Fintech + Inequality, and the need for education

Innovation or Inequality? Blog by Laura Gemmell, FARSCOPE PhD Student, University of Bristol

I love giving talks on payments technology (it was part of my job for over four years after all). I take one of my cards out (usually a Monzo or Starling due to the jazzy colours):
“Do you know how many generations of payments innovation are on these cards?”

It’s five:

  • Embossed card number (this is how the numbers are usually raised, in case civilisations collapse and shops need to return to tracing these with emboss machines. I’ve always thought this seemed silly, but 2020 has taught me anything could happen…)
  • Magstripe (these are still used in other countries, including the USA)
  • CHIP (for your CHIP and PIN transactions)
  • CVC (the card verification number, sometimes called CVV or CV2 – this is the 3 or 4 digit number usually on the back of your card which you type in when online shopping. It’s purpose is to make online shopping more secure)
  • Contactless (we can now pay using our phones using this technology).

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