22 April 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
Money 20/20 Europe: A Payments NZ view
Earlier this month our Europe-based Payments Strategy Advisor went along to the Money 20/20 Europe conference in Copenhagen. Find out what his key themes and take-outs were from the many presentations and panel discussions during this 3 day event.
Visa encourages EMV chip adoption with faster checkout
Visa has announced ‘Quick Chip’ for EMV which streamlines the processing of chip card transactions by letting customers dip and remove their cards, typically in two seconds or less, without waiting for the transaction to be finalised. Visa says Quick Chip helps facilitate the payment industry’s transition to EMV chip technology in the US.
Removing friction from payments altogether
The founder of Droplet has developed an app called ‘Zero Touch’ which is based on the idea of removing the act of paying. Using geo-location technology and Bluetooth, the merchant recognises the customer, inputs what they want to buy and the money is automatically taken out of the user’s account without the customer reaching for their wallet (or mobile phone).
NZ’s new real-time gross settlement system
The Reserve Bank has signed a contract with SIA to replace the current Exchange Settlement Account System (ESAS). The new real-time gross settlement system (RTGS) is an existing off-the-shelf product meaning that the functionality of the existing system can be easily incorporated into the replacement. SIA will use its own wholly-owned subsidiary Perago to support the new system.
Chinese banks join Payments NZ’s High Value Clearing System
Payments NZ is pleased to have welcomed China Construction Bank (New Zealand) Ltd (CCB) and the Bank of China (New Zealand) Ltd (BoC) into its High Value Clearing System (HVCS). HVCS is an integral part of the New Zealand payments system with around 2.4 million transactions processed in 2015, equating to $5.26 trillion of value.
Pay for parking with your fingerprint thanks to a new programme of work between SEAT, Samsung and SAP. Using Samsung Pay and the SEAT Connect app, users will be able to reserve parking spaces in any location, and be guided to their destination. Upon arrival, any barriers will lift automatically, and payment will be deducted through the user’s digital wallet when they exit.
Real-time payments pilot in the US
A real-time payments system for financial institutions is nearly a reality in the US thanks to FIS and The Clearing House. The pilot will go live in the first quarter of 2017 bringing payments that clear and settle in real-time.
Alibaba teams up with NZ Government
Alibaba and NZTE have signed an MOU to strengthen trade between NZ and China and also to help support and grow Kiwi businesses in China. Alibaba will provide support for New Zealand companies entering the Chinese consumer market through its various e-commerce channels, while NZTE will assist local companies to understand and optimize the opportunities Alibaba’s ecosystem offers for business growth in China.
*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.