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Alex,

Congratulations on this achievement, it sounds like a great idea!

And therein lies the problem. Everyone wants the security and benefits of using a card but doesn't want to pay for it. Add all those extras into Faster Payments and they would become more expensive ....... and then someone would want to establish a cheaper alternative!

I thnink they were asking the wrong question. Why should the public care about open banking? What they care about is using the services that will be based on open banking, so it is up to us to offer compelling services and then the public will provide the permissions required to enjoy them.

It isn't much of a deterrent really is it? Why does law enforcement not take this seriously?

Hi Brian,

I found this:

To use the service, you’ll have to download and register on the MasterCard Priceless London WiFi app available for Android and iOS before travelling to the UK.

The app will also give you access to “a wide range of offers and experiences available on the Priceless London program”, MasterCard says.

However, I couldn't find the app in the Apple Store, so I guess they are still finalising it. I guess evn if you can't register a laptop or tablet, you can create a wifi hotspot woth your phone and access the network via the hotspot.

@Bill Trueman - what makes you think that Visa is best place to manage innovation and new technologies? They don't control the payment device or the payment experience, or even the cardholder experience, so maybe they should butt out and let the people who do control the customer experience introduce the innovation.

Maybe Visa should focus on processing payments cheaply, securely and reliably and less on spending money on technology wild goose chases and sponsorship.

None of the US interfaces on BASE24 will support EMV though and vendors will be hard pushed to modify them all in the timeframes. However, systems such as Aviso's EMV Wrapper facilitate the migration without the need for wholesale change.

"Silly you might say, but if we have the data and the models to show that our customer buys his coffee at 08:45 every morning at this merchant for this amount, and his phone GPS says he is there now - do I really need to check all the cryptography, and validate the PIN?," he asks. "How much extra security do we really need?"

Isn't this even more complex than a simple EMV transaction? Also, so now I've changed my phone, or left it at home and I'm left without the ability to pay.

There are a lot of things broken in the payments world, CNP being the most obvious, standards for Mobile Payments being another, let's focus on fixing those first.

It is the normal cycle, banks issue a product, fraudsters find holes in it, banks react with different technology.

If everyone waited until there were well developed standards for everything, then we would have zero innovation and we'd still be transacting with cheques. I attended a Visa vendor forum last year where Visa stated that they would have mobile payment standards in place by 2015.... it's just too long.

Will fraud destroy mobile commerce? It certainly didn't destroy card commerce, despite the massive fraud levels, if the customer proposition is strong then it will survive.

The fact is, we need innovation to move things forward, the fraud prevention and security side will catch up later. In this case, it does seem that obvious flaws existed, which wasn't too smart.