News From minutes to seconds, NatWest trials new payment system

Discussion in 'Business News & Resources' started by Cody, Jun 12, 2018.

  1. Cody

    Cody

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    I've never really found issues with purchasing products online and actually processing the payment quickly, unless of course the site is atrocious, then I'll look elsewhere. However there must be some time-related issues that do cause issues for other shoppers, otherwise NatWest wouldn't be talking about introducing a new payment system that could see purchases made within seconds rather than minutes, and without your bank card details every time.

    NatWest have been trialling new technology that would soon eliminate the need to enter your card details all the time, and instead use bank transfers to process payment.

    The new system, which is currently being trialled at Carphone Warehouse, will be rolled out within coming months if proven successful.

    Buyers will be able to choose this option when shopping online will be then redirected to the NatWest website or app to validate payments by inputting their login details, or validating on their mobile by fingerprint authorisation. This process would also seek to cut out the 3D secure verification in order to speed up the payments.

    A NatWest spokesperson, Cathy Dargue said: "This new service provides our customers with an alternative way to pay, which is convenient and simple to use, and brings benefits to both our customers and commercial partners.

    "In order to develop this new service we’ve harnessed Open Banking which means in future this could be offered not only to our own customers, but potentially to the customers of other banks as well."

    It looks like other banks are trialling other various payment options, for example, Barclays last year announced a mobile app that would mean no queuing ever again. The app would allow you to scan barcodes of the items in your trolley or basket using your mobile phone and pay this way.

    I'm not sure about you, but many sites I go on already know my card details, so how does this differ?
  2. Jed

    Jed

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    Removing one of the most important security features for online payments... hmmm, I hope they have something to replace it!
    Cody likes this.
  3. Cody

    Cody

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    It's just a stupid idea. Why is it getting to a point that we need to make people lazier by making things much quicker to do?! I seriously don't get it. The next generation aren't going to want to work, or be active, or do something that'll take 2 minutes to do. :(
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