23 October 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
How accurate were the Back to the Future predictions?
Marty McFly made some big assumptions about “the future”; so did we meet any of their expectations? Biometric payments? Apple’s Touch ID combined with its payment service, Apple Pay, allows users to make payments just by authenticating their fingerprint. And what about wearable tech? For more 'Back to the Future' predictions and accuracy ratings, see this infographic.
Eftpos Australia to offer tokenisation service
Eftpos Australia has hired Dutch software company Bell ID to build its mobile payments and online security system. Eftpos will also add a tokenisation service which it will sell to banks and merchants. The re-vamp will enable them to compete with Visa and MasterCard.
IBM means business
IBM is the mastermind behind the first digital, international hub that will make it easier for customers to convert payments and help banking clients take on the competition from foreign currency exchanges. IBM Financial Transaction Manager (FTM) can now enable banks to converge their SWIFT payment operations onto a single hub to improve operational efficiency and expedite transactions.
Kiwi businesses yet to realise digital payments potential
A Deloitte survey has shown that card and digital account-based payment mechanisms are typically considered better, faster and cheaper by organisations that use them but despite this many NZ organisations are yet to make the switch to digital payments. Almost half of survey respondents (47 percent) are not using the available solutions and 100 percent still have paper processes to support cheque payments.
Shop local for Christmas
Kiwis will be better off shopping locally this Christmas as the Kiwi dollar has fallen 13 per cent against the US dollar this year, hitting shoppers on overseas websites in the pocket straight away. Retail NZ is forecasting $17.1 billion in core retail spending for October to December 2015, up from $16.25b last year.
Microsoft gets serious about payments
Microsoft is starting to think about bringing back the Windows Wallet to fight against the big players in the mobile payments space. The mobile app stores credit cards, coupons and membership information to improve both the in-store payment experience and online payments with Windows devices.
UK banks are closing their doors
UK banks are closing their branches at a faster rate than ever before with 650 branch closures expected this year – up from 500 in 2014 and 222 in 2013. This isn’t unexpected as banks shift their focus to digital and mobile channels. The closures are affecting smaller regional towns and retail as customers go to other areas where they can shop and bank at the same time.
*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.