03 July 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.
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Biometrics: The new frontier of banking?
Our Senior Payments Advisor, Martin Quin, recently attended the Biometrics Institute Asia-Pacific Conference in Sydney where he got the lowdown on the future of biometrics. It’s very difficult to copy the biometric traits of an individual, like fingerprints or facial geometry, making it a very secure method of ID. See Martin’s insights from the conference.
BNZ uses fingerprints
BNZ is getting ready to launch Touch ID (the fingerprint scanning technology built into Apple’s newest devices) to log in to its personal mobile banking app. As mobile is the number one digital banking channel used by customers, BNZ say they’re always looking at technologies to create a better experience.
Here we are now, inform-and-train-us
A recent survey by SmartPay has shown that 71% of Kiwis would like more education on contactless payments and how they work. But any uncertainty about methods isn’t hindering enthusiasm for innovation as 60% believe that mobile wallet use will increase substantially by 2020.
Pushpay pushes play on funding
Pushpay Holdings, the Kiwi mobile payments app developer, will be receiving a $960,000 R&D grant from Callaghan Innovation that will help scale up the platform that allows US church congregations to easily make donations. The funding provides additional resources to deliver scale and growth in the Pushpay platform.
The hunt is on
Does “ZeuS” ring any bells? It’s the name of the nine-year online epidemic that helped create cybercrime as we know it and the hunt is still on for the hacker behind this malware. See the full story behind its inception and evolving nature.
MasterCard wants to let you buy stuff with your face
Soon you just might be able to buy things with your face (which will appeal to the millennial generation with a genuine interest in “selfies.”) All you will need to do is hold up your phone, see your mirror image inside a designated circle, blink once, and it’s done. The facial recognition test is a part of the company’s grand vision to do away with passwords for online payments.
Millenial Money survey
Millennials have already transformed consumer retail, social networking, media, and technology. Finance is next. According to a recent Goldman Sachs survey, by 2038, millennials will become the most important financial generation in America and the industry will have to adapt to meet their needs. Check out the full survey.
The big ‘Pay’ players
Apple, Google and Samsung have their fingers crossed that smartphone users are also interested in wearables. Have a look at who’s doing what and how those wearable payments players are pitching their products to consumers. And checkout the PowerReviews report on why wearables matter for payments and commerce.
The 3 forces dictating the shopping experience
A new infographic by Elastic Path details the unstoppable forces transforming shopping right now, with the number one force being mobile – those who shop via mobile spend 66% more than shoppers who only buy in store. See the full infographic.
Rewards would incentivise mobile wallet adoption
A new survey from CMB shows that 44% of likely mobile wallet adopters, or those who are yet to make a mobile payment at a retail store but plan to do so soon, said that a wallet-specific rewards program offered on top of loyalty card acceptance would be a motivating factor.