The disappearance of cash – advances in payment technology

Speaker: Tim Lambertstock, Technology Strategy Manager, Voca

Abstract: The ever increasing use of cards and electronic payments has done little to reduce the use of cash, particularly for low-value payments. This talk will discuss how some recent and forthcoming advances in technology could change this. Topics covered will include contactless and mobile payments enabled by near field communications (NFC) and the UK faster payments scheme aimed at internet bank payments.

Description: Low-value payments usually refer to retail transactions which would normally be made in cash, typically for amounts less than £10. The recent agreement on standards for near field communications (NFC) technology – a specific type of RFID – may revolutionise the way in which such payments are made. NFC chips can be embedded in credit, debit and pre-pay payment cards as well as mobile phones and can communicate with readers in shops, vending machines and entrance gates. This talk will describe the current state of deployment of this technology and the impact that it may have on consumer behaviour. This talk will also look at the way in which the UK Faster Payments service, that will be introduced during 2007, has been used to overcome limitations in legacy bank systems to enable Internet bank customers and businneses to be able to make immediate payments.

Speaker bio: Tim joined Voca (then BACS) in 1999 to lead the development of the vision and architecture for a major programme to upgrade the BACS payment service. The first phase – BACSTEL-IP – went live in late 2002 and migration of customers from BACSTEL was completed at the end of 2005 with the core mainframe systems shut down in July 2006. For the last three years, he has been mostly involved in developing new products and services that leverage Voca’s trusted but bank-neutral market position and technology. This has included work on innovative payment methods, the financial supply chain and security. Prior to joining Voca, Tim spent over 20 years in various IT strategy and management roles. He is a member of the BCS and sits on the Oxfordshire Branch Committee.