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A Finextra member
A Finextra member 22 March, 2012, 09:17Be the first to give this comment the thumbs up 0 likes

Interesting views - but I'm not sure I completely agree with your thesis. On-line shopping is rapidly increasing, but this is more fuelled by improved on-line shopping experiences and higher bandwidth. I disagree with your views on the banks investing in fraud prevention - I think that much of the growth is despite fraud levels and PayPal is also picking up a significant share of online shopping revenues.

PayPal is also focussed on providing customers with the ability to shop in-store and via their mobiles. Unless the banks get their acts together they will be left behind and disintermediated by their more commercial competitors.

Nick Collin
Nick Collin - Collin Consulting Ltd - London 22 March, 2012, 10:55Be the first to give this comment the thumbs up 0 likes

Nice post Andy!  It's interesting that the UK is so "e-friendly" and contrary to the other comment (from PayPal?) I agree with your analysis that much of the credit should go to the UK banking and card payments community.  I'd add the high penetration of 3D Secure (SecureCode; VbV) and Remote chip Authentication (PINSentry etc) to your factors.

On a similar note, yesterday I came across a statistic that, according to a First Annapolis survey, a huge 40% of UK MasterCard/Visa payments were card-not-present transactions.  Can this be true - anyone have any similar global statistics?

Meanwhile, looking at the original Boston Consulting piece you referenced, it seems that 70% of us brits would rather give up alcohol for a year rather than their broadband, and 25% sex!  Irational exuberance, surely :-).