profile

Country Snapshot: Iceland

Seeking inspiration for the next country to cover as part of my range of country 'snapshots' was not too difficult. As Iceland's banking sector implodes, U.K. Prime Minister Gordon Brown has undiplomatically condemned the handling of the collapse of its banks and its failure to guarantee British savers' deposits; blaming the Government and describing it as "effectively illegal."

Furthermore, it has emerged that over a hundred U.K. local councils had more than £800m deposited in Icelandic bank accounts. Harsh words. Large numbers. Extraordinary times.

Iceland boasts the world's highest Internet penetration rate, which stands at an astonishing 84.8 percent of its population of just 300,000 people; thus confirming what we had long all suspected — hostile climates are great for our business!

Being located between North America and Europe, I have flown over Iceland several times, but have never had the opportunity to visit it. I was therefore delighted to learn a couple of years back that a webmaster gathering was to take place there, and so I made arrangements accordingly.

Turns out that a rape victim's help group learnt of our industry's forthcoming jaunt; and not only branded pornography as demeaning to women, but also likened us to drug traffickers and child molesters. Charming. Especially when one considers that (most) porn actually celebrates all women, unlike mainstream media, which does not.

Perhaps unsurprisingly, the convention and its opponents made headline news in such a tiny country. This put pressure on Reykjavik's mayor to do something about it. This, in turn, lead to the Radisson Hotel Group cancelling our rooms and therefore the event — demonstrating breathtaking double standards and hypocrisy when one considers the money that they make from pay-per-view porn in their hotel rooms throughout the world — including in Iceland.

At this juncture of my snapshot, I would normally research what the credit card penetration levels are in their banking system. However, given that they no longer have one, this renders that particular statistic irrelevant anyway.

On a more positive note, their telecoms infrastructure is still alive and well — so if you want to start making money from these Internet obsessed people, then phone billing is no longer an option — it is a necessity.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More Articles

opinion

Best Practices for Payment Gateway Security

Securing digital payment transactions is critical for all businesses, but especially those in high-risk industries. Payment gateways are a core component of the digital payment ecosystem, and therefore must follow best practices to keep customer data safe.

Jonathan Corona ·
opinion

Ready for New Visa Acquirer Changes?

Next spring, Visa will roll out the U.S. version of its new Visa Acquirer Monitoring Program (VAMP), which goes into effect April 1, 2025. This follows Visa Europe, which rolled out VAMP back in June. VAMP charts a new path for acquirers to manage fraud and chargeback ratios.

Cathy Beardsley ·
opinion

How to Halt Hackers as Fraud Attacks Rise

For hackers, it’s often a game of trial and error. Bad actors will perform enumeration and account testing, repeating the same test on a system to look for vulnerabilities — and if you are not equipped with the proper tools, your merchant account could be the next target.

Cathy Beardsley ·
profile

VerifyMy Seeks to Provide Frictionless Online Safety, Compliance Solutions

Before founding VerifyMy, Ryan Shaw was simply looking for an age verification solution for his previous business. The ones he found, however, were too expensive, too difficult to integrate with, or failed to take into account the needs of either the businesses implementing them or the end users who would be required to interact with them.

Alejandro Freixes ·
opinion

How Adult Website Operators Can Cash in on the 'Interchange' Class Action

The Payment Card Interchange Fee Settlement resulted from a landmark antitrust lawsuit involving Visa, Mastercard and several major banks. The case centered around the interchange fees charged to merchants for processing credit and debit card transactions. These fees are set by card networks and are paid by merchants to the banks that issue the cards.

Jonathan Corona ·
opinion

It's Time to Rock the Vote and Make Your Voice Heard

When I worked to defeat California’s Proposition 60 in 2016, our opposition campaign was outspent nearly 10 to 1. Nevertheless, our community came together and garnered enough support and awareness to defeat that harmful, misguided piece of proposed legislation — by more than a million votes.

Siouxsie Q ·
opinion

Staying Compliant to Avoid the Takedown Shakedown

Dealing with complaints is an everyday part of doing business — and a crucial one, since not dealing with them properly can haunt your business in multiple ways. Card brand regulations require every merchant doing business online to have in place a complaint process for reporting content that may be illegal or that violates the card brand rules.

Cathy Beardsley ·
profile

WIA Profile: Patricia Ucros

Born in Bogota, Colombia, Ucros graduated from college with a degree in education. She spent three years teaching third grade, which she enjoyed a lot, before heeding her father’s advice and moving to South Florida.

Women In Adult ·
opinion

Creating Payment Redundancies to Maximize Payout Uptime

During the global CrowdStrike outage that took place toward the end of July, a flawed software update brought air travel and electronic commerce to a grinding halt worldwide. This dramatically underscores the importance of having a backup plan in place for critical infrastructure.

Jonathan Corona ·
opinion

The Need for Minimal Friction in Age Verification Technology

In the adult sector, robust age assurance, comprised of age verification and age estimation methods, is critical to ensuring legal compliance with ever-evolving regulations, safeguarding minors from inappropriate content and protecting the privacy of adults wishing to view adult content.

Gavin Worrall ·
Show More