30 October 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 email@example.com
Internet of Things gets more things
What if you could use literally everything to pay for anything? MasterCard is going to make that a reality. This week at the Money 20/20 conference in Las Vegas, MasterCard announced a program that it informally calls the “Internet of Payment Things” (IoPT), the goal of which is to turn every device into a commerce device, from your ring to your fitness tracker, car keys and more.
Fighting crime with Bitcoin training
Many still see Bitcoin as the currency of criminals but the Obama administration is seeking to change that perception by joining with private companies to train US law enforcement officials. The new partnership called The Blockchain Alliance aims to educate investigators on how the technology works and enhance the reputation of the digital currency. The hope is that the training will also help fight crime arising from its use.
Visa’s new cyber-intelligence service
Visa and FireEye have come up with a solution for early detection of cyber-attacks on payment systems. Visa Threat Intelligence delivers threat information in real-time to sellers and vendors with actionable information that includes prompt alerts on trends in cyber-attacks, methods, malicious actors, and in-depth forensic analysis from recent data breaches.
According to new research from PwC, boards of directors are having greater involvement in their company’s defence against cyber-attacks. The research also shows that companies are taking several measures beyond such obvious options as strong encryption to better protect themselves.
UK consumers to be writing two cheques per year in 2024
Payments UK predicts that the number of non-cash payments by consumers will be higher than the use of notes and coins during 2016. The average adult will make 225 cash payments in 2024, compared with 345 last year. Debit card payments will typically rise from 172 to 282 over the same period, consumers will only buy something with cash twice every three days, and only write two cheques all year by 2024, it predicts.
More rivals for Apple Pay
The latest rival for Apple is US bank JPMorgan Chase & Co whose application, Chase Pay, will allow consumers to pay retailers using their smartphones in stores. Chase Pay is already one step ahead of the rest with a number of major retailers already signed up.
No VAT for bitcoin
The highest court in the European Union has ruled that when exchanging bitcoins for conventional currencies, there doesn’t need to be any levy value-added tax (VAT) added to the exchange. Bitcoins are to be treated like money itself because they can be directly exchanged, the court said, making doing business in bitcoin that little bit cheaper.
*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.