19 February 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.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing firstname.lastname@example.org
Apple Pay arrives in China
China has become the fifth country to get behind Apple Pay, allowing consumers to tap their smartphones at the counter to pay. The biggest challenge for Apple in China is getting users to move from entrenched services like Alipay, operated by e-commerce giant Alibaba, and Tencent's WeChat, which have around a billion users.
Monopoly becomes a “cashless society”
Hasbro has caught the FinTech innovation bug and deemed cash too cumbersome for the game loved and hated in equal measure by families everywhere – Monopoly. Transactions will now take place using contactless cards. How does this relate to the real world? Consumer convenience. Even when playing a game, people were annoyed at the difficulty of making payments.
SWIFT’s new and improved offering
SWIFT announced a new payments initiative that now has more than 45 banks signed up. The programme is aimed at dramatically improving the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.
IBM is betting on blockchain
IBM is taking a lead on developing blockchain, the technology behind bitcoin, including a test of its own blockchain software. IBM has also said that it will help its own customers implement blockchain technologies and that two high-profile customers - the London Stock Exchange and the Japan Exchange Group - are already exploring how they could use it.
Behavioural biometrics – the way of the future?
With a spate of electronic thefts in recent years, passwords and other static elements used to verify identity may no longer be effective security measures. Organisations that want a better authentication method have the option of less-invasive biometrics, ones that are more secure and more consumer-friendly: non-identifying behavioural biometrics – even the unique way that you hold your phone can identify you. Markers based on user behaviour cannot be stolen, duplicated or reused.
*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.