22 January 2016
Below are our top reads from the payments 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.
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NZ had a very merry Christmas
Kiwi’s spent up a storm in December ahead of the holiday season, with Christmas shopping sending the spend to a record $6 billion. Overall, we spent $304 million more than throughout December 2014, an increase of 5.3 per cent. Why did we spend so much? Paymark says the Reserve Bank cutting the OCR, which flows on to lower mortgage rates, as well as continued GDP growth, had something to do with it.
Payments trends for the year ahead
Pyments.com has compiled a list of top trends in the payments industry for 2016. MPD CEO Karen Webster says there are only six trends you won’t want to be on the wrong side of. Check out the complete list.
The quest for Bitcoin’s founder
Despite claims surfacing late in 2015 that Bitcoin’s infamous founder “Satoshi Nakamoto,” is actually an Australian man named Craig Wright, there is still some mystery around the founder’s true identity. But more importantly for users, the claims have reignited an old fear about the fate of the million bitcoins that were mined early in the currency’s history and have never been transferred. If these are sold, it will lead to a massive drop in the currency’s worth.
Ford goes a different kind of mobile
The car company has launched its newest service, FordPay, which allows users to make transactions from a vehicle for services such as car parking and car sharing. FordPay will make up just one part of the FordPass platform, which the user will control from a smartphone. The mobile payments market is booming in other industries, increasing the popularity of connected cars.
Making payments with your fridge
In case you missed it, Samsung and MasterCard have teamed up to bring you “Groceries by MasterCard”, a new app which enables consumers to order groceries directly from Samsung’s new Family Hub refrigerator. And eventually the fridge will learn the user’s shopping habits and proceed to make personalised suggestions.
Encouraging people to try Android Pay
Android Pay officially rolled out to consumers in September 2015, replacing Google Wallet, and now users may get some free songs, or even a Chromecast. “Tap 10,” rewards smartphone owners that use Google’s Android Pay to purchase goods through to the end of February (but for now, only for US users).
Tech giant Google has big plans for 2016, one of which is removing passwords once and for all in favour of biometric authentications. Project Abacus, the new system that claims to be 10 times more secure than fingerprint systems and 100 times safer than four digit PIN codes, can identify the way a user types, his or her speech pattern, and a variety of other signals like nearby Bluetooth devices.
*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.