Written by Technorati Tags: contactless, credit cards, debit cards
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[Live from London] Richard Mould from Barclays Bank gave a very positive presentation about the opportunities for banks in the UK, using contactless payments cards to generate more transactions. He noted that Barclays target market would be low-value payments, but flagged up the “unfair” subsidy of cash as a potential challenge.
sounds to me that if retail banks are serious about driving adoption of contactless then they’ll need to get a bit brave and start, erm, doing it (e.g. issuing plastic to consumers)….
building on the above, what has driven the rapid deployment of Felica in Japan has been just this – some big corporates being brave. Though of course it wasn’t a bank(s) that took the lead – it was DoCoMo
Did he make mention of the many and various “unfair subsidies” of the central bank / EU directives that attempt to reserve the business of payments to the banking sector?
He didn’t, but there was an interesting audience discussion about the cost of cash, and whether cash is unfairly subsidised, at the end of Richard Mould’s presentation.