EVENTS - FORUMS:Payment Roundtable 2019
6th Feb 2019 - Cavendish Conference Centre, 22 Duchess Mews, Marylebone, London W1G 9DT
Time: 10:00 PM – 12:00 PM
Cost to Retailers: £50
VIP retail lunch/ roundtable
Moderated by Paul Rodgers CEO of Vendorcom, The Retail Bulletin will be presenting some imperative information which retailers need to grasp to exploit the 'no brainer' opportunity of cost savings in cash management. With immediate and significant financial gains, all retailers will leave this event with 'how to' steps to increase profits and customer engagement through better cash processing.
The fake news on cash:
- Cash is dead; no-one will be paying for cash in five years, 10 at the most
- You only have to look at Sweden and London to see that the cashless society is almost here
- Only old people use cash
- Merchants hate cash
- Digital transactions are the only future
- Fintechs and neo-fintechs will kill cash
- There’s no tech innovation in cash processing
- No opportunities for collaboration
The reality has to be faced:
- Cash use is in decline; there’s no point in denying it
- Fixed costs of cash are unsurprisingly FIXED and are therefore becoming a significant cost of accepting the lower value of cash payments.
- Bank branches are closing
- Free to use ATMs are at risk
- Few merchants will ditch cash completely – it’s a discriminatory policy
- London has a real dilemma: tourists use cash!
- ‘Reliant on cash’ group increasing: 2.7 million people in UK in 2017
- There’s as much tech innovation in the cash world as in the digital transactions arena – the neo fintechs are just too self-obsessed to see it
- Fintechs / neo-fintechs need to look relevant
But rather than inaccurately interpret that reality as 'cash is dead', this creates a perfect storm which places the cash processing tech firms at the heart of the transition to an inclusive payment acceptance landscape. It is precisely because cash is generally in decline and fixed costs are significant that there is an opportunity!
The routemap to the future:
- Help merchants reduce the ‘fixed’ costs of cash
- Demonstrate the fallacies in the ‘cash is dead’ narrative
- Explore UK regulatory change to allow ‘Provisional Credit’ as in USA and The Netherlands
- Create collaborative case studies
- Gather meaningful, objective statistics
- Call on Government to develop a 10 year ‘Cashless Trial’ in selected cities, towns, and villages
- Explore the aging debate
- Encourage moderate, informed voices
LUNCH 12 - 1PM
Time: 1:00 PM – 3:00 PM
Cost to Retailers: £50
Key points: Regulatory Technical Standards for Strong Customer Authentication is a European Regulation
- It is currently in force and will be enforced from 14th September 2019
- Applies to electronic payments and transactions - not just card payments
- Ecommerce, mobile and remote payments will be affected
- Less impact on face to face payments as Chip & PIN counts as strong customer authentication
- For contactless transactions, SCA will be required after 5th transactions or when cumulative value exceeds €100
- Exemptions exist but will only apply in narrowly defined scenarios
- For most merchant sectors, 10 months is an impossibly short timeframe: <300 days!
- <5% of merchants are currently aware of RTS for SCA according to Vendorcom research
- 3D Secure v2.0 presents the best option for card payments
- The immediate risk to merchants is direct revenue loss due to declined payments
- Customer experience could deteriorate significantly
- The enforcement date will not be extended
- Brexit will not change the impact on merchant payment acceptance
This event is ONLY open to retailers.
Contact: Karen Howard email@example.com
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