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An article relating to this blog post on Finextra:

MasterCard and RBS to pilot contactless transit payments in Liverpool

MasterCard is teaming with the Royal Bank of Scotland (RBS) and Stagecoach to trial a combined contactless bank and transit card in the UK city of Liverpool.


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Deliver My Statement In A Wheelbarrow

I'm just wondering what will happen to my bank statement when contactless takes off - assuming I use it.  When I think about the large number of cash payments (30p here, 60-odd p there, a couple of quid on something else) that could be switched on to a contactless debit card, the paper bank statement I get each month could be impressive in size.

I assume that all payments will be separately itemised on my account.  If not, I for one wouldn't use the contactless capability and will stick with cash.  I know that, once I've withdrawn cash from my account, I don't keep a record of where the money goes, but there's a world of difference between knowing that you withdrew £50 and lots of debits totalling the same amount that you can't remember doing.  I think it's something to do with control and I would be nervous about money going from my account if I couldn't reconcile where it went, and on what.  At least with the cash withdrawal, I know I made it...

So, it's big statements for me then, or sticking with the folding stuff.  I guess my postman will need to go on a bodybuilding course, and I'll need a bigger filing cabinet.

And no, I won't move completely to paperless at this point - not until someone comes up with a properly secure means of delivering electronic statements to me (and the bank pays me for saving them money).

It'll be interesting to see how the RBS pilot works out, what the detail is of how it works, and what the customers make of it.

 

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Comments: (2)

John Dring
John Dring - Intel Network Services - Swindon 21 October, 2008, 22:36Be the first to give this comment the thumbs up 0 likes

So if you use an Oyster card, or an NFC card to pay for your commute, that's a couple of 'not so micro'-billings a day.  Nothing compared to the number of SMS messages you probably send some days, and the MNOs manage to bill you for those on a few pieces of paper.

I helped design and deliver a secured statement delivery solution for a major card years ago but they never implemented it.  But these days, online banking allows you to download statement details, so where's the need any longer.

-j

A Finextra member
A Finextra member 22 October, 2008, 09:07Be the first to give this comment the thumbs up 0 likes

Yes, but Oyster is a prepaid purse.  What's happening in Liverpool is reportedly debits to a current account or credit card, which is different.

If I were to load an electronic purse from my current account with, say, £30, I would view that as a cash withdrawal and therefore would be relatively relaxed about using it.  It's large numbers of small debits to my actual account that would leave me worried as to how many of them were legitimate and therefore less comfortable with using it in that way.

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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