Mastercard Innovation Forum 2019, a look at the future of digital payments
The 2019 Mastercard Innovation Forum was an chance to take stock of the status and evolution of digital payments. The theme of this year's edition, held in Milan, was T rusted Life Connections, focusing on the impacts of the digital revolution on future people and how new payment systems and big data are changing businesses and customer experience.
Virtual and Augmented Reality to demonstrate how future shopping will be A demo region has been set up at the Mastercard Innovation Forum where the techniques that could revolutionize shopping experience have been shown to meet the requirements of an increasingly demanding audience. NextRev has worked with Mastercard through virtual reality to take online shopping closer to the shop. The outcome is Immersive Commerce, an application that can be explored freely by VR immersing the client in a virtual shop.
The in-store AR solution, which instead seeks to involve the client in the shop, is a totally opposite strategy. This is a smartphone app that offers thorough data about the framed objects and enables you to compare them with other products in the shop or online. Found the one you want, just a tap and you can skip the queues thanks to the pay-and-go feature.
Mastercard also submitted Travelpass in the demo region, an app for those traveling frequently and acting as a service aggregator. Tickets for museums, events and public transport will be available from its interface, taking advantage of car sharing facilities and even booking restaurants.
Punto Poste da Te is a intelligent letterbox, a revolutionary product. A digital locker, unlockable via smartphone, perfect for placing in non-concierge condominiums or popular office and government administration regions. It's not a easy safe: the embedded POS enables MAV payment, postal bills, telephone top-ups to be made. In order to incorporate them into smart buildings, future expansions are already scheduled.
With the entry into force of the PSD2 Directive, the Open Banking Revolution, a banking revolution, will be launched. A chance for banks that will be willing to take up the challenge.
Financial institutions and third parties must reflect on the best strategies to exploit Open Banking's potential to support increased services and, at the same time, ensure satisfactory assistance to their customers '-said Michele Centemero, Mastercard Country Manager Italy-' However, it is also essential to have reliable partners of international and highly specialized importance.
Mastercard created the Open Banking Solutions suite to help these organizations, composed of four "packages."
Open Banking Connect, a program that guarantees constant access to financial institutions ' Open Banking functionalities, capable of offering scalability, resilience and marketing velocity to third parties.
Open Banking Protect, a real-time verification of third parties, service providers ' registration status, coupled with surveillance and warnings to decrease exposure to fraudulent activity.
Open Banking Resolve, a centralized reporting and dispute resolution service that ensures transparency, consistency and clarity.
Open Banking Consulting Services, a professional advice package and practical help to help financial institutions define and implement their own open banking policy.
Poland and the United Kingdom will launch markets for Open Banking Solutions, with partners such as Kikapay, Streeva, Tribe Payments, Alior Bank and DiPocket.
MDES for merchants, the internet transaction protection solution Most unlawful credit card uses occur online. MDES for merchants is the Mastecard tokenization and digitization option to ensure the same level of safety for end customers and e-commerce as physical card provides.
Axerve, the Sella group's first Payments Hub, will allow all its clients, as well as Zurich Connect, to find a solution.
"Strongly digitized, MDES is the consequence of steady Mastercard work with retailers to guide and promote them through products and services that are best suited to the requirements of customers,"-says Michele Centemero, Country Manager of Italy Mastercard-" Consumers who today more than ever seek fast, uninterrupted and secure alternatives to pay where and how.