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Weekly top reads

Industry news top reads 21 Apr - 27 Apr 2017

28 April 2017

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 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 connect@paymentsnz.co.nz

Top reads 

Google and PayPal partner up with digital wallet
The partnership links PayPal users to Google’s Android Pay to enable PayPal transactions across thousands of new retail locations. According to PayPal’s CEO, Dan Schulman, this will increase their brick-and-mortar reach and is predicted to increase customers’ use of PayPal. However, PayPal still faces a major hurdle to mass adoption as user accounts can’t link to Apple Pay.

Social media in China enabling payments of $2.9 trillion
A new UN study has revealed that over the past four years there has between a 20-fold increase in social network payments through Alipay and WeChat in China, which enabled $2.9 trillion in digital payments in 2016. Social media has enabled a wider range of digital financial services and could increase GDP across developing countries by 6% by 2025. The report found especially strong opportunities for countries with high mobile uptake, such as South Africa and Indonesia.

The UN’s blockchain project to revolutionise humanitarian aid
The UN has successfully used the ethereum blockchain to transmit Pakistani rupees to 100 people. Soon, in a pilot test, they will send funds to more than 10,000 recipients in need of financial support and extra food. Instead of paying funds directly to the recipients, the UN sends the money to the shops, and recipients release it by showing them a password they receive on their mobile. This cuts out ‘middlemen’ which lowers the costs of transferring these funds.

Head of Financial Stability appointed at Reserve Bank
Geoff Bascand has been appointed Head of Financial Stability and Deputy Chief Executive of the Reserve Bank of New Zealand. Mr. Bascand is replacing Grant Spencer, and is moving from his role as a Deputy Governor and the Bank’s Head of Operations. Prior to joining the Bank in 2013, Mr. Bascand was Government Statistician and Chief Executive at Statistics New Zealand. A search for a replacement for the Head of Operations position will commence in May.

Real-time payments adoption in Europe
In this interview with PaymentEye, D+H’s Head of Product Management, Global Payments Solutions, talks about what affect the adoption of instant payments will have on the payments landscape in Europe and the contributing factors. The interview discusses how PSD2 could facilitate instant payment adoption with the rise of open APIs and how blockchain could further increase the value of real-time transactions.

 

*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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