Social media

ATMs require dual-factor authentication in the form of a physical card and a PIN, and this same concept should be extended to phone transactions, writes Patrick Cox, CEO of TRUSTID.

Facebook, Twitter, YouTube, Instagram, Reddit and blogs create environments where like-minded users can connect, share opinions and cultivate a sense of camaraderie, creating an unprecedented number of distinct nano-segments, writes Steve Gilde, director of global payments for Paragon.

PayKey enables bank customers to instantly transfer money through popular social media networks and messaging apps such as Facebook Messenger, WhatsApp and Twitter.

Younger consumers spend much of their time on messaging platforms, creating a risk for retailers that are not active in the channel.