in a frank dialogue on the issues that need to be addressed to ensure higher and more effective private sector contribution to the economy. The government efforts towards improving the doing business indicators poses one such opportunity to engage in constructive dialogue.

With your permission Mr Chairman, I would now like to turn the examples that could help our thinking moving forward.

Let me talk about Rwanda, a country, that a few years ago, was known only for the genocide and war that killed over 1Mn lives.  The economy contracted by 40% in 1994 at the time the conflict ended. A Government of National Unity Formed in 1995 and Paul Kagame was appointed President in March 2000. Today, Rwanda is one of the fastest growing countries in Africa and has doubled FDI over the last 3 years. GDP growth averaged 6.5% since 2002 with inflation kept under 5%. They position in the Doing business moved from 143 in 2008 to 58 in 2010 and still progressing. More importantly the image in the world of this country has changed from dreadful genocide to unprecedented economic reforms.
Another example is Georgia, a country that emerged from the post-Soviet era as an independent nation in 1991. Turbulent times thereafter till around 2003 (Rose Revolution).Then widespread economic reforms including privatizations, public sector reforms coupled with concerted efforts to curb corruption. Actually, Georgia used its battle against corruption to promote its image internationally and attract FDIs. They moved from a rank of 112 in 2005 in the World Bank doing business to 12 in 2011 and make quite a stride in the Transparency International Corruption Perception Index.

One can always question the pertinence of such indexes, but they are available for all and often consulted by investors. Perception, image and information and communication are key factors that make this century what it is. Let us use them well to help disseminate the good news.

The successes in Rwanda and Georgia have largely been the result of an open dialogue between Government, private sector and other stakeholder where the difficult questions are openly debated.
Let me finish my speech by saying a few words about what the WB can do to support the private sector to reap country’s emerging opportunities:
The Bank is in a privileged place to be able to share knowledge, expertise and experience, connect people and institutions throughout the world.

In addition to our lending function to Government, that most of you are aware of, the Bank Group, through IFC, the private sector arm of the World Bank has been directly engaging with the private sector of Sri Lanka and will certainly expand in the years to come.
We also facilitate South-South dialogue – this is an opportunity for both public and private sectors to share experiences with countries on specific issues.

Some projects, although Government funded such as the e-Lanka project and the recently launched Tourism and SME Development Facility project are opportunities for private sector engagement.
Next year with the Metro Colombo project, which aims to improve flood management and clean-up many of the main canals in Colombo, land will be made available for private sector investment to contribute to building the kind of city that is expected from a middle income country.

Just two days ago I spoke to an exclusive business community of Sri Lanka. There, I used a quote from a great man from the South Asian Region – Mahatma Gandhi “Be the Change you want to see in the world”. Today, I like to leave with you an African proverb “Peace is costly but it’s worth the expense”.
Let’s work together for a Practical and Effective, Development for all of Sri Lanka.
Thank you.
 
 

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Time for financial institutions to Take Back Control of market data costs

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Time for financial institutions to Take Back Control of market data costs 1

By Yann Bloch, Vice President of Product Management at NeoXam

Brexit may well be just around the corner, but it is market data spending that financial institutions are more interested in taking back control of right now. In fact, other than regulatory equivalence post the transition period, it is hard to think of a more prominent issue right now than the rising cost of market data. According to analysis at the end of last year by Burton Taylor, global spend on market data topped $30 billion in 2019. With costs showing very little sign in coming down, at least in the short to medium term, now has to be the time for market participants to better grasp of not only what their costs could be at the end of the month, but also the precise areas of business consuming the most data.

The problem has been, and still is, seeking out those month-on-month cost anomalies. For example, why is it that fixed income and FX derivatives costs have all of a sudden doubled compared to the previous month? The trouble is it is nigh on impossible to get accurate answers to questions like this because the vast majority of investment firms have no fullproof way of analysing how spending evolves over time. In certain cases, financial instructions can experience a 10%+ increase on their monthly market data vendor bills.

It is not hard to see why – as every small incremental cost mounts up fast. First there are the direct costs for one or more sets of data – which leads to billing getting far more complex. Sure, a market data vendor may be adding lots of different add-on services to help clients save money, but at the same time, they will also be adding on more costs. If this was not enough, there are also the indirect costs around data governance and regulatory compliance. New rules, such as the Fundamental Review of the Trading Book (FRTB), means that investment banks will have no choice but to consume a lot more data to be able to run models and back testing.

All this begs the question; how exactly can firms gain more control of their market data spending? A good place to start is trying to reduce waste. This involves firms making sure they do not request new sources of data from their vendors that they are not going to use. If data vendors charge for every single piece of data that the client requests, then the client needs to make sure they are going to act on this information. Then there is the recycling of the data. Say an investment fund needed a new piece of data instantly, and also needed that same piece of data at the end of the day. If the fund manager already has the data, they surely, they do not need to request it again? It is all about being smarter about reusing whatever data the fund manager has received previously. After all, different trading desks are all consuming data and requesting information through the data management team, but it is hard for the trader acting on the data to work out how much the data actually costs. This is why being able to allocate these costs to the different trading desks is key.

When all is said and done, the only way financial institutions can harbour any hopes of overcoming this longstanding data cost problem is by deriving more insights to ensure they a squeezing every last drop of value from their market data. Technological advancements mean that firms can now keep right on top of not just their data direct costs, like complex billing, but also the indirect costs around regulation. With so many other cost pressures across the business right now, it is time financial institutions take advantage of new technologies to finally address the issue of rising market data costs that has, frankly, plagued the industry for too long now.

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Cash was our past, contactless is our present, contextual payments are the future

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Cash was our past, contactless is our present, contextual payments are the future 2

By Jason Jeffreys, founder of FETCH

$6tn in the next five years, this is how much the world will spend through contactless payments, according to analyst firm Juniper Research. For many of us who have discovered and since relied heavily on contactless payments since its introduction in 2007, either through card, phone, or watch, or those of us who have taken a stroll down a covid-era high-street to see shop windows adorned with “card payment only” signs, this is hardly a surprise. Even the Church of England in 2018 equipped 16,000 religious sites with terminals to allow for contactless donations. So what is behind this rise? And what is next?

The switch from cash to contactless is a transformation of payments that is driven by four key factors: speed, security, accessibility, and hygiene. While businesses and customers alike have felt the immense benefits of the cash to contactless transition, the next iteration goes further by digitally transforming the entire transaction process. It’s that potential which pushed me to launch FETCH – technology that allows customers to order and pay from their phone, anywhere. By exploring the benefits already felt by our contactless present, I hope to show you why I’m excited to be part of the contextual payments future.

Speed

Aldi is all about low prices and this is achieved with efficiency – that is why their checkout staff are trained to scan as fast as possible, it’s why their barcodes are huge, and it’s why you can’t keep up. It’s all in the name of efficiency and cost saving, and contactless payments make this possible.

While increasing the rate of transactions has a direct impact on money through the till, there is an increase in the perceived speed which does wonders to get customers back through the door. Shoppers may have spent an hour or more in-store but their direct interactions with the shop and staff were quick and timely and that’s the experience they remember and the impression they build of the brand.

Aldi are not alone in realising this and while it is easy to point to the impact that contactless has had on the retail sector, its revolution has slowly crept into hospitality –  an industry notoriously late at adopting new technologies.

High-street coffee shops rely on getting as many people as possible through the doors and back out again. They want as little disruption to your day as possible but more importantly, they want to process as many payments per hour as possible. Cash transactions are slow in comparison to a single tap, so for the coffee shops, this means fewer transactions per hour and money lost. For businesses in this sector who rely on periodic rushes, measuring performance per hour is a necessity and maximising revenue over these short windows is so important.

For reasons obvious to anyone who has been to a crowded hospitality venue, stood at a crowded bar or waited for waiting staff during a busy dinner rush, the businesses in this space already running on contextual ordering systems like FETCH have all reported a vastly improved staff and customer experience in hospitality venues. While it may be difficult to spot how these benefits can be felt in retail, this reality is not bound to fiction or the distant future – it’s being pioneered already in retail by Amazon.

In a well documented glimpse into the future of shopping, Amazon’s latest Seattle store removes the transaction element completely. Instead, you put your items in your trolley as you go round the shop, and the sensors and cameras accurately and automatically recognise the items, keeping a track and total, before taking payment automatically and digitally through your Amazon account once you walk the trolley back out of the store. Can you imagine standing in a supermarket queue to pay once you’ve experienced the ease, simplicity and effortlessness of that?

Accessibility

Smartphones have got smarter and they have revolutionised the way we get through the day. From how we discover, connect, and socialise, to how we organise, learn, navigate and search for answers – rarely an hour goes by where we aren’t using our phones for something.

As time moved on they only grew to become more capable, responsible for managing more aspects of our lives, and it was only a matter of time before they were capable of handling secure contactless payments. The leap for people to trust their smartphones with just one additional task was tiny.

When you couple this with debit and credit cards being enabled with contactless technology by default, the rise of wearables, and e-commerce growing massively, the results are clear – people are more trusting of online payments, are more familiar with buying in this way, and have more ways of making contactless purchases, than ever before.

In fact, a Mastercard survey in 2016 indicated that Brits carry less than £5 in cash on average, with 14% of people surveyed carrying no cash at all, and 1 in 10 replacing wallets and purses altogether, opting for a simple card in the pocket instead. Figures which have no doubt grown even starker since 2016.

When we take this into consideration with 99% of 16-24 year olds, 98% of 25-34 year olds, and 95% of 35-54 year olds all being smartphone owners, we begin to see the inevitability of contextual payments as the next iteration and how the response to contextual payments will be positive and welcome; something FETCH clients and the vast majority of their customers can all attest to.

Security

Cashless payments means no cash in the till or on-site; no chance of mistakenly accepting fraudulent notes or coins; no trips to the bank to deposit or withdraw cash for the till; the end of time spent counting money every day, and the end of discrepancies which occur from this.

It limits the levels of theft, switches businesses over to an accurate, secure and efficient system, and gives business owners their time back. It makes tax returns, financial planning and forecasting and more all possible, easier and quicker and in short, it makes businesses stronger.

Jason Jeffreys

Jason Jeffreys

Contextual payments go further by offering really insightful data of what happens before and after people decide to part with their money; for example, how long they spend browsing before ordering, what they look at, what they’ve missed, when they order next and more. This means you are informed and can redesign and improve the user journey so it works better for you and your customers, all based on accurate, relevant and timely data.

As contactless payments evolve to contextual ordering, it’s important to choose a system that easily integrates with the wider business and your systems so you can continue to access the benefits of contactless. That’s why from day 1 of building FETCH I put so much emphasis on ensuring it integrates with one of the biggest and most popular POS systems in hospitality.

Hygiene

Initial adoption has long been the biggest barrier to widespread, sustained use of new technologies and going cash-free is no exception.

Given that the coronavirus thrives and passes through human contact and shared surfaces, going cash-free and contactless was a small, easy and obvious change to implement for businesses to become covid-secure and safer for customers and staff.

FETCH and other contextual payment systems are being used to go beyond this, to keep staff and visitors safe by limiting human contact beyond just payments. In our case, we have allowed hospitality customers to continue to browse, place their orders and pay, just as before, but without the need for repeated human contact at every single stage.

Given the health imperative and coercion from governments, local authorities and health bodies to switch to contact-free operations, businesses who may have once been years away from this change are laying down the infrastructure today out of necessity and it will be no surprise if contactless becomes a staple long after the coronavirus has left.

Post-coronavirus, contextual ordering offers businesses the chance to let the technology take care of these minor tasks, giving staff the space to instead dedicate their time, talent and energy towards elevating the overall experience. It’s the health imperative that acts as the gateway to this.

What does this transition mean for businesses? With visible consideration and effort put into hygiene, you are making your customers feel safe and cared for; by making transactions quick and painfree, you are giving your customers time to spend on the experience they came out for in the first place. In the process, you have created the ideal conditions for consumers to spend money and given them the confidence to do so.

I’ll end with the picture UK Finance data has painted through multiple annual payments reports: in 2006, 62% of all payments in the UK were made using cash; three years later it dropped to 58%; in 2016 the proportion had fallen to 40%; and just two years after that, cash formed just 28% of all UK payments. With a pre-covid prediction envisaging that by 2028 fewer than 1 in 10 payments will be made by cash, the widespread, covid-induced encouragement, adoption and enforcement of cashless policies in retail and hospitality has surely brought that many years forward.

Contextual ordering is the next inevitable iteration and if you were one of the few who reaped the benefits of going contactless early, you have the chance to be ahead of the curve once more. A welcome future for a multitude of industries is being set around us today.

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The Rise of Contactless Payments

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The Rise of Contactless Payments 3

By Bilal Soylu, CEO of XcooBee

Today, banks involved in the issuances of credit cards, and companies at the nexus of merchant services, are experiencing a rare event in the industry.

For years, digital payment innovators fought a hard battle to adopt contactless systems and create standards. The effort and push came from companies with much of the effort directed at consumers to adopt their methodology. Whether it is Samsung Pay, Google Pay or Apple Pay they all had to overcome similar hurdles – consumers were reluctant to adopt a technology that did not have a sufficient number of merchants; thus, the progress was slow.

The COVID-19 pandemic rewrote the script in a whirlwind. All of a sudden, consumers began to demand contactless payment experiences in every way imaginable. The supply side push has turned into a demand side pull and the adoption rate is spiking.

This left banks, originators and companies involved in the eco-system with an interesting dilemma – fast decisions have to be made as to which digital technology to invest in and do they bind themselves, for multiple years going forward, to a specific infrastructure.

While previously the belief was that this could be explored over a longer period of time, the current reality is that these decisions are forced on institutions “overnight”. In this light, there are many different aspects to contactless payments and originators, and banks need to make smart bets on which type should be supported.

So, let’s look at all the relevant elements of contactless payments to explore a better model for institutional support.

General Drivers of Contactless Acceptance Growths

Safety

Physical safety from virus infection by avoiding touching 3rd party equipment or allowing safe distancing from other people and/or equipment is the main driver today. It has been emphasized by many epidemiologists as a basic requirement for conducting business. Consequently, it will be no surprise that safety is the factor that underlies the rapid adoption of a number of contactless payment technologies by once reluctant consumers.

We expect this to be a primary driver well into 2021. Thus, any technology to be rolled out in the short term should enhance safety in some form or contribute in a way to the improvement of safety.

Security

An early benefit highlighted and emphasized by contactless technology providers was the data-security aspect that surrounds the transaction. Rather than exchanging the actual credit card number, for example, a tokenization is performed to create transaction specific tokens that are then used to complete the transaction. Even when intercepted, these tokens cannot be used outside this transaction and, thus, the approach is considered to be more secure.

Although the data-security value was incessantly marketed to consumers, most had, and still have, a limited understanding of the implementation of the technology. Thus, the appeal to the consumer with this benefit was not successful. However, the increased security elements were a clearer benefit for merchants and issuers. Hence, a steady growth of terminals and accepting merchants was the result.

In general, the tokenization approach to security has been chosen for many types of contactless payment systems, this includes NFC based card chips, digital payments like Apple Pay, Google Pay or Samsung Pay. However, for QR payments the use of tokenization should be verified as there are no current standards that govern its use consistently.

Convenience

Convenience was the aspect of many contactless payments system that appealed the most to consumers prior to Covid-19. The ability to either very quickly conduct a transaction or very flexibly conduct a transaction drove consumer adoption. For example, being able to load many payment methods onto a mobile device that users carry with them anywhere increased the appeal of use to consumers.

Thus, when evaluating a particular contactless payment technology with a longer-term outlook the convenience aspect should be emphasized. Given the historical basis, consumers are very likely to be attracted by this aspect as the main driver of adoption again. A financial institutions’ post-Covid planning and investment models for contactless technology should consider this to be a major aspect.

Contactless Payment Categories

When we speak of contactless payment systems, we normally refer to any payment technology that can trigger a payment transaction in the physical space with direct consumer presence, but without direct contact with merchant equipment. Thus, we would exclude online and ecommerce transactions for this purpose.

We will focus on the two mainstream contactless technologies, NFC and QR payments, and review them here. Other contactless payment technologies exist but have not reached widespread adoption so we will only provide brief overview of those.

NFC Payments

Technology

Near Field Communication (NFC) payments are the earliest form of contactless payments that found acceptance in the markets. Generally, two devices are needed and must be near each other to communicate via radio signals. Both the reader (interrogator) and sender (tag) must be within 4cm (1.5in) for the transaction to be initiated. ExxonMobile’s Speedpass is widely believed to be the first implementation of this touch and go type of pay experience that has come to exemplify NFC based contactless payments.

There are two common sub-categories from that technology today; The single card-based sender (tag) and the mobile-phone-based sender (tag). The mobile phone-based application tends to be more flexible allowing consumers to combine multiple cards into one mobile-wallet that is secured with some form with biometric access.

Market

However, NFC signals are not uniform and different standards are used in the Far East (i.e. Japan) rather than in Europe.

NFC payments found early success in developed western markets where the population already had easy access to banking and bank issued card-based tags. However, in countries where the banking system developed later and card-based payments were not common, NFC payments did not flourish.

Thus, today, the market for NFC is mainly concentrated in Europe, Japan, and US.

Activation

The roll out of NFC requires hardware on the merchant and consumer side. The merchant hardware is normally The Rise of Contactless Payments 4leased, and leasing programs have been steady revenue generators for those companies. Whereas, today, the global contactless Point of Sale (POS) terminals market is poised to grow by $5.54 bn during 2020-2024, progressing at a CAGR of 16% during the forecast period, according to research done by Technavio.

However, with the pandemic, the speed of system activation has been a key criterium for selection of the technology. In this context, delivery of hardware, setting up of POS systems and testing connectivity slows down rollouts and potential revenue.

Similarly, requiring consumers to be equipped with supporting hardware may also introduce a friction element, especially in markets where NFC has gained less momentum.

QR Payments

Technology

QR codes are like 3D barcodes. The user scans the QR code via a smartphone and the smartphone, then interprets the barcode and a related website or application may complete the payment process. Like NFC, this can be done very quickly without any contact between smartphone (reader) and the item or display using the QR code.

Normally, QR codes are immutable, meaning that once generated they do not change. However, there are now dynamic smart QR codes, like the ones Xcoobee offers, that can overcome this limitation.

Market

QR codes found strong distribution in markets where banking reach was limited in some form through government or market forces. The QR payment process, in many markets, also exemplifies a jump to direct digital payment, bypassing much of the banking system for purchase transactions. Especially when QR payment systems are connected to mobile wallets the provider of the wallet handles all transaction steps in-system, reducing friction and creating an ease to use and adoption. They have found popularity mainly in China, where AliPay and WeChat pay are gaining dominant market shares.

However, with the advent of COVID and the speed advantages in implementation and cost, other non-traditional markets such as EU and US are seeing dramatic increases in use of QR payments as well.

Activation

Activation of QR code payments commonly requires merchants to simply print codes, which can be accomplished with less hardware. The integration into bank systems is handled via merchant or bank app and the consumer simply requires a smartphone.

While bank offerings in this segment tend to be limited, given the simplified requirements, QR implementation can be quick for merchants to roll out.

Other Contactless Options

There are other contactless payment technologies that are currently competing for market attention and can be grouped into a biometric group and a technology group. The biometric group includes such options as voice, facial or palm recognition-based payments while the technology group includes options like Bluetooth and Farfield-type technologies.

None of these have gained sufficient market share or have execution or security advantages that would push them ahead without concerted efforts from large market-players. Similarly, there is no consumer advantage that would drive a consumer demand-based distribution for these technologies.

NFC vs QR

Which one should you choose to support? Each one of these contactless payment methodologies has advantages and disadvantages. NFC can be nominally faster to use for consumers and more lucrative for banks, but QR codes currently reach a wider market since more phones can read them than those that can read NFC tags.

Operational simplicity and speed also favor QR code activation, but if there is already and existing NFC infrastructure this may become a secondary consideration.

Simply speaking, we are living through unprecedented times, consumers are demanding contactless payment and creating a demand side wave in exchange for safety. How each institution answers this call best will depend on circumstances and context.

Overall, it may be advisable to hedge bets and support both methodologies and offer services based on both. Evaluate customer input, and then, adopt and activate the best option for your financial institution.

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Retailers must invest heavily in their online presence and fight hard to remain competitive as a second lockdown stirs greater...

What’s the current deal with commodities trading? 23 What’s the current deal with commodities trading? 24
Trading1 day ago

What’s the current deal with commodities trading?

By Sylvain Thieullent, CEO of Horizon Software The London Metal Exchange (LME) trading ring has been the noisy home of...

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