This week in payments, the EMEA region starts to wonder if the British heat wave has melted the minds of consumers, who claim to be unaware what the letters “ATM” stand for. In this week’s What’s In/What’s Out, we also explain why consumers in Finland are giving shop owners lip at the register.
The British Confused About Banking Terms
What’s In: Britons relying on high-street banks to clue them in on basic financial terms.
What’s Out: British consumers thinking “ATM” is the new pub in town.
What Happened: Overexposure to sun has been known to cause severe confusion and temporary memory-loss. Taking into account Britain’s unusual heat wave these past few weeks, maybe this could explain why a new study cited that 25 percent of British consumers don’t know the difference between a debit card and a credit card.
Researchers explained consumers in the UK are often puzzled by financial terms they hear at banks. Fifty-five percent of participants stated that they felt high street banks were doing a poor job of explaining banking terminology, and said it was a huge disadvantage.
That may seem fair enough, but the study also showed that 11 percent didn’t know what the acronym ATM stood for.
Get out of the sun.
Finnish Payments Get A Little Cheeky
What’s In: Finnish shoppers paying with body parts—specifically their face.
What’s Out: Finnish shoppers paying with good old-fashioned euros.
What Happened: Every now and then, new technology revolutionizes the payments industry and further inspires innovation. And then there are times they make us wonder if social boundaries have been crossed.
It was reported this week that a Finnish startup, Uniqul, is working to launch a futuristic solution that allows shoppers to make payments with their face. Yes, just their face. The company released few details, but stated adjustments were still in progress.
There is a vague understanding as to how the technology will actually work, but Uniqul did note that consumers would confirm the transaction by hitting the “OK” button at the point of sale device.
Finnish shoppers will approach the till with a pensive stare that is meant to initiate payment, but instead the shop owner remains confused, lost in translation. This could turn out to be a very strange payment process.
British Cash Machines Get “Digi” With It
What’s In: British ATMs getting the first real makeover since the 1960s. No more rusty buttons, illegible screens or 18th century font.
What’s Out: A country that honors an 87-year old Queen who moves quicker than the cash machines in England.
What Happened: The BBC News reported this week that UK ATMs may finally be getting a makeover that is well deserved, and expected. The cash-in-hole machine hasn’t changed much since its formal debut in the 1960s, and consumers are tired of fighting with rusted-over buttons and outdated screens. Most banking technology has gone digital, so it’s about time British cash machines were redesigned.
Cash is still the most common method of payment in the UK, which further validates the necessary upgrade. Tech companies such as Diebold revealed future ATMs were in the works, and would look and operate much like a tablet mobile device.
Who Want’s To Bet 10 Bitcoins It’s A Girl?
What’s In: Making bets about the gender of the royal babe with virtual currency, Bitcoins.
What’s Out: Sitting around waiting for the royal birth. You have to pass the time somehow.
What Happened: Predictious, a Bitcoin prediction market platform based in Ireland, is accepting Bitcoin bets from gamblers trying to guess the sex of the soon-to-be-due royal baby of England.
Predictious generally allows users to place bets on expectations for sporting games, political events, economics and other business matters. However, the Irish gambling site is now taking Bitcoin bets on the gender of the Duke and Duchess of Cambridge’s future child.
Other odd bets that are currently running include predicting the nationality of the Tour De France winner, Hillary Clinton’s chances of winning the next U.S. presidential election and more.
Get ready to hand over your Bitcoins gamblers: the baby is due anytime now.
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