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Albeit, from the consumer's point of view, with no easy way to know for sure ahead of time whether a POS will accept higher value transactions there's still no clear cut incentive to rely on paying more expensive bills via Apple Pay.
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Instead it increased its market share as rivals pulled out of granting new loans as the financial markets went into freefall in 2008 Bank of Scotland failed to take "reasonable care" to manage high value transactions that were showing signs of "stress".
Cummings, who retired in January 2009 following the Lloyds rescue after a career that began at Bank of Scotland when he was just 18, was found to have failed to "exercise due skill, care and diligence" in running the corporate banking division and failed to manage "high value transactions" as they showed signed of stress as the banking crisis took hold.
There are fewer high value transactions, but these tend to be made on plastic.
Because these markets are relatively fragmented and involve high value transactions, they make for ripe B2B targets.
The dollar is widely used in Cambodia, and preferred to the domestic riel currency for high-value transactions such as paying rents and salaries.
Customers are using contact EMV cards for high-value transactions.
While the standard use case for two-factor authentication is logins, Twilio CEO Jeff Lawson also told me that he believes this could be very useful for verifying high-value transactions like big purchases.
What's interesting is that, for now at least, the service seems to be attracting high-value transactions: De Geer says the average value of a transaction is €60 ($76), compared to between €10 and €15 for the average NFC transaction in the Nordic region.
Aiming to be a drop-in service for high-value transaction authentication, the service puts hyper-secure identification at the fingertips of developers.
When and if NSI's global network is used for e-commerce, it will likely facilitate the kind of the high value B2B transactions where VeriSign's security services will be most critical.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com