24 June 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
Our takeouts from the Biometrics Institute Asia-Pacific Conference
Our Senior Payments Advisor, Martin Quin, recently attended the Biometrics Institute Asia-Pacific Conference in Sydney discovering that biometrics continues to be a hot topic in payments. While biometrics has definitely started to arrive within financial services, there are some issues that need to be addressed at this early stage in development. Read Martin’s takeouts from the conference.
Biodegradable credit cards
A new biodegradable credit card from Finland’s Bank of Aland, called the Baltic Sea Card, is part of a project to explore smart ideas and how they can be used to better the environment. Card users will receive environmental reports about their spending on a mobile app or their internet bank account. When they make a payment they will also have an opportunity to counter-balance for their estimated carbon footprint.
Toyota Financial Services joins R3
Toyota Financial Services is the first automotive financial services provider to join the R3 consortium, which has more than 50 members. Toyota FS joined R3 to advance the use of distributed ledger technology in finance, believing this technology will lower costs, increase efficiency and make auto finance more transparent for their customers.
Circle Internet Financial enters China
Circle, who uses bitcoin’s blockchain technology so customers can instantly send payments in a message, has raised funding to enter the Chinese market. Circle China has been created as an independent company to capitalise on a population that’s comfortable with payments made over social media. Circle plans to target cross-border value exchange rather than go head to head with China’s biggest mobile payments providers Tencent Holdings Ltd and Alipay.
Craig Wright back in the Bitcoin spotlight
The Australian who recently flew to our attention following claims to be the creator of Bitcoin, Craig Wright, is back and now on a crusade to file patent applications related to bitcoin and blockchain. Apparently Wright has filed more than 50 patent applications in Britain through Antigua-registered EITC Holdings Ltd. The patents are related to how bitcoin and the blockchain, could impact how other companies are looking to use the technology to innovate their own services.
Microsoft makes its way into mobile payments
Microsoft has finally turned on the ability to pay for purchases with a tap in some of its phones running Windows 10 software, lagging behind its competitors. Although there may not be many people around to use it. Microsoft devices now make up less than 1 percent of global smartphone sales and it’s made massive job cuts to its phone division.
*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.