04 November 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.
Benchmarking New Zealand’s payment systems
Our report, Benchmarking New Zealand’s payment systems is now available. It assesses New Zealand against 10 to 15 comparable countries (including Australia) and shows that the New Zealand payments system leads the world in some key metrics. Our Chief Executive, Steve Wiggins will talk more about this at The Point 2016 next week.
This year’s Money20/20 was all about payments rails and their interconnections. Key issues discussed included blockchain, integrations and partnerships, and faster payments. As competitive mobile models have become established, consumer-facing innovation has downshifted to a lower gear and attention is now turning towards the payments marketplace.
China’s biggest mobile payments service seeks international expansion
Alipay has announced several new partnerships that will allow it to accept payments in the US. Last year, China overtook the US as the world’s largest mobile payments market by total value spent. Alipay has entered numerous foreign markets in recent months, signing up local merchants in the UK, Germany, Thailand, and Australia. Renee Zhang, from Paybang/Alipay Australia will be at The Point 2016.
Fancy a ‘Google Burger’?
The latest Google Maps update in the US will let users order food from a restaurant directly through the Maps application. The new update, accessed through a ‘Place an order’ button could provide a boon for small businesses that can’t afford to develop their own custom app for mobile ordering.
Major banks exploring blockchain technology but hesitant to commit
Accenture has released a report that shows major commercial banks across the US, Europe and Canada are exploring the use of blockchain technology for digital payments but most remain hesitant to embrace it fully. According to the report, banks are mostly looking to use the technology for cross-border transfers. Blockchain and distributed ledgers will be one of the topics discussed at The Point 2016 next week.
Ticketing machines to sell bitcoin
From 11 November, Switzerland's national rail service will be selling Bitcoins from its ticket machines. Customer demand has prompted the national rail service to launch the two-year pilot project.
Banknote gauges to aid visually-impaired
The Reserve Bank of New Zealand has created a new pocket-size banknote gauge for the visually-impaired. It features both braille and large printed denominations. Notes’ denominations can be determined by how it fits into the gauge. The Brighter Money banknotes are also being progressively released into circulation and incorporate large bold numerals, greater colour contrast between notes and clearer backgrounds to assist those with sight loss.
*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.