02 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 firstname.lastname@example.org
The Hub September 2015 event wrap-up
Read the low down on our special, bumper edition of The Hub which took place in Auckland last week. We gathered together some of the sharpest minds in the industry to talk about the future of payments in New Zealand.
EMV day 1 in the US
NZ’s been there, done that and got the t-shirt but it’s day 1 for the US. As of 1 October, American businesses will be liable in the event of card-present fraud if they accept transactions made with EMV cards and don’t have EMV terminals. See the experts weigh in on what Day 1 of chip-enabled credit cards means for the US, here.
Debitsuccess is stepping into the world of electricity, making one of the most common monthly bills just that little bit easier. The company is providing paperless billing options for online power company Electric Kiwi, an electricity retailer designed specifically for customers with smart meters. Electric Kiwi say ‘online-only’ billing has contributed to them being able to offer low prices.
Ever wondered how to make your suit even smarter? Add a payments function. That’s what Samsung has done with their new suit, with an NFC chip hidden in the sleeve. The payments-capable suit will be showcased at IFA 2015 in Berlin. This will be one of four tech fashion items on show as the company unveils its platform brand for wearables - ‘The Humanfit’.
Payments-enabled clothes are just the beginning
The widespread adoption of wearables has significant potential to drive mobile payments. Consumers are most concerned about security, but the ability to tether a wearable to a smartphone allows some peace of mind. If both are present then it is less likely that payment data can be stolen. Wearables may bring mobile payments to consumers and businesses everywhere.
Mobile payments: what are the risks?
Research by ISACA of 900 cybersecurity experts has shown that an overwhelming majority (87 per cent) expect to see an increase in mobile payment data breaches over the next 12 months. Despite this, the same research suggests that people who use mobile payments are unlikely to be deterred by security concerns. ISACA recommend that consumers ensure they understand the level of risk, know their security options and value their personal information.
Order & pay for Starbucks on your phone
Starbucks customers who are sick of waiting in line for their decaf, white chocolate Frappuccino, can now order their favourite drinks or treats from their iPhone or Android throughout the US. Plus, they can pay for their orders without stepping inside the store. Starbucks has revealed that mobile payments have accounted for nearly 20 percent of its sales in the US.
*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.