Included in this issue: Blockchain breakthroughs at least six years away; Bitcoin price surge; Global payments revenue to reach $2 trillion by 2025 and more...
UK
Blockchain breakthroughs at least six years away
Although three quarters of banks are already experimenting with blockchain technology there are still significant roadblocks to industry-wide adoption, according to a poll conducted by SIX Securities Services. Most respondents felt wider implementation is at least six years off, and the poll identified different approaches to innovation in this area with some partnering with blockchain companies and others setting up innovation labs.
Bitcoin price surge
Digital currency bitcoin has seen a surge in price with a distinct increase in market confidence according to analysts. The rise to $639.97, which is 4% higher than the daily low, follows a period of uncertainty caused by the high profile hacking of the Bitfinex exchange.
Payments UK - cheque usage down by 13%
Payments UK has published a new industry report - "UK Cheques 2016" - which finds that the increased popularity of debit card and electronic methods of payment has resulted in fewer cheques being written in the last year. However cheques are still a popular method of payment in certain situations.
Payments UK - Super-complaint from Which?
Payments UK has published the full super-complaint from Which? in relation to concerns surrounding consumer safeguards in the market for push payments.
Policy statement on IFR guidance (phase 2) published by PSR
A policy statement has been issued by the Payment Systems Regulator, giving guidance on its approach to Interchange Fee Regulation. This has been published together with a consolidated version of the guidance covering phases 1 and 2.
Worldwide
Global payments revenue to reach $2 trillion by 2025
According to a new report, the payments industry will see revenue growth of more than $800 billion globally between now and 2025, particularly across emerging economies.
Consultancy.uk, 11 October 2016
Report on cards and payments industry in the UAE
A report has been published providing detailed analysis of market trends in the UAE cards and payment industry. "The Cards and Payment Industry in the UAE: Emerging Trends and Opportunities to 2020" provides values for a number of KPIs in the industry and information such as the number of cards in circulation.
Business Wire, 11 October 2016
Cyber security for the financial sector: G7 principles published
The European Commission has published the text of G7 fundamental elements of cyber security in the financial sector. There is also an accompanying statement and the Commission notes that public authorities can use the principles to guide policy, regulation and supervision. The G7 fundamental elements of cyber security are as follows:
- establishing and maintaining cyber security strategies and framework;
- defining and facilitating performance of roles and responsibilities for personnel overseeing the effectiveness of cyber security;
- conducting a risk and control assessment;
- establishing a systematic monitoring process;
- responding to cyber incidents in a timely manner;
- resuming operations responsibly after an incident;
- sharing reliable and actionable cyber security information with internal and external stakeholders; and
- regularly reviewing cyber security.
