My grandfather was born in 1890. I recently realized that over his lifetime he had seen electricity arrive in households, automobiles transforming the cities and countryside alike and telecommunications changing our world.
As of writing, WannaCry, one of the largest ever ransomware attacks is said to have infected over 200,000 computers running under Windows XP in 150 countries. WannaCry encrypts the PC data, locks the user out, and asks for a ransom to recover the data. The typical ransom request is said to be US$ 300 (EUR 272) to be paid in Bitcoin.
The secure transactions industry is used to arguments either defending hardware based security or claiming that software can now do as well as hardware to reach the needed security level to complete transactions.
At the end of the 1980s, some engineers participated in the standardization process of the cell phone network, and advocated for a removable item to support subscriber information. We all know, this participation led to the SIM card business, and more globally to the secure transactions industry as it is now.
Not so long ago, London was seen as the most innovative transport network in the world as Transport for London had deployed the open loop concept on its entire network. The “open loop” or “account-based ticketing” concept consists in accepting bank-issued payment cards directly as a transport ticket on a mass transit network.
Value creation in the payment industry used to come from the ability for all players to collect transaction fees. The fee paid on a given payment transaction by the merchant is split between the different stakeholders: acquirer, processor or processors, issuer, insurances and payment scheme.
For industry observers, the world of payment used to be quite simple. MasterCard and Visa were exploring innovation, supporting pilots, then pushing new concepts through their product offer and standardization, and financial institutions were adopting these evolutions.
After the internet revolution, everyone is now convinced the next revolution in our lives will be the extensive arrival of robots. Some analysts anticipate that, by 2037, just twenty years from now, 47% of the current jobs will have been taken by robots.
Users of Gmail on the web and on Android in the US can now send money to a friend just by sending an email with “money attached” (cf. Smart Insights Weekly #17-12). With this move Google is trying to gain a share in the already crowded peer-to-peer mobile payment market.
Market Intelligence has only been popularized for around a decade, but it includes good practices that have always been part of the corporate culture of large organizations. Market Intelligence consists in paying attention to any opportunity to gather information about the company’s environment, to protect one’s information and, at the same time, to resist intrusion or destabilization attempts by opponents.