Chris Colson, MBA, CBP’s Post

https://lnkd.in/ga_RJR5A "The CFPB has portrayed its proposal as a response to rising complaints from smartphone users, who say they struggle to resolve fraudulent charges, restore missing balances and address myriad other troubles with many popular digital payment services. While the agency’s rules are not final, regulators have also explored ways to invoke their existing authorities so that they can inspect select tech companies on a case-by-case basis, according to two people familiar with the matter, who spoke on the condition of anonymity to discuss the confidential rule-writing process."

As the first generation to grow up in the digital age, research shows that Gen Z prefer quick, easy payment experiences, and are less concerned about data and privacy, compared to previous generations. Learn more about how Gen Z are changing the payments landscape.

Are there people in Sweden or the EU working towards changing the laws to require critical services (banks, school, health care, and the like) to support privacy-oriented non-Apple/non-Google servers for smart phone use?I live in Sweden. I do not have a smart phone because I do not agree to the terms of service for the Apple Store or for Google Play, and have the luxury of not needing a smart phone for my life.It is getting harder because Swish (person-to-person payments) and Mobil BankID are so widely used, while BankID on a computer is not. My gym recently switched from an RFID card to phone QR code to enter, and I get the idea the chain doesn't want to continue to support the handful of people like me without a phone.A couple of days ago I learned about /e/OS and de-Googled phones. I like the privacy orientation, the EU location of company, and the fact that they haven't been fined 2 billion Euro for abusing monopoly power or found to violate EU privacy laws. I am willing to pay the 800 EUR for a Murena Fairphone 5 ... if I know it will work.However, BankID says they do not support /e/, and even if it works now, they say all risk is on me if does not work in the future. That is not a risk I want to take. I figure it's easier stay with what I know works than to backtrack in the future.This requires a political solution. I figure others are working on this. Are there any suggestions for who they are?Additionally, what laws are in place to require support for those without a smart phone? My barber dropped debit card support in favor of Swish, but still accepts cash. But places are increasingly going cash-free, which may mean Swish-only in the future. Comments URL: https://lnkd.in/gavK2qPS Points: 13 # Comments: 0

The concept that needs to be proven here is a genuine whole of economy solution: 1. the ability to choose multiple digital ID providers, government (e.g. mygovID) or non-government (e.g. ConnectID, Auspost, Mastercard), because surveys show most people want more than one 2. the ability to choose your digital wallet provider, device native (eg. Google, Apple) or app based (eg. Service NSW, mygov) 3. the ability to add/manage attributes and credentials from a range of data providers, from both public and private sector organisations (eg. cth, state, education, banks etc) 4. the ability to present, share and verify attributes in real-time for a variety of everyday use cases (e.g. proof of age, income/assets, residence etc) 5. the ability for an exchange to support this interoperability, securely and with consent Moreover: * The whole scheme needs oversight and direction from a joint public-private sector governing body. * The standards should be accepted industry standards, such as W3C for verifiable credentials and open source. * The funding, pricing and revenue model needs to be developed (ie. fees for data providers, relying parties, IDPs etc) The Trust Exchange (TEx) is another good step forward on this journey, but more public and private sector collaboration for an integrated and interoperable solution is essential if it is going to meet the needs of all Australians. Tom Burton Victor Dominello Stephen Wilson Andrew Black Kate Crous Maria MacNamara David Thodey David Hazlehurst Jonathon Thorpe Kevin L. Wendy Mackay Jordan Hatch Victoria Richardson

Joe Hockey did it first, nearly 20 years ago (18 actually). See pic in comments.. Every 20 years or so, the #DigitalID genie captures politicians for a digital announceable and happy pic holding cards. But the lessons from #AccessCard have not been investigated. These are not technology lessons. Voluntary? Well, just wait until the first government makes the use of TEx a condition of licensing - so still technically “voluntary” for the citizen until the citizen seeks to access that venue, business or service.. And the vested interest rent seekers line up for the “clipping the ticket” rivers of digital gold. Same same for #AccessCard. As far as the reference to “non-existent” data flows. Well that was also the spin during #AccessCard: there are always data flows and flaws. It’s concerning that such spin goes unchallenged. What is not mentioned in this spin piece, is the recent Ombudsman Own Motion investigation into Services Australia response to #MyGov fraud, which found serious security flaws in the MyGov platform ecosystem arrangements. Whilst I am very happy living, working and creating in the Apple connected ecosystem, the difference is that government is not Apple, or Amazon, or Facebook, or a pizza shop. And Australia is not a tiny European country like Denmark or Estonia. #Context and #Culture matter. #Trust matters. #Delivery matters. Everything else is just hype. Until the next card carrying photo op.

New Report: What’s in Gen Z’s mobile wallet? 3/4 of consumers in Brazil, France, Germany, the UK & US like using their digital wallets. In fact, Gen Z consumers like their digital wallets so much, for many of them it's the only type of wallet they carry. Storing access credentials in digital wallets has the potential to become a global phenomenon: 20% of consumers stored digital ID and access credentials in their digital wallets in the last year. For more original data download Digital Wallets Beyond Financial Transactions: A Global Perspective, a PYMNTS Intelligence & Google Wallet collaboration: https://lnkd.in/e6QwEFF9

New Report: What’s in Gen Z’s mobile wallet? 3/4 of consumers in Brazil, France, Germany, the UK & US like using their digital wallets. In fact, Gen Z consumers like their digital wallets so much, for many of them it's the only type of wallet they carry. This exclusive report finds storing access credentials in digital wallets has the potential to become a global phenomenon: 20% of consumers stored digital ID and access credentials in their digital wallets over the past year. For more data download Digital Wallets Beyond Financial Transactions: A Global Perspective, a PYMNTS Intelligence & Google Wallet collaboration: https://lnkd.in/e6QwEFF9

It's surprising to see that despite technological proficiency, digital wallet usage among U.S. consumers remains below potential. Interestingly, there's a growing expectation among consumers to leverage digital wallets not just for payments but also for identity verification in the near future. This data underscores both the challenges—like trust and habit—and the immense opportunities for digital wallet providers to innovate and enhance the user experience. #DigitalWallets #Fintech #ConsumerBehavior #FutureOfPayments

Are you working on video games and/or virtual worlds compliance? ICYMI in the onslaught of new privacy laws in the U.S., here's new from guidance from the CFPB. https://lnkd.in/eucEcPUK

🚨The internet and digital technology have massively improved the speed and reach of financial transactions. But the same technology that has boosted commerce can also be exploited by criminals.🥷🏻 🚨Understand the different types of fraud on the rise, and how the increase in co-operation should be a priority for everyone.💸 Learn more in this insight: ⤵️ https://lseg.group/3Vnoi8H