19 August 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
Alibaba in virtual reality?
Alibaba is working on developing technology that will let people buy goods in a virtual world, allowing consumers to walk through a VR mall and make purchases with a nod of the head. Alibaba already have a Buy+ virtual store, where shoppers can virtually try on clothes etc, but until now have had to remove themselves from the VR to make a payment.
Millennials targeted by disruptive fintech startup
With fintech startups currently trending, and millennials in particular driving that trend, a father and daughter team are looking to disrupt traditional consumer banking even further. BankMobile is offering completely fee-free financial services in the US and added 2 million customers in just 18 months after launch. The app is designed to make banking effortless which is popular with millennials; 45% of millennials in a recent FICO survey of US consumers nominated account fees as the reason they switched banks.
WEF says blockchain will be “beating heart” of future finance industry
A new report from the World Economic Forum, a convening organisation for the global elite, has predicted that the technology underlying Bitcoin, the blockchain, will occupy a central place in the global financial system. The report is one of the strongest endorsements yet for the blockchain.
Fintech on the phone
More and more fintech innovations are being developed ‘mobile-first’ as smartphones continue to take over our everyday lives - we pay for things, invest in stocks and bonds, and manage our money on the move. Banks also want to leverage increasing mobile adoption. For example, some of the larger banks in Australia are advocating for access to the NFC transmitters in Apple phones for their own mobile payments services.
Xero teams with PayPal
In the US, Xero and PayPal are linking up to create tighter integration between their services. Xero has added a PayPal Express Checkout option for small businesses using its cloud accounting software for invoices. This means an invoice created via Xero can be paid via PayPal directly from the invoice as soon as it's received. For Xero, the integration allows the company to offer an additional convenience perk to customers.
Digital-only bank Mondo receives UK banking licence
Consumers are leading a mobile banking revolution in the UK, making it a good time to be in the world of mobile and digital-only banking. Mondo is capitalising on the good times, receiving a UK banking license. This means Mondo is now officially a bank, adding further competition to challenger banks in the UK.
First step to becoming cyborgs?
MIT researchers have created tattoos that can talk to your smartphone and other digital devices. These tattoos can receive and send information by connecting wirelessly with smartphones through NFC, the technology used for mobile payments. The creators believe that one day we will apply skin interfaces with the same casualness as our daily moisturiser.
*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.