03 March 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 firstname.lastname@example.org
50 million now use One Touch
PayPal now has over 50 million users with their payment service One Touch, which speeds up purchases by allowing users to skip login at eligible websites and make purchases with just one click. One Touch is the fastest adopted product in PayPal’s history, and is helping drive industry adoption of digital and mobile payments.
Innovations from top fintech companies
Fintech attracts startups because of its high growth potential and opportunity for disruptive innovation. Entrepreneur lists 12 fintech startups rising to the top and worth watching this year. One of these is BillGuard, a mobile and website application that scans credit card and debit card transactions, alerting users to irregular activity such as scams, billing errors, fraudulent charges, and hidden fees.
(Mobile) money is power
A global survey conducted by Oxford and Economics and Charney Research has found consumers expect to use less cash and more mobile payments in the near future. And the latest GSMA ‘State of the Industry Report on Mobile Money’ has concluded there are now more than half a billion registered mobile money accounts globally and 4.3 million mobile agent outlets. According to the report, mobile money has had a stellar decade of achievements that include expanding financial inclusion, creating positive macro-economic impacts, as well as enabling broader economic development and empowerment.
API standardisation research
NACHA has completed research into the value of standardising APIs for the U.S. financial services industry. The results showed that API standardisation can address ACH Network pain points and benefit the payments ecosystem. An API Standardisation Group is now being established to develop an ‘API playbook’ that will serve as a tool to assist with the creation of a standardised API ecosystem.
New Mastercard partnerships to help support businesses
Mastercard is pairing up with Oracle and Unilever to support businesses around the world. With Oracle, Mastercard aims to streamline digital payment experiences for hospitality and retail chains. Meanwhile, Mastercard’s strategic partnership with Unilever will allow for collaboration on initiatives aimed at empowering small and micro businesses in emerging markets. Unilever and Mastercard’s pilot project will be in Kenya, digitising the processes of buying supplies and selling goods for small vendors.
More innovations using Facebook Messenger
A new startup in Nigeria, Kudi, is using Facebook Messenger to help the population pay their bills. In Nigeria, many bills can be paid online but only 39% of the population has access to the internet. To send a payment to someone via Kudi, users simply need the recipient’s phone number. Kudi doesn’t cost any data to use, just an initial fee of US 30 cents. Kudi’s revenue is increasing 125% per week, and its success is put down to the simplicity that allows it to work across generations.
*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.