Retail Payment Solutions Includes Overview of Innovations Activities

The trends in retail payment solutions in 2014 and 2015 shows a consistent longer-term shift towards contactless non-cash payment methods. Would expect the same trends in 2022.

The continued decline Cash Payment Service in ATM withdrawals is likely to reflect a number of factors, including consumers adoption of new technologies such as contactless card payments that, like cash, provide for relatively quick transaction times.

The use of a PIN (Personal Identification Number) was required only for transactions over the eftpos network and for ATM cash withdrawals.

Growth in online commerce is most likely a factor, with everyday transactions increasingly occurring online rather than in person.

The relative use of cash for consumer payments had declined. Nevertheless, cash remains an extensively used payment method, especially for low-value transactions.

In contrast to cash, the use of Cashless Payment Service continues to increase - with the exception of cheque payments. In particular, debit card use continues to grow rapidly. Debit and credit cards are the most frequently used non-cash payment methods.

Growth in debit card use continues to outpace growth in credit card transactions. The average value of card payments continues to fall, reflecting a greater use of cards for low-value contactless card transactions.

For debit cards, the MasterCard and Visa debit systems continue to increase their market shares relative to eftpos.

Within credit and charge cards, the combined market share of the three-party card schemes (American Express and Diners Club) was largely unchanged. Below is the lists of retail payment solutions which includes an overview of innovative activities.

This list attempts to cover influential developments in retail payment solutions and schemes in the developed contactless card payments countries during the last 10 years.

Since various socio-economic factors have a substantial influence on regional developments in payments.

The list includes innovations that may be considered innovative in the country but not in other countries.

Moreover, it does not aim to cover all retail payment innovations in the world, but rather tries to collect information that would provide a good overview of innovative activities.

In the below table, "International" means innovations that are reported to have international reach, ie innovations that also provide a service outside the reported country,

Rather than solely within that country; "Pilot" means innovations that are reported to be in the pilot phase; and "pilot {planned}" means innovations for which a pilot is planned.

Australia Retail Payment Solutions BPAY Bill payments initiated via telephone or the internet banking platforms of financial institutions, using a biller code to identify the payee and a customer reference number to identify the customer. Reference information allows payments to be more easily directed by customers, and more easily reconciled to customer accounts by billers.
Australia Retail Payment Solutions Low Value Clearing Service {LVCS} A switching facility provided by the Reserve Bank of Australia to facilitate the exchange of clearing files for the retail payment streams between participant institutions, including those operating on different networks. New network architecture such as this, with a single point of entry, provides the potential to improve operational efficiency, resilience, and access for new entrants, placing the low-value payments industry in a better position for innovation and development.
Australia Retail Payment Solutions PayClick Online payment system focused on, but not restricted to, micropayments for digital downloads. Payments can be made from the stored value on a payer's payclick account, or from a linked credit or debit card. Closed-loop system with payments across the system operator's accounts. Funds transferred into payclick by payers are not redeemable for cash. Merchants can withdraw funds received via credit transfer.
Australia Retail Payment Solutions POLi A retail payment system for debit payments over the internet. POLi redirects the purchaser either from the merchant's website or a biller's bill to the purchaser's internet banking. After the purchaser has logged in, POLi populates a "pay-anyone" transaction with all payment details, allowing the purchaser to complete the payment. POLi enables ease of reconciliation for merchants.
Belgium Retail Payment Solutions PingPing Mobile micropayment platform that allows users to purchase products and services using their mobile phones (SMS or NFC tag) for proximity payments or on the internet for remote payments up to €25
Belgium Retail Payment Solutions m-Banxafe/Pay2Me m-Banxafe/Pay2Me enables payments between bank accounts via mobile phones, using the same payment processes as debit cards. It can also be used for P2P payments.
Belgium Retail Payment Solutions Zoomit Electronic billing facility linked to online banking applications. Payers can receive, check and file their bills in their online banking environment.
Brazil Retail Payment Solutions Correspondentes bancarios Use of non-banks (typically post offices, lottery houses, supermarkets, drugstores and other small retailers) as banks' agents to provide banking services (including payment services) to unbanked or underbanked persons.
Brazil Retail Payment Solutions Direct Debit Authorization EBPP based on standardised bar-coded documents that can be paid electronically at any bank.
Brazil Retail Payment Solutions Oi Paggo Mobile payment solution of the Mobile Network Operator (MNO). The MNO grants a credit line to the "cardholder" and acquires merchants to accept the payments. The merchant is paid 30 days after the transaction, while the "cardholder" pays the scheme 25 days later. If the "cardholder" does not pay, the MNO can take out a loan on behalf of the "cardholder".
Brazil Retail Payment Solutions Payment of Government Benefits by means of Direct Credits Government benefits are paid electronically using a wire transfer from the National Treasury to bank accounts held by the beneficiaries in the CAIXA, a federal governmentowned bank. Funds can be accessed via internet, branches, ATM, bank agents etc or through an electronic benefit card.
Brazil Retail Payment Solutions Remittance payments via International Payments Framework {IPF} [pilot] Initiative aiming at setting multilateral standards for remittances. Standardisation enables banks to reach more banks worldwide without bilateral agreements and makes clearing and settlement of remittances faster.
Canada Retail Payment Solutions ePost Free online bill presentment service offered by Canada Post to view, pay and manage selected bills online. Customers can sign up for e-mail notifications when a bill has been delivered. Access via epost website (payment via credit card, electronic funds transfer or online banking link) or the user's online banking website.
Canada Retail Payment Solutions Interac e-Transfer Transfer of funds through online banking to anyone with an e-mail address or a mobile phone number, and a bank account in Canada. It uses e-mail and text messages for fast notification to the recipient that a transfer has been initiated and payment-related information. Funds can be received at both online banking and non-online banking accounts. The limit on the amount that can be transferred is determined by banks.
Canada Retail Payment Solutions Interac Online When making online payments, users are redirected to the website of their financial institution, where they log in with their user ID and password for online banking. After confirming the payment, users are automatically redirected to the merchant's website confirmation page where the transaction is completed./TD>
Canada Retail Payment Solutions Reloadable Prepaid Cards by Visa and MasterCard Cardholders can make card payments and withdraw cash wherever Visa and MasterCard are accepted, including online and overseas. Cardholders can load additional funds to their cards online, in-branch and through their telephone bill payment system in selected financial institutions or using cash or direct debit from a bank account.
Canada Retail Payment Solutions Visa PayWave/ MasterCard PayPass Contactless credit card payments using RFID (radio frequency identification) technology. Payments below CAD $50 require no PIN authorisation or siganature.
Canada Retail Payment Solutions Zoompass Mobile payment service operated by a joint venture of the three major mobile carriers in Canada. Access is by mobile phone or PC. Users can send, receive and request money through their Zoompass accounts, which can be funded via a linked personal bank account or credit card account. Users can also make cross-border money transfers to a person at a Western Union Agent location. Users can use a separate prepaid MasterCard card that is linked to their Zoompass account for retail purchases or cash withdrawals.
China Retail Payment Solutions Cheque Image System {CIS} Truncation of physical cheques and conversion into electronic images for more efficient processing.
China Retail Payment Solutions Electronic Commercial Draft System {ECDS} Services for the processing of electronic commercial drafts including acceptance, registering, storage, forwarding and enquiry. Operated by the People's Bank of China, and offered to banks and financial companies.
China Retail Payment Solutions Internet Banking Payment System {IBPS} Provides real-time netting and settlement of interbank internet banking payments and real-time notification of processing result to end users. It also provides infrastructural support for online contract signing, interbank internet banking payments, interbank account enquiry and e-commerce payments.
China Retail Payment Solutions Mobile Payments [pilot] There are various mobile payment services with diverse operation models and different technical solutions. Offered by banks and non-banks.
China Retail Payment Solutions Multi-purpose Prepaid Cards Multi-purpose prepaid cards, issued by non-banks, that can be used at POS terminals without PIN. Replacing cash in micropayments, improving convenience and including unbanked persons.
Finlan Retail Payment Solutions Checkout Different online payment instruments provided by different PSPs are bundled; thus an online merchant does not need to contract with each individual PSP. The service provider helps the consumer if there are any issues with the merchant.
Finlan Retail Payment Solutions Turvalask Escrow service that insures the DVP (delivery of goods versus payment) between the buyer and the seller. The goods are sent to the buyer only after the buyer pays the necessary amount to the escrow account, and the seller receives the money from the escrow account only after the buyer accepts the goods.
France Retail Payment Solutions E-Card Bleue Generation of one-time card numbers {and CVx2} by an application installed on the user's PC to be used for purchases on the internet. It can be used at any merchant's website accepting card payments, but the cardholder's card number is referred to only within the back-end infrastructure of the card-issuing bank.
France Retail Payment Solutions Moneo Contactless electronic money card for low-value payments. Payments do not require a PIN.
France Retail Payment Solutions Nice, Territoire d'innovations [pilot] Contactless payments initiated by cards or mobile phones, using NFC technology. PIN needed for transactions above a certain amount. Additional services (transport etc.) provided by NFC-embedded smatphones or mobile phones.
France Retail Payment Solutions [International] MasterCard PayPass NFC card allowing for contactless payments. PIN only needed for transactions above €30.
Germany Retail Payment Solutions Girogo [pilot] Europe's largest project for contactless card payments, initiated by German banks and savings banks in 2012. In a first step, the contactless payment function will be available for the German chip-based electronic wallet GeldKarte; in the medium term, contactless payments will also be available for the German electronic cash application on debit cards.
Germany Retail Payment Solutions Giropay Online payment system which establishes a connection to the customer's online banking application. Generation of a completely filled-out credit transfer. There is immediate payment guarantee by the customer's bank for merchants. Interoperability with online payment systems in other countries (Europe and worldwide) is under development.
Germany Retail Payment Solutions m-Pass Online payments authorised by entering the mobile phone number and a PIN, and verified via SMS. There are plans to extend its service to POS using NFC technology.
Germany Retail Payment Solutions SoForTuberWeisung.De Overlay payment service for online purchases based on the customer's online banking application. In order to initiate the credit transfer, a credit transfer form is filled in automatically and the authentication data for the customer's online banking application are collected by the service provider. Merchants receive immediate confirmation that the credit transfer has been initiated.
Germany Retail Payment Solutions T-Pay Online-transfer As above of SoForTuberWeisung.De
Germany Retail Payment Solutions [international] Vingado Biometric authentication system that allows registered customers to pay by fingerprint in all stores linked up to the system.

Retail Payment Systems

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