20 November 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
Jenny from the blockchain
Ok, so we may not have sighted J. Lo in Vegas last month while at Money 20/20, but blockchain was a hot topic at this international fintech conference. Reflecting on that trip, we thought it was timely to compile and share what we’ve learned about blockchain tech and its potential application in financial services. This is definitely a topic we should all be watching. Read our article The rise of blockchain here.
New research evaluates real-time payment systems
A recently released SWIFT Institute report is proposing a retail payment system that is a mash-up of a real-time gross settlement system and a deferred net settlement system. The model, which many countries have already introduced, uses 'priority queuing' which determines the point at which a transaction will be settled based on factors such as the transaction value.
TapMe launches in New Zealand
TapMe, soon to be available here at home, will enable consumers to use their phone to tap or scan at retail stores for instant access to key product information without the need to download an app or visit a website. The TapMe tags can be easily applied to most surfaces and work using NFC chips.
The state of global fintech
A new generation of financial tech companies has led to more ways to pay than ever before, and the payment sector attracted USD1.6bn investment last year. In the very short term we can expect the best to thrive on their own, the best of the rest to get snapped up in a play for customers and geographical footprint, and some to fail. This infographic shows just how much fintech has evolved over the last year.
Ideas out of Iceland
An Icelandic startup is looking at how it can work with banks to develop personalised offerings to customers. Meniga’s software displays advertisements for everything from grocery stores to clothing within its online banking functions. This allows advertisers to reach an audience without interrupting their banking.
Blockchain tech for voting?
US voting machines could become obsolete as blockchain technology looks to replace the older systems which are vulnerable to hacking. Voters will register as normal, and the ballots would need three QR codes. One code would be for the blockchain address, the second for the ballot ID and the third for the election ID. The voting machine would scan these QR codes and send “vote units” to the candidate selected. Each candidate will have a unique address, similar to a Bitcoin wallet.
Yuan to become common currency of trade
The Yuan will join other top global currencies in the International Monetary Fund's benchmark foreign exchange basket in October 2016. This follows a flurry of reforms set to liberalise Chinese markets and also help the Yuan meet the IMF's checklist.
Pressure put on US banks to use PINS
In order to reduce card fraud, big US financial institutions are being urged by US attorney generals, to introduce PINs with new chip card technology. While other countries have already moved to PINs, the US has stuck firmly with signatures.
It’s Fraud Awareness week
This week is Fraud Awareness Week, putting a focus on raising awareness about the underhanded practices scammers use and what you can do to protect yourself. See Consumer NZ’s Sue Chetwin’s Top Five tips for keeping safe from scammers here in NZ.
*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.