PCM Vol. 2 - Issue 11

Vol 2. Issue 11 | November 2016 

PCM 

YOUR GATEWAY TO THE WORLD OF PAYMENTS 

recurring payments 

Serving the customers of tomorrow

Welcome to Vol.2 - issue 11 

In a world where goods and services are increasingly purchased online, 

businesses have to find ways to ensure seamless online shopping experiences. 

Due to this trend offering recurring payments and subscription payment 

options have become a necessary change. Aung Kyaw Moe, Founder & CEO @ 

2C2P provides deep insight into recurring payments and shares best practices 

to manage these processes. 

Carrying on, Daniel Kornitzer, Chief Product Officer @Paysafe Group asks the ever lasting question, 

“Is your company prepared to fight online fraud?”. Daniel presents areas of improvements with 

relevant real life examples. 

Markus Rinderer, Senior Vice President @ACI Worldwide, elaborates on the most sought after solutions 

by merchants nowadays. With the rise of smart devices and connectivity, payment integrations and 

enablement is the way to go. 

Sunil Dixit, Principle Product Manager @Vantiv, shows us how important customer retention is within 

recurring payments as well as key challenges businesses have to face in the European market in 

that domain. 

For our startup Spotlight this month we interviewed Tim Chen, Co-Founder & CEO @Nerd Wallet. “We 

will continue to empower consumers and provide clarity on complicated financial decisions to help 

them change the way they think about their finances”. 

Finally, an overview of the hottest job openings we have at the moment. Feel like you need a change 

or looking for a job opportunity? Get in touch directly by clicking on the job. What better way to 

network and get to know your peers in the industry? Check out our premium event partners and make 

use of the discounts we have on offer before they run out! 

For any questions, suggestions, or concerns, please address them to the editors: 

Amir Abdin - amir@paymentsandcardsnetwork.com 

Duc Dang - duc@paymentsandcardsnetwork.com 

The Payments & Cards Network team wishes you good reading! 

Thanks to our partners 

002

Contents 

thoughtleaders 

spotlight 

4 

21 

8 

STORIES 

16 

4 

8 

Fraud, Friction, Risk & Rewards 

Daniel Kornitzer, EVP and Chief Product Officer @Paysafe, 

provides insight into key fraud trends in the eCommerce space. 

Payment integration and enablement is 

the cornerstone of a successful mobile 

strategy 

Markus Rinderer, SVP @ ACI Worldwide, indicates the essential 

aspects to serve the rapidly growing mobile eCommerce 

channel. 

21 

24 

Spotlight: NerdWallet 

Tim Chen, CEO & co-founder: “We take pride in helping 

consumers make informed financial decisions based on the 

expert, honest advice and objective information we provide.”. 

Hot Jobs 

Hand picked jobs of the month within the Payments and 

FinTech industry. Check out our hottest vacancies for this 

month and hit APPLY! 

11 

Recurring Payments: the Fast Food of 

eCommerce 

Sunil Dixit, Principle Product Manager @ Vantiv presents key 

insights into recurring eCommerce business models & advises 

on how to mitigate risks in that field. 

25 

Events 

Stay up to date with the latest happenings in the 

industry and make use of our special promo codes! 

16 

Recurring payments 

Aung Kyaw Moe, Founder & CEO at 2C2P explores the benefits 

and challenges of recurring payments. 

003

Thought Leaders Corner 

Fraud, Friction, Risk & Reward 

Is your company prepared to fight 

online fraud? 

by Daniel Kornitzer 

We live in fascinating times. As a technologist 

at heart, I’m thrilled by the advances in big 

data, real-time streaming, correlation, virtual 

cubes and the like, and by the incredible 

promise of supercomputers and quantum computing. 

These technologies are creating value for individuals and 

communities around the world. For example, when quantum 

computing becomes commercially available, in the next five 

to 10 years, it will bring tremendous opportunities for science 

and medicine. 

The threats in digital 

payments today... 

But every rose has its thorn … as quantum computing will also 

make it easy for criminals to break public key cryptography, 

which is at the base of today’s online and mobile commerce. 

The problem is that the same advances available to companies 

and authorities are also available to organisations with 

unsavoury goals. Risk in digital payments is no longer only the 

work of isolated, malicious hackers in their basement, seeking 

to impress their friends, but of criminal organisations with 

access to a wealth of technical resources, such as organised 

crime, cause-motivated hacktivists and rogue nations. 

004


Daniel Kornitzer 

EVP - Chief Product Officer 

Daniel Kornitzer serves as EVP and Chief Product Officer 

of Paysafe Group PLC. Prior to re-joining the Group in 

2014, he was CEO and Board Member of SiteSell.com. 

In his 20+ years in technology management, Daniel 

has pioneered groundbreaking initiatives, from one 

of the world’s first over-the-phone speech recognition 

systems and the ISO/ITU standards for video coding 

in use today, to FirePay’s digital wallet and industryleading 

risk management processes, which resulted in 

his subsequent appointment as a member of the NACHA 

Risk Management Task Force. Daniel holds a B.Eng 

in electrical engineering from Ecole Polytechnique of 

Montreal, M. Eng from McGill University and a diploma in 

network engineering from University of Toronto. 

These criminals can often correlate data from different 

breaches to either use (or sell in the dark web) stolen sensitive 

personal information that can lead to all sorts of fraud, 

identity theft, account takeovers, and more. 

Compounding the problem is the ubiquity of digital 

payments. E-commerce is approaching $ 2 trillion globally, 

and the explosion of mobile, with currently almost five billion 

connected devices, which are predicted to reach anywhere 

between 25 and 50 billion by 2020, powered by the growth 

of the Internet of Things that will allow our fridges to order 

milk and our dishwashers to order soap when they’re about 

to run out, obeying “intelligent contracts”, which are a sort 

of standing orders establishing the triggers and boundaries 

of these automated transactions. 

At Paysafe, being a pioneer of e-commerce since its inception 

in the late ‘90s, we have seen virtually all favours of risk and 

fraud, and have developed a unique expertise, that combines: 

knowledge, processes and proprietary tools, as well as the 

integration of leading third-party security tools and industry 

best practices, as recommended by the card schemes. 

The conundrum of risk management boils down to two 

seemingly conflicting goals: (a) consumer convenience; and 

(b) protection against fraud. 

Convenience, as consumers and merchants desire a 

frictionless environment … single tap, single click, rememberme 

features, etc. On the other hand, security needs continue 

to grow, with two-factor authentication, biometrics, etc. 

Now, a few interesting stats, which provide a sense of the 

backdrop against which businesses and consumers are 

operating: 

• Every single minute, over 600,000 phishing emails are 

sent; 

• Fraud is moving to card-not-present (CNP), due to 

securing of POS transactions with chip and PIN cards. 

CNP represented 59% of global fraud in 2015, up from 

52% in 2011; 

• The U.S. accounts for 61% of global fraud, likely as a result 

of the delayed rollout of chip and PIN cards. In contrast, 

Europe accounts for 18%. 

There are areas of improvement. For example, industry 

stats show that the median days before the discovery of a 

compromise was 146 days in 2015, down from a horrific 416 

days in 2011 … but 146 days is still almost five months! And 

the worst part is that the compromise detection source is 

external in 53% of cases, versus internal in only 47%. 

The thing is … fraud has as many facets as there are flavours 

in a good Italian gelato shop. These are some that come to 

mind, in this in no way exhaustive list: 

• Account takeover / identity theft: fraudster impersonates 

the legitimate consumer and gains control of an existing 

account or creates a brand new fraudulent account; 

• Friendly fraud: the consumer, or a close family member, 

performs the transaction but then claims he/she did not; 

• Affiliate fraud: fraudulent transactions for the sole 

purpose of generating affiliate commissions. The 

commissions are paid, then the affiliate disappears 

before the transactions come back as chargebacks; 

• Re-shipping: the fraudsters get goods shipped to a 

legitimately looking address, only to have the goods 

forwarded to the ultimate destination; 

• Botnets: infected computers are used to initiate orders 

to take advantage of their “clean IP address”; 

• Phishing / whaling: emails that direct to a false webpage, 

005


aimed at collecting login credentials to defraud the 

unsuspecting consumer. Whaling involves spoofed emails 

that appear to come from people in position of authority 

within the company, like a CEO or CFO, asking for an 

immediate wire transfer; 

• Triangulation: the fraudster pretends to sell goods online, 

but for the only purpose of collecting credit card information 

and other personal details, which are then immediately used 

to perform fraudulent purchases at another site; 

And then we have “clean fraud” where the transaction provides 

absolutely no indication of anything improper, clearly the hardest 

to detect. 

What to do to keep fraudsters at bay? 

The key to mitigating e-commerce risk is relentless vigilance. 

Putting in place the tools that generate data, not a flood of 

useless reports which go mostly unread, but laser focused data 

(threat intelligence), which leads to analysis, and prompt action. 

There is no single answer or silver bullet to combat fraud. 

Instead, a multi-pronged approach has been proven to deliver 

excellent results, composed of the following elements: 

• Staff training; 

• Selecting the right processing partner; 

• Refining your own offering (privacy, refund policy, easy 

access to customer service); 

• Internal fraud prevention (access control, need to know 

basis); 

• Use of scheme tools (AVS, CVV2, 3DS); 

• Strict adherence to PCI DSS; 

• Use of fraud screening tools (device fingerprinting, IP 

geolocation); 

• Outsorting for manual review of certain transactions; and 

• Monitoring of chargebacks, but also total volume, 

refunds and declines, for any unexpected spikes or other 

inconsistencies. 

Being great about risk and fraud is not a nice to have. It’s not 

about becoming a bit more profitable. It’s a major competitive 

differentiator. 

Fraudsters are always looking for the path of least resistance. If 

your webshop is easier to defraud, you’ll be certain to attract an 

inordinate amount of fraud. Conversely, if you are better than 

your competition, you’ll effectively be “sending the fraud away”. 

So, in my opinion, the best approach is to take control and create 

a path that, without compromising convenience and ease of use, 

protects your business and your consumers. As my very first 

boss taught me years ago; there are three secrets to success: 

preparation, preparation and preparation. Risk management is 

no exception. 

Paysafe 

www.paysafe.com 

Paysafe Group PLC is a technology company that provides online and mobile payment services. Paysafe 

delivers end-to-end payment solutions - from card issuing to acquiring; from payment gateways to 

merchant accounts; from fraud and risk management to reporting and analytics; from digital wallets and 

online invoicing to mobile. 

006

The Merchant Risk Council 

Building Better Commerce 

WHY JOIN THE MRC? 

The MRC is more than just a fraud and payments trade association. The MRC is a community offering 

professionals valuable networking and information-sharing opportunities as well as resources critical 

to developmental growth. MRC members have access to: 

A comprehensive resource library 

of educational presentations, 

webinars, benchmarking reports, 

case studies 

Discounted registration to four 

annual conferences in the EU and US 

Member directory with 

connections to prominent 

business contacts 

Unlimited number of individuals 

who can participate 

Discussion forums, newsletters and 

marketing opportunities 

Regional networking events 

JOIN THE MRC NOW! 

Become part of a premier group of eCommerce professionals surpassing industry standards 

and transforming the fraud and payments landscape. MRC members have more industry 

opportunities, resources and connections allowing them greater success. 

MRC 

Building 

Better Commerce 

Fraud & Payments Professionals 

merchantriskcouncil.org


by Markus Rinderer 

Payment integration and enablement is the 

cornerstone of a successful mobile strategy 

In the majority of developed markets, 

store-based retail sales are shrinking 

while eCommerce and mCommerce 

grow at 10- 20% annually. It is no 

surprise then that merchants are more 

focused on digital commerce growth 

opportunities more than ever before. 

There are a number of different paths 

that a merchant can pursue to harness 

this digital commerce opportunity. From 

optimizing a domestic business, to going 

cross-border or enabling omni-channel; 

each growth path presents unique 

challenges from a payments perspective. 

While the specific challenges differ 

depending on the growth strategy, in 

all cases payments play a pivotal role 

in turning shoppers in buyers, and are 

integral to merchants’ bottom lines. 

Of all the ways that merchants can 

expand and grow their business, mobile 

is currently the priority for many, which 

is unsurprising given that nothing 

else today is driving more commerce 

growth. Although principles gleaned 

from traditional eCommerce extend 

to mobile commerce, merchants must 

adapt the customer experience and 

operating model in order to thrive. And 

that includes adapting their approach to 

payments. 

Consequently, merchants are 

demanding that their payment providers 

equip them with the integration tools, 

payment methods, and technical 

documentation needed to serve the 

mobile channel. 

The mobile opportunity for 

merchants 

There are now 8.6 billion mobile devices 

worldwide, which is 1.2 devices per 

person. And they are increasingly 

powerful devices: 2016’s iPhone is 

more powerful than 2006’s iMac, has 

similar screen resolution, and a much 

faster internet connection. Nearly 80% 

of mobile users in developed markets 

use a smartphone and analysts expect 

70% of the world’s population to have a 

smartphone by 2020. 

Consequently, mobile commerce is 

outgrowing traditional eCommerce, 

and has really exploded over the past 

five years. Notching only a single digit 

mCommerce as % of total e/mCommerce 

in key markets 

Source: Local e-Commerce Associations, eCommerce Europe, 

Internet Retailer, Mobile Marketer, First Annapolis market 

observations and estimates. 

008


contribution to overall eCommerce 

(desktop plus mobile commerce) in 

2010, mobile now accounts for more 

than 50% of eCommerce in the U.K. and 

China, 33% in the U.S., and over 20% in 

many other European markets. Mobile 

is likely to continue outgrowing desktopbased 

eCommerce into the future. 

Desktop versus mobile conversion rates 

There are similarities to desktop-based 

eCommerce, especially when conducted 

via a mobile web browser, but mobile’s 

unique form factor enables many other 

possibilities. Mobile wallets can enhance 

payment security by authenticating 

all transactions with a PIN or by 

leveraging biometric and other sensors. 

Mobile payments can also be more 

convenient by enabling contactless 

in-store payments or one-click online 

payments. Loyalty programs can be 

layered into transactions, receipts can 

be digitized, and mobile wallets will 

one day automatically select the most 

appropriate card for a given transaction. 

Mobile apps for retailers can enhance 

the shopping experience and improve 

conversion rates. And while these apps 

are usually not strictly payments tools, 

their viability often relies on embedded 

payments. Examples include mobile 

self-checkout so shoppers can avoid 

lines, or product review and price check 

services, which act as advertising tools. 

The importance of mobile 

eCommerce to a merchant is driven 

by a number of factors 

Sector: Certain sectors - including 

gaming, digital goods, and travel - are 

mobile by nature and tend to lead 

mCommerce adoption. Mainstream 

verticals like electronics, apparel, and 

general retail are now seeing higher 

acceptance driven by omni-channel 

initiatives. 

Purchase behavior: Merchants 

experiencing high frequency and low 

average transaction values tend to 

lead mobile payment. Classic examples 

include Starbucks, as well as European 

and Asian public transit systems. 

Source: First Annapolis Consulting 

Customer demographics: Merchants 

with young, urban, and tech-savvy 

customers have higher mobile service 

demand, as those individuals tend to be 

early adopters and find mobile shopping 

more convenient than desktop or 

laptop-based eCommerce. 

lead mobile payment. Classic examples 

include Starbucks, as well as European 

and Asian public transit systems. 

009


Smartphone penetration: Modern 

smartphones are dramatically more 

capable and user-friendly than their 

predecessors, fully enabling mobile 

commerce. In most European markets 

smartphone ownership is well over 50% 

and is 80% in the U.S. and 88% in South 

Korea. Mobile commerce still occurs in 

markets dominated by feature phones 

but is an SMS-centric experience 

enabled by closed-loop carrier-based 

mobile payment systems. 

Challenges and solutions when 

enabling the mobile channel 

Merchants must consider the unique 

challenges selling via mobile brings to 

the customer experience. Not only is the 

screen smaller, but hover-over design 

elements, pop-up windows, fixed-size 

iFrames, and other elements may not 

work well on mobile and can undermine 

checkout conversion. Shoppers are also 

more likely to be on the go or multitasking 

which means they are more 

distracted during the shopping and 

checkout process. All of this results 

in checkout completion rates that 

are about 40% lower on mobile than 

desktop. 

Mobile apps are one solution to combat 

the low conversion challenge. Apps 

allow merchants to design “pixel perfect” 

branded experiences and unlock 

unique capabilities such as device 

functions (e.g., camera or biometric 

scanner) and leverage mobile wallets 

like Apple Pay. However, apps have their 

own challenges, specifically, how do you 

incentivize consumers to download and 

habitually use it? 

Whether a mobile-optimized online 

shop or an app, strong design and a 

smooth checkout process are key to 

effective commerce. This importance is 

illustrated by the fact merchants often 

focus on payment methods that do 

not require external validation factors 

such as 3-D Secure. For example, many 

retailers enable PayPal for their mobile 

sites but exclude it on bigger screens for 

cost reasons. 

Mobile creates unique payments 

challenges simply because what works 

on a 15-inch computer monitor and 

keyboard rarely works well on a fourinch 

touchscreen. Pages displayed 

incorrectly on mobile, complicated 

payment forms, 3-D Secure redirects, 

and pop-ups all increase checkout 

abandonment. Mobile requires 

responsive payment pages and one-tap 

payment capabilities via saved payment 

profiles or digital wallets. Merchants 

should therefore extend smart 

checkout tools, such as card vaults, from 

the online environment onto mobile 

devices, as well as extending the base 

of payment methods to include relevant 

mobile wallets. 

Markus Rinderer 

SVP, ACI Worldwide 

Markus Rinderer serves as senior 

vice president at ACI Worldwide, 

driving the development of the 

company’s omni-channel merchant 

retail strategy. Previously, he served 

as CEO and founder of PAY.ON, 

a leader in eCommerce payment 

gateway services, which was 

Payment providers, as a result of 

these evolving needs, must adapt their 

offering to enable their merchant to fully 

take advantage of growth opportunities 

in the mobile channel. 

ACI Worldwide’s whitepaper, “Fast-track merchant growth paths in eCommerce,” discusses five key merchant growth paths, and 

is supplemented by use cases and best practices. It can be downloaded from www.aciworldwide.com/merchantgrowth. 

ACI Worldwide 

ACI Worldwide, the Universal Payments (UP) company, delivers real-time, any-to-any payments capabilities 

and enables the industry’s most complete omni-channel payments experience. ACI’s UP eCommerce 

Payments solution enables payment service providers, ISOs, acquirers, ISVs, VARs, and merchants to fully 

outsource payment transaction processing to a white label partner or integrate a gateway-to-gateway 

solution. Cross-border payment processing, PCI-compliant merchant boarding, real-time fraud prevention, 

and access to more than 350 card acquirers and alternative payment methods is made possible through a 

single integration to ACI’s SaaS-based open payment infrastructure. To learn more about ACI, please visit 

www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide. 

010


Recurring Payments: the Fast Food of eCommerce 

by Sunil Dixit 

Over two decades ago, I visited 

my first McDonald’s outside 

the U.S. while visiting Paris. 

McDonald’s in Paris was a 

revelation. The burgers were the same, 

the prices were the same, but the 

environment was spectacular. Vaulted 

ceilings! Red wine! Two floors and a 

gorgeous view! Service was fast and 

cheerful. The cashiers were not parttime 

high school kids paid minimum 

wage. Rather, they were well-trained, 

well-paid, and motivated. McDonald’s 

in France was better than its U.S. 

counterpart in every way. It was also 

local: beef and wine were locally sourced, 

measurements were metric, and menus 

were in both French and English. 

For fast food to launch in Europe, it 

had to be more than just convenient. 

Americans value convenience so highly 

they will accept a host of compromises 

in exchange for a small reduction in 

time. The rest of the world requires 

more. Like fast food, if merchants with 

recurring business models expect to 

succeed outside the U.S. they need to 

be more than convenient. They need to 

satisfy table stakes of the local market. 

They need to be crispy fries, low prices, 

and a beautiful view with a glass of wine. 

Supersize My Revenue: Recurring 

Payments in North America 

The key to a winning recurring 

eCommerce business is customer 

retention. If a business can provide 

strong evidence of long customer 

lifetimes, the market value of that 

business dramatically increases. To 

quote Jeff Bussgang, a noted ven-ture 

capitalist in Boston, “Recurring revenue 

is magic. Recurring revenue business 

models are not a little bit better than 

non-recurring models. They are 10x 

better.” 1 

Successful technology companies that 

used to be valued at 3x revenue are 

being purchased for 8-12x revenue. 

Subscription retailers jumping 

in with both feet are also being 

handsomely rewarded. For example, 

Dollarshaveclub.com, well-known for 

their hilarious viral video, 2 was picked 

up this year by Unilever for $1 billion, 

after reporting earnings of $150 million 

with a valuation of $615 million the year 

before. 3 

This boosted value isn’t totally insane 

if you understand negative churn. 

Negative churn happens when a 

business is not only replacing more 

customers than it is losing, but is also 

successfully upselling their existing 

customer base. Negative churn makes 

for exponential growth curves as seen 

below. Dollarshaveclub.com was very 

good at increasing average ticket by 

adding new products to each monthly 

order. 

To achieve growth like this, one has to 

control customer churn, ideally below 

2.5 percent. More than that, according to 

David Skok of Matrix Partners, “You are 

simply filling a leaky bucket, and will not 

be able to build a long term sustainable 

business.” 4 Early on, it’s easy to replace 

revenue if 5 percent of customers 

leave. Five percent of $100,000 is not 

an aggressive monthly sales target. But, 

if the business grows to $10 million per 

month, small increases in churn will be 

much more difficult to recoup every 

month. 

A solid understanding of churn and 

customer lifetime value is no longer 

a luxury for payments managers and 

engineers. Fintech tends to focus 

on removing barriers to payment 

acceptance, sizeable as they are. Viable 

recurring businesses, however, are 

intent on managing churn, and payments 

plays a big role here as well. Involuntary 

churn is what happens when a customer 

is lost due to a payment failure, even if 

that customer still wants the product. 

When millions of cards are being 

reissued – either due to data breaches, 

011


the expansion of EMV-enabled cards, 

or brand swaps by card networks and 

issuing banks – involuntary churn can 

make revenue forecasting a guessing 

game. Even tiny increases in payment 

declines can result in a big earnings 

miss. The method of payment chosen 

by the buyer can impact lifetime value, 

too. On top of this, there is fraud and 

card testing to contend with. The good 

news for payments professionals is 

tiny increases of even five basis points 

to approval rates can net major gains in 

business value. 

Burger, Fries, and a Coke of Recurring 

Payments 

Over the last five years, a standard menu 

of best practices for preserving high 

lifetime value has emerged. Prior to the 

sale, effective management of account 

updating, prepaid card acceptance, and 

fraud are important. After the initial sale, 

merchants should achieve high levels 

of customer engagement and effective 

decline recycling. 

Account updater technology is 

the only silver bullet for improving 

Source: http://www.forentrepreneurs.com/why-churn-is-critical-in-saas/ 

Ex. Sales Manager Payments, Business Development Manager 

SIGN UP NOW! 

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Please contact: amir@paymentsandcardsnetwork.com or visit www.payment.jobs 

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Source: Vantiv Account Updater response data, October 2014 - September 2016 

recurring payment approval rates. Visa, 

MasterCard, Discover, and American 

Express all have their own version of 

account updater and, aside from AMEX, 

they all work similarly: submit an account 

number and the network will return 

a response indicating if the account 

number or expiration date has changed, 

the account has been closed, or the 

merchant should contact the customer 

for new information (American Express 

pushes account updates to merchants, 

who must register acquired accounts 

directly with the network). 

Due to data breaches, brand swaps, and 

EMV the volume of account updates in 

the U.S. and Canada has tripled since 

2012. Vantiv makes over 4 million 

account update requests – per day – on 

behalf of its merchants, and over the last 

two years a steady 6 percent of requests 

return a response indicating an account 

change. Merchants not using this service 

risk losing this 6 percent of their billing 

cycle to involuntary churn. Some of this 

revenue is recoverable, but not without 

costly outreach to customers, which can 

take months and is not always effective. 

As a result, account updating is no 

longer a nice-to-have option, it is a 

strategic imperative. 

I’m Not Here To Eat 

Identifying customers that are abusing 

Identifying customers that are abusing 

trial offers or, worse, committing fraud 

is a vital part of developing a profitable 

customer base. When acquiring a new 

customer, open loop, non-reloadable 

prepaid cards are a poor fit for a 

recurring revenue business. While 

the first transaction may approve, 

subsequent transactions will have a 

much lower approval rate. Vantiv’s data 

indicates a non-reloadable prepaid card 

will approve for 1.2 payment events 

on average. The reason for such a low 

success rate is that the cards cannot be 

over-drafted (like a debit card), and don’t 

have adjustable credit limits (like credit 

cards). If the recurring payment is just 

$.01 more than the available balance on 

the card, the payment will fail. There are 

a few options for controlling payments 

with these cards: require customers to 

supply a backup method of payment, 

have your acquirer or gateway filter 

the cards prior to authorization, or use 

a “Recurring” or “Installment Order” 

indicator for the initial payment. Over 

90 percent of issuers will decline a nonreloadable 

prepaid card transaction 

with a Recurring Indicator, even if there 

is sufficient balance on the card. 

Outside of card testing, fraud presents 

less of a risk to recurring revenue 

businesses than pure internet retailers. 

Still, card testing can drive up processing 

costs and fool companies into thinking 

they are acquiring bad customers. A 

fraud solution that identifies device, 

IP address and geolocation, and can 

pierce web proxies will provide the data 

necessary to erect payment velocity 

controls. 5 The 3- or 4-digit card security 

code helps to ensure the customer has 

the card in hand, rather than a white 

plastic copy. Address verification service 

(AVS) can be helpful, but it introduces 

a potential obstacle to conversion. 

Consider carefully, if you aren’t shipping 

a physical good, how much address 

information you really need for a 

conversion. 

Please Come Again 

After the first payment, ensuring 

successful future payments requires 

a strategy for managing failed 

authorizations. When involuntary churn 

rears its ugly head, retry the decline 

(also called “authorization recycling”). 

If the decline is a soft decline, such 

as “Insufficient Funds” or “Do Not 

Honor,” merchants may retry up to 

four times over sixteen days for Visa, 

and even longer for other card types. 

Hard declines may be recycled as well, 

but only if the merchant receives an 

account update with new payment card 

information. This is why requesting 

an account update prior to the next 

billing event is insufficient. To maximize 

the benefit of account updater, keep 

making requests after each recycling 

attempt! The USAA debit brand swap 

from MasterCard to Visa this summer 

involved daily cohorts of tens of 

thousands of cards issued every day. 

Merchants that failed to request often 

enough risked missing these updates. 

On a related note, merchants can and 

should send all Visa update requests to 

MasterCard and vice-versa. With such 

brand swaps, this is the only way to 

receive the new account numbers. 

Note that authorization recycling may 

have regional rules. For example, as 

of October 2016, Visa Europe will be 

applying a EUR 1.00 fee for the fourth 

and subsequent recycle attempts for 

R1 (Revocation of Authorization Order) 

or R3 (Revocation of All Authorizations 

013


Order) decline codes. 6 Such fees should 

inform business cases for changes in 

recycling logic. 

Imagine a Beautiful View with a Glass 

of Wine 

Recurring payment business models are 

just getting started in Europe. Long the 

domain of utilities and mobile carriers, 

Software-as-a-Service (SaaS) companies 

are proliferating in the UK and France. 

Accel partner Philippe Botteri notes 

that five of Accel’s 10 most recent 

investments in Europe have been SaaS 

companies. 7 Most of these companies 

are not yet mature, however, and 

are not as sensitive to churn as their 

longer-running American counterparts. 

This is fortunate, as technology such 

as account updating has less coverage 

across Europe compared with the 

U.S., with participation mandated by 

Visa only in the U.K., Ireland, Italy, and 

Greece, with weaker issuer participation 

in France, and totally absent elsewhere. 8 

8 While cards are king in North America, 

recurring payments in Europe will 

require a more sophisticated, localized 

approach. 

Does a merchant’s German customer 

prefer to pay by invoice or SEPA? 

Do Dutch customers prefer Ideal or 

GiroPay? Will PayPal be top of wallet or 

is Amazon Payments a more trusted 

partner? Would customers perceive 

that a service like Klarna removes 

friction from a recurring payment? Each 

of these options handles recurring 

payments differently, and all have 

different rules for resolution of failed 

payments. Merchants should resist 

the urge to accept every method of 

payment and instead use A/B testing to 

determine the methods of payment with 

the highest likelihood of conversion for 

both initial and subsequent payments. 

Compounding complexity are the 

proposed PSD2 regulations, some of 

which have already taken effect as of 

December 2015. 9 Choice of third-party 

providers (TPPs) will be vital to sustaining 

payments, as they will have full control 

over customer authorization. Strong 

Customer Authentication (SCA) will 

further raise barriers to entry, and could 

possibly upset currently functioning 

Risk-Based Authentication (RBA). One 

way to avoid the restrictions may be to 

keep authorization amounts below EUR 

10.00, or to encourage customers to 

use direct debit, which are not covered 

by SCA. 10 However this is not yet settled 

law, not all merchants can sell their 

services so cheaply, and involuntary 

churn for direct debit could be higher 

than with debit cards. Clearly, there are 

no easy answers ahead for recurring 

payments in Europe. 

Same Taste, Better Experience 

Despite increased complexity from local 

payment preferences and regulatory 

hurdles, recurring revenue business 

models in Europe have the opportunity 

to improve upon the American 

consumer experience. Merchants and 

payment service providers that use 

a data-driven approach to present 

customers with their preferred method 

of payment, and have supporting 

strategies to handle involuntary churn, 

will avoid early missteps and enjoy a 

tremendous competitive advantage. 

competitive advantage. 

1 http://www.inc.com/jeff-bussgang/recurring-revenue-is-magic.html 

2 https://www.youtube.com/watch?v=ZUG9qYTJMsI 

3 http://blogs.wsj.com/digits/2015/06/21/dollar-shave-club-valued-at-615-million 

4 http://www.forentrepreneurs.com/why-churn-is-critical-in-saas/ 

5 https://www.vantiv.com/vantage-point/safer-payments/stop-credit-card-fraud-online 

6 https://www.adyen.com/fr_FR/blog/visa-updates-august-2016 

7 http://tech.eu/features/11306/saas-wars-europe-awakens/ 

8 https://www.visaeurope.com/media/images/recurring%20transactions%20best%20practice%20 

9 http://www.mastercardadvisors.com/_assets/pdf/Eu_Regs_Issuers.pdf 

10 https://www.finextra.com/blogposting/13207/ 

eba-strong-customer-authentication---the-end-of-frictionless-card-payments 

Sunil Dixit 

Principle Product Manager 

Sunil Dixit is Vantiv’s (NYSE:VNTV) 

eCommerce in-house specialist for 

recurring payments, responsible 

for products that use payments 

intelligence to reduce customer 

churn and have delivered more than 

$500 million in additional revenue for 

Vantiv merchants over the last three 

years. 

Sunil is a seasoned product 

manager with more than 10 years of 

experience in marketing and product 

development. Beginning with 

Microsoft’s MSN billing group and 

later with CRM and email marketing 

startups in Silicon Valley, he joined 

the Vantiv eCommerce product 

management team in 2012. 

New challenges arise in 

the Euopean market and 

its regulatory bodies 

014

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expert interview 

recurring payments 

The reasons for using recurring payments and 

subscriptions are many, and online businesses have an 

advantage over those who don’t use recurring payments 

because the simple change assists in minimizing your 

workload, decreasing late payments, improving customer 

relationships, cutting costs and keeping payment information 

secure, among other things. 

With these reasons it makes one wonder why most online 

businesses don’t use at least some sort of subscription or 

recurring payment program. We interviewed Aung Kyaw Moe, 

Founder & CEO at 2C2P, on how to manage recurring payments 

most efficiently. 

What are recurring payments and how does it work? 

Recurring payment are automatic payments where the 

cardholder authorizes a merchant (usually a biller with ongoing 

subscription) to collect the total charges from his/her credit 

card or bank account in a predefined time interval (usually every 

month). This amount is deducted on the due date of every billing 

cycle by using various methods such as GIRO, batch processing 

and automated recurring processing. 

There are several key features of a recurring payment plan 

between the merchant and their customers. Firstly, the 

customer agrees to receive on-going goods and services until the 

contract with the merchant is terminated. The merchant receives 

the customer’s permission to bill his credit card account on a 

recurring basis. Finally, the transaction amount and intervals are 

discussed and agreed between both parties. 

Recurring payment plans differ from instalment payment plans, 

where the latter involves only a single purchase that is billed in 

multiple segments over a period of time. Recurring payment 

plans are more complicated, requiring merchants to be careful 

in installing a strong pre-billing notification system prior to 

submitting a request for a recurring transaction. This will serve 

to minimise customer disputes and chargebacks, particularly 

for high value transactions. 

What are the benefits of recurring payments from a business 

perspective? 

Businesses enjoy a hassle free collection process with minimum 

cost. Full automation of invoicing, fees collection and receipt 

generation can be done seamlessly during the off-peak hours 

— recurring payment transactions are usually processed after 

midnight. 

Businesses also enjoy a steady stream of revenue, maintaining 

a positive cash-flow; an imperative for successful businesses. 

Recurring payments also optimise the payments process for 

customers, making things simple. Ideally, the recurring payments 

process should provide a seamless and transparent payment 

experience. The generated e-reports should be clear and easy 

016


This Month’s Expert 

Aung Kyaw Moe 

Founder and Group CEO , 2C2P 

Aung is the founder and Group CEO of 

2C2P, a Southeast Asian payment services 

company revolutionizing payments for 

financial institutions, ecommerce and 

mcommerce merchants and consumers 

across Southeast Asia. He hails from 

Myanmar, but has been based in Singapore 

and Thailand for the past fifteen years. 

to understand, removing the headache for both customers and 

businesses. 

As compared to physical paper reports, electronic reports can 

help avoid late fees from customers. For businesses, mailing 

an e-report is cheaper, reduces clutter and minimises the time 

spent on managing and shredding sensitive documents. 

What are the various challenges behind running recurring 

payment? 

Storing cardholder data securely, maintaining up-to-date 

cardholder data to ensure declined transactions are within 

manageable percentage and managing declined transactions 

after a few attempts are the key challenges around implementing 

and running recurring payments. 

As a service provider of recurring payments, we also need to 

convey the benefits of such payments to businesses. We treat 

this as a duty of ours. In addition to making the service functional 

and secure, we spend time educating businesses around the 

convenience, benefits and functionalities of recurring payments. 

Although businesses share a common interest of maintaining 

a growing positive cash flow, they usually have different 

motives to stick with standard billing and/or print receipts. As a 

service provider of recurring payments, we always aim to first 

understand the merchant’s business model, needs and concerns 

before proceeding to advise on the types of services to adopt. 

How do you overcome these challenges? 

We ensure that the companies’ payment processing system is 

able to handle secure, recurring payments. PCIDSS compliance 

should also be in place to store card data securely. Companies 

can use automated API to update cardholder data. Alternatively, 

the use of business processes to follow up with cardholders to 

update their card details should be conducted a few months 

before the expiry date. Declined transactions can be managed by 

offering alternative payment options after all the retry attempts 

are exhausted. In these events, our sales and customer service 

staff, who are trained to handle such issues, can advise the 

merchants on the proper procedures of setting up the recurring 

payment plans. 

Based on our experiences, we also advise companies to 

communicate the upgrade process to recurring payments to 

their customers. This should be done prior and during the 

transition period. Customers might not always understand the 

advantages of recurring payments and e-reports, and companies 

should spend time, during this transition period, to convey the 

benefits. They should plan their upcoming marketing materials 

to include information and tips about recurring payments, along 

with incentives and rewards to entice businesses to switch from 

their existing paper billing systems. 

What tools does 2C2P offer to help companies who are 

looking to set up recurring payments? 

2C2P’s system utilises a process known as ‘tokenization’ to 

securely store users’ credit card information and protect the 

data by replacing credit card numbers with a special randomized 

value (token) that cannot be reversed. Tokenization matches 

the token to the payment card owner, enabling merchants to 

run their operations without card data in their environment. 

This is crucial for payment security, as hackers face tremendous 

difficulty to gain access to cardholder data outside of the token 

storage system. 

017


2C2P’s PCIDSS Level 1 platform provides a comprehensive 

set of recurring tools to suit the needs of various businesses 

depending on their business requirements. 

What are the risks associated with recurring payments and 

how to reduce it? 

Be sure to charge the first transaction using all the security 

features. The recurring payment option should only be activated 

upon a successful first transaction. When processing recurring 

payments, cardholder data should be saved securely, in 

compliance with relevant data and security laws. 

$ 

Card security codes – the three digit number found at the back 

of Visa, MasterCard and Discover cards – should never be stored. 

Customers’ account information is strictly to be used for only 

payment for products and services. 

Another tip for merchants: monitor your list of declined 

transactions, retrieval requests and chargebacks - while taking 

prompt action to stop services, if needed. Cardholders should 

have the opportunity to opt of the membership before being 

charged. Once such requests are received, they should be 

immediately honored, and the customer needs to be informed 

that their request has been fulfilled and that the payment plan 

has been terminated. This can help avoid the issue to escalate 

into a possible case of dispute. 

2C2P 

2C2P (Cash and Card Payment Processor) is a leading Southeast Asian comprehensive payment services 

provider, transforming millions of everyday payments across Asia. The company offers a number of 

services tailored for the needs of ecommerce and mcommerce merchants, banks and financial institutions 

of any size. 

018

Summits LatAm 

Buenos Aires, Argentina - November 30th & December 1st, 2016 

DIGITAL FINANCE & COMMERCE GENESIS: 

EMERGENCE OF AN ECOSYSTEM 

Mondato Summit Latin America is an intimate, executive digital finance & commerce 

(DFC) forum that will bring together global and regional thought leaders and industry 

pioneers to share invaluable insights essential for realizing success in the DFC industry. 

Latin America presents a unique set of opportunities and challenges for digital 

payments and other DFC deployments. Now is the right time for stakeholders in the 

region to identify and validate viable use cases, customize propositions to fit the unique 

characteristics of each market, establish winning partnerships, and otherwise to build 

winning DFC service portfolios and businesses – and Mondato Summits hopes to propel 

the emergence of a DFC ecosystem in Latin America. 

IN PARTNERSHIP 

WITH 

Get 15% off 

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12

Spotlight 

You think you have what it takes to start a 

business in a super-hot market? 

PCM takes a close look at some of the most 

innovative and promising startup companies in the 

payment industry.

startup Spotlight 

“THERE IS SIMPLY 

NOWHERE ELSE WHERE 

YOU CAN INTELLIGENTLY 

SORT ALMOST EVERY 

CREDIT CARD OFFERED IN 

THE US.” 

Tim Chen is CEO and co-founder of NerdWallet, a 

personal finance company. He sets the strategic vision 

for NerdWallet and is determined to give consumers 

clarity around all of life’s financial decisions. In addition 

to leading NerdWallet toward its ambitious vision, Tim sits on 

the Consumer Advisory Board of the CFPB (Consumer Financial 

Protection Bureau), and was recently appointed to the board 

of the National Foundation for Credit Counseling (NFCC). 

Before founding NerdWallet, Tim was a hedge fund analyst 

at Perry Capital investing in payment processing firms, credit 

card networks and technology companies. He also worked 

as an equity analyst at Credit Suisse First Boston. Tim has 

a bachelor’s degree in economics from Stanford University. 

Since 2009, he has helped NerdWallet evolve from a simple 

credit card comparison tool to what CNNMoney named as one 

of the Top 20 Best Money Sites in 2010. Tim was also recently 

featured as a financial role model in Bobbi Rebell’s new book, 

“How to Be a Financial Grownup.” 

How did NerdWallet come to be? How did the idea 

originate? 

I have always had a passion for entrepreneurship and 

technology since I was a teen, but in 2000 when I started 

college, the tech bubble burst and my career plans at the time 

shifted, and I discovered a new focus on finance. I started 

my career in finance as an equity research analyst at Credit 

Suisse First Boston, then as a hedge fund analyst at Perry 

Capital and in 2009 co-founded NerdWallet. The inspiration for 

the company spurred when my sister, Kim –another Internet 

entrepreneur- asked for my help in finding a credit card and at 

the same time my parents were put into a mutual fund, which 

was full of hard-to-understand terms. It took me (a trained 

financial professional) over a week to make a recommendation 

after spending weeks researching available financial products 

and seeing firsthand how many complicated financial products 

were out there vying for consumer mindshare with no regards 

to consumers’ well-being. That’s when I realized how much 

of a barrier the complexity of information out there is for 

consumers. I put all of the credit card information into a 

spreadsheet and from there NerdWallet’s first credit cards 

tool was built. 

NerdWallet was bootstrapped from the outset and a year 

later, my childhood friend Jake Gibson joined as co-founder. 

Together we scaled NerdWallet in three years to 50 employees 

and started to dabble into other personal finance areas 

outside of credit cards. The credit card tool evolved, and I 

hired new leaders to turbocharge NerdWallet’s recruiting 

horsepower and build a company of highly talented and 

incredibly smart individuals. At the same time, the NerdWallet 

culture evolved from scrappy start-up to one of unique 

nerdiness fully encapsulating what it means to be a Nerd, 

embodying four core values (Consumer, Company, Team, 

021

startup spotlight 

Self; Drivers before Solutions; Healthy Relationships, Hard 

Conversations; Relentless Self-improvement) and always 

putting the consumer first. Today NerdWallet has attracted 

more than 400 employees (Nerds as the company calls 

them) and is functioning in 11 personal finances areas (Credit 

Cards, Banking, Investing, Mortgages, Household Spending, 

Education, Personal Loans, Life, Health and Auto Insurance, 

SMB, Taxes and Estate Planning). As NerdWallet continues 

to provide advice and tools across these financial topics, 

the company also made its first acquisition earlier this year 

acquiring retirement planning startup aboutLife. 

What is your mission and vision and what exactly are you 

trying to achieve? 

NerdWallet is a personal finance website with a mission 

to provide clarity to consumers across all of life’s financial 

decisions. The majority of people make financial decisions 

in the dark so we want to provide consumers with expert, 

honest and personalized information to empower them to 

make the best possible decisions- everything from selecting 

a credit card, mortgage lender to how to save and invest. 

We understand that consumers struggle to get good financial 

advice because they either turn to friends and family who are 

well intentioned but not well informed; or financial advisors 

that don’t always have the consumer’s’ best interest in mind. 

So we aim to be transparent and help consumers understand 

the massive amount of financial information that is thrown 

at them by taking complex and sometimes complicated 

information and simplifying it into an easy-to-understand way 

through our content and free tools. 

What makes NerdWallet stand out from other similar 

services currently on the market? 

NerdWallet provides free expert content and tools to 

consumers across various personal finance topics. Our online 

tools simplify complex personal finance topics and personalize 

answers to common personal finance questions asked by 

consumers. We put the consumer first and provide objective 

advice to help consumers make the best possible decision for 

them. We have writers who are experts in specific financial 

topics and qualified advisors who are readily available to help 

answer consumer questions. 

Additionally, our culture sets us apart. We’re shaping the 

future of finance by empowering people with information, and 

that mentality starts within NerdWallet with the employees, or 

Nerds as we like to call them. Our culture is built on four values 

that we bring to life in our everyday work; “consumer, company, 

team, self”, “drivers before solutions”, “healthy relationships, 

hard conversations”, and “relentless self-improvement”. We 

have an inclusive, collaborative and casual vibe with open 

space offices built for employees to come together, the best 

technology to equip our employees with what they need to be 

successful, and rooftop hangouts to refresh. We start every 

week with a company wide meeting and end the week with a 

happy hour to celebrate all the great work. 

Making a difference: We always put the consumer first 

because their needs drive our goals. With careful collaboration 

and thoughtful insights, we’re creating experiences that help 

people do everything from find the right credit card to afford 

a family vacation. And, we do this by providing advice that is 

in the best interest of the consumer. 

Breaking the mold: We’ve only scratched the surface of what 

we want to achieve. From building tools to finding ways to make 

complex topics easy to grasp, we’re always finding new ways 

to disrupt the financial industry. 

Loving your team: Team and talent is one of our top priorities 

as a company, and one of my top priorities as CEO. We’re 

growing fast, but wisely by thoughtfully building our teams 

to include talented people that bring different levels of 

experience and expertise to the mix. 

Learning and grow: We’re heavily invested in our employees’ 

present and future success as a Nerd. Our culture encourages 

Nerds to continue learning and improving and we provide 

many opportunities for them to grow. We hold quarterly 

hackathons, host exclusive NerdTalks and offer multiple 

trainings and workshops for employees to improve both 

personally and professionally. 

Where do you see NerdWallet in 5 years from now? 

We take pride in helping consumers make informed financial 

decisions based on the expert, honest advice and objective 

information we provide. We will continue to empower 

consumers and provide clarity on complicated financial 

decisions to help them change the way they think about their 

finances. We’ll continue to invest heavily in hiring top talent 

and investing in product, design and engineering to develop 

and introduce new products and tools as well as expand our 

expertise in areas where consumers need the most help. 

022

jobs 

Hot Jobs 

SENIOR CONSULTANT 

PAYMENTS 

Utrecht | The Netherlands 

HEAD OF RETAIL - 

BUSINESS DEVELOPMENT DIRECTOR 

London | UK 

HEAD OF TRAVEL - 

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POS 

MANAGER 

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RELATIONSHIP 

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These are the latest job opportunities we have on offer! 

For more information please visit www.paymentsandcardsnetwork.com 

or check out our international Job Board at www.payment.jobs 

024

events 

Events 

Brussels, Belgium 

Discount Code: CWMLAQ54Y 

Banking Tech Keys provides the Retail Banking professionals 

actionable knowledge to succeed in the digital era. Combining 

workshops and interactive insights sessions, the conference focuses 

on impactful tech shifts such as m-banking, branches digitization, 

PSD2, Fintechs, BlockChain…Its blend of case studies and technology 

updates is intended to guide the attendees at both organizational 

and personal levels. 

7 

7-9 

Discount Code: CWMLAQ54Y Brussels, Belgium 

Cashless World is a conference & exhibition dedicated to the 

disruptive innovations in the way we pay and transfer money. 80 

speakers will explore the tech advances replacing traditional cash 

& card solutions, their impact on the payment ecosystem and the 

challenges to implement them round the world: commerce payments 

new models & technologies (NFC, wearables, KYC…), digital money 

innovations (P2P, real-time, BlockChain…) with focuses on security & 

fraud reduction, regulation approaches, APIs role, etc. 

Madrid, Spain 

This event focuses on the most exciting industry developments, 

including BlockChain, the Internet of Things and the PSD II regulation, 

and features case studies from the latest entrants into the market, 

Samsung Pay and Android Pay. With the European Commission and 

European Payments Council taking an active role, this conference 

is a content-driven and exclusive event catering to the most senior 

decision makers representing banks, card schemes and payment 

service providers from across the continent. 

8-9 

9-10 

Dubai, UAE 

This event is an exclusive platform for the banking, payments & retail 

industry wherein the stalwarts of the industry from across the globe 

will gather under one roof to discuss & deliberate on the challenges 

& opportunities in the sector. The event will provide extensive 

networking & business opportunities to attendees and answer their 

big question – what’s next in the years to come? - and will also help 

them make decisions to invest in new solutions. 

025

events 

Paris, France 

ISSE is Europe’s leading independent interdisciplinary security event. 

More than 300 international delegates will participate in an education 

programme compromised of keynotes, seminars, workshops and 

networking sessions. The event will revolve about all things security; 

Internet of Things, Mobile Security, French Identity Perspective, 

Biometric Implications on Security and Identity, Advances in Identity 

Standards and Eidas, Current European Initiatives, and much more! 

15-16 

16 

Discount Code: WRPCN10 London, UK 

This event presents the future of retail, with those who are building it 

– this is the most exciting time to be in retail. There is simply no other 

event like WIRED Retail — you’ll hear from speakers who are at the 

forefront of change and challenging norms, as well as network with 

some of the world’s leading retail minds. Why attend? It will change 

how you think about your world, and open your mind to explore new 

ideas that could future-proof your business. 

London, UK 

This event is free to attend for corporate finance professionals; 

the event is split into two subject-specific areas. Day one focuses 

on best practice approaches to optimising corporate cash and 

payment structures whilst also highlighting the impact of disruptive 

technology across treasury operations. Day two focuses on macroeconomic 

challenges to corporate funding, and investments in low 

and increasingly negative-rate environment. 

22-23 

23 

London, UK 

This conference will bring together ticketing leaders from all over 

Europe to present their visions, focus on the needs of the passenger 

and share best practice in delivering world-class ticketing systems 

that are designed firmly around customer requirements. As a sector, 

we need to make sure that we deliver ticketing solutions that are 

accessible to each and every passenger demographic: that serves the 

individual passenger’s ‘ways’ and enables fully interoperable end-toend 

ticketing. 

026

events 

London, UK 

Discount Code: PCN20 

This is an exclusive event providing a unique opportunity to connect 

with people who can make a difference to your business. If you’re an 

investor or deal-maker you’ll get valuable insights on which sectors, 

companies and deals are likely to get funded over the next year. If 

you’re a new or established FinTech company, you’ll be able to connect 

with people and organisations that can help you take your company 

to the next level. 

24 

28-1 

Singapore 

This is a 4-day comprehensive course focusing on key issues on mobile 

payment security. You will get updates on critical hacking techniques 

through a live demonstration. You will also learn how hackers can 

break security features of mobile platforms and apps. The trainer will 

not only cover the theoretical aspect of mobile security but will also 

share his long experience with clients on mobile security. 

Buenos Aires, Argentina 

Discount Code: PCM15OFF 

This is an intimate, executive digital finance & commerce forum that 

will bring together global and regional thought leaders and industry 

pioneers to share invaluable insights essential for realising success in 

the DFC industry. Latin America presents a unique set of opportunities 

and challenges for mobile money and other DFC deployments. Now 

is the right time for stakeholders in the region to identify and validate 

viable cases. 

29-30 

29-1 

Cannes, France 

TRUSTECH Incorporating CARTES is the Largest International 

Event dedicated to Trust-Based Technologies with unprecedented 

networking opportunities and not-to-be-missed Keynote Speakers. 

TRUSTECH will include amongst other things a selection of Startups 

and FinTechs who will showcase their latest innovations for the 

Payment and Identification industries. 

027

Payments & Cards 

Network 

Driving Innovation through 

knowledge 

Get involved 

now! 

We value your feedback and ideas! 

If you’d like to discuss a specific topic, 

don’t hesitate to contact us. 

Get in touch today and maybe you will 

be featured in the next edition: 

Amsterdam Office 

Herengracht 576 

1017 CJ 

Amsterdam 

The Netherlands 

Email: info@ 

paymentsandcardsnetwork.com 

Tel: +31 20 3030 257 

Fax: +31 20 8208 295 

Follow us now and stay up-to-date 

with the latest happenings in the 

payments world!

PCM Vol. 2 - Issue 11

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