18 September 2015
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.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing firstname.lastname@example.org
Shopping directly through the Twitter app
Twitter has teamed up with Stripe to let Twitter users purchase the things they like directly from the app, removing the need to go to another website for your objects of desire. Twitter has 50 million-plus users every month who are tweeting some signal of intent with the words ‘I want’ or ‘I need,' so by integrating Stripe’s Relay platform Twitter is able to collapse the distance between that desire and the ability to fulfil it.
ASB is getting on board with digital payments, giving its Kashin moneybox a digital makeover with the launch of a cashless interactive version, ‘Clever Kash’.
Keeping banks relevant in a digital age
According to the Millennial Disruption Index, tech-savvy 18 to 34-year-olds are the ones causing banking disruption. Here in NZ, banks are making genuine efforts to keep up with the times and offer digital solutions, appealing to younger customers and demonstrating their ability to engage with social media channels; ASB is on Snapchat, while Kiwibank recently employed 19-year-old YouTube star Jamie Curry for its ad campaign.
Limitless mobile payments to signal end of cash?
Mobile transactions will be limitless in the UK by 2017, meaning people will be able to tap and pay for high-value items, such as laptops, cameras and even a new car. Over the next two years MasterCard is updating all its contactless merchant terminals to facilitate more valuable transactions. The use of phone payments is fast growing, and in the future could eclipse the use of cards.
Mobile wallet market heats up
Last week, the big wigs in the payments world met at the ATM & Mobile Innovation Summit to discuss topics including the current mobile wallet market and its effect on the payments industry. ATM Industry Association CEO Mike Lee unapologetically threw his support behind Samsung Pay as the mobile wallet that will "win." See why, here.
Blockchain comes to the forefront
The cat is out of the bag regarding the power of the blockchain. Up until now, consumers have been mostly content with their existing options for making payments and don't really feel the need for an alternative such as bitcoin. But financial services providers struggling with longstanding issues around payment security and speed do see the blockchain as a possible solution to a persistent problem.
...and in Payments NZ news
We’ve had a fantastic response to our special edition of The Hub which is next Thursday, 24 September 2015, in Auckland. The event is now fully booked with 130 confirmed attendees. We’re looking forward to hearing from a diverse line-up of speakers and celebrating our 5th birthday with everyone coming along. For those of you not attending, you can follow live Tweets during the event and keep an eye out for our post-event article in your weekly top reads.
*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.