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Kudos. Shared Service Utilities in areas like KYC will also help customers who currently have to submit copies of the same document to different banks while shopping for financial products and, sometimes, to buy different financial products even from the same bank.

Can anyone enlighten me about the difference between a traditional bank lending to someone directly versus lending to the same person via Online P2P platforms?

PIN is rejected even here:)

On another note and returning to the main topic, wonder if EMV (Chip + Signature) will even see its first anniversary in USA:

"Side note: my European colleagues always point out EMV (chip) cards work “great” in Europe. I don’t care. At all. They suck stateside. A lot." https://t.co/zdVr3UYLUF

@PeterRobinson:

IMHO (1) Security is a hygeine factor; I don't know any product / service that became popular because people found it secure (2) Convenience is key to driving adoption (3) If there's a conflict between Security and Convenience, I'd prioritize Convenience in the product / service and handle fraud, if any, caused by relaxed security, outside the product via other means that I've highlighted in Mitigating Fraud Does Not Pay The Bills. But that's only me.

In a lighter vein, while the fraudsters are busy with PayPal, PayM might get away with a PayPal-like strategy now!

@FinextraMember:

You do have a valid point. I have several recurring payment commitments e.g. website hosting. Some of them literally happen "in the middle of the night". Lock/Unlock is not practical. And I'm not even a Millennial.

That said, from personal experience, 2FA is not the solution. Ever since our overzealous regulator mandated 2FA for online payments a couple of years ago, CNP transactions have become extremely painful and have started suffering from high failure rates. The problem has become so bad that diehard card lovers - like me - have gone back to cash (Why I Went From Card To COD). Which is ironic because the regulator thought people would feel more comfortable about paying with cards online but 2FA has resulted in the exact opposite outcome.

Not sure how tokenization works in CNP.

Personally, I'm in favor of relaxing security, improving CX, letting business happen smoothly and addressing fraud, if any, through other methods, as I've highlighted in Mitigating Fraud Does Not Pay The Bills.

The same quote was used as the title of an article written by the Chairman of a large Public Sector Bank in India a few days ago. Just as “People Don't Want a Drill, They Want a Hole”, people never wanted banks or even banking. They want solutions to their financial problems. Banks and nonbanks (e.g. pawnbrokers, payday loan providers) have both been providing such financial solutions. As I pointed out in Calling B.S On Banking The Unbanked, banks and nonbanks have coexisted for literally thousands of years. With the proliferation of fintech, the list of nonbanks has increased. As with the rise of competition in any industry, some incumbents will die, some newcomers will become big, some incumbents will become bigger, some newcomers will fade away. I don't see anything drastically different happening in finserv either.

If bank honchos keep using this line as if it was invented today, I think it's to appear hip and cool to the Millennials among their employees and customers:)

PayM seems to suffer from poor product design and / or poor messaging. In circa 1998, PayPal went viral by not requiring receiver to sign up for PayPal when a PayPal user wanted to send money. Logic being, it's much easier to make someone sign up by telling them they have money coming in and they need to sign up to receive it. 18 years later, PayM misses that opportunity - even today its website begins with receiver and says receiver must be signed up to PayM. What is the compelling reason for somebody to sign up to a payment method without visibility of money coming in?

Whaaat - "almost four in every five pounds of spending at British retailers is made through debit and credit cards."? That's 80% cards. 

https://www.finextra.com/news/fullstory.aspx?newsitemid=27384: "cash ... still accounts for 52% of those made by consumers."

https://www.finextra.com/news/fullstory.aspx?newsitemid=26120: "cash remains the dominant method of payment, with 53% of transactions still made in loose change".

Numbers don't seem to match.

Yeah right. PayPal was supposed to replace cash by electronic payments. From that beginning to now facilitating ATM cash withdrawals is indeed "revolutionary".