20 May 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
Two sides of the coin: cash usage in New Zealand
Here’s our latest research on cash use in NZ. We examine the economic, behavioural and emotional drivers of payment choice and look at the inevitability, or otherwise, of a cashless society focusing on the evolution of cash as a payment method. Our next article in this two-part series, out next week, will discuss the implications of our use of cash looking at the arguments for and against a cashless society.
New Zealand’s new, brighter money
The new $20, $50 and $100 notes are now in circulation, running in tandem with the series 6 notes and both will be legal tender. This means the public can make payment with either the old or the new banknotes. A public awareness campaign will run for four weeks to educate the public about the new notes and their security features.
Kiwi exporters delighted with trial that targets Chinese consumers without credit cards
Latipay is starting a trial that merges its payment platform for Chinese consumers with Chinese e-wallet platforms Alibaba and WeChat. The trial will allow Chinese customers to pay for New Zealand products in yuan while New Zealand sellers are paid in kiwi dollars. It is a vital step to facilitate more sales between Chinese consumers and local businesses.
RBNZ Bulletin looks at digital disruption in banking
A new article by the RBNZ explores the potential effects of digital disruption to banks and broader financial system stability. The article finds that digital disruption may ultimately benefit the soundness of the financial system by reducing systemic risks from individual institutions.
Contactless donation boxes
Contactless payment in the UK has increased over 300 percent in the last year, and now they have Lunchbox; a contactless donation box upgrading the old-fashioned change bucket. The Lunchbox is an NFC enabled box that will be installed in cafes across the country. To make a donation, customers simply tap their card or smartphone on the device and they will automatically be charged.
Card reader to prevent online fraud
In the US, Chip Shield has demonstrated their new consumer focused personal chip card reader which fits into the palm of your hand and connects to desktop computers over USB and mobile devices over the audio connector. The device works with any credit or debit chip card, and with the Chip Shield Web Assistant, it can provide enhanced security for any online shopping or banking site without any changes to those sites.
Swiss town to accept bitcoin
A Swiss town that is positioning itself as a hub for digital currency will start to accept some payments by Bitcoin. Northern Zug will accept the digital currency for municipal registration fees starting July 1, in what the Mayor called an "experiment" aimed at making the digitally-minded town a pioneer in finance.
Mobile payments: A hype waiting to happen
According to the author of this Forbes article, in 2010 mobile wallets were going to be the next big thing but six years later their adoption is still not wide spread and it’s now being called an evolution instead of a revolution. So what prevented this mobile payments hype from becoming a reality? The author suggests that instead of trying to put traditional payments on mobile, the question for those in the mobile payments space should be: “How can we use mobile to improve payments?”
*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.