21 April 2017
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 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
Mastercard brings biometrics to credit cards
Mastercard has introduced a fingerprint reader on credit cards to help cut down on fraud. Only the registered card owner will be able to use the card to make payments. By embedding the fingerprint reader in cards, instead of at the point of sale, the need for costly upgrades has been reduced while still letting customers access the latest technology. The service has been trialled in South Africa with Europe and Asia to follow.
Kiwi millennials eye up biometrics
In a recent Visa New Zealand Millennial Survey 62% of respondents said they would like to use biometrics, such as fingerprint and retina scans, for payments in the future. This is due to its ‘cool factor’, convenience and security. Marty Kerr, Country Manager Visa NZ, said “emerging biometrics remove potential pain points for customers” and retailers need to meet young peoples’ needs. According to the survey millennials show little brand loyalty with one in five saying they have no brand affiliations.
More Facebook Messenger bots
Both MoneyGram and Western Union have launched bots that allow US customers to transfer money around the world using Facebook Messenger. The MoneyGram Sendbot offers a “track a transfer” tool and location finder, while the Western Union bot has customer support and real-time FX rates. Mastercard is also getting onboard with their bot making it possible for customers to checkout with merchants via Masterpass. American Express also announced their bot will give on-demand responses to account-related queries.
Old vending machines get digital makeover
Mastercard in the US has teamed up with PayRange to serve vending machine customers with its contactless payment solution. They’re making it possible for legacy cash-only vending machines to take digital payments by using a Bluetooth dongle which makes it possible for the vending machine to ‘talk’ to the PayRange App. To pay Masterpass customers simply tap and go. PayRange is also looking to expand this service to the commercial laundry market.
Credit cards piloted on Canadian buses
Société de transport de Laval (SLT) Canada is piloting on-board fare payment by Visa or Mastercard credit cards on their Laval buses. The new payment option uses a contactless payment terminal and is available for single fares. It will allow riders to save time, as they don’t need to plan for exact change or purchase fares in advance. The results of the trial will be shared with other Canadian public transport providers.
*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.