31 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
Great Expectations: the story of today’s consumer
This week we held The Hub in Wellington and Auckland to discuss: The age of the empowered customer – are we meeting their expectations? Our speakers presented research on consumer needs, and described how firms are trying to meet them. In this article we’ve summarised some of the key takeaways: solve problems or customers will jerry-rig their own solutions, don’t assume people see themselves as financially savvy, and the secret to fintech startup success may lie in consumer empowerment.
ANZ ATMs get a ‘tap & PIN’ makeover
ANZ is the first bank in New Zealand to install ‘tap & PIN’ functionality to its ATMs. Instead of having to insert a card and enter a pin, consumers will be able to tap their ANZ Visa card or smartphone on the ATM which will provide access to their accounts through the ANZ goMoney Wallet. The technology will help reduce the chance of cards being skimmed, as they never leave the consumers’ hand.
Cashier-less Amazon Go hits a brick wall during testing
The opening of Amazon Go, which was due to launch early this year, has been delayed after glitches appeared during the beta test. The retail giant found that if there were more than 20 shoppers in the store the system struggled to track them. The delay is a blow for Amazon as they expand into brick-and-mortar retail.
Government bonds go mobile in Kenya
Kenya is selling government bonds exclusively through mobile phones, in a world-first bid to encourage saving and to open up government investment. For as little as US$30, Kenyans can lend from the government using mobile phones, and receive tax free interest of 10% every six months.
Digital cash all round
Samsung has launched a Contactless Companion Platform (CCP) which allows users to load digital cash into a variety of devices, such as watches and key fobs. The CCP targets cash users and aims to make contactless payments more accessible, particularly to audiences that currently have no access to payment cards. CCP can also incorporate loyalty points, vouchers, travel cards and ticketing.
LG Pay set to launch in June
LG has announced the South Korean launch date for LG Pay. The service will launch on the G6 (LG’s flagship smartphone) in June. The service would allow G6 users to make payments via a magnetic signal from the phone. The payments solution will put LG in direct competition with Samsung and Apple.
*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.