21 November 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.
Improvements to payments processing in NZ
Payments industry organisations, including our team at Payments NZ, have been working hard behind the scenes in recent years to help money reach Kiwis’ bank accounts faster. Some changes due at the end of November 2016 will further help accelerate money moving around New Zealand, which is good news for our country’s economic efficiency.
Online EFTPOS launched by ASB and Paymark
ASB has partnered with Paymark to offer online EFTPOS, after a successful trial in 2015. Online EFTPOS will offer retailers an online card payment option that isn’t part of Mastercard and Visa schemes.
“Open” latest buzz word in banking
While “fintech” might be the buzzword of the moment, Jessica Ellerm from Tyro Payments thinks that “open” will be the banking buzzword of tomorrow as more banks are pushed to open up their platforms to third parties. Ellerm reflects on her time at The Point 2016, where “open” and “API” were both major focuses.
Samsung Rewards to incentivise Samsung Pay
Samsung has released Samsung Rewards in the US, offering customers points on Samsung Pay transactions. Samsung points can be used to buy gift vouchers and Samsung products from different retailers across the USA.
Apple Pay continues to expand
Australian card issuer, Cuscal, has signed a deal with Apple Pay which means that 31 more banks and credit unions will be able to offer Apple Pay to their customers. Cuscal’s Managing Director, Craig Kennedy, is also encouraging Aussie banks to settle their differences with Apple Pay so that more customers can access the service.
In the US, people can now donate to charity using Apple Pay. Apple has overturned its ban on donating to charity through Apple Pay in time for the holiday season, and not-for-profits are hoping that the change will result in a rise of donations.
Chaos after India demonetises large bills
There has been major disruption in India after the government demonetised 500 and 1000 rupee notes in a bid to crack down on fraud and crime. Mobile payment solutions companies are winners in the move, with many who preferred cash (or who didn’t trust mobile wallets) turning to digital payment solutions.
Fintechs blur industry boundaries
Fintech startups are moving away from just focussing on front-end customer experience and into a wide variety of traditional banking activities. A report by McKinsey shows that fintechs are now reaching into retail, wealth management, insurance, and investment banking.
*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.