Overview • By Rob Gill
cent for debit cards and 0.3 per cent for credit cards) that was introduced in 2015 and only applies to individually billed cards – is also currently under scrutiny. This was intended to reduce the overall cost of card transactions and increase the transparency of charges. Travel association ABTA is pushing the UK government for a review of the impact of the Interchange Fee Regulation (IFR) because it says, “other fees have been increased or introduced that have minimised or wiped out retailer savings in relation to overall card charges”. If this was not enough, there is also the
introduction of new data rules under the EU’s General Data Protection Regulation (GDPR), which comes into effect from 25 May. This compels card companies to update their policies and processes, such as card agreements, privacy notices and data protection, to ensure they do not breach the new regulations.
INNOVATION IN PAYMENTS Some of the guiding principles behind the new regulations are to help facilitate the advance of new technology, particularly around mobile payments, and open up
In association with
the payments sector to new competi- tion, such as emerging fintech (financial technology) entrepreneurs. But how is this affecting the corporate payments market so far? Maria Parpou, product director for com- merical card at Barclaycard, says: “One of the biggest issues for the corporate card
SHOPPERS’ TRUST IN CONTACTLESS IS GREATER THAN EVER… THEY ARE READY TO TAKE THIS ONE STAGE FURTHER
market is the growing demand from busi- ness travellers for consumer-like payment technologies and experiences. “In a recent piece of Barclaycard
research, three in ten travel managers said requests to pay via mobile wallets have increased over the last year, and a quarter had noted a rise in the number of travellers who want to book their trips on a supplier mobile app.”
This desire by travellers to use mobile
devices for payment is also reflected in a Mastercard survey that found that almost one-quarter of Europeans were ready to pay through wearables, such as smartwatches and bracelets. One of the biggest reasons for this trend has been an increase in trust around the security of these devices – for UK consumers, there has been a 31 per cent drop over the past year in concerns about fraud when using wearable technology to make payments. “Europe leads the world in contactless
payments and its overwhelming success has created a demand for even greater convenience,” says Paolo Battiston, Mastercard’s executive vice-president, digital payments and labs, Europe. “Shoppers’ trust in contactless is greater than ever, and it seems they are ready to take this one stage further by trying contactless through connected devices.” With all this focus on new payment methods, virtual cards and numbers may seem like old hat. But they continue to be a major area of development within the corporate payment industry. Airplus International has launched a campaign with Mastercard to promote
BBT CORPORATE CARDS SUPPLEMENT 2018 7
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