17 February 2017
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 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 email@example.com
Command your payments with Santander’s voice recognition technology
Santander UK has updated its Smartbank app to allow customers to use their voice to check their balance, make transfers and authorise payments. Santander is the first UK bank to introduce voice pay, with other banks focused on improving biometrics to enhance the overall payment experience and add ease to the transaction.
India leapfrogging Western markets in payments innovation
According to PayU CEO, Laurent Le Moal, India is leading the charge in global payments innovation and disruption, effectively catching up and then sneaking past some of the Western markets that have more mature systems. Increasing customer demand and collaboration with startups are some of the factors putting these high growth markets in the lead.
Banks now using SWIFT’s global payments innovation service
SWIFT has announced that its global payments innovation (gpi) service is now being actively used by banks, following its launch last month. Gpi enables banks to offer a faster and more transparent cross-border payments service and includes a tracker that provides a real-time view on the status of payments. SWIFT has already begun work on the next phase of gpi, which will include additional digital services such as a rich payment data service.
Mobile wallet spend soaring
According to Juniper Research, global spending on mobile wallets will rise 32% in 2017, mainly thanks to activity in Asia. Over half of all mobile wallet payments took place in China last year. A report by Boston Retail Partners predicts mobile wallets will start becoming more common in the West as more people start using Apple Pay, Samsung Pay and Android Pay.
PayPal purchases TIO Networks to reach underserved North Americans
PayPal has paid $233 million for bill payment management company TIO Networks. Last year TIO processed $7 billion in payments for 14 million customers who pay utility bills at 65,000 retail locations. Many of these customers lack bank accounts - “There’s a chance to create a bridge for those users into the digital world,” Bill Ready, PayPal COO told TechCrunch.
Jaguar helps drivers pay speedily for fuel with in-car app
A new app by fuel retailer Shell has been integrated into several Jaguar Land Rover models. It lets drivers pay for fuel through their car’s touchscreen using Apple Pay or PayPal, with Android Pay to be added later in 2017. Currently only available in the UK, Jaguar said its cars will eventually work with the Shell app at Shell stations around the globe.
*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.