Chinese New Year goes digital with e-wallets!
Payment insights with James Morton, UK & NL Country head of MANGOPAY.
MANGOPAY’s UK & Netherlands country head James Morton offers his expert opinion on the challenges in the digital payment environment.
Read the full article here.
« The regulatory environment improved, » says James Morton, head of UK and Netherlands for Mangopay, a P2P payments platform powering several other apps, such as Pumpkin.
« To hold client money you have to be regulated, which was a big hurdle to overcome. And the payments infrastructure was quite archaic, working only from bank to bank with a complex structure of issuers, acquirers and processors – it was a very manual process. »
Allowing firms to become « e-money issuers » opened the door to tech companies to automate a lot of these background processes, including the authentication, data protection and money laundering requirements imposed by regulators.
An international bank-to-bank money transfer can still take days to clear – despite efforts to introduce faster payments – whereas P2P payments can be completed in seconds.
And now that younger generations trust the security of their apps and phones – verifying transactions by fingerprint or even facial recognition – P2P service providers are interposing themselves between banks and acting as money repositories themselves.
(« Why this Chinese New Year will be a digital money fest » 2017)