Banking On Technology: Get Shareholders to Accept New Technology

  Risk Management   Stakeholder Management   PM Network  

With the rise of mobile payments, Spanish retail banking organization la Caixa recognized an opportunity to be at the forefront of a new technology. The subsequent unveiling of a contactless payment program focused on transforming how its customers make purchases and use ATMs.

The technology is called “contactless” because consumers simply wave their card or smartphone near a point of sale (POS) or ATM to make a purchase or withdrawal. To help secure buy-in from customers, the bank gave out credit cards with built-in contactless payment chips. The project also involved installing POS chip readers at select merchants and ATMs.

While other organizations are still in the discovery stage concerning contactless payment, la Caixa is making serious headway on projects in the hopes of positioning itself as a leader in the space.

Survey Says

After completing the first phase of its contactless payment system program, the key stakeholders— la Caixa, Telefónica and Visa— surveyed users and analyzed the numbers prior to moving to the next stage. Below are a few of the key statistics:

• Electronic transactions increased by 30 percent.
• 85 percent of users felt secure using the security protocols.
• 90 percent planned to continue using their mobile phone as a payment method.  

Three-pronged approach

When the …

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