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Digital Payments 2017: Technological Innovation, Adoption, and Regulatory Challenges

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On December 13th of last year, a meeting of some of the top financial minds in the UK took place in the ornate, 19th Century Glaziers Hall in SE1.

They had come together, in front of an audience, to discuss the future of the payments industry. Where we are now, what the future holds, and what challenges lie ahead. The session was a fascinating insight into the latest developments and how this complex, fragmented and evolving industry remains restless in its search for the fastest, most user-friendly, and most convenient methods of transferring funds. And how this restlessness is tempered, and how the industry seeks to overcome the various obstacles in its path.

Starting with innovation, an element causing great furore is that centred around the growing use of mobile apps as a method of payment. Apps have been around for a while now, but as a means of doing business it has only been in the last few years we have seen their disruptive potential. Dennis Jones, CEO of Judopay cited the example of the American taxi industry, how its outdated business model routinely failed to maintain the synergy between supply and demand, and how cash payments for rides was a persistent friction point. In one broad brush-stroke, the arrival of Uber all but resolved these issues, and a whole new business model was born.

As the prevalence of app payments has risen so has the attention from would-be fraudsters. Jones went on to describe how ‘consumer pattern recognition’, which effectively triangulates the position of a consumer by pinning them, their…

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