04 March 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
Payments NZ welcomes ICBC to BECS
We’re pleased to welcome a new direct settlement participant to our Bulk Electronic Clearing System (BECS), the Industrial and Commercial Bank of China New Zealand Limited (ICBC). Joining BECS means that ICBC will now be able to send and receive electronic payments (direct debits, direct credits, automatic and bill payments, etc.) with other BECS participants who are ANZ, ASB, BNZ, Citibank, HSBC, Kiwibank, Westpac and TSB.
Hands free mobile payments
It’s Google’s new way to pay, without even using your phone – aptly named, Hands Free. It connects with the POS unit from the comfort of your pocket. The user tells the cashier that they will “pay with Google,” and gives their initials to the cashier, who inputs that and the transaction is closed.
Visa, China UnionPay sign MoU on Payments Innovation
Visa and China UnionPay have signed a memorandum of understanding to collaborate on three key areas in the financial ecosystem: payments security, innovation and financial inclusion. Their aim is to strengthen and create new value for the bank card ecosystem for the benefit of consumers, merchants, financial institutions and technology partners.
Stripe’s new tools to help startups
Stripe is releasing a suite of new startup tools, named Atlas, aimed at helping remove obstacles that occur early on for small business startups. The tools available through Atlas let entrepreneurs easily incorporate a company in the US and set up a US bank account, as well as start taking payments in 100 currencies on launch. Currently invite-only, Stripe says its working with more than 60 accelerators, investors and partners to funnel hotly-tipped startups through the platform.
Payments to save retail
According to pymnts.com, shoppers just aren’t as loyal as they once were and consumers are now driven by discounts more than anything else. Oh, and free shipping. Consumers are increasingly moving their shopping online and buying via mobile devices. Retailers are learning they have to be open for business for these consumers.
Making paying for things fun
As the checkout experience is more than just about the payment, the industry is looking to make a “smart POS.” Verifone is building a platform to enable non-payment apps, such as loyalty, coupons, offers, etc, to be part of the checkout process. Innovations from Verifone will include apps that merchants can easily download to their terminals in order to provide customers with new experiences at the point of sale.
*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.