25 November 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
Preparing for a cashless future
Sweden’s central bank is looking at the viability of issuing a digital currency to address its increasingly cashless society. Considerations include how ‘e-krona’ would be issued, if it should generate interest and how to trace transactions. A decision on whether to take this unprecedented step will be made in the coming years. Meanwhile, Citi’s Australian arm is no longer offering cash services because less than 4% of customers used them in the last year.
MBIE extends submission deadline for retail payment systems consultation
Those preparing submissions for the retail payment systems consultation, as we are, should note the deadline for submissions has been extended to 20 January 2017. This follows approaches from a number of stakeholders seeking more time to respond to complex questions in the run-up to the Christmas period. The issues paper was released for consultation back on 19 October.
Apple patent brings Siri to iMessage to facilitate P2P payments
A new patent filed by Apple includes the ability to allow Siri to perform various tasks in the iMessage app, such as providing directions, accessing participants’ calendars, and facilitating P2P payments. The virtual assistant will let the user pick from a set of suitable financial applications.
Deloitte, SETL and Metro Bank look to streamline payments using blockchain
SETL, a London-based fintech, Deloitte, and UK challenger bank Metro have announced the successful testing of a contactless card-enabled blockchain system for payments. The system is connected to users’ bank accounts and uses pounds sterling rather than a cryptocurrency. It could be generally available by the end of 2017. According to Santander, blockchain technology could cut costs by up to $20 billion annually by 2022.
Singapore pilots blockchain interbank payments
The Singapore stock exchange and eight banks will soon take part in a pilot project for a new electronic payment system using blockchain. During the pilot, banks will be able to purchase a virtual currency regulated by the Monetary Authority of Singapore that can be used for inter-bank payments. The digital currency can then be transferred into real cash. The next phase of the project will involve transactions in foreign currency, possibly with the support of another central bank.
Apple Pay could re-wire the way you think about payments
Apple’s new MacBook Pro has a touch ID scanner and it may just change how your brain processes purchases. Behavioural economics shows that the way you pay can make a big difference to what you buy and how much you’ll spend. Touch ID could therefore be the harbinger of a more ‘emotional’ payment experience - one that feels more individualised than using a plastic card.
*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.