29 July 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.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing firstname.lastname@example.org
New Zealand’s retail landscape
According to Essential Retail, New Zealand is ranked no 1 out of 189 countries for ease of starting a new business and second for ease of conducting business. And on top of that, New Zealand’s retail environment is growing with figures from Nielsen showing that over two million people are now shopping online. This will be important in the coming months as the new-look UK government look to build commercial relationships with countries around the world.
Aussies three big banks team up to challenge Apple
Aussies biggest banks are working together to collectively negotiate with Apple to install their own electronic payments applications on iPhones. Apple currently does not allow third-party electronic payment apps to be loaded onto to the hugely popular smartphones. National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Corp have now filed their application with the Australian Competition and Consumer Commission (ACCC). They have also been joined in the move by smaller players Bendigo and Adelaide Bank.
MasterCard and VocaLink join forces
MasterCard has now agreed to acquire 92.4 percent of VocaLink Holdings Limited. This acquisition accelerates MasterCard’s efforts to be an active participant in all types of electronic payments and enhances its services for customers and partners. It means that MasterCard will play a more strategic role in the UK payments ecosystem.
PSR calls for UK payments infrastructure reform
The UK’s Payments System Regulator (PSR) is consulting on a series of changes including adopting a common international messaging standard to encourage new entrants, and creating a competitive procurement process that addresses consumer needs. This is based on its market review into the ownership and competitiveness of the infrastructure revealing that the nation’s payments infrastructure needs to undergo reform to increase competition and to better meet consumer needs.
Kiwi fraud software helps banks
Software created in New Zealand for cracking down on shoplifting and "drive-offs" at the petrol pump may be able to help banks fight fraud that costs them millions. Crime prevention software firm Auror has a system that allows retailers to report a crime in 10 minutes and now it is working to help banks with cases of fraud that are too small to be investigated.
Visa teaming up with PayPal in the US
A new partnership between Visa and PayPal in the US is planned to bring an improved and more seamless payment experience for Visa cardholders and will offer greater choice for PayPal and Venmo wallet users. The partnership is designed to carry significant benefits for issuing financial institutions, acquirers, and merchants.
You can now use Venmo to pay for things inside other apps
Venmo users can now use its app to pay in other apps. It’s similar to how most e-commerce apps already offer PayPal or Apple Pay as payment options. And Venmo is also adding a few new features that will appeal especially to younger users. Specifically, they are Split and Share, which allow you to, well, split your purchase among friends or share it to Venmo’s social feed.
US bank, Radius closes branches and goes digital
Every physical store added to a company makes the switch to digital even harder, according to Michael Butler, Radius Bank CEO. That’s why Radius Bank shut down all six of their bricks and mortar stores and made a complete digital switch. To challenge the traditional banking model, Radius had to look for innovative ways to bring the products and services that people want to market - fintech partnerships have been a pivotal component in the bank’s growth strategy.
*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.