Adoption of digital financial technology continues to accelerate in Europe with markets like the UK and Sweden leading the push from cash and cheque to contactless, mobile and online payments. That evolution is happening at a different rate from country to country, however, with Germany’s continued preference for cash at the checkout a reminder that payments habits are still very culturally defined even on the same continent.
During an interview in the Finetics™ Studio by The Bancorp at Money 20/20 in Las Vegas, we caught up with The Bancorp’s MD of payment solutions in Europe, Kriya Patel, to talk about the differences between payments in the US and Europe, plus what’s ahead for the region this year.
“Each country has its own quirks and rules,” says Patel. “There is a degree of consistency with EU driven policies but each country is unique. One of the key things to understand beyond size difference and maturity of the market is sheer fact that tech adoption in Europe has already been there for some time and continues to move at a rate of knots – just look at how long we’ve had chip and pin or the high level of preparation for contactless among merchant terminals.
“There is a great strategic push at government level across multiple markets in Europe wanting to make elimination of cash and cheque in market a strategic objective.”
Access more insights on fintech trends in Europe from Pat Patel, content director at Money20/20 Europe and many more on The Bancorp’s Finetics blog.
As the countdown to Christmas begins, Jim Wadsworth, managing director at Accura, pinpoints five ways businesses can prevent fraud and avoid targeted risks.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.
Insurers went online a long time ago, but one of the major challenges has been creating an online experience that can handle the relatively complex insurance “form-filling” process. Jonathan Attwood, CEO of Fospha, explains how his company's toolset can help insurers more accurately track their customers' behaviour.
In this guest post, Lee Britton, commercial director of Prepaid Financial Services, contrasts the fortunes of fintech startups that choose to scale with the backing of major banks with those that opt to go it alone.