03 February 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 email@example.com
Kiwi fintech startup secures US$3 million boost to go global
Cross-border payments firm Latipay has secured US$3 million in venture capital funding to expand into Singapore and the US, and build on its existing operations in Australia and New Zealand. They are also the only New Zealand finalist at the SXSW Accelerator Pitch Event in Austin, Texas next month. Latipay allows Chinese consumers to buy things online from abroad in their domestic currency, and vice versa.
US shoppers use loyalty points to pay for anything
FIS, Modo, and Verifone have joined forces to allow customers at more than 3,000 banks across the US to pay for purchases at thousands of merchants using their credit card loyalty points. With nearly US$16 billion of loyalty points expiring each year, this initiative is the latest in a growing number of financial innovations to help consumers maximise their income.
What millennials really think about mobile banking
Digital verification specialist Jumio has completed a global survey of millennials’ experience with mobile financial services. Of the more than 700 millennials surveyed, 92.5% use these services, 85.5% are dissatisfied with them, and 93.5% have abandoned a financial transaction on their mobile. The main reason for this is not being able to remember their password, cited by 91.5% of respondents. The research indicates there is a significant disconnect between the authentication method that millennials prefer and what financial service providers want them to use.
Collecting for charity? If you don’t accept cards, you’re missing out
Research by Barclaycard has shown UK charities may be missing out by as much as £80 million a year by not accepting credit or debit cards. With the decline of cash use set to continue, Barclays has been testing contactless collection boxes which accept Chip-and-PIN, contactless and mobile donations. The boxes were trialled by 11 charities and they accepted £20,000 more in donations. According to Barclaycard’s Managing Director of Payment Solutions, allowing charities to ‘tap in’ to new payment options will be key to fundraising in the future.
Watch out for the Curl, bringing NFC functionality to your accessories
Sydney-based startup Inamo has created the ‘Curl’, an NFC-enabling device that can be attached to any watch, fitness tracker, or piece of jewellery. The waterproof gadget retails for AU$20 and contains an NFC payment chip that brings tap-and-go payments to whatever item it’s attached to. The NFC chip can be topped up through an app or online account.
ISO 20022: decoding what it means for business
NACHA Managing Director, George Throckmorton, and Senior Director, Robert Unger, recently joined Karen Webster to explain why there’s still plenty of work to be done educating US banks and corporates about the benefits of converting to an ISO environment. It’s not a quick and easy switch to make, but highlighting the efficiencies the ISO 20022 standard brings could be the best starting point – in one project 400 interfaces were integrated into one.
New bitcoin wallet lets users send digital currency using phone numbers
BTCC Limited has launched a mobile app called Mobi which enables users to send bitcoins and more than 50 additional currencies – including gold and silver – using phone numbers. The bitcoin wallet avoids the need for usernames, passwords, emails, and two-factor authentication. According to company CEO, Bobby Lee, the main reason behind the development is to see bitcoin become a transaction option globally with worldwide adoption.
*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.