06 May 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 email@example.com
Uber and Alipay
Uber has joined forces with Alipay, which has 450 million active users, to allow Chinese customers to book and pay for Uber rides directly from either app. And even if an Alipay user is travelling outside China, they can open the Uber app, log-in and link to their current Alipay account. The collaboration also extends to Alipay’s strategic global partners like Paytm in India.
Mastercard also tackling EMV lag in the US
Following on from Visa’s recent launch of Quick Chip for EMV, Mastercard has unveiled M/Chip Fast, a solution set to speed up payments at the point of sale in the US by consolidating the card authentication process into just one process instead of two separate steps. The consumer can remove the card before the authentication step is complete, which makes it faster for the user.
Adblock becomes a payment tool
It doesn’t just block annoying pop-ups; now popular software Adblock will allow users to pay websites for content. Seeing as visitors usually avoid ads, the new feature should help websites regain some revenue. Adblock, working with Sweden-based content-funding startup Flattr, gives users the option to specify how much money they wish to contribute every month to the websites they visit.
Aussie claims to be Bitcoin creator
Australian entrepreneur Craig Wright has publicly identified himself as Bitcoin creator Satoshi Nakamoto, even using technical proof and some of the original coins to back up his claim. But some in the Bitcoin community are still doubtful that he is the same creator who is believed to have amassed about one million Bitcoins which would give him a net worth, if all were converted to cash, of about $450m. And now the Australian entrepreneur has reneged on a promise to present new "proof" to support his case. The debate rages on.
Deloitte partners with blockchain startups
The accounting giant Deloitte has partnered with five blockchain startups to build a new core banking system, and offer blockchain solutions to companies worldwide. Deloitte is looking to push the blockchain technology into real-world applications as people begin to look at this technology as a solution to lots of everyday payment problems.
No more €500 note
The European Central Bank is withdrawing its €500 note over concerns that it could facilitate illegal activities. The UK asked banks to stop handling €500 notes in 2010 after a report found they were mainly used by criminals. Peter Sands, former CEO of Standard Chartered bank, said the high-denomination notes were favoured by terrorists, drug lords and tax evaders and that illegal money flows exceed $2 trillion (£1.4 trillion) a year.
Snapchat pushes shoppable ads
The ever-popular Snapchat is ramping up its Discover channel, launching advertising with both Target and Lancome. The two brands are integrating ‘shoppable’ ads specifically within Cosmopolitan‘s Discover channel, with links to their mobile sites (all without actually leaving the Snapchat app).
*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.