PCM Vol.2 - Issue 10

Vol 2. Issue 10 | October 2016
PCM
YOUR GATEWAY TO THE WORLD OF PAYMENTS
the rise of emerging
markets
Driving Payments Innovation

Welcome to Vol.2 - issue 10
Emerging markets might not seem very exciting to some, but others are already
taking advantage of the opportunities they have to offer. Mario Shiliashki, CEO
@PayU EMEA gives an insight into the regional payments landscape and how
it differs from Western Europe & US, why are emerging markets exciting and
provides advice for companies contemplating expanding into these regions.
Carrying on, Aleksander Kijek, VP of Operations @Nethone, uses the example of Nethone solutions
being applied in the gaming industry to explain how friendly fraud can be effectively prevented
through the use of Machine Learning, User Profiling and Behavioral Analysis.
Shailesh Grover, elaborates on the way of making more money from customers and how to continually
acquire more of them.
Sarah Clark, General Manager Identity @Mitek, talks about the key to a successful digital transformation
and the best ways to leverage the mobile user experience.
For our startup Spotlight this month we interviewed Lukasz Dylag, Founder & CEO @VoicePIN, who
gave us a better understanding on the use of voice biometrics when it comes to authorization and
authentication and how it is becoming an integral part of the identification process.
We also have a Special Feature this month. We interviewed, Jordan Lawrence, Co-Founder & CCO
@POUR - a newly launched app with the idea of revolutionising marketing. POUR is an app allowing
everyday people to make money off their selfies and most importantly work with brands they LOVE!
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
4
spotlight
7
20
STORIES
4
7
10
15
Understand to Prevent
Aleksander Kijek, VP of Operations @Nethone on using A.I. to
get ahead of the game in the fight against friendly fraud.
Invisible Identity – making the end-to-end
experience frictionless
Shailesh Grover on providing a great experience by leveraging
technology rather than building useless products and then
struggling to sell.
The key to a successful digital
transformation
Sarah Clark, General Manager-Identity @Mitek presents the
key to a successful digital transformation by taking the identity
verification mobile.
Exploring the huge potential of emerging
markets
Mario Shiliashki, CEO @PayU EMEA shares his experience with
us about operating in emerging markets.
20
22
24
25
Spotlight: Voicepin.com
Łukasz Dylag, Founder & CEO; “We believe that voice
biometrics will become an important element in the process of
authorization and authentication”.
Special Feature: POURapp
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!
Events
Stay up to date with the latest happenings in the
industry and make use of our special promo codes!
15
We speak to Jordan Lawrence, Co-Founder & CCO @POUR,
who gave us a deep insight into the capabilities of POUR and
how it is going to revolutionise the marketing industry.
003

Thought Leaders Corner
Understand to Prevent
How to use A.I. to get ahead of the
game in the fight against friendly fraud.
by Aleksander Kijek
Friendly fraud is one of the most annoying types of
fraudulent activities that online merchants have to
deal with these days. It is at the same time known as
one of the most difficult to fight. It takes place when a
legitimate cardholder purchases goods or services and after
those are delivered, demands a chargeback. According to
some reports, friendly fraud might cost online merchants
almost $7 billion this year. It occurs most often in the digital
goods segment of ecommerce where traded items/services
are almost instantly delivered to a recipient whose true
identity is hard to verify. In many cases merchants are unable
to prove that they have delivered the ordered good/service
to the purchaser at all, or that the purchaser was indeed the
person whose card had been used to carry out payment.
In the following article I use the example of Nethone solutions
being applied in the games industry to explain how friendly
fraud can be effectively prevented through the use of
advanced Machine Learning, User Profiling and Behaviour
Analysis - the three key elements of our approach to the
problem.
A Why? that leads to Who?
First of all, it is crucial to understand why customers commit
friendly fraud. They do for various reasons. When it comes
to online games, some cardholders demand chargebacks to
avoid paying for in-game purchases made by their kids. For
some, chargeback is a way to get back the money spent on
their own hasty purchases as soon as they realize they did not
actually need certain items. For many it is a well-thought-out
way to extort money from game publishers and marketplaces
while reselling stolen items to other players. They might,
of course, have many other motives but those mentioned
above are quite common and sufficient to illustrate the
phenomenon. There are multiple links between the motive
and the features of a friendly fraudster. A kid purchasing
some game items using their parent’s smartphone acts very
differently from a sly grown-up trying to outsmart the game
publisher for profit. By discovering those links, we are able to
detect individuals likely to commit friendly fraud even before
they make a purchase.
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Thought Leaders Corner
?
Behaviour Analysis: How do behave those who
misbehave?
Every individual behaves differently online. People browse
marketplaces in many different ways, they interact with the
user interface their own way and play games using various
tactics and strategies. User’s behaviour can be considered
in two basic categories: actions (e.g. the way they type in
text, swipe or scroll screen when reading the T&C disclaimer,
navigate through the game) and activities (e.g. what items
they use in the game, how they use them, if they explore the
map or stay in one place, if they interact with other players
or constantly stand aside etc.). Nethone’s Behaviour Analysis
takes into account both. By gathering information about
all the activities and actions performed by players in the
game/on the marketplace and around (e.g. reselling items),
we create their individual behavioural profiles - a vitally
important source of information for further proceedings
since this is just the first piece of the puzzle.
User Profiling: Thousands of data points to draw
conclusions from
In the digital realm, individuals consist of persons and devices
they use (directly or indirectly) to get online. Since Behaviour
Analysis provides information about the former, User Profiling
brings in-depth insight into the latter. At Nethone, we gather
information from a multitude of sources to learn as much
as possible about the, say, tech side of an individual. We
check their operating system, browser, hardware, type
of connection, internet service provider and many many
more. We x-ray every single player converting the acquired
information into 3000 features to get a full picture of who
they are from the technical point of view.
One might have insurmountable amounts of data at their
disposal but it would not help much without a way to analyse
and understand it. Here comes the third part of the solution
- the crucial one that powers the other two and in fact drives
the process: advanced Machine Learning.
Machine Learning: The key
In-depth Behaviour Analysis as well as thorough User Profiling
are possible thanks to advanced Machine Learning. All those
actions and activities, software, hardware and connection
details must be crunched together and processed to draw
accurate conclusions and identify players likely to commit
friendly fraud. At Nethone, we create custom Machine
Learning models designed to execute particular tasks
within the process. We fine tune the models for their optimal
performance and constantly monitor their effectiveness. As
a result, we are able to predict with great accuracy whether
a player is a friendly fraudster or not. Furthermore, the
thorough analyses carried out by our models reduce the risk
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Thought Leaders Corner
of a false positive to minimum. In other words, the
solution does not lock sales. To cut a long story
short, the combination of advanced Machine
Learning, Behaviour Analysis and User Profiling
is the name of the game in fighting friendly fraud
- not only in the games industry.
Friendly fraud is, of course, just one of many kinds
of fraud that online merchants, especially digital
goods merchants, have to deal with. Happily,
fighting friendly fraud is also just one of the many
capabilities of Nethone.
Aleksander Kijek
VP of Operations
Aleksander Kijek is a Python programmer and
Linux enthusiast fascinated by FinTech and
Neuroscience. At Nethone, he is responsible
for business and product development,
coordination of the workflow and assuring
comprehensive operational excellence of the
company.
Nethone
Nethone provides AI-based Anti-fraud and Business Intelligence solutions for ecommerce companies
of any size. The company was founded in 2015 by a team of experienced data scientists, risk managers
and security specialists with rich merchant background to help online businesses turn threats and
challenges into profits. Nethone operates globally, making commerce safe and prosperous.
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Thought Leaders Corner
Invisible Identity
It’s all about making the end-to-end experience frictionless.
Imagine this scenario cutting across
multiple industry silos - medicine,
medical insurance, wearables,
smartphones, payment, transportation,
test labs, etc. You are a consumer that
is health conscious, wants to have
proactive ways to monitor attributes
that impact your health, does not want
to deal with the complication of various
health systems and insurance providers
and the ping pong between them, wants
to have access to global specialists onby
Shailesh Grover
How to make more money
from customers and how
to continually acquire more
of them: this seems to be
the standard question across most
organisations, large and small, that have
some product or service to offer. Very
few truly focus on how to provide a great
experience by leveraging technology
rather than building useless products
and then struggling to sell. The other
extreme is the new billion $$ valuation,
what I classify as experience companies
- Uber, Airbnb; in my view, these and
others like them sell an experience
rather than a product as they technically
don’t own anything but the frictionless
experience.
On similar lines, consumer adoption
of technology is growing at a much
faster rate compared to the readiness
of retailers and other service providers
to cope with this change. Consumer
behaviour and expectations are also
changing and they need more speed,
transparency, personalised experience
- all this on the channel of their choice
and on demand. Surprisingly in 2016,
most retailers still cite 9am-5pm on their
Twitter, Facebook and contact centres…
so they are applying their legacy rules to
new tools.
The evolution in technology and its
adoption lends itself to eliminating
friction across most customer use
cases. One such aspect that arguably
underpins all use cases is (electronic)
identity and authentication. Every
aspect of our life has an identity of sorts
attached to it - medical, employment,
business, driving, travel, pension,
insurance, mobile, banking, shopping,
etc. And each of them, historically, have
issued a physical “thing” and then moved
to digital “online or mobile”. Some of the
more recent providers have a mobilefirst
way of doing things but even they
ask you to create a means for you to
access the service - making you to deal
with remembering the various disparate
sets of “username” and “password” -
not to mention remembering the right
permutation that goes with each service.
Those that have moved to biometrics
have again used traditional ways to get
you started first.
A few years ago I shared a panel with
someone that claimed to have a chip
in his right arm that did authentication
for a new service. While it sounded
very cool, I personally would think twice
before doing anything like that! Intrigued
with the thought, I did ask a random set
of young graduates and interns whether
they would be interested - and when I
articulated how that chip in their arm
would make their life easier, they all
responded in the affirmative.
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Thought Leaders Corner
demand and don’t want to waste time
running to the pharmacy. In short,
you want to eliminate the friction to
the greatest extent possible from this
experience.
Let’s start with how this scenario would
play out in today’s world. If you need to
get a health check you typically go to a
doctor who, after checking some basic
vital signs, sends you for a blood draw.
The blood is then labelled and sent up to
a lab and you wait until the results arrive
a few days later. Then you schedule a
follow-up appointment with your doctor,
review the results and in some instances
get a prescription for which you then go
to the pharmacy. There may be multiple
instances where you have to make a
payment throughout this process.
Now imagine the above with an
implantable chip that has the ability
to monitor attributes of your blood
in real-time and communicate to any
smart device - a watch, for example, or
a mobile phone - so you can see how
you are doing. The smart device can also
provide you with an idea of how your
stats compare to averages.
Overlay machine learning and artificial
intelligence can then perform predictive
analysis and also suggest preventative
care. For a more complex diagnosis,
your real-time data is also made
available to a specialist of your choice
anywhere across the globe: they then
write you a prescription which gets
delivered to your door in 2 hours via a
drone. It sounds like science fiction, but
it’s not: there is technology available
that can make it happen. This is just
one example illustrates how you can
leverage technology and integrate
cross industry capabilities to deliver an
amazing experience!
For all of the above to work there is,
of course, a need to protect identity,
ensure security, and have the right
controls in place to proactively identify
and curb fraud. All the other necessary
attributes (i.e. payment, address, age,
gender, past history, passport, loyalty,
memberships) are then securely
coupled to this identity. Identity and how
one secures it is extremely key; it can be
done either using primitive methods,
although they carry a high risk of fraud,
or the currently popular biometric
capabilities - or something more future
proof like Behavioural Biometrics.
• Identity for the world’s largest
democracy: Over a billion people
have been issued a biometric card
that has your finger print and
retina in addition to other identity
attributes such as your mobile
and address. Not only has India
achieved the seemingly impossible
task of issuing it to over a billion
citizens, this biometric card (called
the Adhaar card) unlocks everything
one needs - bank account,
mortgage, pension, employment,
taxes, medical insurance, you name
it. The list goes on.
• European Union eIDAS: Over half
of the EU countries issue electronic
identity of sort that unlocks
everything you need - similar to
the Indian biometric card, the
difference being that India has a
physical card where these countries
have it electronically. This unlocks
the potential to enable not just
cross industry but cross country
use cases.
• UK’s GOV.UK Verify: This is the new
way to prove who you are online.
It gives a safer, simpler and faster
access to government services like
filing your taxes or checking the
information on your driving license.
Having covered physical biometric
identity and electronic identity, let’s now
explore how behavioural biometrics
can be a game changer. Behavioural
biometrics on mobile devices will
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Thought Leaders Corner
start to become a more important
modality because this can provide
continuous authentication while a
person is naturally using their device.
By analysing how a person implicitly
uses their device, it is now possible to
recognise users. The technology can
also be combined with other biometric
modalities and authentication factors
to create an authentication risk scoring
that has the ability to reduce fraud. Its
ability to integrate into fraud and risk
management solutions makes it an ideal
technology for cross industry use cases.
A few months ago, I met the CEO of
a Canadian startup, Zighra, and was
excited to learn about how he and
his team are building some of this
capability. They call their solution
“KineticID” - it combines the power of
artificial intelligence and behavioural
analytics to detect account takeover
fraud and automated attacks in mobile
transactions. I found it very simple in
its execution, as it plugs into mobile
applications and implicitly recognises
the device based on its unique sensorial
fingerprints, the user based on their
habits and interaction patterns, and ties
it to the user action such as account
registration, login, and payments. By
actively evaluating the user’s unique
kinetic signature - including the way
the user holds their device, the angle
in which they hold it, the touch screen
pressure, and acceleration while
performing an action - it provides
continuous authentication and threat
detection.
With technology moving at such a pace,
timing is perfect to kill the product
centric thinking and move to design
thinking to focus on delivering that
compelling end-to- end experience. Not
only is there a great opportunity to focus
on doing that within every industry,
given the capability of smart devices, it
will soon be expected when customers
are going through experiences that cut
across multiple industries.
So how will identity, insurance and
driver’s licenses manifest themselves
when the self driving cars become
mainstream; when home appliances
are smart enough to place orders and
make payments; when implantable
chips make the driver’s license and the
passport obsolete? Are you ready to
embrace these changes and more?
Shailesh Grover
Shailesh Grover is a thought leader and practitioner of innovation executing ideas
into business growth and customer outcomes. He is a strong believer that the fastest
way to increase top line growth and lower operating costs is by leveraging technology
innovation to provide a compelling customer experience rather than just creating
products that don’t match customer needs.
He has over 25 years of global experience working across multiple industries in
blue chip companies and also startup’s in the Silicon Valley. He is a results-driven,
collaborative senior executive and seasoned transformation agent leading and
influencing positive disruption to deliver value to traditional and hyper-connected
customers.
http://linkedin.com/in/sgrover
http://twitter.com/sgr0ver
shailesh.grover@gmail.com
In his recent experience at Barclays Bank PLC, he led the innovation agenda across
the global entity in addition to embedding a culture of Design Thinking, Agile, Lean,
and Six Sigma. He was the Managing Director heading up Research and Development
to drive “Horizon 3” thinking across the business, build innovative customer centric
propositions and ensure future relevance.
Prior to banking, Shailesh was in Telecom in the USA and was responsible for
organizational transformation of AT&T wireless and Cingular Wireless. During his
tenure the companies experienced the fastest cultural transformation. He did 3
startup’s in San Francisco, one of which went public - He served as the head of IT
and Architecture of NextCard which disrupted the online credit card experience. He
started his career in 1992 working for NIIT in New Delhi India.
Shailesh has a various award wining first-of-their-kind innovative solutions that he
has designed and implemented over the years. He is an active speaker and mentors
various startups, fintech hub residents and government entities.
009

Thought Leaders Corner
Taking identity verification mobile, the key to a
successful digital transformation
by Sarah Clark
Spoilt for choice and used to the
immediacy of a mobile world, consumers
nowadays have set the bar high for their
banks: they want to be able to manage
their finances on the go, to do their
banking from anywhere, at any time;
they want it all and they want it now.
In the meantime, although financial
institutions understand their customers’
appetite for simple, effective and realtime
banking and are eager to deliver
products and services that answer these
needs, at a time when data breaches
are on the news almost every week, the
pressure nothing but mounts for them
to comply with the ever stringent Anti-
Money Laundering regulations.
As banks seek to adapt to the evolving
regulatory environment and growing
competition from industry disruptors,
coming up with a solution to the
convenience – security conundrum has
become paramount to those financial
institutions wanting to win over the
digital-only, mobile-centric consumer.
There is no argument about the steady
growth of mobile banking adoption.
A recent study by Javelin Strategy &
Research shows that in 2015, the
annual percentage of customers using
mobile banking services outpaced the
annual percentage of bank branch
visits by 6%. The report also highlights
that the convenience of having access
to information and other services just
when you need it via mobile phones is
one of the main drivers of the mobile
banking growth. In parallel, this ‘always
connected’ attitude is generating higher
expectations on the services provided
by other industries such as financial
services.
Decades working with thousands of
financial institutions from around the
world have taught us that the answer to
this dilemma resides in offering a simple,
Leveraging mobile to build
trustworthy (and valuable)
relationships with customers
Trust is the foundation on which the
banking industry is built but, since
the financial crisis erupted in 2008,
this trust has been put into question,
forcing banks to work harder than ever
to retain their customers. With trust for
the banking industry being at all-time
low, banks will need to demonstrate a
commitment to providing high-quality
service to a growing base of mobile
banking users.
Truth is that, like in most service-oriented
industries, a bad mobile banking
experience can lead to customers looking
for alternative solutions. According to a
new FICO survey, that’s exactly what’s
happening with a substantial number
of millennial banking customers. In fact,
the survey found that this demographic
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Thought Leaders Corner
is two to three times more likely to close
all accounts with their primary bank than
people in any other age group.
Taking into account that younger
millennials also noted that having a
negative fraud-related experience was
another reason that encouraged them to
switch banks, implementing a seamless
and secure mobile banking experience
acquires a double significance: on one
hand it is crucial to not incur hefty
penalties associated with failure to
comply with AML and KYC regulations;
on the other, delivering an outstanding
experience is the most cost-effective
way to avoid increased marketing and
operational costs required to retain and
win new customers.
Knowing your customer is arguably
one of the staples of this trust-based
ecosystem and electronic identity
verification is critical given the focus on
digital transformation and in particular
the strategic importance of digital
channels for customer acquisition.
Electronic identity verification is
critical to optimize digital channels
for acquisition
At Mitek we see how often the biggest
obstacle, or at least the perceived as
the biggest obstacle, to implementing
a new digital on-boarding strategy that
can be effective for all applicants to
stay in the digital and mobile channel is
how to create a reliable and compliant
identity verification process. Nowadays
it is critical to know the person on the
other end of the mobile device; to be
certain that your customers are who
they say they are.
Mobile capture and instant verification
of identity documents surges as a key
solution in this context – it can move
significant onboarding traffic away
from cumbersome, time-consuming,
and costly in-branch interactions
while increasing the number of good
customers who come through the digital
or mobile channels.
Our experience in the market shows
that the mobile capture and identity
verification combo is a powerful one as
it can increase net new customers who
may not otherwise be able to complete
the account opening process on a mobile
device and who are no longer willing to
come in to a branch nor to fax in or mail
their personal identity documents.
As the complexity of the regulatory
landscape has increased, opportunities
to leverage technology in order to ease
the compliance process and increase
transparency in the relationship with
both end users and regulators have
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Thought Leaders Corner
Sarah Clark
General Manager-identity
Sarah Clark is the General Manager-
Identity at Mitek, a global leader
in mobile capture and identity
verification software. Before
joining Mitek, Sarah successfully
managed the product strategy and
business development for startups
in the payments, e-commerce and
technology markets. Sarah holds
a BS in Mathematics from Duke
University and further developed her
managerial skills at Harvard Business
School.
and record-keeping, proving that
regulators are conscious that too much
regulation could hinder innovation and
are therefore taking a more strategic
view when developing new regulations.
A seamless mobile user experience
and secure ID verification are not
mutually exclusive
A seamless mobile user experience and
more secure identity verification are not
mutually exclusive; they are solved in
tandem by Mobile Verify which offers
instant Identity document authenticity
verification with a quick and easy scan
using the camera on the mobile device.
Most efficient fintech solutions today
are simple but surprisingly powerful.
Transparent, lean, and user-friendly, they
communicate the delivered value in an
easy to consume way for the general
audience. Achieving a frictionless
customer journey that solves today’s
tech savvy customer’s demands for
immediacy and resolution ranks high
among retail banks’ strategic goals.
At a time when the leading financial
institutions are leaning on user
experience to attract and retain their
mobile-centric users, rethinking what
a bank is and what it means to digitalfirst
and mobile-only customers,
is paramount to tap on high value
customers such as Millennials,
expats, international students or the
underbanked.
Actually, in a global economy where
people keep on the move, being
capable of checking the identity of your
prospective customers regardless their
country of origin will translate into more
safe and effortless acquisitions.
Leveraging the power of mobile capture
for ID verification, Mitek sits right at
the intersection of convenience and
security: our mobile ID authentication
technology enables consumers to easily
and instantly validate their identity
by simply snapping a picture of their
government-issued proof of identity
with their smartphone’s camera. No
matter how the image comes through,
nor its quality, using a combination of
advanced image capture software and
facial recognition technology, Mitek first
verifies the authenticity of a document,
and then evaluates the information in
the document and applies it for data
validation, assuring in real time that the
ID presented in a mobile transaction is
a genuine, unaltered, and governmentissued
ID.
In other words, we are able to
authenticate that the IDs presented for
identity verification at enrolling time
are unaltered, official governmentissued
documents. All without leaving
the mobile channel and in a matter of
minutes, therefore satisfying at once the
institution’s need for a cost-effective and
compliant way of verifying the identity of
prospects at onboarding time and the
end user’s high expectations for speed,
convenience and security.
arisen. Technological solutions such
as our mobile ID verification software
help firms to meet AML and KYC in an
automated way and reduce operational
risks.
In the same vein, as regulations become
more complex and expand their
scope, increased use of technology for
compliance is expected. For example, the
European Union 4.1 Anti-Money Laundry
Directive recognizes that electronic
means of identity verification are as valid
as those traditional ways of verifying the
identity of your customer (in-person
verification). Similarly, the UK Financial
Conduct Authority acknowledges
the advantages of electronic identity
validation for cross-border transactions
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Thought Leaders Corner
With such figures supporting the
increased relevance of mobile, banks
capable of allowing their future clients
to open an account from their mobile
device will instantly gain an edge over
other industry players.
Recent market research reveals that
around 25 percent less financial
institutions will exist by 2020 as banks
look to minimize the impact of increased
competition with new players emerging.
In such a competitive framework, how
you do differentiate and where to
innovate becomes of capital importance.
For example, identity verification
technology enables banks to get those
prospects who cannot be approved by
traditional means of identity validation
out of their pended queue. These can be
foreign workers, international students
or young professionals that don´t have
a solid credit record as yet but still
make good future clients. Furthermore,
integrating identity verification via
mobile devices does not just enable
banks and financial institutions to enjoy
increased approval rates and tap on new
niches, but also provides more choice to
consumers, improved cardholder loyalty
and stronger fraud protection for all
stakeholders.
Deepened engagement and loyalty
as a result of outstanding customer
experience
Deepening engagement and loyalty
is just possible if financial institutions
deliver banking solutions that go above
and beyond the regular service to match
their prospects’ lifestyle and banking
needs. A recent survey by Bank of
America reveals that nearly two in three
(62 percent) respondents use mobile
or online as their preferred method of
banking, which is significantly up from
51 percent in 2015.
Despite the challenges posed by the
migration from traditional services to
digital banking, data gathered in the
recent Digital Engagement Intensity
Study conducted by Fiserv and Bank
of the West prove that this is a fruitful
transition: monthly revenue per
customer increased by 10.7 percent after
enrollment in digital banking, compared
to a 4.5 percent increase for non-digital
users during the same period.
Likewise, the report points out that
higher engagement drove higher value.
Among highly engaged customers –
defined in the study as those who have
the longest tenure, make the most
transactions and generate the highest
revenue -, average monthly revenue
jumped 13.1 percent after digital
enrollment.
Mitek
Mitek (NASDAQ: MITK) is a global leader in mobile capture and identity verification software solutions.
Mitek’s ID document verification allows an enterprise to verify a user’s identity during a mobile
transaction, enabling financial institutions, payments companies and other businesses operating
in highly regulated markets to transact business safely while increasing revenue from the mobile
channel.
013

ABOUT THE MRC
With the vision of making commerce safe and profitable
everywhere, the MRC is the leading trade association for
eCommerce fraud and payments professionals. The MRC
is more than just a trade association; we are a community
of industry experts from the most prominent merchants,
solution providers, issuers and law enforcement agencies.
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expert interview
exploring the huge potential
of emerging markets
The dynamic nature of the emerging markets opens up
new opportunities for innovation and growth. This is
particularly true for the payments industry. At the same
time, businesses entering these markets are facing many
challenges on unknown territory. The PCM team invited Mario
Shiliashki, PayU CEO EMEA (Europe, Middle East and Africa),
to share his experience with us about operating in emerging
markets. We spoke about what to pay close attention to, even
before venturing into EMEA high growth markets.
As the head of EMEA, can you give us some insight into
the regional payment landscape and how it differs from
Western Europe or the US?
In EMEA, PayU is a leading payments service provider. We are
#1 in online payments in countries like Poland, Turkey, Romania,
and South Africa. We are a fast growing player in Russia and
the main partner for select merchants in Czech Republic and
Hungary. While having quite an ambitious expansion plan for
the EMEA region, we continue to grow our product and service
range beyond just the eCommerce space.
Looking at the markets across the EMEA region, they are
distinctly different from each other. A few of them are very
different from Western standards. In Western Europe, people
generally prefer to pay online with credit cards and occasionally
with debit cards. Whereas, in, say, Poland, people have the habit
of paying differently. They pay directly via bank transfer. PayU,
being the leading innovator in the payments space, was the first
to launch the pay-by-link method in Poland. It’s a streamlined
bank transfer checkout process to pay for a good or service
online by simply sending money to the merchant directly from
the consumers’ bank account.
As we continue to innovate in that space, PayU spearheaded a
one-click checkout by paying with your bank account rather than
the credit card. Our data shows us that around 70 per cent of all
online payments are done in this way in Poland, whereas only
a small portion is via credit card. This is very different from the
paying habits of many Western Europeans.
Another example is Turkey, where the majority of payments (over
70%) are made with instalment loans. That means payments are
made via credit card but are paid off in instalments instead of
in one total sum at the end of the month. It’s instead paid 3, 6
or even 12 months after the date of purchase.
These are some of the very interesting nuances in payments
that PayU is focused on. PayU’s strength also stems from its very
local expertise. We are connected to local providers such as the
banks, instalment providers, the credit providers and all the local
merchants and consumers. This is why we can provide the best
experience for merchants and consumers alike on a local level
compared to the other multinational players. They often claim to
015

expert interview
act locally but really only provide a credit card solution to most
of these markets. And if credit card is not the dominant choice
of payment in that particular market then those merchants and
consumers are left with a negative consumer experience. This
constitutes one more reason why PayU is focused on truly local
expertise, which is where our strength lies.
Another trend to keep an eye on is using mobile for payments
in commerce. People in emerging markets commonly use the
internet via their mobile devices for the first time. In markets,
such as Sub-Saharan Africa, mobile payment is the dominant
way to pay and to shop. For merchants that want to expand
to Africa, mobile must become the top priority. For PayU, the
number 1 priority is making sure to service our customers both
on the merchant and consumer side in the best possible way
through their mobile device. That means PayU must stay at the
forefront of technological development in order to provide an
easy to use experience.
Equally important to us is the conversion rate. One of our
recent studies showed that out of any of other payment service
provider, we have the highest conversion rate in the industry.
This is a crucial aspect for merchants as they don’t want to lose
customers in the payment process
Interestingly in Western markets you see a big conversion
difference between eCommerce and mobile commerce. So, for
people shopping on a PC, the conversion rate is 2 to 3 times
higher than people shopping on their mobile device. In the
emergent market the difference is not that significant,
which is mainly caused due to consumers using
their mobile device as their only access to the
internet. Since this trend is likely to continue,
mobile will be a big battleground in the future.
Even beyond payments, PayU’s
customers and merchants require
additional services. This
includes easy access to
consumer credit or working
capital financing, especially
for small businesses. Those
demands pose opportunities for
us, which is why we are starting
to explore expansion into these
areas where we
can provide our customers with an even richer range of services.
Why should a global company be excited about entering
markets such as Poland and Turkey?
First of all, trends show that more and more consumers are going
online to shop. These markets have vast populations – these are
big markets with a lot of people. Plus, the consumer population
tends to be in a younger bracket. For example, in Turkey 70% of
the population is below the age of 35. As all of these people going
online results in an increasing push for internet penetration
both from the governmental side as well as from the consumers
themselves. Consequently, when those potential shoppers go
online, the global merchants have a great opportunity to capture
a substantial part of their online spending. This is because many
This Month’s Expert
Mario Shiliashki
Chief Executive Officer, PayU EMEA
Mario Shiliashki was appointed CEO
of PayU EMEA in October 2015.
Before joining PayU, Mario was Senior Vice President
and Group Head of Global Emerging Payments at
MasterCard. Prior to MasterCard he was one of the first
employees of Paypal’s international team in London
helping building Paypal’s European business. In his
early career, Mario was an equity analyst at Goldman
Sachs and subsequently a strategy consultant at Bain.
He holds an MBA from Harvard Business School and a
Bachelor of Science degree in Finance and Economics
from Bryant University.
of those global brands are well recognized. This is the market in
which consumers are looking to participate.
The growth of the market, the even faster growth of e-Commerce
and the increasing number of e-Commerce shoppers in these
markets all lead to a massive opportunity for global brands
to expand beyond single digit growth rates in their domestic
markets to potential double or sometimes triple digit growth in
areas such as Turkey, Poland, Russia, Central & Eastern Europe.
Africa alone represents a whole new world of
opportunities that is opening up
with a fast growing middle class
and internet penetration becoming
relatively high. Also governments in
that regions are becoming more open
and friendly towards import and
export business. To us, all these
trends spell a big opportunity
for global merchants.
For that reason, PayU strives to make the move for
merchants seamless and easy with our checkout mechanisms
paired with our local know-how. We can provide the data and
insights into what local consumers need, their preferred way of
paying, their preferred way of checkout, what channels they like
to shop on and so forth. we already possess this information
because we are processing a large part of the online payments
in these markets.
What do you see as the most important factors for global
merchants to be aware of when entering your markets?
First and foremost, before entering an emerging market,
merchants need to decide how to do it. Among other aspects
the right consumer base needs to be determined and the right
experience that the merchants want to offer to their consumers
must be chosen. At this exact point of entering a new market or
expanding within a new market, PayU can help with our data by
extracting required information about consumer preferences.
Therefore, PayU can advise merchants on suitable payment
016

expert interview
pages, mobile payment services or preferred payment methods.
On top of that, merchants need to find the right local partners
who can help them build the desired experience and reach
targeted local consumers.
Another very essential point refers to regulatory requirements.
Regulators have particular ways they operate their own markets.
The requirements each merchant needs to adhere to differs from
market to market. A good example is Russia and Turkey, where
data privacy is very critical. In those countries the regulators
require that all data stays within their nation’s physical borders.
That means severs and data rooms have to be on soil in those
countries. as a local player this is a hurdle we have already
overcome but for merchants entering the market this might pose
a problem linked to extra costs they need to bear to localize their
service. So they need to be very well aware of that! PayU can
provide a lot of insights to merchants regarding local nuances.
Similarly, in markets like Nigeria, Argentina or Brazil there are
specific monetary rules in place in terms of how much money a
business can take out of the country and how it can be taken out.
Lastly, merchants need to recognize that the world is becoming
a smaller place and they need to have a global presence. In
my opinion entering certain growth markets will no longer
be a choice but a necessity in a few years. This is due to the
increasingly competitive environment in those markets. If global
merchants do not plan to enter markets with the highest growth
or the highest potential to grow, then their competitors will. As
a result they are likely to lose market share.
How does PayU fit in to the market? How can PayU help
big brands grow significantly in revenue compared to other
payment service providers?
PayU is as a global brand, with local expertise. Thus, PayU can
provide global merchants with consumer habits, consumer
preferences, and the best payment methods in each market.
We can advise on regulatory and compliance aspects in high
growth markets. We are also a well recognized brand in these
markets both on the consumer side and the local acquirers,
banks and local merchants side. That’s why we can help global
merchants to increase their conversion by making the payment
experience as seamless as possible for the consumers.
In addition to that, PayU organizes certain programs, seminars
and events that bring merchants and other industry players
together. For example, we have been running the PayU Lab in
Poland for three years now. In this event, we bring participants
from e-Commerce, m-Commerce and the payments ecosystem
together. This creates a space for merchants, regulators,
banks, and credit providers to exchange ideas and solutions,
facilitating a smooth collaboration in the future. It’s an industrywide
initiative we put together and we have similar projects
in other markets. Lastly, I can say that we’ve been operating
in this emerging market for many years. In many markets we
have gathered expertise for over 10 years and we’re very well
positioned to drive e-Commerce and help global merchants
expand into local markets.
Any last bits of advise for a company contemplating
expanding into this exciting region?
Well, you should look at PayU to be your partner of choice! But
seriously, looking ahead you also need to think about what’s
next. For PayU that means we are looking beyond the payments
services we currently provide. We want to serve the consumers
with additional ways in which they can get access to money.
In many of our markets, the consumers are not served well
by their current providers in terms of access to credit. That is
one of the areas where we aim to expand our product offering
through partnerships in credit space. The same goes for local
small businesses: since we process a lot of their online payments,
we can give advise on how to expand their business and even
provide them with working capital financing. There are some
areas beyond the payments journey we are entering such as
ladditonal FinTech services, where we can complement our
current offer.
PayU
PayU is a leading online payment service in 16 high growth markets across Africa and the Middle East,
Central and Eastern Europe, India and Latin America. Our 250+ payment options enable safe transactions
for more than 160,000 merchants, allowing them to focus on reaching the 2.3 billion consumers in our
markets.
For more information please visit www.payu.com
017

With almost 180,000 people in over 40 countries, Capgemini is one of
the world’s foremost providers of consulting, technology and outsourcing
services. The Group reported 2015 global revenues of EUR 11.5 billion.
Together with its clients, Capgemini creates and delivers business and
technology solutions that fit their needs and drive the results they want. A
deeply multicultural organization, Capgemini has developed its own way of
working, the Collaborative Business Experience TM , and draws on Rightshore ® ,
its worldwide delivery model.
More information is available at www.be.capgemini.com
Rightshore ® is a trademark belonging to Capgemini.

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
“YOUR VOICE IS THE
MOST NATURAL AND
CONVINIENT WAY FOR
USER AUTHENTICATION.”
Łukasz Dyląg, Founder & CEO , VoicePIN.com
Łukasz Dyląg has background in Electronics and
Telecommunications and graduated from the AGH
University of Science and Technology in Cracow.
As an expert in the field of telecommunications, he
was involved in many projects for IVR and Contact Center
implementations in some of the biggest European companies
throughout his career. In 2011, he founded the innovative
company VoicePIN.com, which is a voice biometrics producer.
What is the idea behind VoicePIN.com and how did your
startup come to live?
Could you please tell us more about the technology and
explain “Voice Biometrics”?
Voice biometrics is a technology used to identify individuals
by analysis of the voice. Biometric identification of the voice
is very similar to the identification of people by fingerprints -
the voice of every person is unique and has unique biometric
features. It is increasingly being used during the verification of
the identity of people in the customer service office, authorize
bank transactions and more. Biometrics is a relatively new
technology, setting the current direction of development of
The company was founded five years ago and two years ago it
has undergone a change of image rebranding. Moving on the
market of new technology, you need to be ready for dynamic
changes, respond flexibly to the needs and suggestions of
customers. At first we were a typical software company, which
was focused on the sales, implementation and integration
of our first product - the Virtual Agent Dronn. At this time
our engineers and professionals were refining complex
technology, voice biometrics, and make it easily scalable,
global and universal. This process took about three years.
Since that time we commercialized sale of voice biometrics
system, we focused on that and in due time we entered with
the product on the market – and now we are in the forefront
of global voice biometrics producers..
020

startup Spotlight
secure access to personal data. PIN or password does not
provide the same degree of safety as the identification based
on unique sound of voice, fingerprint or iris drawing. Voice
biometrics is currently the only technology that enables
common, but safe and simple access to sensitive data
(accounts, bank account payments, etc.). In contrast to other
commonly used methods of authentication, based on the
access passwords, PIN numbers, tokens, one-time SMS, voice
biometrics is safer and more user-friendly.
What makes your product unique? How is it different than
any other provider on the market?
We are still a small company, so we are quite flexible.
we can create a dedicated solution, customized
for the customer. We have also multichannel
solutions, which means that voice
biometrics can be used in each
channel of customer service (mobile
applications, call center, website
etc.). In addition, we do not use the
ASR and we have offers available in
SaaS model.
How secure are Voice Biometrics,
realistically? How do you ensure
that fraud does not take place by
using this technology?
None biometrics can provide 100% safety, it’s about finding
the the golden mean. We are able to achieve the efficacy of
98-99 percent, on the probability of hacking into someone’s
account less than one per million. Is there any technology
that is safe one hundred percent? However, voice biometrics
is very good at detecting attempts of fraud and provides a
much greater level of security compared to other traditional
methods.
VoicePIN is originally a Polish company. What are the
advantages and disadvantages of starting a business in
one of the emerging markets?
The international economy encourages a wider distribution of
goods between continents. The main motivation for companies
doing business in emerging markets is the opportunity for
first-mover advantages. A successful first mover can build local
partnerships and have predominance over competitors that
enter at a later stage. When your small business expands into
an emerging market, you have the opportunity to become
part of an economic system that is still being formed.
Companies in emerging economies must expand capacity
and capability. Voice biometrics operates independently of
the language, so any user in the world can log
into the system and use it. Therefore, we
focus on the development of our global
business and the company is building a
chain of partners on all continents. This
year, we opened an office in Silicon Valley
in the US, where we work with mentors on
a new business model, in SaaS.
What markets / industries do you service
at the moment and will you be looking
to expand your operations soon to any
others?
We believe that voice biometrics will
become an important element in the process of authorization
and authentication, for users, as well as for companies that use
it in their customer service channels. Biometric technologies
are becoming an integral part of the identification process in
the financial sector, other industries will follow their example.
Voice biometrics can be used to quickly log in, authorize
transactions, reset password, detect emotions, personalize
in intelligent systems, like IoT. Currently, we operate in the
financial sector, insurance, telecommunications, in fact every
large company that has a customer service channels. In the
SaaS model, voice biometrics can be plugged into any mobile
application. Only innovation can change reality, protect us
021

SPECIAL FEATURE
Pour App Origins: An
Interview with Jordan
Pour is an app launched by a team working from San
Francisco and Amsterdam. Pour allows users to get
rewards for taking selfies with favorite brands in 3
easy steps. Users choose available campaigns on the
app’s list or check them on the map, take selfie at sponsored
location and then the brand logo is placed to the photo
automatically. Once the the selfie is shared on Facebook,
Instagram or Twitter, the user receives cash.
With their technology, Pour delivers transformative marketing
solutions to brands, hotel and restaurant chains, and
companies from other industries looking to deliver extremely
engaging new customer experiences. Integrating Pour logo
placing and a publishing solution in applications can help
invigorate a customer base, accelerate them towards loyalty,
and expand a fanbase through social media. All this helps
drive new revenue streams.
PCM: How did your idea for the company originate?
Jordan: Well, I was traveling and staying on a small island, Isla
Coronero and I spoke with the owner of a beautiful hotel there
named Ilya Evans. People were taking photos outside his hotel
because of the beautiful scenery and he said “I wish there was
some way that everyone who took a photo could place my
hotel’s logo on it first before sharing”. And I thought, well let’s
make that. It’s a great idea. At first we explored using loyalty
points, but we thought about and it and why not pay people
money? Cash over coupons is working really well. There’s a
psychological connection between receiving cash that’s more
powerful than free things or points.
PCM: What is your mission and vision?
Jordan: Well we think it would be great if we become a source
of income for everyday people, especially those traveling the
world on a budget. Here’s the way we see it: everyone can
be an influencer. Normal people can focus on a brand they
love and they do have influence. When you’re sharing and
you’re an average person, that’s who is also spending money.
Not an “influencer” who spends all day creating these curated
artificial images for content. We want to change the influencer
market — and make it so that anyone can do this.
PCM: What is your product/service that makes you
different that others in the space?
Jordan: We want to create benefits for advertising for everyday
people. Anyone can spread the use of this app, and in that way
it’s innovative. The product we have is giving people this option
to make cash for their images they’ve created. With our app,
the user becomes the content creator for the advertisement
and this makes it more attractive to their friends. Using Pour
is also a way of bypassing traditional advertising that is being
ignored because of technologies like ad blocker
Eventually, we are looking to create a Pour wallet. Travelers
could use it, share it and set it up at no cost. They could
take money directly from the app and place it in their wallet
account, pay each other with it, etc.
PCM: What kind of year do you foresee for the company?
Jordan: We started in January and have worked on our backend
development to create a product that is now usable and on
the market. We have a few clients and are growing. In the next
year, I see this wallet developing. We have a team that includes
members with significant payment knowledge so we’re excited
to continue growing from here.
PCM: What are the key hurdles for growing your business
in the coming years?
Jordan: Well, competition of course. And we need to keep this
appealing and make sure the people we design it for continue
to use it and enjoy it.
022

SPECIAL FEATURE
PCM: Any exciting news you would like to share with our
network?
Jordan: Yes, actually. We are about to sign with a very large
hotel chain that is based in Asia and has a growing presence
in the EU. This means working with two markets. Our app
creates economic empowerment for our users, especially
those in an emerging market where this cash will go far. Plus,
for our partners this is an amazing way to run a campaign.
Think about it: you get to feel out an emerging market with
potential buyers, find out how your product is going to do and
set up a successful campaign, all at a low cost.
Additionally, when a brand is giving out cash payments to users
in their target demographic then it increases brand loyalty.
Many who participated in the campaign are likely to continue
using that brand or looking to purchase it afterwards because
of the emotional connection created between the brand and
the user as the user creates content and collaborates with
the brand.
One more great thing we can do with Pour is develop
connections with partners and charities. In terms of
philanthropy, this would empower people to contribute. Say
there is a natural disaster. Partners or everyday people can
create a physical site where cash payment is available in the
area once a photo is taken. This means people near where the
disaster happened can find a way to finance themselves in a
time of hardship and the message about raising awareness will
be spread via social media, which can lead to more funding.
Partners could also have the option to donate or match user
donations. This creates a really positive relationship between
brands, consumers and users of the app, all working towards
a common philanthropic goal.
023

jobs
Hot Jobs
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Malta
HEAD OF PAYMENTS &
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or check out our international Job Board at www.payment.jobs
024

events
Events
Barcelona, Spain
Mobey Day is the annual flagship event by Mobey Forum that brings
together decision makers from the financial services and fintech
industries. The event empowers banks and other financial institutions
to lead the future of digital services. Mobey Day connects industry
thought leaders to identify and understand commercial drivers for a
better customer experience. Mobey Day is a two-day event filled with
opportunities to make strategic business contacts and to hear eyeopening
views from industry leaders.
5-6
5-7
Chicago, USA
The 2016 BAI Global Banking Innovation Awards has inspired
thousands of nominations from financial services organizations from
across the world, becoming a catalyst for innovation within the financial
services industry. Participation in the awards offers innovators, like
you, an opportunity to showcase the originality, impact and success
of these innovations.
Atlanta, USA
MRC Atlanta offers the world’s leading fraud, risk and payments
professionals a space to facilitate critical conversation, information
sharing and learning. As a merchant focused, member exclusive
event, MRC Atlanta 2016 will provide attendees with the most relevant
tools, resources, education and networks to strengthen your skills and
enrich your knowledge in this ever evolving and competitive industry.
10-12
12-13
Düsseldorf, Germany
With a comprehensive range of offers in congress, interactive formats,
and trade fair, NEOCOM has positioned itself as the leading event
for Interactive Retail in Germany and Europe with more than 5000
visitors, 220 exhibitors and roundabout 1200 high-level personalities.
Meet at the congress more than 1200 decision makers coming from
eCommerce, multichannel and retail business and join the different
interactive formats, panel discussions as well as various strategy
panels.
025

events
Singapore 20 % Discount Code: MPDGPS20
Global Payment Summit is a strategic & pragmatic – for & by senior
professionals – platform. GPS covers key trends in the payments and
the transaction space. By exchanging the key trends, best practices
and workable solutions, we deep-dive into topics and innovations
affecting the business directions for the future. Special in-country
features by local strategists provide in-depth insights. A true learning
curve and networking with leading practitioners in the field.
12-13
18
25 % Discount Code: PCN London, UK
Banking Horizon unites key banking decision makers and consumer
finance innovators to share ideas and celebrate the year’s leading
customer-focused propositions. Join the inaugural Banking Horizon
autumn conference in London to network with the leading innovative
thinkers in retail banking and consumer finance. Learn about the pace
of change in retail banking and all the elements of end-to-end product
design.
Santa Clara, USA
20 % Discount Code: PCNDEVr20
FinDEVr (findevr.com) is the only conference series focused exclusively
on the TECHNOLOGY of fintech and the developers, CTOs and other
creators of this technology. It showcases the latest tools, technologies,
APIs, platforms, case studies and tutorials that developers, software
architects, designers, IT executives, and other technologists will use to
create the next wave of fintech innovations.
18-19
23 -26
250$ Promo Code: PAYME250
Las Vegas, USA
Money20/20 is the largest global event enabling payments and financial
services innovation for connected commerce at the intersection of
mobile, retail, marketing services, data and technology. Drawing
10,000+ attendees, including more than 1,000 CEOs, from over 3,000
companies and 75 countries, Money20/20 is critical to realizing the
vision of disruptive ways in which consumers and businesses manage,
spend and borrow money.
026

events
Cairo, Egypt
North Africa Future Banking Forum 2016, rotating around the central
theme of “Innovation for 21st century banking”, aims to address the
latest innovations, trends and challenges for this emerging market.
Through expert presentations, real- life case studies and interactive
panel discussions, the forum will focus on payments, mobile banking,
internet banking, security and many more trending topics for the
industry.
24-25
25-26
New York, USA
New Generation Operational Risk, Americas will feature over 20 senior
operational risk professionals who will be reviewing operational risks
and regulatory expectations for adding value and using to make
informed decisions. Over the two days you and your colleagues can
gain valuable insight from the OCC and Federal Reserve Bank of New
York.
New York, USA
Hosted by the Center for Financial Professionals, Cyber Risk Across
Financial Institutions will feature interactive discussions and
presentations assessing cyber risk best-practices across financial
institutions for better understanding, management and compliance.
Hear from 20+ senior risk professionals from leading financial
institutions including; Lazard, AIG, BNY Mellon, State Street, Deutsche
Bank, Bank of the West and more.
25-26
027

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