UP Spanish Banking Adapts to Ecumerce

[mdnur01]

A new electronic banking service has seen the light these days. Various actors seem committed to making eCommerce take off definitively in Spain ( Vodafone , Wizzo, etc.), actors who are now joined by Iupay!, a proposal by Redsys , a company dedicated to electronic means of payment. This "new" system is supported by the main banking entities in our country (BBVA, Sabadell, La Caixa, Bankia, Banco Popular, Caja Rural, Banco Santander, etc.) and promises to carry out transactions more easily .

"Iupay stores the cards in one place and never asks the user for their data in a purchase, Phone Number List but only their email, and a password defined by the customer when registering with their iupay wallet" say those responsible. The procedure to follow is simple. Following the pattern set by other platforms dedicated to eCommerce, the first thing to do is to sign up for a web service , provide the card details that the user wants, and that's it: they will be stored virtually and it will no longer be necessary to carry them with them (always and when, of course, the stores and businesses in which the payments are made, are adhered to the program). To carry out any transaction, all you have to do is enter your email and password in the terminals for collection. That is all.

The initiative intends to prevail over those of the competition by presenting the Spanish banks as the best guarantees, but precisely this could turn against them: let us not forget that these entities do not currently enjoy popular favor, which could mean an added difficulty in convincing a consumer already suspicious of this type of electronic payment mechanisms. Another factor that works against Iupay! It is the delay with which it has arrived . At this point, there are already established eCommerce platforms with which it would be, a priori, very difficult to fight face to face (Paypal, for example), which also have mobile applications or greater facilities for companies, characteristics that, at least for the moment, they are not present in Iupay! Lastly, we must be aware of the type of technological infrastructures that exist in Spain, and that is that, despite the promises made by the Government , the majority of SMEs and the self-employed work with their backs turned to the new ICTs , or that they cannot develop properly due to the lack of access to them. This could be an unavoidable obstacle when implementing Iupay! in some shops.