02 December 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
BNZ brings Android Pay to New Zealand
BNZ customers can now use their Android phone at contactless terminals instead of their debit cards. The bank made Android Pay available to their customers on Thursday, making New Zealand the sixth country to receive the service. Like Apple Pay, the user doesn’t need to open the app to work. Credit cards and online payment functionality will be added in 2017.
Australian banks denied right to negotiate as a bloc with Apple Pay
In a draft ruling, the Australian Competition and Consumer Commission (ACCC) has refused to grant a group of banks permission to negotiate collectively over the introduction of Apple Pay. Apple wants banks to permit customers to upload their credit cards into its proprietary digital wallet. However, Australian banks have invested heavily in their own apps and are concerned about being locked out of a growing mobile payments market by third-party offerings. A final ruling from the ACCC is expected in March 2017.
Auckland academic leads project on cryptocurrency regulation
Alexandra Sims, law professor at the University of Auckland, is leading a team undertaking a research project entitled 'Regulating Digital Currencies that use Blockchain Technology'. They plan to develop a legal framework for blockchain regulation in New Zealand and Australia. They aim to interview regulators and others from around the world, and to probe how much blockchain technology falls within existing regulation. Sims is planning to make a presentation to New Zealand financial markets regulators next September.
Pan-European instant payments one step closer
Following a public consultation by the European Payments Council (which commenced in April 2016) a technical framework has been finalised to allow continent-wide instant payments. Person-to-person mobile payments will fall within the remit of this Instant Credit Transfer scheme, which should be active from November 2017.
Historic Royal Mint looks to the future with blockchain gold trading
The UK Royal Mint has partnered with derivatives marketplace provider CME Group to offer digital gold to users, which will allow it to trade gold using a blockchain-based system. The technology should efficiently and accurately register gold asset ownership, reducing costs to investors and making the market more transparent. The Royal Mint is over 1,000 years old, and this new digital gold product intends to ensure its services continue in the blockchain era.
Rural China drives continued growth in global card acceptance
A new RBR report, ‘Global Payment Cards Data and Forecasts to 2021’, says the number of card-accepting merchant outlets worldwide rose by over 7 million in 2015 to 54 million. Asia-Pacific, and Middle East and Africa (MEA) regions showed the strongest growth and China alone accounted for 4.7 million new card-accepting outlets during 2015. The report also highlights the importance of regulation and innovation to further growth in card acceptance.
Online retailers seeing double after knockout mobile sales on Cyber Monday
Early data from PayPal indicates that Cyber Monday – the Monday after Thanksgiving and one of the busiest online shopping days in the US – saw double-digit growth in mobile commerce volumes. Mobile devices are increasingly important for online retailers, with PayPal saying purchases via mobile devices were a third of total payment volumes on Thanksgiving and Black Friday (also major shopping days).
*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.