09 September 2016
Below are our top reads from the last seven days of industry news*. Every Friday we'll publish our picks from industry developments, stories and announcements right here so you can keep you up to date with what's happening in payments here and overseas.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing firstname.lastname@example.org
Apple Pay is coming to New Zealand for ANZ customers
Jennifer Bailey, Vice President of Apple Pay, has said in a statement that New Zealand customers will soon have access to the service. Apple Pay will be available to Kiwi ANZ customers with a Visa debit or credit card. The announcement came around the launch of the iPhone 7 and Watch Series 2 on Thursday. It is not yet known when the service will be available to customers of other NZ banks.
Excess credit card surcharges banned for big Australian companies
An enquiry into the Australian financial system has led to a ban on large companies charging customers more than cost price for processing payments, and those who do will be hit with large fines. This applies to payments made with MasterCard, Visa, Eftpos, and American Express “companion cards” issued by Australian banks. The law will extend to smaller merchants in September 2017.
Wondering where all your money goes? CashNav could help
Westpac has released an app to help customers manage their money better. CashNav automatically tracks and categorises expenditure into wants and needs. A recent online survey of 1400 people by Westpac showed that 43 per cent did not know where their money went. According to Westpac Chief Digital Officer, Melissa MacFarlane, people generally made better decisions when they had good data.
MasterCard follows Visa as it partners with PayPal in the US
PayPal customers will now see MasterCard as a payment option. Both companies CEOs say the partnership is to meet the needs of customers wanting more choice. PayPal will benefit from MasterCard’s digital token services and Masterpass will become a payment option for Braintree merchants.
Adelaide to trial smartphone payment on public transport
Following in the steps of Transport for London, Adelaide’s transport department has put out a tender for a company to run a three-month trial of smartphone payments on its system. It intends to start the trial as soon possible, hopefully before the end of the year.
Say “Cheese!” to verify your identity for HSBC
The UK bank will soon let business customers verify their identity using a selfie to open an account. The feature is part of the bank’s new app, which will also be able to recognise and verify documents from up to 150 countries. Biometric technology is increasingly being used by banks as another way to protect customers from fraud.
Four big power shifts for commerce and payments
Emerging payments expert, Karen Webster, describes four big shifts that have been taking place over the last decade: buying online, paying online, ‘invisible’ payments and cross-platform payments. Karen says businesses should start fine-tuning their 2017 plans now, or they risk being left behind by some fundamental shifts in the payments landscape.
*These articles cover a range of topics from broad payments industry news here and overseas. They do not represent the views of Payments NZ and are not endorsements.