22 July 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.
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Pushpay expanding mobile payment app
Pushpay holdings is expanding its payment app beyond the religious sector to payments for utilities such as water and insurance and is planning an ASX listing by the end of the year. Pilot trials for mobile bill payments with Watercare and AMP have shown a 20 per cent increase in bills paid on time once consumers were sent text messages.
BP launches mobile payment app
BP is launching new mobile payment technology called BPMe, which is designed to remove the need to enter a service station's store to pay for the fuel. This means motorists will soon be able to order and pay for their petrol or diesel from inside their cars. The pay-in-car service is available now to selected Fuelcard customers and can be downloaded for both Android and iOS devices.
Your customer’s digital experiences define you
The inaugural New Zealand Digital Experience Report by SAP, has announced three top performing large brands in providing digital experiences: Netflix, Bank of New Zealand and AA Insurance. Over a third (37 per cent) of consumers are not satisfied with the digital experiences delivered by some of New Zealand’s largest and best known brands. The findings demonstrate the strong connection between the digital experience and business outcomes in New Zealand.
Ethereum and The DAO attack
Last month, an unknown attacker drained tens of millions of dollars worth of the digital currency ether from The DAO, an ethereum-based smart contract aimed at functioning as a funding vehicle for projects in the ecosystem. It sparked an effort to effectively roll back the clock and undo much of the damage, a process that comes to a head this week as network-wide changes are set to be rolled out.
Visa’s Biometric Payments Study
According to new data from Visa, biometric adoption is certainly on the right track. Consumers want to use it; seven-out-of-ten respondents say that they want to use biometric tech as a method of payment authentication. People are keen on using their fingerprints to authenticate transactions with 81% of consumers viewing fingerprints as most secure. And 73% viewed biometric technology used in conjunction with another security protocol as a secure way of verifying account holder’s identity.
Android Pay launches in Aussie
Customers from ANZ, American Express and a number of smaller financial institutions in Australia can now make contactless payments using their Android phone with Android Pay. Shopping and delivery apps are jumping on board too.
Mastercard announces additional MasterPass service
Mastercard has announced its latest version of MasterPass which allows consumers to make simple, fast and secure digital payments across various channels and devices, whether they're shopping online, in-store or in-app, marking a notable industry milestone. The rollout will commence this month in the United States. Europe, Africa and the Middle East will follow later this year, while other areas will get MasterPass in 2017.
Brexit to lead to UK recession?
Though Brexit has calmed down to a certain extent, Reuters is noting the possibility of a recession. The European Commission said that a drag on British gross domestic product could be between 1 to 2.5 percent by next year, while next year there may actually be a decline of as much as 30 basis points.
*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.