24 March 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
Westpac develops a key(board) to messenger payments
Westpac customers in Australia will soon be able to use messaging apps to transfer money, using an innovative addition to their smartphone keyboard. The Westpac Keyboard feature will allow users to pay friends directly through their favourite messaging apps with the security of using their own bank account. Users will also be able to send Cardless Cash codes to recipients for ATM withdrawals.
Ant Financial Services – mammoth growth ambitions
In case you missed it, Chris Skinner (who was a keynote at one of our conferences) has penned an article about Ant Financial Services’ growth ambitions (formerly known as Alipay). They have a vision to serve 2 billion people in the next ten years. To do this they are investing in markets similar to theirs where there is a need for financial inclusiveness. But they’re also expanding into America and Europe through MoneyGram and Wirecard. Chris is impressed by their thinking and ambition – “Imagine Facebook, Amazon and PayPal all integrated into one app. That’s what Ant has got.”
APIs: opportunities and challenges
In this article, Iliad Solutions’ CEO, Anthony Walton, analyses future API trends and how potential innovation could be stifled by cultural and technological problems. He says many managers are risk-averse when faced with the possibility of an open payments ecosystem, and more robust end-to-end testing is needed to iron out potential implementation issues.
McDonald’s trialling mobile pay
McDonald’s is testing its mobile order and pay app in select markets in the US. A recent survey found that when technology is used to place an order customers visit fast-food restaurants 6 percent more and spending increases around 20 percent. By the end of the year, McDonald’s aims to have the system available in 20,000 locations including in Canada, the UK, France, Germany, Australia and China.
Mobile wallet adoption underwhelming
The adoption of mobile wallets has been slower than expected, as reports indicate 95% of consumers are already satisfied with how they pay. This article highlights various mobile wallet statistics recently presented at the Innovation Project in the US and provides insights on what the numbers really mean. Also see the full set of mobile adoption and usage stats from PYMNTS.com.
Role of AI in payments
Artificial intelligence (AI) has been used for decades in trading and is increasingly being used in the payments sector. Financial service providers are exploring the potential of AI in chatbots and fraud detection, and also looking at how predictions about customer behaviour could be used in marketing.
*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.