09 December 2016
This is our last issue of top reads for 2016 as we turn our attention from payments news to the festive season. We look forward to delivering you the leading news from the world of fintech and payments again in early 2017.
Amazon’s cashier-free grocery store could change food shopping forever
‘Amazon Go’ continues the move towards a convergence of physical and online retail, which is already being driven by Amazon Books and AmazonFresh. Customers use the Go app to enter a store and once inside a combination of sensors, computer vision and ‘deep learning’ keep track of what people take off and return to shelves. Once finished, the shopper walks out and the company charges their Amazon account. A beta version of ‘Amazon Go’ has been available to Amazon employees in Seattle for some time and will be available to Amazon customers from early next year.
EFTPOS upgrade paves way for contactless
40,000 New Zealand terminals will be replaced or upgraded from April next year as PCI Security Council requirements come into effect. New software in the terminals will make them capable of supporting contactless card payments.
Artificial Intelligence to decide whether your transaction should be declined
Mastercard, Visa and PayPal are all exploring the use of self-teaching fraud detection systems. Instead of using set rules and thresholds, these systems adapt over time, using information on spending by similar consumers and travel patterns to reduce incidences of transactions being mistakenly declined.
Ten promises and perils of blockchain from Europe's Trustech conference
Blockchain sparked both interest and scepticism at the 31st annual Trustech conference. Time stamping, identity authentication, public sector uses, benefits for the unbanked and blockchain’s relationship with IoT were seen as opportunity areas for the emerging technology. However, incorrect use of blockchain by companies, the need for further infrastructure, issues with Ethereum and the current infeasibility of smart contracts were raised as reasons to be cautious about embracing distributed ledgers too quickly.
Google inspired by Chinese New Year as it promotes Android use in the UK
Three years ago Chinese internet giant Tencent used digital gifts linked to a Chinese tradition – the gifting of red packets stuffed with cash ahead of Chinese New Year – to gain mobile payment market share. Now Google is using the same tactic in the UK, by rewarding consumers who use Android Pay with virtual Christmas crackers that, when popped, may reveal gift vouchers for free coffee, movie tickets, or store credit.
Viber the latest messaging service to add mobile payments function
An automated banking system is being integrated into Viber. The system will live inside the messaging app and allow users to send and receive money as well as make other financial decisions without ever leaving Viber. Younger consumers generally prefer messaging applications that let them combine regular mobile services with the social aspect of messaging. Retailers such as Dunkin’ Donuts are making strong use of these platforms to make paying for things as easy as possible.
*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.