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Weekly top reads

Industry news top reads 10 Mar - 16 Mar 2017

17 March 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

Top reads 

Drop in electronic card spending in February
Retail spending on credit and debit cards fell 0.6 percent last month, after a 2.7 percent increase in January. The drop has been attributed to a lull in furniture, electronics and department store purchases. Card-holders made 128 million transactions in February, down from 133 million in January, with an average value of $50.

Keeping an eye on banking in India
Indian banks are adopting iris scanning technology as a security measure to verify their customers’ identities. The technology, which consists of a ‘phablet’, has been trialled for three weeks in 10 of DCB Bank’s branches in rural and semi-rural communities where they saw 200 accounts updated with the iris scan technology. Traditionally, the burden of physical paperwork and authenticating a person’s identity has been major obstacles in getting people in these communities to become part of the digital banking network.

Open Banking UK update
Open Banking UK has announced that they have published Open Data standards and API specifications that enable institutions to make data on Personal and Business Current Accounts, SME Loans, Commercial Credit Cards, branches and ATMs available. It is expected that all of the nine institutions that the CMA required to provide data will have completed that process by the end of March.

Exchange funds via Gmail
Google’s Gmail app now enables people to send and request money on Android in the same way as sending an email attachment. Users tap on the attachments icon and select to either send or request money. The recipient can claim the money directly from the email without installing a separate payment app. The funds are then transferred directly to a selected bank account. The feature is currently only available within the US on Gmail on the web or Android.

The key to secure payments is in the palm of your hands
Keyo, a Chicago-based biometrics firm, in partnership with Fujitsu, has used the fact blood vessels in hands create a unique biometric identifier to provide secure authentications. For the initial setup, a new user goes to a store that uses Keyo, punches in a code they were sent via mobile, and places their right hand over the attached payment terminal so the system can take two infrared scans. From then on, all the user needs to do is scan their palm and select their payment method.

SMS chatbot lets bank and customers speak the same language
American bank, Capital One has created a text message-based assistant called Eno that helps customers manage their credit card, checking and savings accounts. The gender neutral bot lets customers access information about their financial accounts through a text conversation. Eno is designed to have emotional intelligence and understand the context of a conversation, including the use of emojis.


*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.

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