Earlier this year we were delighted to be part of the Consult Hyperion webinar on Request to Pay. A common thread in post-event conversations that followed was an interest in the parallel developments of the UK and European flavours of Request to Pay and how they might work together. With the launch of the European version on June 15th, we thought it an ideal time to signpost the bigger differences.
In Europe the banks are being forced to open up APIs for third-party access to bank accounts. Obviously, this will cost money and entails risks. But from the work that Consult Hyperion has already done for banks in this area, I think I can see at least one way to build a positive business model around them.
In the battle for your digital identity, the banks do have some advantages. But they need a strategy, because the technology, business and social roadmaps are not as stable as they seemed.
The real battle between MCX and Apple, between banks and Google, between retailers and telcos is not about your handset, your SIM (soft or otherwise) or your payments. It’s about your identity.