Chinese New Year goes digital with e-wallets!

9 février 2017

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)

 

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