28 August 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
APAC in the lead
APAC is expected to lead the way for global mobile payments, estimated to be worth US$1 trillion by 2017. IDC thinks Asia Pacific markets will contribute to this growth as mobile commerce transactions with remote payments take off across the region, making these fertile markets for mPayments solutions.
Kiwis reaching for credit cards again
New Zealand spending on credit cards rose for a seventh month in July, posting its biggest annual gain since January 2008 (before the global financial crisis set in).
India’s brand new payments banks
Did you know that almost 50% of Indians don’t have a bank account? In order to push for greater financial inclusion, India is about to be granted its first set of payments banks. They will be allowed to accept deposits, provide payments and remittances services, and distribute third-party financial products. But unlike regular banks, they won’t be allowed to lend or issue credit cards, although they can provide debit cards and internet banking facilities.
Uber on the up in India
Uber is making serious moves in India. It is about to become the first technology platform to officially launch Airtel Money, allowing Uber customers to use Airtel’s mobile wallet service, Airtel Money, for the payment. It will also offer free high-speed internet in its cabs across the country.
Shaking up the banking world
Mondo, a startup smartphone bank that's applying to operate in Britain, is ready to change the game. CEO, Tom Blomfield wants to make Mondo the Google or Facebook of banking. He says “in a world of instant messaging, many lenders don't communicate in real time” but the Mondo app is designed to let you set up real-time notifications that say how much you've spent daily or whether you're going into overdraft.
Bitter Bitcoin Battle
Bitcoin developers have released Bitcoin XT, a competing version of bitcoin software that allows for larger "blocks" of data in which transactions are processed. There has been a bit of controversy about the newcomer to the bitcoin family.
*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.