On the week that saw the 50th anniversary of the first ever ATM machine, Money 20/20 Europe was an opportunity to appreciate how far payments have evolved. The beautiful city of Copenhagen hosted one of Europe’s largest FinTech events for the second time. The event brought together some of the biggest names in the industry for three days of panel discussions, insights, networking - and the chance to showcase the latest innovations, such as those on our stand.
Our latest technology, called My Business Mobile, does not require a physical hardware terminal to process payments. In effect this is a virtual PoS method – groundbreaking because it does everything a traditional terminal does but using software (save the NFC reader). It gained a lot of attention at the show from global firms potentially looking to support this new and exciting payment method.
Similarly our ‘Push Pay’ innovation – for which we’ve filed patents, showed how the same concept can be used in reverse – the terminal is actually a card, and can only receive refunds, while the smartphone acts as a terminal sending refunds. We demonstrated this using a slot machine games arcade converted to accept this new contactless method.
Open platforms and APMs
Chief Product Officer of our Worldpay UK business unit Shaun Puckrin joined panellists from Verifone, Ingenico, Nets, AEVI and Levvel for the ‘Processing, open platforms and PoS’ discussion, exploring what the connected store of the future could look like.
“More payment types and APMs mean more opportunity for PoS providers” said Shaun, “and providing an omni-channel experience allows better data tracking and ultimately better user experience.”
All panellists agreed that whatever PoS will look like in the future, the role of card payments will still be significant, as it is well known and convenient. For example Bluetooth payments are possible in Copenhagen, however it is not yet mainstream. So, it’s certainly beneficial to use open platforms, so new APMs can be accepted with little expenditure. Open platforms could allow the PoS experience to match online retail with more accepted payment types.
VR and machine to machine payment demos
Nick Telford-Reed and Kevin Gordon from the innovation team took to the main arena stage to present their latest research, demonstrating our proof-of-concept virtual reality and machine-to-machine payments. We’re at the leading edge of VR payments bringing host card emulation and host terminal emulation into VR, allowing EM- like payments in a virtual environment and using cards and terminals that users currently feel comfortable with.
Kevin Gordon’s machine-to-machine demo projected a Lego city onto the arena floor, showing how several connected cars can bid with one another autonomously to negotiate a price, the winning vehicle then paying for its parking – all totally frictionless!
The arena session ended with a good number of questions from the audience, asking about security within both IoT and VR. Kevin and Nick enthused that it’s an exciting time, to be able to work with developers to create autonomous machines that can assist us in daily life.
The final evening of the conference meant a chance to meet industry professionals from around Europe at an event hosted by Google in Tivoli Gardens, one of the world’s oldest theme parks!
Payments are clearly diversifying - there are more alternative ways to pay than ever. But in future these could be verified simply by walking into a store, or even by your unique biometric. Therefore security and authentication are necessary considerations when any new method is presented. Ultimately, to become mainstream, both merchants and consumers must benefit from easier, safer and cleverer ways to pay. 50 years from the world’s first ATM, the card still rules, but brands can differentiate using the latest omni-channel payment experience.
Missed us? We’ll be at Money 20/20 in Vegas in October.