27 January 2017
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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New Zealand payments – 2016 in review
As the New Year gets fully underway, it’s a good time to look back on 2016 and take stock of how Kiwis made payments last year. We’ve packaged up the key facts and figures in an infographic. It includes interesting factoids, such as that for every one cheque written in 2016, Kiwis made 67 electronic payments (up from 51 in 2015 and 18 in 2010), and that $1.1 trillion was cleared through the Payments NZ Settlement Before Interchange (SBI) system in the 12 months leading up to October 2016. Check out our year in review infographic for more key stats.
Five payments trends to look out for in 2017
Roelant Prins, Chief Commercial Officer of Adyen, a payments technology company, has shared his predictions for this year’s top five payments trends. He thinks 2017 will see momentum grow behind mobile payments, growing subscription revenues, greater customer recognition, and a consolidation of consumer data. A demand for payments to become invisible sits behind all of these trends and according to Roelant, in the commerce world “convenience reigns supreme”.
Top takeaways from the 2017 Consumer Electronic Show
Earlier this month Karen Webster, a leading expert on emerging payments, headed to CES in Vegas to learn more about commerce and payments in the digital age. She found that ‘voice’ is set to become an important commerce platform, apps need to be more than cool to meet struggling millennials’ needs, and customers want to be rewarded with experiences, not just loyalty points. She also found a talking hairbrush.
Coming soon: blockchain car eWallet
In the future we could all be driving electric cars fitted with e-wallets that would let the driver pay for parking, electrical charging, or tolls using blockchain, if the team behind Car eWallet get their product off the ground. These e-wallets would be embedded into a vehicle’s electronic control unit and connected to a private blockchain and the driver would be able to pre-load the wallet via a computer or smartphone application.
Alipay soaring to new heights
Passengers on Finnish airline Finnair will be able to use Alipay for their in-flight purchases from today. Finnair is starting a one month trial of Alipay on its Helsinki to Shanghai flight, and will then make a call on keeping or expanding the service.
Could India ditch card payments by 2020?
India could be set to make waves again in the currency world, having announced that in three years’ time they may get rid of card payments and switch to a biometric payments system. Nearly 1.1 billion of India's 1.3 billion people have their biometric data registered under the government's unique identification program. Cashless payment systems have been booming since India banned 86% of its cash late last year, but 70% of Indians still don’t have smartphones, which may present a hurdle.
Aussies wary of storing credit card details online
Australians are wary of storing their credit card details online, but if they do so they are much more likely to store details on Google or Apple than with online retailers, according to research by Finder.com.au.
And results from a recent survey from Accenture found millennials would consider putting their money into non-traditional banking institutions. Amazon and Google came out as clear winners, with 40% of global millennials saying they would consider switching their banking to these two online giants.
*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.