A new concept dubbed ‘The Instant Payment Card’ could hold the answer to successfully introducing a pan-European instant payments system, Alain Martin, president of the Smart Payment Association, explains in this 21-minute presentation for Contactless World Congress.
The core idea involves using a bank card’s Primary Account Number (PAN) as a proxy for the customer’s International Bank Account Number (IBAN) so that, when making a payment to a merchant either in a store or online, a consumer would be able to use a standard physical EMV bank card — or a digital version stored on their NFC mobile phone — to send funds directly from their bank account to the merchant.
Those funds would then arrive instantly in the merchant’s bank account, with no delays involved.
In his presentation, Martin explains in detail how the concept would work and sets out the advantages for consumers, for merchants, for banks and for payment service providers that the concept offers over other instant payment options that have been proposed.
How to watch this presentation
‘The Instant Payment Card’ is part of NFCW’s Contactless World Congress event series. The 21-minute presentation and the 12-page slide deck featured in it are available free of charge to NFCW members.
This item is part of Contactless World Congress.