Skip to main content

Contactless cross-border

xxx

Given that a press officer from my own bank told me “You know, I’d never thought about using contactless abroad”, we clearly still have some way to go on this one. It’s a relatively new phenomenon and one that won’t have crossed many people’s minds until they’re confronted with a locked toilet door and a £1.50-per-transaction charge on the next bank statement.

From The rise of contactless payments: Or, how Brexit could make it more expensive to go to the loo on holiday | CityMetric

Actually, having been abroad once or twice recently, I’ve been using my reasonably splendid Curve card contactlessly all over the place precisely because it doesn’t add a foreign currency transaction fee. Oh, and remember boys and girls, never ever accept direct currency conversion (DCC) at point of sale. If the terminal says “do you want to be charged in your home currency £” or similar, always say NO. It is much better to be ripped of by your own bank that has at least a pretence of interest in keeping your business rather than a foreign bank that couldn’t care less.

The article does raise an interesting point though. Surely the solution is for your phone to generate a domestic debate token wherever you go and use that in the shops. So if I get off the plane in Australia, for example, my Apple Pay might cleverly contact eftpos and get a temporary eftpos card, in essence, funded from one of my existing payment accounts.

Comments

Post a Comment

Popular posts from this blog

new survey results from USA Technologies (USAT) suggest. The payments technology company, which enables electronic payments for self-service machines, compared consumer spending activity at 35 of its vending machines in urban areas with a high concentration of iPhone users between week one and week four of the installation of new digital signage promoting Apple Pay. Consumers made more contactless purchases: The vending machine providers saw an average contactless transaction revenue increase of 89%, implying that consumers are making more mobile payments. This was likely driven by the clear advertisement of Apple Pay. Total transactions increased: Consumers made more purchases overall. This was probably driven by an uptick in mobile payments, given the major increase in contactless transaction revenue. And the vending machines may have attracted many first-time users who were drawn in by the digital advertising of Apple Pay. Boosting awareness is key to unlocking pent-up demand amon...
Post a Comment
Read more

David | LinkedIn

Alex Todd rather kindly called this a “most lucid explanation of digital identity management” I would highly recommend this presentation to anyone interested in understanding prospective blockchain based identity architectures From David | LinkedIn This is very kind, but as I said in the link, this is thinking out loud and far from a fully-developed solution. We’re working on parts of this for different clients and I can see that there is something there - a genuinely new way of solving some old problems - but it’s early days.
Post a Comment
Read more

Crystal clear: Creating hyper-transparent property markets - JLL Real Views

xxx The issue of transparency is going to play a major role in the allocation of an avalanche of global commercial investment into real estate over the next decade. With total sums at stake predicted to rise from US$700 billion to over $1 trillion a year by the mid 2020s, according to JLL, countries and cities which meet investor demands on transparency will be best placed to attract these capital flows. From Crystal clear: Creating hyper-transparent property markets - JLL Real Views xxx
Post a Comment
Read more