01 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
The effect of Brexit on banks and payments
Pundits from Goldman Sachs are predicting that Brexit will have a major impact on banks meaning as much as 32 billion euros could be erased from their bottom lines over the next two years. They predict that London may recede from its lofty perch as the financial centre of Europe. According to the Business Insider payments could also be affected: cross-border payments might change due to the strong dollar, remittance companies could benefit from volatile currencies, and interchange fees could be altered. And what does it mean for fintech startups?
Australians may quickly ditch their wallets
Smartphones might become even more important as we make the move over to digital wallets. That may be the case in Aussie as Samsung, Apple and Android Pay could replace their wallets in less than a year from now. Australia is expected to be quick to adopt with an unprecedented number of contactless credit card readers and an overwhelming number of consumers who are ready to use them.
SWIFT’s global payments initiative takes off
SWIFT has now signed on 73 global banks to its new initiative designed to improve the cross-border payments experience. Together these banks already do nearly 75% of all cross-border payments on the SWIFT network. SWIFT is saying their initiative will give their corporate clients a dramatically improved payment experience, with same day use of funds, transparency of fees, end-to-end tracking, and transfer of rich payment information.
Chinese firms form financial blockchain consortium
More than 30 technology and financial firms in China have formed a new consortium dedicated to blockchain tech. The Financial Blockchain Shenzhen Consortium marks the latest business alliance to collectively explore applications of the technology. The 31-member strong group features companies involved in capital markets technology, securities exchange, trading platforms, life insurance and banking – all of which have been identified as potential areas for applying blockchain tech.
Cashless in Canada?
Canadian fintech nanoPay has deployed MintChip signalling the start of a digital cash platform that could help to steer Canada towards a cashless future. All Canadians can now download and use the MintChip mobile app to send and receive digital cash with family and friends for free through secure peer-to-peer (P2P) payments, plus make purchases where MintChip is accepted. Effectively MintChip can be used the same way as cash.
Disposable numbers: Credit cards
A major topic in payments is fraud, especially credit card fraud and now one company is innovating the market with a twist on the common credit card – making the numbers disposable. Tech startup, Final, has started shipping its Visa-branded consumer credit cards with card numbers that only apply to a single transaction and a single merchant. To see how they work, check out their website.
*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.