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Weekly top reads

Industry news top reads 19-25 Feb 2016

26 February 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

Top reads

UK regulator wants banks to sell stakes in Vocalink
The Payment Systems Regulator in the UK (PSR) has suggested that banks sell off their common ownership of Vocalink to encourage more innovation and competition. The PSR is looking to increase competition in the £75tn UK payments sector.

US banks invest in peer-to-peer mobile product
With the increase in payments startups, seven banks in the US have invested in a digital payment network to launch a peer-to-peer mobile product to help to fend them off. Called the clearXchange network, which represents 60% of the current mobile banking market, it will mean users can send seamlessly between banks. The Big Seven include BB&T, Wells Fargo, PNC Financial Services Group, Capital One, Bank of America, JPMorgan Chase and US Bancorp.

Payment apps for your car
Visa and Honda have created an app that slots into your dashboard, allowing drivers to tell when their gas is low and takes them to the nearest place to fill up. Once parked next to the pump, the app calculates the cost of filling up and the person can pay for the gas and even convenience store items via their dashboard. They expect to test the fuel app concept in northern California and a parking app concept in New York City, both over a three-month period, starting this Spring.

Apple Pay fees slashed in China
To counter arguments from Chinese banks about the price of fees, Apple have reportedly slashed the cost of Apple Pay in the Chinese market to encourage adoption. Offering a discounted fee of 0.07% for every transaction, Apple was able to convince 19 banks to let their customers link their bankcards to Apple Pay. On 18 February when Apple Pay was launched, close to 40 million users signed up for the service in one day.

MasterCard to use selfie IDs
MasterCard has now confirmed that they will accept selfies and fingerprints as forms of ID to verify online payments. The hope is that such biometric payments will cut levels of fraud. When they make an online purchase, they will still need to provide their credit card details as normal. But if a further check is required, they will be asked to take a selfie or use their fingerprint rather than be told to type in their password.

HSBC launches voice ID
HSBC has launched voice ID to customers in UK and first direct, HSBC’s challenger banking brand in UK. It doesn’t matter what language a customer speaks, if they have a cold or sore throat, Voice ID will be able to confirm their identity. Hong Kong, Mexico, Canada, USA and France are next in line to bring biometric technology to customers.

Dell identifies cyber attack hubs
Dell SecureWorks says 80 per cent of global cyber-attacks are on financial institutions in the United States. The United Kingdom is the next-most-targeted market, then Australia. The CBA chief executive Ian Narev told Fairfax Media that cyber-security is a matter of national importance and the government is showing a high level of understanding about potential threats.


*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.

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