29 April 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.
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NZ money wins international award
The new Kiwi $5 bill has been named Banknote of the Year in a prestigious international competition, at the International Bank Note Society’s annual meeting. The award was judged for outstanding achievement in the design, technical sophistication and security of a banknote.
ANZ Australia working with Apple Pay
ANZ is about to become the first Aussie bank to process payments through Apple devices, in a deal the bank hopes will encourage many of Apple’s users to start banking with ANZ. The announcement by ANZ is inspiring customers of other major banks to ask why they aren’t doing the same. The deal appears to have been struck with compromises being agreed by both ANZ and Apple to get it across the line.
Who is adopting the ISO 20022 standard?
Canada has become the latest country to adopt ISO 20022, a global standard for electronic payment messages that will help businesses and financial institutions move away from paper by creating the ability to exchange more information with electronic payments. Along with greater efficiencies, the standard brings with it tangible economic benefits.
Pay with your fingerprint
In the lead up to the 2020 Olympics, Japan is implementing a fingerprint registration, identification and payment system for visitors. Fingerprints and credit card information will be registered upon arrival at the country’s various airports and then the prints will act as a substitute for their passport, confirming their identification and be linked with their credit card, enabling them to pay for things with only their fingers.
Are real-time payments worth it for banks?
Payments are important to banks, and the competition with non-bank payment providers is having an impact, but should consumers be forking out for real-time payments or not? Appetite for real-time and things like Blockchain is higher for consumers than businesses and the debate about real-time is apparently creating some “discord” in the clearXchange network between the first two active members: U.S. Bank and Bank of America.
Are distributed ledgers ready to go mainstream?
Distributed ledger technology isn’t ready to be applied at scale by the financial services industry according to a 20 April study from SWIFT and Accenture. The study listed numerous requirements, noting that distributed ledgers currently fall short in all of them.
Netflix about to allow payment with Google Play
Netflix is now looking at alternate payment methods, and is gearing up to accept payments from Google Play, the official app store for Android. Most people pay for Netflix by credit card, but if you live and die by your mobile, subscribers will love the addition of Google Play billing.
Are these two companies a game-changer for wearables?
MC10, Inc. is a healthcare technology company and they have just created a potential wearable game-changer. The company has joined forces with PCH to create the Wearable Interactive Stamp Platform (WiSP). It pairs with a smartphone, tablet, or NFC reader, and while not a fully commercialised product yet, WiSP is fully capable of enabling cashless payment through its NFC chip.
*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.