08 July 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.
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Kiwis are spending more online
Kiwis spent 4% more on online goods and services in 2015 than they did in the previous year, taking the amount to $4.7 billion. And Nielsen is expecting the number of online shoppers in New Zealand to increase to more than 2.1 million this year. BNZ thinks it will be interesting to see if Kiwis make more purchases from UK retailers because of a weaker pound due to Brexit.
Are smartphones smart enough to handle your money?
Some fintech startups are under the impression that people trust their smartphone with their finances – without ever having to step into a bank. But one is going a step further, bringing many financial services together onto one app. ‘Bud’ allows customers to have all their bank and credit card accounts in one place and switch money between them quickly and easily, as well as make payments to other people at the click of a button.
Singapore: Pay via Twitter and Facebook
Facebook and Twitter account holders in Singapore will be able to register their social media profiles with their banks, and it will work by allowing users to make payments by selecting the payee’s Facebook ID, instead of account numbers and sort codes. The intention is to make electronic transfers as “frictionless” as cash. The service is currently in construction and will most likely appear in the first half of 2017.
What does Brexit mean for payments?
There is virtually no certainty as to how Brexit will unfold and how it will impact the payments market as the Bank of England has publicly suggested that 2018 is likely the earliest the UK could formally leave. But possible key impacts include: UK-regulated payment institutions could lose access to European markets, the UK will lose its powerful voice in the establishment of European regulations, and the UK could feasibly be re-classified by Visa and MasterCard as non-European. Check here for the full list.
ANZ draws a ‘blade’ in the Aussie market
ANZ Bank Australia is releasing an all-in-one mobile point-of-sale device, the prototype of which is called Blade. It will combine an Android 6 device with the bank’s FastPay card reader, barcode scanner, camera and GPS all in a handheld set. It can also be linked via Bluetooth to receipt printers and other accessories. The bank envisages Blades being used in large retail, hospitality and B2B field environments.
Who owns your data?
Who owns customer data has always been a big question and the conversation is front and centre in Australia at the moment with submissions into the government’s public Productivity Commission inquiry into Data Availability and Use having just closed. It seems as though fintechs and banks are battling over who owns what and who should have access to data. Check out this opinion piece on the current situation in Australia.
Deloitte making a global payments portal
Deloitte has announced plans to construct a cross-border payments platform with developers at Stellar. It will be a two-pronged approach – aimed at consumers and businesses. It has come out as ‘Deloitte Digital Bank’, and can now facilitate cross-border transactions. Currently the focus is on building partnerships with financial institutions to connect them to the Deloitte Digital Bank.
*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.