04 September 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 email@example.com
Paypal launches PayPal.Me
PayPal has launched the latest form of peer-to-peer payments with the new platform called PayPal.Me. Customers can set up their own profiles, just like on social media, and then share it with their friends through multiple platforms as a way to request payments.
Countdown over for Countdown
Customers of Countdown supermarkets across New Zealand can now pay using Visa payWave on Debit in a move by the supermarket to offer greater payment choice at the checkout.
The rise of contactless and the fall of cash in the UK
The UK is lifting the limit on contactless card payments from £20 to £30 next week. Coinciding with the increase in the limit on contactless payments, one of Britain’s biggest retailers, Sainsbury’s, is finally about to embrace the “wave and pay” revolution. According to recent Lloyds Bank research, four out of ten UK consumers (43 per cent) have said that contactless payments are the future, whilst a quarter believe that cash won’t be used to pay for goods or services in just five years.
Apple Pay for small retailers
The joint forces of Apple and Bancard (an American credit card processing company) may soon bring mobile wallet transactions into the everyday with small businesses, says CIO Magazine. Apple’s new mobile credit card reader plugs into iPhones and iPads and will allow retailers to accept payments made with Apple Pay as well as other mobile wallets that use near field communication (NFC) technology to carry out transactions.
New tech savvy bank notes
The new bank notes are not only pretty good to look at, they’re also technologically sophisticated and difficult to counterfeit, says Governor Graeme Wheeler. The new features include the holographic window, the colour-changing bird, a puzzle number and raised ink.
Are we scared of mobile payments?
Laurence Cooke, the CEO of nanoPay in Canada says there are four types of fear when it comes to consumer adoption of mobile payments: The fear of fraud, the fear of unknown, the fear of doing something wrong and the fear of privacy loss and identity theft. So who’s going to be the one to sway consumers? Cooke thinks it’s time for merchants to step up and convince their consumers to get on board.
Apple, Google and Samsung try to spark mobile payments
While there has been limited uptake of mobile payments in America, EMV standard credit cards (chip cards) are about to be transitioned into use. The wider rollout of NFC capable readers required for EMV cards, which are necessary for mobile payments, may cause an upswing in use of mobile payments in America.
*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.