27 November 2015
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
Europe clamps down on Bitcoin
Prompted by the Paris terror attacks, European countries are attempting to tackle the problem of terrorism funding by cracking down on virtual currencies. European leaders have called a crisis meeting where they will urge the European Commission to "strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies…”
Where is banking headed?
Today’s banking is all about putting the customer at the centre of transactions. NZ Management magazine thinks that as banks consider how many of their current services could be digitised, and which ones they could choose to stop pushing out altogether, banks of the future will see consumers looking more and more for banking on the go. Cheques and paperwork will have disappeared, biometric technology will be prominent, ATMs will offer customers made-to-measure experiences, and branches will be smaller and more responsive to customer needs.
Time to get millennials saving
Now that there is an app for everything, we even have some to encourage our young people to stow away their cash for a rainy day. Tech startups Acorns, Digit and Stash cater to people under the age of 35 (usually the age riddled with student debt). Check out exactly what these apps do to help save your money.
Sibos 2015 summary
Last month we attended SWIFT’s annual Sibos financial services conference held in Singapore. For those of you who couldn’t make it, you can get an overview of all the key themes in this Sibos Singapore newsletter.
Disruption in the industry
According to a report by McKinsey, we should expect to see the payments industry continue to grow at a healthy rate during the next five years. But during that growth, powerful disruptive forces will begin to reshape the global payments landscape. See McKinsey’s top four potential disruptions.
Want to earn some (Bit) coin just by walking around? It takes around 10,000 steps to earn a single Bitwalking dollar which works out to about five miles of walking per virtual buck. To start, Bitwalking will only be available in four places: Japan, Kenya, Malawi, and the United Kingdom.
*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.